Days 1 & 2
Introduction to Tax Preparation
Course Level: Basic
Prerequisite: None
Advance Preparation: None
Delivery Method: Group-Live
|
CPE Credits |
Designation |
Field of Study |
| IRS * |
16 |
EA |
Federal Tax Law Topic |
| NASBA |
16 |
CPA |
Taxes |
| CTEC |
16 |
CRTP |
Federal Tax Law Topic |
| CFP Board |
16 |
CFP® |
Income Tax Planning |
* NATP will report CPE credits to the IRS for all PTIN holders. CPE is currently not mandatory for RTRPs or RTRP candidates and any option to register or participate in this program is strictly voluntary.
This course is designed to assist individuals who are beginning a career in tax preparation. With a step-by-step analysis of Form 1040 and certain accompanying schedules, this course provides the basics of tax preparation. Some topics are discussed in more depth in an effort to clarify issues related to those select topics.
Upon completion of this course, the learner will be able to:
- Establish a taxpayer’s filing requirements and filing status.
- Determine who is eligible to be claimed as a dependent.
- Recognize and report different types of income and adjustments to income.
- Compare itemized deductions and the standard deduction.
- Describe several nonrefundable and refundable income tax credits.
- Calculate an individual tax client’s federal income tax liability.
- Complete Forms 1040, Schedule A and Schedule B.
Day 3
Introduction to Schedule C
Course Level: Basic
Prerequisite: None
Advance Preparation: None
Delivery Method: Group-Live
|
CPE Credits |
Designation |
Field of Study |
| IRS * |
8 |
EA |
Federal Tax Law Topic |
| NASBA |
8 |
CPA |
Taxes |
| CTEC |
8 |
CRTP |
Federal Tax Law Topic |
| CFP Board |
8 |
CFP® |
Income Tax Planning |
* NATP will report CPE credits to the IRS for all PTIN holders. CPE is currently not mandatory for RTRPs or RTRP candidates and any option to register or participate in this program is strictly voluntary.
This course is designed to help tax professionals who are new to sole proprietorship tax preparation. It focuses on individual income tax issues and the preparation of Schedule C, Profit or Loss from Business, and other major related forms. Also covered are business vehicles, business use of home and depreciation.
Upon completion of this course, the learner will be able to:
- Determine whether a taxpayer’s activity is a hobby or a for-profit business venture.
- Identify types of income reported on Schedule C and deductible business expenses.
- Complete Schedule C, Profit or Loss From Business.
- Complete Schedule SE, Self-Employment Tax.
- Determine the business use of a vehicle.
- Explain the vehicle use substantiation requirements.
- Determine whether a taxpayer should claim standard mileage or actual vehicle expenses.
- Explain the §179 expense election and limitations.
- Identify allowable depreciation methods, including MACRS, GDS, ADS and bonus depreciation.
- Complete Form 4562, Depreciation and Amortization.
- Identify the factors used to determine eligibility for a deduction for business use of the home.
- Complete Form 8829, Expenses for Business Use of Your Home.
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