Archives: Courses

Responding to IRS Notices

RESPONDING TO IRS NOTICES

Course Description

Every year the IRS mails letters or notices to taxpayers for many different reasons. Typically, it’s about a specific issue with a taxpayer’s federal tax return or tax account. This course discusses how to help your clients respond to certain notices received from the IRS including what to do if you disagree and what your client’s rights are as a taxpayer.

Lesson Objective

Upon completion of this course, “Responding to IRS Notices”, the participant will be able to:

  • Review various IRS Notices to determine the course of action required to resolve issues
  • Assist clients with responding to IRS Notices
  • Identify who to call to resolve issues
  • Understand the taxpayer’s right to appeal
  • Collect and remit the information necessary to respond to IRS audits
  • Help clients handle collection notices including making payment arrangements
  • Know the processes involved when disagreeing with a notice
  • Determine if your client is eligible for a penalty abatement
  • Recognize when the client may file an appeal
  • Decide when to contact the Taxpayer Advocate

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice

Tax Related Identity Theft

Tax Related Identity Theft

Course Description

Cybercriminals target tax professionals because you are custodians of highly sensitive client data. They attempt to steal your client’s personal financial information so they can create fraudulent tax returns and claim fake refunds.  This course discusses some of the basic ways to safeguard client data, stay up to date on various scams and steps to take if you are victim of a data theft.

Learning Objectives

After taking this course, Tax Related Identify Theft, particpants will be able to:

  • Describe the purpose of the Security Summit
  • Discuss ways to safeguard taxpayer data
  • Know how to implement the “Security Six”
  • Create a data security plan
  • Identify the signs of client data theft
  • List the IRS resources available to stay aware of data theft schemes
  • Help clients protect their identity and assist those that are victims

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice

Basics of Business Income (Schedule C)

Basics of Business Income (Schedule C)

Course Description

Our Basics of Business Income course outlines, in detail, the basic taxation principles relating to sole-proprietor business income including how to account for it on the tax return, what items are considered income and what expenses are allowed.  Further discussions include the eligibility for the qualified business income deduction and the obligation to remit self-employment tax.  Comprehensive examples are included with the discussions.

Learning Objectives

By the end of this course, Basics of Business Income, participants should be able to:

  • Distinguish between a business activity and a hobby
  • Determine what to include in gross income
  • Know which expenses are deductible to the taxpayer
  • Identify the special rules and limits that apply to business use of home, business meals, depreciation and automobile expenses
  • Complete Form Schedule C to report the business income
  • Calculate the Qualified Business Income deduction
  • Describe self-employment taxes, know who must pay the tax and how to calculate it

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice

Taxation of Nonresident Aliens

Taxation of Nonresident Aliens

Course Description

In this course participants will learn the taxation rules in respect of nonresident aliens.  Discussions include how to determine if an individual is a nonresident alien, which income is taxable to the individual, how income is taxed to nonresidents, which deductions are allowed to be claimed by nonresidents, when and how to file a Form 1040NR and more.   

Lesson Objectives

At the end of this lesson, Taxation of Nonresident Aliens, participants will be able to answer the following questions:

  • Is your client a U.S. resident or non-resident alien?
  • Does your client pass the substantial presence test?
  • Is your client able to use the closer connection or treaty exemptions available to be considered non-resident?
  • Does your client have U.S. sourced income?
  • Is the income taxed as “effectively connected income” (ECI) or “fixed determinable, annual, or periodical income” (FADPI)?
  • Is your client subject to withholding taxes?
  • Is your client required to file an income tax return?
  • Which deductions are available to your client?
  • Where and when is your client required to file Form 1040NR?
  • Is your client subject to estate or gift tax on U.S. situated assets?

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice

Annual Federal Tax Refresher (AFTR)

ANNUAL FEDERAL TAX REFRESHER (AFTR)

NOTE: This course is specifically written for Annual Filing Season Program participants. NO CE CREDIT IS GIVEN TO ENROLLED AGENTS. It is recommended that you check if you may be exempt from the Annual Federal Tax Refresher (AFTR) course and examination before purchasing this course. A list of exemption can be found here. https://www.irs.gov/pub/irs-utl/afsp_exempt_non-exempt_ce_chart.pdf

This Annual Federal Tax Refresher course and test are required to be completed by midnight local time on December 31, 2021 to fulfill your requirement to be an Annual Filing Season Program participant during 2022.

DESCRIPTION/LEARNING OBJECTIVES

The 2021 Annual Federal Tax Refresher (AFTR) course and test are required to be completed during 2021 by those return preparers that are seeking to fulfill the requirements to be Annual Filing Season Program participants during 2022.

The course consists of three separate lessons:

  • New Tax Law/Recent Updates
  • General Review
  • Practices, Procedures and Professional Responsibility

For information on subjects that are included in the Lessons, please feel free to download the table of contents.

