ABOUT THIS COURSE
Tax Level One is designed for individuals who are beginning their career. This highly interactive program focuses on developing critical thinking skills and exploring solutions to the most commonly encountered issues facing new staff. Participants will work through practical day-to-day scenarios while creating supporting workpapers and exploring common tax forms for individuals and businesses. The program concludes with the preparation and self-review of two tax returns using source documents from actual client scenarios. Participants will prepare one individual tax return and, at the firm’s choice, prepare either an LLC 1065 tax return or an S corporation 1120-S tax return.
COURSE OUTLINE
COURSE INFORMATION
| Delivery Methods | Fields of Study |
|---|---|
| Group Live
Group Internet Blended Learning |
Taxes (22)
Personal Development (2) |
| CPE Credits | Prerequisites |
| 24 Credits | None |
| Level | Advance Preparation |
| Basic | None |
LEARNING OBJECTIVES
- Discuss the important items and common mistakes related to Forms W-2, 1099, and combined investment statements.
- Explore commonly encountered issues related to personal income tax deductions and credits.
- Calculate schedule C profit or loss from business and schedule E residential rental income.
- Practice preparing an individual tax return, including reviewing inputs from automated
systems or other team members. - Explore common business tax scenarios, such as identifying book-to-tax differences and understanding depreciation options.
- Practice preparing either an LLC 1065 tax return or an S corporation 1120-S tax return with supporting documentation.
- Discuss the importance of critical thinking and what it means to take ownership of work
