Tax Staff Essentials, Level 1

<p><b>Tax Staff Essentials, Level 1 – New Staff (58.5 CPE Credits)</b> is designed to help beginning staff members develop a strong set of core skills. It focuses on individual and S corporation tax compliance plus professional business communications and more.</p> <p>This series covers key areas to ensure your young tax force is well prepared to begin their careers. They’ll learn about: </p> <ul> <li>Individual, partnership and S corporation tax compliance</li> <li>Effective online tax research techniques</li> <li>Clear and precise workpaper documentation</li> <li>Effective professional business communications </li> </ul> <p>Your future tax professionals will also receive a broad range of practical tax instruction, including key issues surrounding: </p> <ul> <li>Individual taxation</li> <li>New cost and repair regulations</li> <li>S corporation distributions</li> <li>Items affecting shareholder basis</li> <li>Passive activity loss rules, and more</li> </ul> <p><b>Courses Include:<br /></b></p> <ul> <li>Tax Research I</li> <li>Individual Tax Fundamentals</li> <li>Capitalized Costs & Depreciation</li> <li>Working Paper Documentation</li> <li>S Corporation Fundamentals</li> <li>Effective Business Communication</li> <li>Tax Fundamentals of LLCs & Partnerships</li> </ul> <p>Note: These courses have been updated for the 2017 Tax Cuts and Jobs Act (TCJA) (“Tax Reform”). You’ll have free access to a Course Supplement that provides an explanation of the key provisions of the TCJA (including topics not covered in your course).</p> <p>Tax Staff Essentials is a comprehensive, integrated curriculum that provides tax training for four different experience levels and is available in four different formats: Online, On-site, Tax Schools and Webcasts.</p> <p><b>Who Will Benefit?</b> </p> <ul> <li>Junior accounting and tax professionals</li> </ul> <p><b>Key Topics</b> </p> <ul> <li>New individual income and corporate tax rates</li> <li>New pass-through income rules</li> <li>New rules for certain credits, deductions and qualified business income (QBI) deduction</li> <li>Filing requirements and personal exemptions</li> <li>Gross income inclusions, exclusions, and adjustments</li> <li>Sole proprietorships, hobby loss rules and passive activities</li> <li>Home offices, rental properties and vacation homes</li> <li>Net Investment Income Tax and Medicare Payroll Tax</li> <li>S corporations</li> <li>Capital improvements and repair</li> <li>Depreciation methods and IRS tables</li> <li>Intangible asset amortization</li> <li>Online tax research methodology and authoritative tax hierarchy</li> <li>The power of professional language in business writing</li> <li>Tax return support documentation</li> </ul> <p><b>Learning Objectives</b> </p> <ul> <li>Analyze and report business income and expenses of a sole proprietorship or a single member LLC on Schedule C to the Form 1040</li> <li>Interpret and report rental activities on Schedule E to the Form 1040</li> <li>Identify the specific “passive activity” rules</li> <li>Determine if a change of filing status will improve the taxpayers’ filing position based on itemized deductions</li> <li>Determine 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</li> <li>Recognize active and passive income and determine material participation as it relates to an individual S corporation shareholder</li> <li>Understand the impact of converting a C corporation into an S corporation</li> <li>Distinguish between deductible repairs and capitalized improvements under new tax regulations</li> <li>Calculate the initial tax basis and adjusted tax basis of business property</li> <li>Determine the tax basis of self-constructed assets</li> </ul> <p><b>Credit Info</b> </p> <ul> <li>CPE CREDITS: Online: 58.5 (<a href=”https://www.aicpastor