16 Hour Course
Course ID: Package
Approved By: Internal Revenue Service (IRS)
This 16 hour continuing education course for tax preparers meets the yearly 16-hour requirement for enrolled tax preparers. These 16 hours will count towards the total 72-hour requirement which is to be taken over three years. Included in the 16 hours are 2 hours of ethics training.
We’ll start the course by discussing Ethics for Tax Preparers. In this section, we’ll talk about what ethics are, why they matter, and how they apply in the practice of tax preparation. We’ll cover some ethical situations that you may run into, as a tax preparer, such as “frivolous anti-tax arguments”. We’ll also discuss the taxpayer Bill of Rights and the Code of Conduct you should abide by.
After that, we’ll review federal filing requirements, statuses, and dates. This includes important topics like how to select the right form for your clients, the proper way to file electronically, how to request an extension, and reporting income, expenses, refunds, and other financial factors.
Next, we’ll look at federal filing status in a little more depth, including the qualifications to use “head of household” or “qualifying widow(er)” status. We’ll look at the implications and the benefits of the “married filing jointly” status.
In our income section, we’ll talk about some topics like declaring tip income, interest income, and what taxable interest is. We’ll also touch on taxable bonds and some other kinds of interest income.
We’ll talk next about income from rentals, the expenses they incur, and how these are treated at tax time. We’ll cover how to handle retirement funds, such as pensions, annuities, and other plans.
Our final section in this class is on supplemental gains and losses. This segment will cover the specifics of business taxes, including employment taxes, accounting periods, business credits, and more.
Each section of the course will conclude with the IRS-mandated exam, to ensure that you’ve mastered the material.