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Tax Staff Essentials, Level 2 - Experienced Staff

ID: 57624

Help your junior staff establish a supervisory role within the firm.

Junior and senior staff can establish a strong set of skills in order to work with greater independence and expand their role in your firm. Level 2 will broaden their tax knowledge in the areas of the following:

  • Multistate taxation
  • C corporations
  • Accounting methods and periods
  • Choice of entity

Key subject matters covered include inventory valuation and property transactions, which are essential for servicing more complex clients.

Courses Included

  • Tax Research II
  • Multistate Taxation
  • Tax Accounting for Inventories
  • Taxation of Property Transactions
  • Intermediate Individual Taxation
  • Taxation of Corporations
  • Accounting Methods and Periods
  • Choice of & Formation of Entity

Who Will Benefit

Experienced staff members

Key Topics

  • Individual income tax rates
  • Corporate tax rates
  • Pass-through income rules
  • The qualified business income (QBI) deduction
  • New rules for certain credits and deductions
  • C corporation formation and Section 1244 stock
  • Corporate net operating losses
  • Salaries, employee benefits, and retirement plans
  • Taxation of property transactions under IRC Sections 1231, 1245, and 1250
  • LLC formation and check-the-box rules
  • Partnership and LLC profit and loss allocations
  • Multistate income apportionment and allocation
  • Nexus, UDITPA, and the MTC
  • Section 263A, inventory methods
  • Choosing an accounting method
  • Accounting method changes

Learning Outcomes

  • Identify the benefits of forming a corporation.
  • Recognize reasonable compensation issues with respect to a closely held business.
  • Analyze the best retirement plan recommendation for a corporation.
  • Identify how partnerships and LLCs opting to be treated as partnerships will report their federal taxable income to the IRS.
  • Determine the tax basis of assets transferred to a partnership or LLC at formation.
  • Recognize how to explain the deferral of realized gain or loss on a like-kind property exchange.
  • Recognize the potential impact of depreciation recapture.
  • Recognize the allowable inventory valuation methods for tax purposes and how to choose the most beneficial in various scenarios.
  • Estimate the tax value of ending inventory under the chosen method.
  • Identify and apply the basic rules for a change in accounting method.
  • Distinguish how to prepare federal Form 3115, Application for Change in Accounting Method, and understand how and when this form should be filed by the taxpayer.
  • Recognize the key principles of multistate taxation.
  • Distinguish differences between apportionment and allocation of income.
  • Identify how to develop basic approaches to state income tax planning with emphasis on the latest developments in economic nexus.