3716 West Pico Boulevard, Los Angeles, California 90019, United States
Tax Preparation Course
fEDERAL Tax Preparation Course eBook
fEDERAL Tax Preparation Course eBook
fEDERAL Tax Preparation Course eBook
CE Credits: 10 Federal Tax Law, 3 Federal Tax Updates, 2 Regulatory Ethics
Our 2023 Tax Preparation Course is designed to give you the knowledge needed to fulfill IRS requirements and give you a basic understanding of tax law and practice to ensure you serve your clients with the highest quality. This study material has been organized to give line-by-line instructions for Form 1040.
In this beginner tax preparer course, you will learn…
- How to prepare a federal individual tax return
- Filing status
- Which form to use
- The importance of safeguarding the taxpayer’s documents
- When to use Form 4868.
- The different e-filing options.
- How to complete Schedule 2 of Form 1040.
- How a nonrefundable credit affects the taxpayer’s tax liability.
- Which deductions are limited to the 7.5% floor.
CTEC 60 Hour Qualifying Education
fEDERAL Tax Preparation Course eBook
fEDERAL Tax Preparation Course eBook
QE Credits: 45 Federal Tax Law, 15 California Tax Law
This course meets the 2023 60-hour qualifying education requirement imposed by the state of California to become a tax preparer. This course has been approved by the California Tax Education Council Vendor #2080.
In this beginner CA tax preparer course, you will learn…
• How to prepare a federal individual tax return
• Filing status
• Which form to use
• Credits the taxpayer qualifies for
This course contains 15 Chapters; after each chapter, the student will complete online review questions and a Practice Tax Return (PTR). PTR’s are based on the course content that has been covered so far and will have its own set of review questions. Returns that use the Schedule A are prepared with state income tax withholding on line 5 and the additional state-specific taxes such as CASDI.
AFSP ANNUAL FILING SEASON PROGRAM
AFSP ANNUAL FILING SEASON PROGRAM
AFSP ANNUAL FILING SEASON PROGRAM
CE Credits: 10 Federal Tax Law, 2 Regulatory Ethics, 6 AFTR
Our Annual Filing Season Program (AFSP) qualifies for 18 hours of continuing education needed to earn an AFSP Record of Completion from the IRS for the 2024 filing season. Some of the perks a tax preparer will receive upon completion are: limited representation rights, a certificate directly from the IRS to display, and your name added to the official IRS tax preparer directory.
To fulfill requirements, you must take the AFTR which consists of a 100 question, 3-hour timed exam, and complete it with a score of 70% or better.
*The IRS deadline to complete this course is December 31st at midnight your local time, however, keep in mind our office will be closed on 12/31. Hours that are completed by the IRS deadline will be reported on the following business day.
CORPORATIONS & PARTNERSHIPS
AFSP ANNUAL FILING SEASON PROGRAM
AFSP ANNUAL FILING SEASON PROGRAM
1: Bookkeeping Basics
Every tax preparer and accountant somewhere along the lines needs to have a fundamental basic understanding of bookkeeping in order to ensure they are using the correct numbers when preparing a tax return or otherwise presenting financial information to their client. Unfortunately, clients are often underprepared and unable to complete this task successfully on their own due to the inherent complexities. This 6-part course will take you through 6 main elements of bookkeeping and accounting basics so you are able to have the confidence the information is properly assembled and accurate. This is also a great course to have anyone assisting you in this capacity attend, in order to have the best chance of providing accurate financial information.
2: LLC, Sole Proprietorship, Partnerships, Qualified Joint Ventures
What is in a partnership and how it is started? Day 2 will cover the capital account, why a General Partnership agreement is important, UPE and Section 199A. There will also be a line by line review with real examples of Form 1065, Form K-1, and the General Partnership Agreement. This day will also cover the advantages, disadvantages, and which clients will benefit in becoming an LLC.
3: C-Corporations
How do you form a corporation? This day will cover forming a corporation, business entities, advantages, disadvantages, ownership, structure and taxation. There will be a line by line review of Form 1120 with an example of filling it out directly on tax software. An explanation of dissolving or canceling a corporation, and fees or penalties will be covered during day 3.
4: S-Corporations
What's the difference between Schedule C and S-Corporation? On this day you will learn advantages and disadvantages of becoming an S-Corporation, corporate structure, need for reasonable compensation, allocation of income, and tax savings. There will be examples of converting clients and a line by line review Form 1120S and Form K-1. You will have a class exercise on Shareholder basis and filling out form 2553. This will help you understand Shareholder’s stock basis and what causes it to adjust. We will cover an overview of form 2553, how to correctly filling out the S-Election form, and file late S-election.