Tax Staff Essentials, Level 1: New Staff



Tax Staff Essentials, Level 1 – New Staff (58.5 CPE Credits) 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.

This series covers key areas to ensure your young tax force is well prepared to begin their careers. They’ll learn about:

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 also receive a broad range of practical tax instruction, including key issues surrounding:

Individual taxation
New cost and repair regulations
S corporation distributions
Items affecting shareholder basis
Passive activity loss rules, and more

Courses Include:

Tax Research I
Individual Tax Fundamentals
Capitalized Costs & Depreciation
Working Paper Documentation
S Corporation Fundamentals
Effective Business Communication
Tax Fundamentals of LLCs & Partnerships

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).

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.

Who Will Benefit?

Junior accounting and tax professionals

Key Topics

New individual income and corporate tax rates
New pass-through income rules
New rules for certain credits, deductions and 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
Net Investment Income Tax and Medicare Payroll Tax
S corporations
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

Learning Objectives

Analyze and report business income and expenses of a sole proprietorship or a single member LLC on Schedule C to the Form 1040
Interpret and report rental activities on Schedule E to the Form 1040
Identify the specific “passive activity” rules
Determine if a change of filing status will improve the taxpayers’ filing position based on itemized deductions
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
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 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


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