• Professional tax preparers have significant duties to both the taxpayer and the IRS. Because of access to sensitive financial information and the responsibility of calculating tax liability, preparers have important choices about the manner in which they do their job. To provide guidance on this topic of ethics and preparer responsibilities, the IRS created Circular 230 which serves as the manual for practice before the IRS. This course provides an overview of the topics included in that document as well as related IRS requirements. New preparers taking this course will learn the IRS regulations and requirements for filing tax returns. Experienced preparers will enhance their existing knowledge of ethics and preparer responsibilities.
  • One of the most recent significant changes to the tax code happened with the passage of the Tax Cuts and Jobs Act signed into law in December of 2017. This course covers most of those changes as they relate to individual taxpayers and some corporate tax provisions. Other tax law changes are also addressed including inflation changes.  
  • The Affordable Care Act (ACA) was originally passed in 2010 but is rolling-out in phases and will be fully implemented by 2020. The ACA is considered the most significant government expansion and regulatory overhaul of the U.S. healthcare system since 1965, and will have a sweeping impact on the tax-preparation industry. Tax preparers will be responsible for assisting clients in proving compliance with the Individual Mandate, reconciling the Premium Tax Credit, and a variety of related issues.  The Affordable Care Act For Tax Professionals- An Overview covers all the essential topics related to individual taxation, as well as summary details on employer responsibilities. This course is highly recommended in advance of the filing season.
  • After Form 1040 the most frequently used form is Schedule A, Itemized Deductions. Tax preparers need to be familiar with this form and all of the types of deductions allowed. Many clients do not realize that they may be able to file this form to lessen their tax burden. Preparers need to know what questions to ask to make sure their clients do not overpay the IRS.
  • Most small businesses are sole-proprietorships or a business that is run by an individual with no legal distinction between the business and the individual that runs it.  These businesses report their income using Schedule C or Schedule C-EZ.  Preparers need to know the ins and outs of business related expenses, especially with respect to equipment and property. Small business owners are rarely familiar with the IRS regulations that concern their business practices. Preparers can aid their clients by knowing which questions to ask, what records to keep and how to interpret the information their clients bring with them.
  • The practice of depreciating assets has been evolving since the 1830s when industries, railroads particularly, began using more expensive equipment in their businesses. Since that time businesses and eventually the IRS have modified and improved this accounting practice to provide fair and uniform methods of depreciation to all businesses, large and small. This course is designed for the tax preparer that has experience in completing returns that include a Schedule C as it is written in clear-cut language, provides a solid base of information and builds on that base with more detailed information. It is important for any tax professional who prepares Schedule C returns to be well educated in the practice of depreciating business assets. This course provides that training.
  • Over the years, there have been many tax laws enacted to benefit taxpayers seeking an education. Most of these laws relate to higher education or education after the typical K-12 schooling. The objective of this course is to explain and define the various education tax credits and tax deductions available to taxpayers that have education expenses and to cover tax-favored savings options that exist for taxpayers. This course will define terminology used in calculating these tax rules and will help the participant to understand how to plan for and maximize these tax opportunities. Much of this course will focus on the two main credits currently available: The American Opportunity Credit and the Lifetime Learning Credit. Other topics include the Coverdell Education Savings Account, deductions for tuition and fees, student loan interest, savings plans for education, itemized deductions available for work-related education, employer-provided education, savings bonds for education and scholarships and fellowships.
  • Tax preparers face an increasingly complex set of requirements in reporting non-wage income to the IRS.  With many clients receiving earnings from various investments it is crucial for the practitioner to understand how to accurately report this income. The Tax University CE course on Reporting Interest and Dividends includes the following learning objectives:
    • Understanding the various types of taxable and tax-exempt interest and how they are reported
    • Recognizing some uncommon interest situations and know how to handle them
    • Knowing the different forms that are used for reporting interest
    • Understanding the various types of dividends and how they are reported
    • Comprehending how to report earnings from foreign account investments
    • Knowing the different forms that are used for reporting dividends and foreign investment income
  • Most taxpayers are unaware of the tax implications following marriage or divorce, and how children impact the tax return The Tax University CE.
  • In the small business market, farming is one of the rare industries with its own schedule and IRS laws. It is difficult, if not impossible, to properly serve a farming client if you don’t have the proper training on the complexities of Schedule F and the associated tax laws governing this form. Anyone who deals with farming returns should take our CE course on Schedule F, Profit or Loss From Farming.
  • If you work in the small business market, you must understand the issues associated with the transfer of business assets. Our CE course on Form 4797 and the Sales of Business Property will increase your knowledge on this important subject.
  • It’s no secret that having influential clients with broad professional networks can be one of the best sources for referrals. A great “niche” market is effective with one of the most influential people in any community: Ministers. If you’re interested in increasing your client base, you should take our Continuing Education course on the rules for properly filing Clergy and Minister Returns.