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)
- Other Taxes and Payments (3 Hours of Tax Updates)
- Federal Filing Status (3 Hours of Tax Law)
- Supplemental Gains and Losses (3 Hours of Tax Law)
- Amended Returns (2 Hours of Tax Law)
- Adjustments to Income (Parts 1 & 2) (2 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.
The second section contains important federal tax updates for 2022, and reviews important information on other taxes and payments. This lesson covers a variety of tax situations and tax payments that you might encounter as a tax preparer, such as the Alternative Minimum Tax, age-related tax implications, estimated taxes and excess FICA.
The next course focuses on federal filing status. Because in order to choose the correct filing status for clients, it’s necessary to understand what a person must do to qualify for each filing status and how the filing status will affect the person’s taxes, we will do a deep dive on this topic.
The following class reviews supplemental gains and losses. This lesson will focus on the federal tax laws that apply to small business owners who are sole proprietors and to statutory employees, including information on business income, expenses, and tax credits that will help you maximize your proficiency in preparing income tax returns for a large segment of your clientele.
The session continues with a topic shift to amended returns, covering what an amended return is, the form used to file an amended return, and various reasons why a taxpayer would need to file an amended return. The bulk of the lesson will be taken up by a review of Form 1040-X, line by line, to show how a tax preparer would fill out the form on behalf of a taxpayer. The lesson will close with a look at the processes for IRS collections and payment plans.
Next up we cover adjustments to income and we’ll analyze the other items that will be factored into a taxpayer’s final income amount, which can be received in a variety of forms and from a variety of sources. We’ll also review Schedule 1 (Form 1040) which is used to report and figure total adjustments to income, including education-related deductions, alimony payments, moving expenses for Armed Forces service members, self-employment tax, and more. Instructions for filling it out can be found in the 1040 Instructions, along with Schedules 2 and 3, which we take a look at.
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!