Federal Tax Law - 10 Hours
1. Basic Tax Overview
This course – one of our “Understanding the Principles of Individual Taxation” series – will cover the fundamental principles of individual taxation, and to explain the concepts behind the structure of the tax system. This course covers explanations and clarifications of terms as well as an overview of the forms contained in the 1040 Series of returns. This will cover terms used throughout the history of the tax law, including pre- and post-Act passage of the TCJA for TY2019 / TY2021, as well as years prior
2. Income Explained
This course – one in our “Understanding the Principles of Individual Taxation” series – will cover the explanation and taxability of income in individual tax returns as they apply to TY2021. Special emphasis will be placed on taxable and nontaxable income categories as well as explanations of differing tax requirements with all types of income.
3. Income Forms & Reporting
This course – one of our “Understanding the Principles of Individual Taxation” series – will cover the various reporting forms used to indicate to the taxpayer and the IRS what type and amount of income is contained within the taxpayer’s records as it pertains to TY2021 returns. Example forms will be provided, along with explanations of the necessary subordinate reporting forms and schedules needed to place the income properly on a tax return.
4. Filing Statuses & Requirements
This course – one in our “Understanding the Principals of Individual Taxation” series – will cover the various rules and exceptions to the rules in regards to the filing requirements and filing statuses for Form 1040 series returns. In addition to covering the basics of who needs to file and how they need to file; extra care will be given to the “exceptions to the rule” and what income/tax requirements may trigger a need to file versus when a return is not required. This topic will cover TY2021 tax law, but can be almost universally applied to any tax year currently under normal statutory limits.
5. Dependents
This course – one of our “Understanding the Principles of Individual Taxation” series – will cover claiming dependents and will highlight the numerous effects of dependents on the return, from intersectionality with filing status to the numerous credits available. This course covers TY2021 law, with some discussion on prior year tax treatment.
6. Recordkeeping
This course – one of our “Understanding the Principles of Individual Taxation” series – will cover the rules and requirements for recordkeeping while operating as a tax practitioner. This will touch on both general IRS rules and specific rules outlined in Circular 230.2018.