EmelinoTMaestro: Careers in Accounting 2

Comprehensive Tax Course Package Includes:

Online, self-study beginner tax course

Study anywhere/anytime with an internet connection
No prerequisites required.
Divided into 4 modules, 5 chapters per module, a total of 20 chapters, a total of 60 CE credit hours

FREE academic support from tax school instructors provided by email
Automatic grading with instructional feedback
Certificate of Completion

Emailed upon completion with a final passing grade of 70% or greater.

CTEC and OBTP Approved

State material available for California.State material for Oregon will be available Summer 2016.Upon successful completion of the course, we will notify CTEC for you.View our credentials.

FREE AFTR Course,--6-hr Annual Federal Tax Refresher Course (when available)

Optional Additions:

With Books:

Order this course with books and you will receive all of the reading materials that are viewable online to be printed and bound for your easy reference while completing the course. (Prices of books include shipping costs.) Additional shipping costs will apply if books are shipped outside the lower 48 states.
- Standard Edition books - $72
- CA/OR Edition books - $88

Thinking of starting your own tax business? Add the Tax Business Start-Up Guides:
For only $100 more, you'll get the following guides to help you start your own tax business...
- Guide to Starting a Tax Business & Getting Clients includes:
- Guide to Policies & Procedures for a Tax Business includes:
  - Introduction, Company Philosophy, Personnel Policies, Tax Office Policies and Procedures, Tax Preparation Procedures, Processing Tax Returns, and Client Folder Setup.

Term of Course

6 months from date of registration to complete the course.

Extensions can be purchased if more time is needed.

Updated Content

Our current courses are based on last year's tax law because this year's tax code is not finalized until December. We provide all students with a free Tax Law Update once the IRS issues updates.

Topics Include:

Electronic Filing
W-2 & 1099 Forms
Form 1040 (1040 EZ/A)
Interview Techniques
Filing Requirements
Filing Status
Exemptions & Dependents
Earned Income Tax Credit
Due Diligence
Child Care & Tax Credits
Interest & Dividends
Other Income
Adjustments to Income
Itemized Deductions
Employee Business Expenses

Sale of Real Estate
Depreciation
Self-Employment
Rental Property
Capital Gains & Losses
Alternative Minimum Tax
Education Expenses & Plans
IRAs & Retirements Plans
Ethics
Kiddie Tax
Tax Saving Ideas
Same Sex Marriage
Affordable Care Act
Tax Law Updates

