Basic Concepts of Individual Taxation (Currently Unavailable)

Author: Allison McLeod

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2025 to receive credits

Join Allison McLeod, CPA, for an introductory course on the fundamentals of preparing and filing an individual federal income tax return. We will cover topics such as what the federal income tax is and how it is computed.

Publication Date: August 2022

Designed For
CPAs, CFPs, EAs and other tax preparers.

Topics Covered

• Who Must File?
• Calculating the Federal Tax Liability
• Form 1040
• Alternative Minimum Tax ("AMT")
• AMT Tax Rates and Exemptions — 2022
• Additional Federal Taxes
• Types of Tax Years
• Recognition of Income and Deductions
• Accrual Method
• Income and Exclusions
• Filing Status
• Common Tax Concepts

Learning Objectives

• Identify how the federal income tax differs from other types of federal taxes
• Recognize the steps in computing a taxpayer's federal income tax liability
• Differentiate tax consequences for terms commonly used for the federal income tax, such as "adjusted gross income," "qualifying child," "tax credits," "filing status," and "kiddie tax"
• Recognize how an individual's standard deduction is determined
• Recognize how to explain differences in the tax for ordinary income, capital gains, and qualified dividend income
• Differentiate between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions
• Identify deadlines for filing income tax returns and estimated taxes and how to obtain an extension of time for filing a return
• Identify the 2022 AMT basic exemption amount for single tax filers
• Recognize which type of accounting methods recognizes income when cash is received or constructively received
• Describe an example of an exclusion
• Identify by what date each tax year marital status is determined
• Recognize which type of divorce payments is deductible by the payor

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None