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • This course must be completed, and the final exam submitted, on or before midnight of December 31, 2021. No extensions will be allowed.
  • In addition to the 6-hour Annual Federal Tax Refresher (AFTR) course, there will be a 3-hour maximum, timed continuous test consisting of 100 questions. You may complete your final exam at any time and get graded instantly. You will have only two attempts to pass the examination at no additional charge.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Upon passing the exam, you will be able to print your own certificate of completion. Note that this certificate is for completing the course only and is NOT the official certification of your Annual Filing Season Program status. A final certificate will be issued from the IRS once you have completed ALL the requirements of the Annual Filing Season Program.

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice

U.S. Citizens Abroad

U.S. CITIZENS ABROAD

U.S. citizens and green-card holders, no matter where they live continue to have annual U.S. income tax filing obligations, even though they may be resident in another country.  In addition to filing tax returns, there are a number of additional forms required to be filed to report interests in foreign assets and/or entities.  This course discusses the tax filing obligations of U.S. citizens and green card holder who are living abroad.

LESSON OBJECTIVES

Upon completion of this course, “US Citizens Abroad”, participants will be able to:

  • Realize the U.S. tax obligations that U.S. Citizens and green-card holders are subject to
  • Identify the two mechanisms used to avoid double taxation and decide which of these to apply to individual situations.
  • Describe the various foreign reporting requirements that are required of U.S. persons holding interests in various assets or entities.
  • Discuss with their clients the consequences of not filing these returns and reports.kno
  • Know which programs are available that may provide relief from penalties to certain taxpayers
  • Advise clients on the U.S. estate and gift tax consequences when living overseas.

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice

Individual Tax Part Five – Understanding Tax Credits

Individual Tax Part Five – Understanding Tax Credits

Once a taxpayer has calculated his income tax liability, he or she may be entitled to tax credits that either reduce the tax liability to zero (non-refundable credit) or offer the taxpayer a refund (refundable credit).  This course will discuss the various non-refundable and refundable credits available to individuals filing Form 1040.

LESSON OBJECTIVES

By the end of this course, Individual Tax Part Four– Understanding Credits,  participants will be able to:

  • Distinguish between a non-refundable and refundable tax credit
  • Describe how to claim a child tax credit as well as the credit for other dependents
  • Explain the requirements for claiming child and dependent care credits
  • Determine who qualifies for an education credit
  • Decide which education credit the taxpayer should claim
  • Determine if a taxpayer qualifies for the retirement savings contributions credit
  • Calculate the credit for the elderly or the disabled
  • Describe the residential energy credits
  • Recognize who is eligible for the earned income credit
  • Know the added requirements for claiming the additional child tax credit
  • Calculate the refundable portion of the American opportunity credits
  • Understand who can claim a premium tax credit
  • Know who is entitled to claim the sick and family leave credit for self-employed persons
  • Understand and identify which additional credits the taxpayer may be entitled to claim
  • Know who is entitled to employee family and sick leave credits for 2020 and 2021
  • Identify the procedures paid preparers must follow to comply with the due diligence requirements relating to the earned income credit, child tax credit, the additional child tax credit, the other dependent credit and the American opportunity credit.

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice

Individual Tax Part Four – Calculating Taxes

Individual Tax Part Four – Calculating Taxes

In parts One to Three of this series, participants learned how to calculate taxable income.  In this course, participants will learn how to calculate the various types of taxes that individual taxpayers may be liable to pay.  The course includes discussions on the following topics:

  • Alternative Minimum Tax
  • Self-Employment Tax
  • Additional Medicare Tax on Earned Income
  • Net Investment Income Tax
  • Additional taxes on IRA and Pension withdrawals
  • Repayment of the First-Time Homebuyer Credit
  • Employment Taxes for Household Employees

LEARNING OBJECTIVES

By the end of this course, Individual Tax Part Four– Calculating Taxes,  participants will be able to:

  • Calculate the total amount of income taxes an individual must pay with his return
  • Name the adjustments and preferences for the alternative minimum tax
  • Compute the alternative minimum tax
  • Establish who is subject to self-employment tax
  • Calculate net earnings from self-employment and the self-employment tax
  • Compute the additional Medicare tax on earned income
  • Identify the types of investment income subject to the net investment income tax
  • Calculate the net investment income tax
  • Compute the recapture of the first-time homebuyer credit
  • Figure employment taxes for household employees
  • Identify the different types of other taxes reportable on an individual tax return
  • Determine how to report these other taxes on the tax return and complete the applicable forms or schedules

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice

Individual Tax Part Three – Taxable Income

Individual Tax Part Three – Taxable Income

Once you have calculated adjusted gross income, you are ready to subtract the deductions used to figure taxable income. An individual may subtract either the standard deduction or itemized deductions, and, if applicable, the qualified business income deduction.  In this course participants will learn what deductions are available to arrive at taxable income.  These include the standard deduction, itemized deductions and the qualified business deduction.