Learning Objectives

COMPREHENSIVE TAX COURSE Course Topics by Module - LEARNING OBJECTIVES Module 1 Chapter 1: General Material  Determine who must file a return  Determine who should file a return  Identify filing requirements for most taxpayers and dependents  Determine if the taxpayer is a resident or nonresident alien  Determine which IRS forms to use  Determine the due dates of various tax forms and understand how to apply for an extension of time to file  Differentiate various accounting periods and methods  Identify what filing status the taxpayer should use  Understanding the W-2 form  Understand the signature and identification number requirements of a paid preparer Chapter 2: Standard Deduction and Exemptions  Understand how to calculate the standard deduction and determine when to use it  Define what constitutes an exemption and identify when the taxpayer can claim an exemption  Understand support issues  Understand the steps necessary to file a decedent’s tax return  Identify the rules for tax withholding and estimated payments Chapter 3: Income  Identify various types of employee compensation, including fringe benefits, tips, alimony, and other income  Compute taxable and nontaxable income  Identify earned and unearned income  Identify where to report various forms of income  Compute the taxable portion of sick pay  Determine when it is appropriate to use Form 4852  Be aware of Form 4137, Social Security Tax on Unreported Tip Income Copyright © 2015 by The Income Tax School, Inc. – All Rights Reserved Chapter 4: Interest and Dividend Income  Know the different types of interest income  Understand the difference between taxable and nontaxable interest  Identify where to report interest income  Understand how to report dividend income and nontaxable distributions  Understand the client interview process Chapter 5: Earned Income Credit  Examine the most common tax credit, the Earned Income Credit  Know the definition of earned income as it is related to the Earned Income Credit  Identify the requirements for qualifying children for Earned Income Credit purposes  Understand how taxpayers without children may qualify for Earned Income Credit  Determine how to fill out Schedule EIC and where to put the information from that form on the 1040 or 1040A forms  Examine IRS due diligence requirements Module 1 Final Exam Copyright © 2015 by The Income Tax School, Inc. – All Rights Reserved Module 2 Chapter 6: Child Care and Other Credits  Determine if the taxpayer qualifies for the child tax credit, child care credit, credit for the elderly and disabled, additional child tax credit, and/or education credits  Identify the forms/worksheets necessary to claim the credit – Child Tax Credit Worksheet, Form 2441, Child and Dependent Care Expenses, Form 8863, Education Credits, and Form 1040 Schedule R, Credit for the Elderly or Disabled, Schedule 8812, Additional Child Tax Credit  Explore other less common credits Chapter 7: Retirement Income and Other Income Types  Recognize retirement income, to include distinguishing between pensions and annuities  Discuss specific types of pension plans, including SEP and SIMPLE plans, IRAs, qualified plans, and federal civil service retirement, along with distributions from such plans which are reported on Form 1099-R (Form CSA 1099R for federal civil service)  Discuss government retirement benefit programs, specifically social security and railroad retirement and the applicable reporting forms (Forms SSA-1099, RRB- 1099, and RRB-1099-R)  Summarize other types of income, specifically barter, activities not for profit, partnership, and recoveries  Identify how to report certain other types of income, such as rental of personal property, repayments, royalties, and income that is not taxed Chapter 8: Adjustments to Income  Explain the applicability and reporting of either adjustment related to employment  Determine applicability and required reporting of any of the four business-related adjustments  Determine applicability and required reporting of either of the retirement-related adjustments  Explain the applicability and reporting of either adjustment related to education expenses  Determine applicability and reporting of any of the three remaining major adjustments applicable to individual taxpayers  Demonstrate awareness of the other less common adjustments which, if applicable, may be claimed on line 36 of Form 1040 Copyright © 2015 by The Income Tax School, Inc. – All Rights Reserved Chapter 9: Itemized Deductions  Determine whether standard or itemized deductions are the most advantageous for the taxpayer  Describe the overall limitation on itemized deductions  Explain eligible medical expenses and cite examples  Identify what items qualify as deductible taxes  Determine the types of interest which qualify as an itemized deduction  Define an appropriate charitable contribution deduction and understand when Form 8283 is required  Indicate how to report casualties and thefts and how to complete Form 4684  Name various types of miscellaneous deductions and discuss applicability of the 2% limitation Chapter 10: Electronic Filing  Summarize the rules and regulations governing electronic filing  Describe the various methods of receiving a refund through electronic filing  Identify the warning signs of taxpayer fraud  Indicate the requirements for signing electronic returns  Determine how to correct an electronic return rejected by the IRS Module 2 Final Exam Copyright © 2015 by The Income Tax School, Inc. – All Rights Reserved Module 3 Chapter 11: Employee Business Expense and Miscellaneous Itemized Deductions  Understand expenses that qualify as employee business expenses  Differentiate between the Standard Mileage Rate and the Actual Auto Expense methods of tracking auto expenses  Identify what expenses are deductible for the business use of a home  Understand deductible travel expenses and deductible entertainment expenses Chapter 12: Education Tax Benefits  Identify who can claim Education Tax Credits  Define what expenses qualify under the available credits  Differentiate between the American Opportunity Credit and the Lifetime Learning Credit  Name adjustments to Qualified Education Expenses  Recognize the MAGI phase out limits for Educational Tax Credits  Compute the Student Loan Interest Deduction  Identify expenses which qualify for work-related education Chapter 13: Capital Gains and Losses  Comprehend how capital gains and losses are treated on a tax return  Understand the proper tax treatment of an installment sale  Compute the potential gain on the sale of a home or personal residence  Understand what constitutes a like-kind exchange  Calculate and understand nonresident withholding on real property Chapter 14: Depreciation and Disposition of Business Property  Classify the different types of property eligible for depreciation  Differentiate between various depreciation methods  Describe how repairs and replacements affect the basis of property  Define the terminology unique to depreciation transactions  Compute the Section 179 deduction  Introduce the students to the reporting of dispositions of business property  Discuss specific guidelines related to the final repair regulations Copyright © 2015 by The Income Tax School, Inc. – All Rights Reserved Chapter 15: Self-Employment Income  Provide the definition of a sole proprietor  Differentiate between an independent contractor and statutory employee  Describe the requirements for deducting self-employed health insurance and retirement plan contributions  Differentiate between activities that qualify as a business and which ones qualify as a hobby  Describe the advantages and disadvantages of selecting sole proprietorship as the form of business entity  Differentiate between income and non-income items  Describe the Uniform Capitalization Rules  Define the terminology unique to inventory valuation Module 3 Final Exam Copyright © 2015 by The Income Tax School, Inc. – All Rights Reserved Module 3 Chapter 16: Rental Property  Gather and report rental income  Categorize deductible rental expenses  Describe examples of repairs and improvements to rental property  Determine the nuances of renting vacation homes and other dwelling units  Define the limits on rental and passive activity losses  Describe the rules for property and how they may change if the taxpayer is a real estate professional Chapter 17: Alternative Minimum Tax, Injured and Innocent Spouse, Less Common Credits, and Penalties  Discuss the application of the Alternative Minimum Tax (AMT) to taxpayers  Determine who is considered an innocent spouse and who is considered an injured spouse  Summarize other types of less common credits  Describe the civil and criminal penalties applicable to taxpayers who do not comply with income tax laws Chapter 18: Payments, Extensions, Amended Returns, Preparer Regulations  Compute the “kiddie” tax  Describe how to file an amended return  Define the due dates for tax payments  Determine the “nanny” tax Chapter 19: Tax Law Updates 2015 & ACA 2014/2015  Recognize new tax rates  Identify features of the Affordable Care Act (ACA)  Identify the rules of same-sex marriages  Calculate the new 0.9% Medicare Tax  Calculate the 3.8% surtax on Net Investment Income  Identify the new electronic filing requirements for electronic signature  Identify employer’s responsibilities in regard to the ACA Copyright © 2015 by The Income Tax School, Inc. – All Rights Reserved Chapter 20: Ethics and Responsibilities of Tax Professionals  Describe professional responsibilities in tax return preparation  Discuss IRS rules as defined in Circular 230  Identify the requirements that must be met to practice before the IRS  Explain violations of the IRS rules as defined in Circular 230 and their penalties Module 4 Final Exam

