Tax Staff Essentials, Level 2: Experienced Staff
Tax Staff Essentials, Level 2: Experienced Staff (49 CPE Credits) 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.
Access to the course is granted for one year.
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Tax Staff Essentials, Level 2: Experienced Staff (49 CPE Credits) 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.
Note: This course has been updated for the Tax Cuts and Jobs Act (TCJA) of 2017 ("Tax Reform"). Included with your course, you will have free access to a specially-prepared Course Supplement that provides an explanation of the key provisions of TCJA (including topics not covered in your course).
Courses Included
- Tax Research II
- Multistate Taxation
- Tax Accounting for Inventories
- Taxation of Property Transactions
- Intermediate Individual Taxation
- Taxation of Corporations
- Accounting Methods and Periods
- Choice of & Formation of Entity
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
Credit Info
- CPE CREDITS: Online: 49.0 (CPE credit info)
- NASBA FIELD OF STUDY: Taxes
- LEVEL: Intermediate
- PREREQUISITES: Tax Staff with 1-3 years of experience
- ADVANCE PREPARATION: None
- DELIVERY METHOD: QAS Self-Study
- COURSE ACRONYM: TSE.Level 2
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The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, 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 the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.
The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.
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This product is published by AICPA and sold through an exclusive partnership with Wiley.
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Gain Immediate Access
Upon purchase, you will gain immediate online access to the product for one full year. If additional time is needed, you may contact us to request extended access at no additional charge.
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- Windows 7 to present
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