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
Instructor
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.