Tax Staff Essentials – Level 2, Experienced Staff

Designed for junior tax staff who want to take on a wider variety of firm engagements and establish a supervisory role within the firm, this level will broaden your tax knowledge in the areas of multistate taxation, C Corporations, accounting methods and periods and choice of entity. Key subject matters covered include Inventory Valuation and Property Transactions which will be essential for servicing more complex clients. The Tax Staff Essentials courses establish a strong set of skills necessary to grow the abilities and confidence of junior and senior level staff, allowing them to work with greater independence and expand their role in your firm.

Learning Objectives

Learning Objective: 

When you complete this level you will be able to:

  • Identify the benefits of forming a corporation
  • Describe 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
  • Explain the deferral of realized gain or loss on a like-kind property exchange
  • Recognize the potential impact of depreciation recapture
  • Explain the allowable inventory valuation methods for tax purposes and how to choose the most beneficial in various scenarios
  • Understand and apply the basic rules for a change in accounting method
  • Prepare the Federal Form 3115 – Application for Change in Accounting Method and understand how and when this form should be filed by the taxpayer
  • Understand the key principles of multistate taxation
  • Distinguish differences between apportionment and allocation of income
  • Develop basic approaches to state income tax planning with emphasis on the latest developments in economic nexus

Topics Discussed

Topics Discussed: 
  • 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

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COURSE CODE

TSE2

FIELD OF STUDY

Taxes

CPE CREDIT HOURS

40

KNOWLEDGE LEVEL

Intermediate

INTENDED AUDIENCE

Tax Staff with 1–3 years of experience

PREREQUISITE

Tax Staff with 1–3 years of experience

ADVANCED PREPARATION

None

DELIVERY METHOD

Group Live
On Demand

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1-800-634-6780 Option 1
aicpalearning@aicpa.org

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