Tax Staff Essentials: Tax School – Level 2 (TSE.TSL2)

Course Description Schedule Course Outline

Course Overview

Expand your tax knowledge
Tax School, Level 2 is designed for junior tax staff who want to take on a wider variety of firm engagements and establish a supervisory role within the firm. Level 2 will broaden your tax knowledge in the areas of multistate taxation, C Corporations, accounting methods and periods and choice of entity. Key subject matters covered include Inventory Valuation and Property Transactions which will be essential for servicing more complex clients. The Tax Staff Essentials courses establish a strong set of skills necessary to grow the abilities and confidence of junior and senior level staff, allowing them to work with greater independence and expand their role in your firm.

Course Content

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

Who should attend

  • Experienced Staff
  • Tax Staff with 1-3 years of experience

Course 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

Outline: Tax Staff Essentials: Tax School – Level 2 (TSE.TSL2)

  • Accounting Methods and Periods
      CPE Credits: 2
  • Intermediate Individual Taxation
      CPE Credits: 8
  • Multistate Taxation
      CPE Credits: 8
  • Taxation of Corporations
      CPE Credits: 8
  • Choice of and Formation of Entity
      CPE Credits: 4
  • Accounting Methods and Periods
      CPE Credits: 2
  • Taxation of Property Transactions
      CPE Credits: 4
  • Tax Research 2
      CPE Credits: 2
  • Tax Accounting for Inventories
      CPE Credits: 2
Classroom Training
Modality: C

Duration 5 days

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Online Training
Modality: L
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