Tax Staff Essentials Level 1 - New Staff

Overview

Comprehensive education about tax fundamentals for early-career tax staff in a series of courses.

Highlights

Key Topics

• Filing requirements and personal exemptions
• Gross income inclusions, exclusions and adjustments.
• Home offices, rental properties and vacation homes
• Pass-through entity basis calculations
• Pass-through entity distributions
• Capital improvements and repair
• Depreciation methods and IRS tables
• Intangible asset amortization

Prerequisites

None

Designed For

Who Will Benefit

• New tax staff in public accounting or industry
• CPAs interested in strengthening their tax knowledge

Objectives

Learning Outcomes

• Identify individual retirement account (IRA) and qualified plan distributions.
• Recall the steps to figuring the qualified business income deduction under Section 199A.
• Distinguish between deductible and capitalized expenditures related to repairs and improvements.
• Identify the tax basis of self-constructed assets.
• Identify the effects of investor contributions and distributions on their basis in a partnership or LLC interest.
• Distinguish between current and liquidating distributions.
• Recognize the advantages and disadvantages of S corporation status.
• Recognize when an S corporation is subject to tax at the entity level.