ISCPA Tax School 2025 - Level 1

 

The Ultimate Toolkit for Junior Tax Staff

that saves you $375!

The 2025 ISCPA Tax School Level 1 content will help you establish core skills and expand practical tax knowledge, including key issues surrounding recent changes to taxation of pension plans and IRS distributions, Medicare payroll tax, NIIT, S corporation distributions, items affecting shareholder basis, passive activity loss rules and much more.

This 4-day experience includes 5 complete courses and covers key areas to ensure the newest members of the tax force are well prepared to begin their careers and support their firms.

• Individual Tax Fundamentals
• Tax Fundamentals of LLCs and Partnerships
• S Corporations: Key Issues, Compliance, and Tax Strategies
• Capitalized Costs and Depreciation
• Taxation of Property Transactions

IRS CE approved

• Junior accounting and tax professionals
• Beginning staff members who want to develop a strong set of core skills

Provide a comprehensive education about tax fundamentals for early-career tax staff in a series of 5 complete courses.

• Individual Tax Fundamentals
• S Corporations: Key Issues, Compliance and Tax Strategies
• Tax Fundamentals of LLCs and Partnerships
• Capitalized Costs and Depreciation
• Taxation of Property Transactions
• each day may be registered for individually if you cannot attend the full week - see related events

• Day 1 - Individual Tax Fundamentals
  • Identify individual retirement account (IRA) and qualified plan distributions.
  • Recognize the taxation of virtual currency.
  • Recall how health savings accounts (HSAs) work.
  • Recall the self-employed health insurance deduction.
  • Recall the deductibility of charitable contributions.
  • Recall the steps to figuring the qualified business income deduction under Section 199A.
  • Recall the net investment income tax (NIIT) on unearned income.
    
• Day 2 - Tax Fundamentals of LLCs and Partnerships
  • Identify the effects of investor contributions and distributions on their basis in a partnership or LLC interest.
  • Identify the tax basis of assets transferred to a partnership or limited liability company (LLC) at formation.
  • Recognize the tax consequences of a transfer of liabilities to a partnership or LLC in connection with property transfers at formation.
  • Indicate the correct treatment of partnership income by a partner for selfemployment tax purposes.
  • Distinguish between current and liquidating distributions.
  • Recall whether special allocations called for in a partnership agreement will be allowable under the Section 704(b) regulations and when they will not be recognized
    by the IRS.
    
• Day 3 - S Corporations: Key Issues, Compliance and Tax Strategies (morning)
  • Recognize when an S corporation may be advantageous for a business.
  • Identify the potential disadvantages of operating as an S corporation.
  • Identify permitted fiscal years, elections, and user fees.
  • Recognize when the Selection becomes effective.
  • Identify shareholder consent rules and causes of invalid elections.
  • Recognize events causing involuntary termination.
  • Recall the path to making a new election after termination.
  • Recognize when an S corporation is subject to tax at the entity level.
    
• Day 3  - Capitalized Costs and Depreciation (afternoon)
  • Recall the initial tax basis and adjusted tax basis of business property.
  • Identify the tax basis of self-constructed assets.
  • Distinguish between deductible repairs and capitalized improvements
  • Recall changes in the tax rules to the classification of expenditures such as materials, supplies, repairs, and improvements.
  • Recall the fundamentals of modified accelerated cost recovery system (MACRS) depreciation
  • Recognize which assets are considered listed property.
  • Recognize the types of purchased intangible costs that must be capitalized.
    
• Day 4 - Taxation of Property Transactions (morning)
  • Calculate gain or loss realized and recognized on business property dispositions.
  • Apply the capital losses limitations and preferential tax rates on capital gains.
  • Determine the impact of depreciation recapture on a taxpayer's taxable income and tax liability.
  • Determine the tax basis of property received in a like-kind exchange.
  • Determine allowable cost recovery deductions for replacement property acquired in a like-kind exchange or involuntary conversion.

• Day 1 - Individual Tax Fundamentals
  • Filing requirements and personal exemptions
  • Gross income inclusions, exclusions, and adjustments
  • Standard and itemized deductions
  • Tax credits
  • Tax provisions for high-income taxpayers
  • 3.8% net investment income tax
  • Roth IRA, IRA, and retirement plan options
  • Section 199A qualified business income deduction
    
• Day 2 - Tax Fundamentals of LLCs and Partnerships
  • Basic tax structure of partnerships and LLCs
  • Check-the-box elections to be taxed as a partnership
  • Partnership distributions
  • Compensatory payments to partners
  • At-risk and passive activity limits
  • Profit and loss allocations: general rules and restrictions
    
• Day 3 - S Corporations: Key Issues, Compliance and Tax Strategies (morning)
  • Advantages and disadvantages of S corporations
  • Electing S corporation status
  • Termination of S corporation status
  • S corporation tax on built-in gains
  • S corporation pass-through to shareholders, basis, and losses
  • S corporation distributions
  • Taxable year of S corporations
  • S corporation passive activity rules, fringe benefits and other considerations
    
• Day 3  - Capitalized Costs and Depreciation (afternoon)
  • Tax basis of property acquisitions
  • Initial basis of property acquired in an exchange transaction
  • Materials, supplies, repairs, and improvements
  • Accounting method changes
  • Depreciation: MACRS, Section 179, and bonus
  • Intangible assets and amortization
  • Organization and start-up costs
    
• Day 4 - Taxation of Property Transactions (morning)
  • Sections 1231, 1245, 1250
  • Depreciation recapture
  • Capital gains and losses
  • Non-recognition transactions

• Manual
  • If you did not purchase a printed manual, download it from your upcoming events in "My CPE" on website, and bring it with you
  • If you did purchase a printed manual and would also like an electronic copy be sure to download it

 

If you need this reported to the IRS for CE credit, email CPE@idcpa.org