ISCPA Tax School 2024

Learning Objectives:

•Provide a comprehensive education about tax fundamentals for early-career tax staff in a series of 5 complete courses.
•Individual Tax Fundamentals
•S Corporations: Key Issues, Compliance and Tax Strategies
•Tax Fundamentals of LLCs and Partnerships
•Capitalized Costs and Depreciation
•Taxation of Property Transactions

*each day may be registered for individually if you cannot attend the full week - see related events

Day 1 - Individual Tax Fundamentals:

•Determine the filing requirements for individual taxpayers. 
•Calculate the self-employed health insurance deduction. 
•Identify the rules for Health Savings Accounts. 
•Identify the applicability of the Additional Medicare Payroll Tax on net investment income.

Day 2 - S Corporations: Key Issues, Compliance and Tax Strategies

•Determine when an S corporation may be advantageous for a business. 
•Identify the requirements to qualify for an S election. 
•Recognize individuals and entities that are eligible to own S corporation stock. 
•Determine when the S election becomes effective.

Day 3 - Tax Fundamentals of LLCs and Partnerships

•Identify the effects of investor contributions and distributions on their basis in a partnership or LLC interest. 
•Calculate the tax basis of assets transferred to a partnership or LLC at formation. 
•Recognize the tax consequences of a transfer of liabilities to a partnership or LLC in connection with property transfers at formation. 
•Calculate the partner's or member's remaining basis in their interest following a distribution of cash or property from the partnership or LLC. 
•Calculate the amount of the guaranteed payment when the partner is to receive the lesser of a fixed dollar amount or a fixed percentage of partnership income. 
•Distinguish between "book" allocations required under Section 704(b) and "tax" allocations required under Section 704(c). 
•Identify the potential economic consequences of a special allocation to a partner or LLC member.

Day 4 - Capitalized Costs and Depreciation (morning)

•Recall the initial tax basis and adjusted tax basis of business property. 
•Identify the tax basis of self-constructed assets. 
•Distinguish between deductible repairs and capitalized improvements 
•Recall changes in the tax rules to the classification of expenditures such as materials, supplies, repairs, and improvements. 
•Recall the fundamentals of modified accelerated cost recovery system (MACRS) depreciation 
•Recognize which assets are considered listed property. 
•Recognize the types of purchased intangible costs that must be capitalized.

Day 4 - Taxation of Property Transactions (afternoon)

•Calculate gain or loss realized and recognized on business property dispositions. 
•Identify the tax treatment of net Section 1231 gains and net Section 1231 losses. 
•Determine the application of the Medicare contribution tax to property dispositions. 
•Recall rules for depreciation subject to recapture when property was acquired in a nontaxable exchange transaction or by gift or bequest. 
•Recall the requirements for deferring realized gain on an involuntary conversion. 
•Understand the rules dealing with like-kind exchanges and involuntary conversions, all updated for tax reform. 
•Apply proper treatment of involuntary conversions. 
•Explain the deferral of realized gain or loss on a like-kind property exchange. 
•Determine the amount of gain or loss on the sale of property. 
•Determine the character of recognized gain or loss on the disposition of business property. 
•Implement comprehensive property tax strategies to minimize taxes.

Preparation