This 24-hour course for Enrolled Agents will satisfy one-third of the three-year CE requirements, covering key topics through a series of lessons on:
- Other Taxes and Payments
- Federal Filing Status
- Supplemental Gains and Losses
- Gross Income, Capital Exchanges, and Property Basis
- Other Income
- Basis of Assets and Depreciation
- Amended Returns
- What’s New for Tax Year 2021; Filing Requirements & Line by Line Instructions on Forms 1040 and 1040-SR
The course begins with a lesson on a variety of tax situations and tax payments that you might encounter as a tax preparer, including the Alternative Minimum Tax, tax implications regarding minors, estimated taxes, and excess FICA.
The next lesson examines the critical topic of filing status, beginning with an overview of filing status and its relationship with marital status. Each filing status is then explored in more detail, including a look at how residency status can impact a joint return
Lesson three focuses on federal tax laws for small businesses with sole proprietors and for statutory employees. It explores the implications of business structure (partnership, limited liability company, etc.), followed by a discussion of employment taxes and the timing associated with two standard accounting techniques. Other topics are disposition of property, rental income and other forms of income, canceled debts, and what is not considered taxable income, finishing up with one of the most substantial topics of all: business expenses.
Lesson four discusses gross income, including nontraditional types of income, such as tipped professions, interest income, and bonds. The second half of the lesson tackles the complicated issue how to figure amount of a taxpayer’ investment in property for tax purposes, including improvements, deductions, depreciation, casualty losses, and credits.
The next lesson addresses all of the miscellaneous forms of income that a taxpayer is required to report on their taxes.
Lesson six provides a more in-depth look at the tax implications of the “basis” of assets and depreciation.
The next-to-last lesson discusses the specifics of amended returns, including a line-by-line review of Form 1040-X, following with a look at the processes for IRS collections and payment plans.
The course concludes with a survey of tax year 2021 changes the IRS has selected as those tax preparers need to be aware. After a brief review of who has to file, the bulk of the lesson explores Forms 1040 and 1040-SR line-by-line, offering practical advice on how to avoid common mistakes and provide the best service for your clients.
Each lesson in the course is followed by a brief quiz based on material from that lesson as a way to enhance retention of the material and verify participation in the course.
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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!