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Tax Staff Essentials, Level 1 - New Staff

ID: 57616

Help your junior staff establish a strong set of core skills

This series covers key areas to ensure the members of your young tax force are well prepared to begin their careers and support your firm. They’ll learn about the following:

  • Individual, partnership, and S corporation tax compliance
  • Effective online tax research techniques
  • Clear and precise working paper documentation
  • Effective professional business communications

Your future tax professionals will also receive a broad range of practical tax instruction, including key issues surrounding:

  • Individual taxation
  • New cost and repair regulations
  • S corporation distributions
  • Items affecting shareholder basis
  • Passive activity loss rules, and more

Courses Included:

  • Tax Research I
  • Individual Tax Fundamentals
  • Capitalized Costs & Depreciation
  • Working Paper Documentation
  • S Corporations: Key Issues, Compliance, and Tax Strategies
  • Tax Fundamentals of LLCs & Partnerships

Who Will Benefit

Junior accounting and tax professionals

Key Topics

  • New rules for certain credits, deductions, and the qualified business income (QBI) deduction.
  • Filing requirements and personal exemptions.
  • Gross income inclusions, exclusions, and adjustments.
  • Sole proprietorships, hobby loss rules, and passive activities.
  • 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.
  • Online tax research methodology and authoritative tax hierarchy.
  • The power of professional language in business writing.
  • Tax return support documentation.

Learning Outcomes

  • Identify and report business income and expenses of a sole proprietorship or a single member LLC on Schedule C to Form 1040
  • Distinguish and report rental activities on Schedule E to Form 1040
  • Identify the specific "passive activity" rules
  • Indicate if a change of filing status will improve the taxpayers' filing position based on itemized deductions
  • Indicate when an S corporation may be advantageous for a business, how to make a proper election, and the income/loss that passes through to the shareholder
  • Recognize active and passive income and determine material participation as it relates to an individual S corporation shareholder
  • Recognize the impact of converting a C corporation into an S corporation
  • Distinguish between deductible repairs and capitalized improvements under new tax regulations
  • Recognize how to calculate the initial tax basis and adjusted tax basis of business property
  • Identify the tax basis of self-constructed assets