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This course gives an intermediate overview of taxable and nontaxable income, business income, depreciation, nonrefundable and refundable tax credits, and an in depth understanding of filing status and exemptions. The course covers adjustment to income, and the difference between standard and itemized deduction. This continuing education course is designed for those individuals who only need 10-hours of tax law, 2 hours ethics and 3-hours of updates.
At the end of this course, the student will be able to do the following:
- Explain who is a sole proprietor.
- Recall the different partnership types.
- Understand where to report wages and other compensation.
- Differentiate earned vs. unearned income.
- Identify the differences between accounting periods and accounting methods.
- Explain which deductions are limited to the 7.5% floor.
Field of Study: Federal Tax Law 10 Hours, Federal Tax Updates 3 Hours, Behavioral Ethics 2 Hours
Course Level: Intermediate
Prerequisite: General tax preparation knowledge is required
Delivery Method: Self-Study
15 Hour of Continuing Education
This chapter will explain how to determine who qualifies as a tax return preparer, what representation rights a preparer has, how that individual is bound by the Circular 230 guidelines, and what it means for a tax preparer to behave ethically and responsibly.