Staff Training Part 1: Individuals (Currently Unavailable)
Author: Greg White
| CPE Credit: |
5 hours for CPAs
5 hours Federal Tax Related for EAs and OTRPs
5 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2024 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Tax practice is a complicated field. We’ll break it down into understandable concepts, including filing status, tax brackets, and tax dependents. We’ll also cover important tax credits, including the child tax credit.
Publication Date: June 2021
Designed For
Designed for tax professionals involved in federal tax planning or tax return preparation.
Topics Covered
- Why Is Tax Practice a Great Undertaking?
- Tax Practice
- Helping Others
- Preparing for College and Retirement
- Preparing for Your Own Life
- Relearning
- Tax Law: Structure of Tax Law
- Form 1040
- Standard Deductions
- Tax Brackets
- Who Must File
- Forms
- Interconnected Topics
- Filing Status Options
- Determining Filing Status: Overview
- Inevitable Mistakes
- Dependents
- Key to Unlocking Benefits
- Qualifying Child
- Tiebreakers
- Qualifying Relative
- Credits: Dollar for Dollar Benefit
- Income and Interconnected Benefits
- Child Tax Credit and Other Dependents Tax Credits
Learning Objectives
- Recognize how to choose the best filing status for your client
- Identify the tax consequences of getting married
- Identify individuals who are eligible to be claimed as dependents
- Recognize how to compute the child tax credit
- Identify an example of an above the line deduction
- Identify examples of itemized deductions
- Identify 2019 standard deductions for various types of filers
- Recognize which IRS Forms apply to various taxpayers
- Identify the estimate of total federal tax collected per year
- Recognize which specific tax-advantaged plan helps parents save money for college for their children
- Identify the 2020 standard deduction for a single filer under the age of 65
- Identify the lowest percentage tax bracket for head of household filers
- Describe which 1040 tax form should be used by nonresident aliens
- Identify the trickiest requirement as it relates to the head of household filing status
- Describe which filing statuses generally has the worst tax rates
- Identify a way that joint and several liability for married filing separate taxpayers can be waived
- Identify the current child tax credit amount
- Identify the first tiebreaker rule with respect to which person can claim a dependent
- Differentiate the qualifying relative four tests
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (5 hours)
Program Prerequisites
None
Advance Preparation
None