Upon successful completion of this course, you will be able to

Prepare most individual tax returns
Perform a thorough interview with a taxpayer
Determine a taxpayer's filing status and eligibility for exemptions
Accurately report income and deductions for a taxpayer
Determine a taxpayer's eligibility for credits and deductions
Complete Schedules C-EZ, C and E
Compute depreciation for assets and eligibility for Section 179
Accurately calculate a taxpayer's refund or balance due
Advise a taxpayer in tax planning strategies
Become a California CTEC Registered Tax Preparer or a Oregon Licensed Tax Preparer if you completed the state supplement with this course for that specific state.

What You'll Learn

Tax theory
Current tax laws and filing practices
Step-by-step skills to prepare tax returns
Client communication skills and techniques

Course Program Includes

Interactive, professional discussions
One-on-one instructor assistance
Hands-on experience with the latest tax software
Real-world tax preparation exercises

Course Graduates Receive

H&R Block Certification
Certificate of Completion
Qualifying Education Hours
3.5 hours of recognized credit with the University of Phoenix®162

What is an IRS audit?

An IRS audit is a review/examination of an organization's or individual's accounts and financial information to ensure information is being reported correctly, according to the tax laws, to verify the amount of tax reported is substantially correct.

Publication 556, Examination of Returns, Appeal Rights and Claims for Refund explains the audit process in more detail.

Frequently asked questions are also available.

Audit Selection

Selecting a return for audit does not always suggest that an error has been made. Returns are selected using a variety of methods, including:

Random selection and computer screening - sometimes returns are selected based solely on a statistical formula.
Document matching - when payor records, such as Forms W-2 or Form 1099, don't match the information reported.
Related examinations - returns may be selected for audit when they involve issues or transactions with other taxpayers, such as business partners or investors, whose returns were selected for audit.

Audit Methods

An audit may be conducted by mail or through an in-person interview and review of the taxpayer's records. The interview may be at an IRS office (office audit) or at the taxpayer's home, place of business, or accountant's office (field audit). The IRS will tell you what records are needed. Audits can result in no changes or changes. Any proposed changes to your return will be explained.

Audit Notification

Should your account be selected for audit, you will be notified in two ways:

By mail, or
By telephone

In the case of a telephone contact, the IRS will still send a letter confirming the audit. E-mail notification is not used by the IRS.

Your Rights During an Audit

Publication 1, Your Rights as a Taxpayer, explains your rights as a taxpayer as well as the examination, appeal, collection, and refund processes. These rights include:

A right to professional and courteous treatment by IRS employees.
A right to privacy and confidentiality about tax matters.
A right to know why the IRS is asking for information, how the IRS will use it and what will happen if the requested information is not provided.
A right to representation, by oneself or an authorized representative.
A right to appeal disagreements, both within the IRS and before the courts.

Audit Length

The length of each audit varies depending on the type of audit, the complexity of items being reviewed, the availability of information being requested, the availability of both parties for scheduling of meetings and your agreement or disagreement with the findings.

Records Needed

You will be provided with a written request for specific documents needed.

The law requires you to retain records used to prepare your return. Those records generally should be kept for three years from the date the tax return was filed.

The IRS does accept some electronic records. If records are kept electronically, the IRS may request those in lieu of or in addition to other types of records. Contact your auditor to determine what can be accepted to ensure a software program is compatible with the IRS's.

Audit Determinations

An audit can be concluded in three ways:

No change: an audit in which you have substantiated all of the items being reviewed and results in no changes.
Agreed: an audit where the IRS proposed changes and the taxpayer understands and agrees with the changes.
Disagreed: an audit where the IRS has proposed changes and the taxpayer understands, but disagrees with the changes.

What Happens When You AGREE With The Audit Findings?

If you agree with the audit findings, you will be asked to sign the examination report or a similar form depending upon the type of audit conducted.

If money is owed, there are several payment options available. Publication 594, The IRS Collection process, explains the collection process in detail.

What Happens When You DISAGREE with the Audit Findings?

A conference with a manager may be requested for further review of the issue or issues. In addition,Appeals Mediation Programs or an Appeal request may be filed.

EmelinoTMaestro

Friday 20 May 2016

Careers in Accounting 2