Description
Level 1 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!
Designed For
- Junior accounting and tax professionals
Objectives
- 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
Highlights
- 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.