CCH 1040 Preparation and Planning Certificate Program

Transcription

1 CCH 1040 Preparation and Planning Certificate Program ONLINE SELF-STUDY COURSES 1040 Preparation and Planning 1: Fundamentals (2015) This three CPE hour CCH Learning Center course, the first course in the series, introduces the fundamentals of federal income tax and gives an overview of the general income tax structure. Even for those familiar with much of the subject matter, these introductory course offers a quick brush-up. Describe the basic federal income tax structure Identify who is required to file a return, as well as which status applies to each individual Describe what exemptions are available and the amounts of each Determine eligibility for dependency exemptions Federal Tax Law Hours: 3 CPE: Preparation and Planning 2: Gross Income (2015) This four CPE hour CCH Learning Center course, the second course in the series, covers gross income and different inclusions and exclusions. Topics examined include how to report wages and benefits; which benefits are taxable and which are excludable from income; and more. Identify what items are included in gross income and what items are excludable Determine which types of benefits, distributions, interest or insurance proceeds are includable or excludable Identify excludable life insurance proceeds Determine which distributions from annuities, employee retirement plans, and IRAs are includible in gross income. Identify what type of interest is taxable and nontaxable Identify qualified dividends and the special tax treatment they enjoy Report compensation in whatever form it is paid Identify various types of employee benefits plans Recognize which benefits are taxable and which benefits are excludable from income Recognize which types of income are excludable Determine what portion of some types of income is includible Recognize which types of income are fully includible 1040 Preparation and Planning 1: Fundamentals Page 1

2 1040 Preparation and Planning 3: Deductions (2015) This four CPE hour CCH Learning Center course, the third course in this series, looks at the deductions that taxpayers are permitted to take to reduce their tax. This course covers adjustments to gross income, the standard deduction, and itemized deductions for medical expenses, taxes, interest, charitable contributions, and miscellaneous itemized deductions. Identify deductions that can be claimed without itemizing List which items can be deducted as medical expenses Identify which type of interest is deductible Determine which taxes are deductible Figure charitable contribution deductions and comply with substantiation requirements Figure unreimbursed employee business deductions Determine other miscellaneous itemized deductions 1040 Preparation and Planning 2: Gross Income 1040 Preparation and Planning 4: Tax Computations and Credits (2015) This four CPE hour CCH Learning Center course is the fourth course in this series and reviews how the tax liability is computed, then describes different credits and deductions. After examining the computation of tax, the course discusses the distinction between a tax deduction and a tax credit. Determine whether to use the Tax Table or Tax Computation Worksheet to figure the tax Determine whether Schedule D, a separate worksheet, or Schedule J is necessary to figure the tax Figure each type of personal tax credit Distinguish between refundable and nonrefundable credits Identify business tax credits and understand the limitations under the general business credit 1040 Preparation and Planning Part 3: Deductions (2014 Edition) 1040 Preparation and Planning 5: Acquisition and Disposition of Property (2015) This four CPE hour CCH Learning Center course is the fifth course in this series and it discusses gains and losses; defines basic terms; explains exclusion of gain on the sale of a principal residence; nonrecognition of gain on involuntary conversions; computation of basis; and more. Page 2

3 Distinguish between taxable and tax-free exchanges Report like-kind exchanges on the return Identify other types of tax-free exchanges Determine the basis of and figure gain or loss on the sale of a principal residence Calculate the basis of property acquired by purchase, gift, or inheritance Demonstrate how to treat a loss on the sale of a residence Define the special rules affecting basis Properly defer gain on an involuntary conversion Correctly treat severance damages Recognize and use the special rules for disaster losses Determine the basis of property acquired by gift or inheritance Define what a capital asset is Explain how capital gains are taxed and the limits on capital losses Figure Section 1231 gains and losses 1040 Preparation and Planning 4: Tax Computations and Credits 1040 Preparation and Planning 6: Deductions for Business and Other Special Deduction Rules (2015) This five CPE hour CCH Learning Center course is the sixth course in the series and covers business deductions that taxpayers can use to calculate net profit and reduce tax liability. The varied treatment of different deductions is examined in the course. Complete Schedule C or C-EZ Apply the deduction for domestic production activities Utilize the vacation home rules Determine eligibility for and report deductions on a range of business expenses Report deductions for travel-away-from-home costs Figure meal and entertainment deductions, including applicable limitations Calculate deductions for business car use Figure the home office deduction Determine deductible expenses in connection with investments and income-producing activities Claim a deduction for work-related education expenses Determine eligibility for deducting expenses Determine how employer-paid expenses are treated Explain property depreciation, first-year expensing, bonus depreciation, and depreciation recapture Apply the rules for amortization, depletion, different types of losses, and bad debts Identify expenses subject to amortization Figure depletion deductions Apply the limits on trade or business losses Figure the amount of casualty and theft losses that can be deducted Determine net operating losses Determine whether a debt is a business or nonbusiness bad debt Determine whether a nonbusiness bad debt is deductible Apply the statute of limitations on bad debts Federal Tax Law Hours: 5 Page 3

4 CPE: Preparation and Planning 7: Special Tax Computations (2015) 1040 Preparation and Planning Part 5: Acquisition and Disposition of Property This three CPE hour CCH Learning Center course, the seventh course in this series, looks at special computations, including the alternative minimum tax, the self-employment tax and the kiddie tax. Identify adjustments and preferences Compute the alternative minimum tax Specify which credits can be used against the alternative minimum tax Determine who is subject to self-employment tax Figure net earnings from self-employment and the self-employment tax Identify children who are subject to the kiddie tax Compute the kiddie tax Determine when parents should elect to report a child's income on their return Compute the additional Medicare tax on earned income Specify the types of investment income subject to the net investment income (NII) tax Compute the NII tax Federal Tax Law Hours: 3 CPE: Preparation and Planning Part 6: Deductions for Business and Other Special Deduction Rules 1040 Preparation and Planning 8: Special Problems (2015) This four CPE hour CCH Learning Center course looks at the annual accounting period, methods of accounting, and the installment method of reporting income. It reviews IRAs, SEPs, SIMPLE plans, other qualified self-employment plans, methods of collecting taxes, and the nanny tax. Select a taxable year and a permissible accounting method. Apply installment method reporting. Figure contributions to IRAs, Roth IRAs, SEPs, SIMPLEs and other retirement plans, as well as required minimum distributions. Outline the rules for converting to Roth IRAs. Complete the schedule for estimated tax payments. Figure estimated tax installments and when to make payments. List special rules to avoid penalties. Describe the components of employment taxes for household employees, in order to figure FICA and FUTA taxes. Page 4

5 1040 Preparation and Planning 7: Special Tax Computations 1040 Preparation and Planning 9: Tax Practice (2015) This two CPE hour CCH Learning Center course reviews the rules for filing deadlines, extensions, amended returns, payment, and different methods of filing. It covers offers in compromise and audits, then reviews the appeals process, going to court, and recovering costs from the government. Upon completion, you will be able to: Determine when and where to file the returns Obtain filing extensions Identify electronic filing requirements Identify the time limits for filing amended returns Identify the limits on refunds List the rules for offers in compromise Prepare for audits and identify steps to avoid them Evaluate when and how to take a case to court Determine when to recover attorney's fees from the government Identify the rules of conduct and penalties for misconduct for return preparers Federal Tax Law Hours: 2 CPE: Preparation and Planning 8: Special Problems Page 5