Tax Staff Essentials: Tax School – Level 1 (TSE:TSL1)

Course Description Schedule Course Outline

Course Overview

Ready to build foundational tax skills?
Tax School, Level 1 is designed for beginning staff; this level covers key areas to ensure your young tax force is well prepared to begin their careers. We will focus on the areas of 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 be provided a broad range of practical tax instruction, including key issues surrounding the Individual taxation, new cost and repair regulations, S Corporation distributions, items affecting shareholder basis, Passive Activity Loss rules, and more. The Tax Staff Essentials courses establish a strong set of core skills necessary for junior staff growth.

Instructional delivery method: Live
Recommended CPE credit:40
Recommended field of study: Tax
Prerequisites: None
Program level: Basic
Advance preparation: None

Who should attend

  • New Staff
  • Tax Staff with 0-2 years of experience

    Course Objectives

    • Analyze and report the business income and expenses of a sole proprietorship or a single member LLC on Schedule C to the Form 1040
    • Interpret and report the rental activities on Schedule E to the Form 1040
    • Identify the specific rules that apply under the "passive activity" rules
    • Determine if a change of filing status will improve the filing position for taxpayers based on the list of itemized deductions
    • Determine when an S Corporation may be advantageous for a business
    • Determine how to make a proper S corporation election
    • Determine income or 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, with prior retained earnings, 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
    • Execute efficient and meaningful research utilizing internet-based tax research services
    • Know which workpapers are appropriate for specific tax situations
    • Understand how to prepare an Accrual to Cash Conversion workpaper
    • Produce written communications that are positive and confident

    Outline: Tax Staff Essentials: Tax School – Level 1 (TSE:TSL1)

    Level 1 Learning Agenda

    • Capitalized Costs & Depreciation
      • CPE hours: 6
    • Individual Tax Fundamentals
      • CPE hours: 8
    • S Corporation Fundamentals
      • CPE hours: 8
    • Effective Business Communications
      • CPE hours: 4
    • Tax Fundamentals of LLCs & Partnerships
      • CPE hours: 8
    • Tax Research 1
      • CPE hours: 4
    • Working Paper Documentation
      • CPE hours: 2
    Classroom Training
    Modality: C

    Duration 5 days

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    Online Training
    Modality: L
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    Currently there are no training dates scheduled for this course.  Request a date