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.