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
Credit Info
- CPE CREDITS: Online: 58.5 (CPE credit info)
- NASBA FIELD OF STUDY: Taxes
- LEVEL: Basic
- PREREQUISITES: Tax Staff with 0-2 years of experience
- ADVANCE PREPARATION: None
- DELIVERY METHOD: QAS Self-Study
- COURSE ACRONYM: TSE.Level 1
Online Access Instructions
A personal pin code is enclosed in the physical packaging that may be activated online upon receipt. Once activated, you will gain immediate online access to the product.
System Requirements
AICPA's online CPE courses will operate in a variety of configurations, but only the configuration described below is supported by AICPA technicians.
A stable and continuous internet connection is required. In order to record your completion of the online learning courses, please ensure you are connected to the internet at all times while taking the course. It is your responsibility to validate that CPE certificate(s) are available within your account after successfully completing the course and/or exam.
Supported Operating Systems:
- Macintosh OS X 10.10 to present
- Windows 7 to present
Supported Browsers:
- Apple Safari
- Google Chrome
- Microsoft Internet Explorer
- Mozilla Firefox
Required Browser Plug-ins:
- Adobe Flash
- Adobe Acrobat Reader
Technical Support: Please contact service@aicpa.org.
About the Author: The American Institute of CPAs (AICPA) is the world's largest member association representing the CPA profession, with more than 429,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the procession.
