Staff Training in Taxation - Level 1 - 2 Day Bootcamp

Learning Objectives:

• Understand complete detailed problems associated with the preparation of Form 1040
• Understand income issues and Schedules A - E of the Form 1040
• Complete a comprehensive problem related to Form 4797
• Understand depreciation, including §179, additional first-year and MACRS depreciation
• Understand IRA contributions, childcare credits, and rules for the adoption tax credit
• Complete a comprehensive problem related to computation of an individual's federal income tax liability

Program Content:

• Complete coverage of any new legislation targeting individual taxation issues
• Gross income, exclusions from income, parental election for certain taxpayers
• Interest and dividend income, exclusions for Education Savings Bonds
• Trade or business activities and their problems, employee vs. independent contractor overview, and home office deduction rules
• Property transactions applicable to all taxpayers including proper depreciation calculation and recapture rules under §§1231, 1245, and 1250
• Capital asset transactions
• MACRS depreciation, §179 & additional first-year depreciation rules
• Can I write off that new SUV?
• Distributions and rollovers from qualified retirement plans, Traditional and Roth IRAs, and Education Savings
• Passive activity losses -- understanding what they are and how they work
• Who qualifies as a real-estate professional
• Standard deduction, selected itemized deductions, personal and dependent exemption rules
• Tax calculations, regular tax, penalty taxes on retirement distributions, SE tax, and an overview of the alternative minimum tax system
• Selected tax credits relating to individual taxpayers including American Opportunity, Lifetime learning, Adoption and Child Credit
• Introduction to S corp. taxation including S corp. recent regulations
• Introduction to C corporation issues including book/tax differences
• The latest cases and rulings involving depreciation and amortization issues and how they impact clients, along with the most useful planning opportunities, and much more

Designed for: New entry-level staff accountants (less than two year's of experience) desiring an "in-depth" study of taxation

Level: Intermediate

Instructor: Sali Sheafor

Developer: ISCPA

CPE Credits: 16

Area of Study: Taxation