Tax Staff Essentials, Level 1 is designed for beginning staff; this level covers key areas to ensure your young tax force is well prepared to begin their careers. We will focus on the areas of Individual, Partnership and S Corporation tax compliance, effective online tax research techniques, clear and precise workpaper documentation, effective professional business communications. Your future tax professionals will be provided a broad range of practical tax instruction, including key issues surrounding the Individual taxation, new cost and repair regulations, S Corporation distributions, items affecting shareholder basis, Passive Activity Loss rules, and more. The Tax Staff Essentials courses establish a strong set of core skills necessary for junior staff growth.
Filing requirements and personal exemptions
Gross income inclusions, exclusions, and adjustments
Sole proprietorships and hobby loss rules
Home offices, rental properties, and vacation homes
Net Investment Income Tax
Medicare Payroll Tax
S Corporation elections, terminations, and revocations
S Corp distributions and shareholder basis adjustments
S Corp allocations of profits and losses
Capital Improvements and Repair
Depreciation Methods and IRS tables
Intangible Asset Amortization
Online Tax Research methodology
Authoritative Tax Hierarchy
The power of professional language in business writing
Book/Tax Adjustment documentation
Tax Return support documentation
This course will prepare you to:
Analyze and report the business income and expenses of a sole proprietorship or a single member LLC on Schedule C to the Form 1040
Interpret and report the rental activities on Schedule E to the Form 1040
Identify the specific rules that apply under the “passive activity” rules
Determine if a change of filing status will improve the filing position for taxpayers based on the list of itemized deductions
Determine when an S Corporation may be advantageous for a business
Determine how to make a proper S corporation election
Determine income or 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
Understand the impact of converting a C Corporation, with prior retained earnings, into an S Corporation
Distinguish between deductible repairs and capitalized improvements under new tax regulations
Calculate the initial tax basis and adjusted tax basis of business property
Determine the tax basis of self-constructed assets
Execute efficient and meaningful research utilizing internet-based tax research services
Know which workpapers are appropriate for specific tax situations
Understand how to prepare an Accrual to Cash Conversion workpaper
Produce written communications that are positive and confident
Prerequisite: Tax Staff with 0-2 years of experience
Advance Preparation: None
This comprehensive, integrated curriculum provides tax training for four different experience levels and is available in four different formats: Online, On-site, Tax Schools and Webcasts.
For more info, visit the
Tax Staff Essentials website
Tax Section Members Receive Additional Savings!
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The On-demand offers immediate access to courses with discounts available for 3+ participants.
The On-site program may be purchased for 10+ participants with an AICPA instructor or as a guide for using your own subject matter expert. NOTE: If you wish to enroll Tax Section members in your group purchase, you must speak with a representative to ensure that section discounts are applied.