This site uses cookies to store information on your computer. Some are essential to make our site work; others help us improve the user experience. By using the site, you consent to the placement of these cookies. Read our privacy policy to learn more.

Technical

Tax Staff Essentials, Level 2 - Experienced Staff Logo aicpa

  $549.00 - 689.00 |   CPE: 57.0 |   AICPA |   May 2019 |   Taxes |   AICPA Store
Help your junior tax staff establish a supervisory role within the firm.
Key Topics
  • New individual income tax rates
  • New corporate tax rates
  • New pass-through income rules
  • The qualified business income (QBI) deduction
  • New rules for certain credits and deductions
  • C Corporation formation and Section 1244 Stock
  • Corporate net operating losses
  • Salaries, employee benefits, and retirement plans
  • Taxation of property transactions under IRC sections 1231, 1245, 1250
  • LLC formation and Check-the-Box rules
  • Partnership and LLC profit and loss allocations
  • Multistate Income apportionment and allocation
  • Nexus, UDITPA, MTC
  • Section 263A, Inventory methods
  • Choosing an Accounting Method
  • Accounting Method changes
Learning Objectives
  • Identify the benefits of forming a corporation
  • Understand reasonable compensation issues with respect to a Closely Held Business
  • Analyze the best retirement plan recommendation for a corporation
  • Describe how partnerships and LLCs opting to be treated as partnerships will report their federal taxable income to the IRS
  • Determine the tax basis of assets transferred to a partnership or LLC at formation
  • Explain the deferral of realized gain or loss on a like-kind property exchange
  • Recognize the potential impact of depreciation recapture
  • Explain the allowable inventory valuation methods for tax purposes and how to choose the most beneficial in various scenarios
  • Estimate the tax value of ending inventory under the chosen method
  • Understand and apply the basic rules for a change in accounting method
  • Prepare the Federal Form 3115 – Application for Change in Accounting Method and understand how and when this form should be filed by the taxpayer
  • Understand the key principles of multistate taxation
  • Distinguish differences between apportionment and allocation of income
  • Develop basic approaches to state income tax planning with emphasis on the latest developments in economic nexus

This Level 2 series will help junior and senior staff establish a strong set of skills necessary to grow their abilities, work with greater independence and expand their role in your firm. Level 2 will broaden their tax knowledge in the areas of:

  • Multistate taxation
  • C Corporations
  • Accounting methods and periods
  • Choice of entity.

Key subject matters covered include Inventory Valuation and Property Transactions which will be essential for servicing more complex clients.

Courses Included:

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.

For more info, visit the Tax Staff Essentials website.

Topics covered:
  • Tax: Technical: C corporation income taxation : Formation, liquidation & reorganization, Intermediate
  • Tax: Technical: C corporation income taxation : NOL & other tax attributes, Intermediate
  • Tax: Technical: State & local tax (SALT), Intermediate
  • Tax: Technical: Partnership taxation: Formation, transfers & termination, Intermediate
  • Tax: Technical: Partnership taxation: Contributions, distributions & basis, Intermediate
  • Tax: Technical: Tax exempt organizations: Reporting & filing requirements, Intermediate
  • Tax: Technical: Tax accounting: Methods, Intermediate

Comments/Reflections