This 24-hour course for Enrolled Agents will satisfy one-third of the three-year CE requirements.
In this course, we will review a number of important concepts.
The first course focuses on small business tax. It includes general information regarding filing and paying business taxes, accounting periods and methods, and types of business income, as well as available business credits and how they can be claimed.
Basics about bad debts, business structures and tax forms, depreciation, capitalization, and figuring net profit and loss start the next course. Common and miscellaneous business expenses, employee pay, taxes, insurance, interest, rent expense, transportation expenses, and more are explored to refresh the tax preparer on what can and cannot be expensed by a business entity or business owner.
The next course begins by answering the basic question, "What is an amended return?" We go over fraud in filing taxes, nine key points to note when filing amended returns, and other key information the tax preparer should know when preparing a tax return. We also go over the reason for filing an amended return, when to expect the amended return to be processed, and begin to cover Form 1040-X in detail. The course is finished with information on the way the IRS collects taxes, and detailed coverage of installment agreements, including how to apply for and who is eligible for installment agreements.
The course on adjustments to income starts with recent changes to deducting alimony payments. Then, we'll cover the rules for alimony and education-related adjustments, namely the deductions for educators, student loan interest, and tuition and fees. We'll spend a good deal of time on the particulars of the tuition and fees deduction because of unique adjustments to the deduction itself. Lastly, we'll spend some time reviewing the suspension of the moving expense deduction and related matters to the revised revenue procedure that enacted it.
After that, we look at other forms of income and how to report them. The course is a thorough resource containing other forms of income in three parts. Part one includes income reporting information for bartering and canceled debts. The second part discusses what is required for income received from being a host or hostess, proceeds from life insurance, partnership and S corporation income, rent and personal property, and repayments. Lastly, in part three, we'll discuss income from alimony, bribes, court awards and damages, royalties, unemployment, and public assistance benefits to name a few.
The subsequent course contains important federal tax updates for 2021, and reviews important information on filing tax returns. The course begins with a general update of inflation adjustments for 2021. 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.
Lastly, reporting the sale of a home is covered to allow practitioner's to assist clients with this common exchange. This course closes with an overview of how to report capital gains and losses, including updated capital gain tax rates for 2021.
Our final 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.
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- Approved By: Internal Revenue Service (IRS)
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!