California tax preparers can satisfy their 20-hour continuing education requirement with this package. We include 15 hours on federal topics, and five hours on California topics.
The following topics are covered in this package:
- Ethics for Tax Advisers (2 Hours of Ethics)
- Inflation Adjustments and the Basics of Filing (3 Hours of Tax Updates)
- Self Employed Taxes and Dependent Exemptions (3 Hours of Tax Law)
- Gross Income, Capital Exchanges, and Property Basis (7 Hours of Tax Law)
- California Tax Law (5 Hours of California Tax Law)
Our first class presents a thorough review of Treasury Department Circular 230. The course opens by establishing a general understanding of both Circular 230 and ethics as a whole. The subsequent topics comprise the bulk of the course, beginning with the ethical duties and best practices outlined in Circular 230. Here, practitioners learn the specific behavior and practices required for an ethical career. Other important topics in our ethics course are penalties for violations, the rules of disciplinary proceedings, and the enforcement of a decision regarding a violation. Overall, this course is a complete review of Circular 230 and the important requirements for practitioner's therein.
The second course contains important federal tax updates, and reviews important information on filing tax returns. The course begins with a general update of inflation adjustments. This section focuses on standard deductions and tax rates. The session continues with a thorough explanation of filing information, including due dates, methods, forms, who must file, and extensions. Refunds, amounts owed, and recordkeeping are other pertinent topics for review, as well as amending mistakes on returns and penalties for violating filing rules.
The next course focuses on various types of "misc" taxes. We first start with the Alternative Minimum Tax and form 6251. The course then moves on to discuss the process of declaring dependents for tax purposes, both minors and other relatives. We wrap up the course by discussing estimated taxes, FICA, and the Affordable Care Act credits.
The following class starts with an explanation of recording and reporting tip income, including how to assist those clients who must report. Investment income is then considered, including the types of debt instruments, the taxable interest on those instruments, and how to report investment income.
The session continues with a topic shift to the sale and exchange of capital assets. In order to understand the taxable portions of those sales and exchanges, the course gives a thorough review of cost basis and how to determine the basis of real property, as well as adjustments to basis. From there, taxable and nontaxable exchanges are addressed and compared. This section encompasses the sale of property, including the exchange of capital assets.
Finally, we have our California portion, including an overview of federal tax changes which affect current-year tax returns, and how California does or does not conform to them. This course covers the ongoing federal government response to the COVID-19 pandemic, including a detailed discussion of the CARES Act. Other important subjects that will be discussed include cannabis tax law, tax benefits specific to military personnel, the varied requirements to claim California tax credits, and tax-favored plans, such as IRAs, Roth IRAs, and 401(k)s.
Throughout the course are in-text questions, to test your knowledge as you go. After each major topic there are exams, to ensure that you retain the information that you’re learning in the course.
Show Course ID: 1
- Course ID(s): 6258-CE-0006
- Approved By: CTEC
Jeremy Allen, CPA, was born and raised in Chicago, Illinois. He graduated with a Bachelor's of Science in Accounting from the University of Oregon Charles H. Lundquist College Of Business. He has been a licensed CPA in the state of Oregon since 2007. He specializes in Corporate Taxation and Planning. He enjoys working with start-up businesses, online businesses, and multi-state entities. He is an avid member of Crossfit Grants Pass. In his free time he enjoys traveling and camping with his family. Go Ducks!