Tax Staff Essentials Level 2 - Experienced Staff

Overview

Staff can expand the depth and breadth of their tax knowledge with this series of courses designed to strengthen your firm by encouraging staff independence.

Highlights

Key Topics

• Nexus, UDITPA, and P.L. 86-272
• Income apportionment and allocation for multi-state tax purposes
• Depreciation recapture
• Nonrecognition transactions
• Retirement plan distributions
• Individual and business tax credits
• Qualified business income
• Net operating losses
• SECURE 1.0 and 2.0 and related regulations

Prerequisites

Basic knowledge of income taxation

Designed For

Who Will Benefit

Experienced tax staff in public accounting and industry

Objectives

Learning Outcomes

• Distinguish between income tax and sales tax nexus.
• Apply the tests for determining business and nonbusiness income.
• Determine the tax basis of property received in a like-kind exchange.
• Determine the impact of depreciation recapture on a taxpayer's taxable income and tax liability.
• Determine whether an activity is passive or active.
• Identify income categories and entity types that qualify for the qualified business income (QBI) deduction.
• Analyze the tax-saving opportunities and requirements with respect to Section 1244 stock.
• Identify the limitations and substantiation requirements regarding deductions for meals, travel, and entertainment.