Tax Staff Essentials, Level 2 - Experienced Staff

Help your junior staff establish a supervisory role within the firm.

Junior and senior staff can establish a strong set of skills in order to work with greater independence and expand their role in your firm. Level 2 will broaden their tax knowledge in the areas of the following:

• Multistate taxation
• C corporations
• Accounting methods and periods
• Choice of entity

Key subject matters covered include inventory valuation and property transactions, which are essential for servicing more complex clients.

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

Who Will Benefit

• Experienced staff members

Key Topics

• Individual income tax rates
• Corporate tax rates
• 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, and 1250
• LLC formation and check-the-box rules
• Partnership and LLC profit and loss allocations
• Multistate income apportionment and allocation
• Nexus, UDITPA, and the MTC
• Section 263A, inventory methods
• Choosing an accounting method
• Accounting method changes

Learning Outcomes

• Identify the benefits of forming a corporation.
• Recognize reasonable compensation issues with respect to a closely held business.
• Analyze the best retirement plan recommendation for a corporation.
• Identify 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.
• Recognize how to explain the deferral of realized gain or loss on a like-kind property exchange.
• Recognize the potential impact of depreciation recapture.
• Recognize 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.
• Identify and apply the basic rules for a change in accounting method.
• Distinguish how to prepare federal Form 3115, Application for Change in Accounting Method, and understand how and when this form should be filed by the taxpayer.
• Recognize the key principles of multistate taxation.
• Distinguish differences between apportionment and allocation of income.
• Identify how to develop basic approaches to state income tax planning with emphasis on the latest developments in economic nexus.