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Staff Training in Taxation - Level 1 (1ST1)

  • Format In-Firm Training
  • Credits 8
  • Level Basic
  • Field of Study Taxes (8)

To Schedule In-Firm Training, please contact us:

salesinfo@surgent.com

Overview

This 3-day course is designed for new staff or paraprofessionals entering, or "rusty" preparers returning to the work force. The course is a comprehensive study of individual taxation, with an introduction to C corporation and S corporation preparation issues. This great reference manual contains many examples and cases to illustrate the most important points new preparers need to be aware of for current tax returns.

Major Topics

  • Complete coverage of major new legislation, including The Inflation Reduction Act of 2022 and The SECURE Act 2.0 
  • 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 

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

Who should take this course:


New entry-level staff accountants (less than one year of experience) desiring an "in-depth" study of taxation

Basic

None

None

Yes

No

No

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