Fundamentals of Income Taxation

Overview

Description:
Please join us for a 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. This course is ideal for CPAs, CFPs, EAs and other tax preparers.

Learning Objectives:

After attending the presentation you will be able to...

• Identify how the federal income tax differs from other types of federal taxes.
• Determine 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.
  • Explain differences in the tax for ordinary income, capital gains, and qualified dividend income.
  • Discuss the difference 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

Program Content:

The major topics that will be covered in this class include:

• Standard Deductions v. Itemized Deductions
• Defining ordinary income, capital gains and qualified dividends.
• Cash v. Accrual methods
• Above- and Below- the Line deductions
• Extensions for filing a return
• Calculating the federal tax liability

Who should attend: This course is ideal for CPAs, CFPs, EAs and other tax preparers.

Developed By: Allison M. McLeod, LL.M., CPA. A PLLC

Instructor: Allison M. McLeod, LL.M., CPA

CPE Credit: 2.0

Field of Study: Taxes (2 CPE)

Prerequisites: None

Advanced Preparation: None

Format: QAS Self Study

Highlights

• Standard Deductions v. Itemized Deductions
• Defining ordinary income, capital gains and qualified dividends.
• Cash v. Accrual methods Above- and Below- the Line deductions
• Extensions for filing a return
• Calculating the federal tax liability

Prerequisites

None

Designed For

This course is ideal for CPAs, CFPs, EAs and other tax preparers.

Objectives

• Identify how the federal income tax differs from other types of federal taxes.
• Determine 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.
• Explain differences in the tax for ordinary income, capital gains, and qualified dividend income.
• Discuss the difference 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

Preparation

None