Tax Staff Essentials, Level 2: Experienced Staff (49 CPE Credits) is designed for junior tax staff who want to take on a wider variety of firm engagements and establish a supervisory role within the firm. Level 2 will broaden your tax knowledge in the areas of multistate taxation, C Corporations, accounting methods and periods and choice of entity. Key subject matters covered include Inventory Valuation and Property Transactions which will be essential for servicing more complex clients. The Tax Staff Essentials courses establish a strong set of skills necessary to grow the abilities and confidence of junior and senior level staff, allowing them to work with greater independence and expand their role in your firm.
Note: This course has been updated for the Tax Cuts and Jobs Act (TCJA) of 2017 (Tax Reform). Included with your course, you will have free access to a specially-prepared Course Supplement that provides an explanation of the key provisions of TCJA (including topics not covered in your course).
Courses Included:
- Tax Research II
- Multistate Taxation
- Tax Accounting for Inventories
- Taxation of Property Transactions
- Intermediate Individual Taxation
- Taxation of Corporations
- Accounting Methods and Periods
- Choice of & Formation of Entity
This comprehensive, integrated curriculum provides tax training for four different experience levels and is available in four different formats: Online, On-site, Tax Schools and Webcasts.
Key Topics
- New individual income tax rates
- New corporate tax rates
- New pass-through income rules
- The qualified business income (QBI) deduction
- New rules for certain credits and deductions
- C Corporation formation and Section 1244 Stock
- Corporate net operating losses
- Salaries, employee benefits, and retirement plans
- Taxation of property transactions under IRC sections 1231, 1245, 1250
- LLC formation and Check-the-Box rules
- Partnership and LLC profit and loss allocations
- Multistate Income apportionment and allocation
- Nexus, UDITPA, MTC
- Section 263A, Inventory methods
- Choosing an Accounting Method
- Accounting Method changes
Learning Objectives
- Identify the benefits of forming a corporation
- Understand reasonable compensation issues with respect to a Closely Held Business
- Analyze the best retirement plan recommendation for a corporation
- Describe how partnerships and LLCs opting to be treated as partnerships will report their federal taxable income to the IRS
- Determine the tax basis of assets transferred to a partnership or LLC at formation
- Explain the deferral of realized gain or loss on a like-kind property exchange
- Recognize the potential impact of depreciation recapture
- Explain the allowable inventory valuation methods for tax purposes and how to choose the most beneficial in various scenarios
- Estimate the tax value of ending inventory under the chosen method
- Understand and apply the basic rules for a change in accounting method
- Prepare the Federal Form 3115 - Application for Change in Accounting Method and understand how and when this form should be filed by the taxpayer
- Understand the key principles of multistate taxation
- Distinguish differences between apportionment and allocation of income
- Develop basic approaches to state income tax planning with emphasis on the latest developments in economic nexus
Credit Info
- CPE CREDITS: Online: 49.0 (CPE credit info)
- NASBA FIELD OF STUDY: Taxes
- LEVEL: Intermediate
- PREREQUISITES: Tax Staff with 1-3 years of experience
- ADVANCE PREPARATION: None
- DELIVERY METHOD: QAS Self-Study
- COURSE ACRONYM: TSE.Level 2
Online Access Instructions
A personal pin code is enclosed in the physical packaging that may be activated online upon receipt. Once activated, you will gain immediate online access to the product.
System Requirements
AICPA's online CPE courses will operate in a variety of configurations, but only the configuration described below is supported by AICPA technicians.
A stable and continuous internet connection is required. In order to record your completion of the online learning courses, please ensure you are connected to the internet at all times while taking the course. It is your responsibility to validate that CPE certificate(s) are available within your account after successfully completing the course and/or exam.
Supported Operating Systems:
- Macintosh OS X 10.10 to present
- Windows 7 to present
Supported Browsers:
- Apple Safari
- Google Chrome
- Microsoft Internet Explorer
- Mozilla Firefox
Required Browser Plug-ins:
- Adobe Flash
- Adobe Acrobat Reader
Technical Support: Please contact service@aicpa.org.
About the Author: The American Institute of CPAs (AICPA) is the world's largest member association representing the CPA profession, with more than 429,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the procession.