LEARNING OBJECTIVE

By the end of this course, Individual Tax Part Three – Taxable Income participants will be able to:

  • Determine the standard deduction amount for most taxpayers
  • Figure the standard deduction amount for taxpayers claimed as dependents
  • Decide if a taxpayer should itemize deductions
  • Know the type of expenses that qualify as itemized deductions
  • Accurately report itemized deductions on Schedule A, Itemized Deductions
  • Explain the recordkeeping requirements for claiming charitable contributions
  • Describe who is eligible to claim the qualified business income deduction.

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice

Individual Tax Part Two – Adjusted Gross Income

Individual Tax Part Two – Adjusted Gross Income

This course covers the Adjusted Gross Income (AGI) section of the tax return. Taxpayers are allowed to deduct certain expenses, payments, contributions, fees, etc. from their total income. These adjustments which are subtracted from total income on Form 1040 establish the taxpayer’s Adjusted Gross Income.

LESSON OBJECTIVE

In this course, Individual Taxation  Part II, Adjusted Gross Income participants will learn how to

  • Identify and work with various adjustments to income
  • Understand why the concept of adjusted gross income is important
  • Know which employee expenses qualify as adjustments to income
  • Understand the deduction for self employed health insurance
  • Know when alimony is deductible
  • Identify which expenses qualify as a moving expense and when they are deductible
  • Calculate the allowable traditional IRA deduction
  • Calculate the allowable student loan interest deduction
  • Discuss various other deductions that are available to arrive at adjusted gross income

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice

Individual Tax Part One – Total Income

Individual Tax Part One – Total Income

COURSE OUTLINE

In this course, participants will learn what is included in the calculation of total income.  The course includes discussions on the following topics:

  • Wages, salaries and tips
  • Interest
  • Dividends
  • Pensions including IRA’s and social security benefits
  • Capital gains and losses
  • State tax refunds
  • Alimony
  • Business and farming
  • Partnerships and other flow through entities
  • Other miscellaneous income included on Schedule 1

LEARNING OBJECTIVES

By the end of this course, Individual Tax Part One – Total Income, participants will be able to:

  • Recognize the types of incomes that are classified as wages
  • Properly report income from retirement plans including IRA’s, pension and annuities and Social Security benefits
  • Understand incomes that must be included on separate schedules including Schedule B, Schedule C, Schedule D, Schedule E and Schedule F
  • Know which incomes are reported on Schedule 1
  • Identify the types of other income that must be reflected on Schedule 1, Line 8
  • Calculate total income reported on the Form 1040.

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice

Introduction to Form 1040

Introduction to Form 1040

This course offers participants an introduction to filing Form 1040 including general tax rules that affect every person who may have to file a federal income tax return.  It answers some basic questions: who must file, who should file, what filing status to use, and who qualifies as a dependent.

LESSON OBJECTIVE

After completing the course, Individual Tax – An Introduction to Form 1040, the participant should be able to:

  • Identify who must file a U.S. Form 1040 Individual Income Tax return
  • Know when an individual should file a Form 1040 Individual Income Tax return
  • Describe when to file a Form 1040 income tax return under special circumstances
  • Complete the personal information section of the Form 1040
  • Distinguish between the five various filing statuses
  • Define who is a “qualified child” and “qualified relative”
  • Know who is required to sign returns
  • Discuss the levels of authorization given to paid preparers
  • Determine which records need to be kept and for how long

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice

Residential Rental Property

Residential Rental Property

In this course we will discuss the taxation rules for including rental income in respect of a residential rental activity.  Discussion of allowable deductions, depreciation and the various restrictions on losses is included.  Participants will also learn how to prepare the Schedule E for a property that had maximum personal use during the year. 

LEARNING OBJECTIVES

After completing this course, Rental of Residential Property, participants will be able to:

  • Identify what amounts to include in rental income
  • Recognize which expenses are deductible against rental income
  • Calculate depreciation on rental assets
  • Know the limits of the at-risk rules and passive activity loss limitations
  • Differentiate between minimum and maximum personal use of a rental property
  • Explain the vacation property loss limitations
  • Analyze information provided by the client
  • Prepare Schedule E – Rental Income

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice

Expatriate Exit Tax

Expatriate Exit Tax

This course discusses the Federal tax provisions that apply when an individual renounces his U.S. citizenship OR ends their long-term resident (green card) status.   Participants will learn details about the filing requirements, related definitions and instructions for completing Form 8854. We will also discuss some tax planning strategies to reduce exposure to the expatriation tax and look into the rules applicable to U.S. persons receiving gifts from persons who have expatriated that may be subject to inheritance tax.  

Learning Objectives

By the end of this course participants should be able to:

  1. Know who is subject to expatriation tax
  2. Determine who is a “covered” expatriate
  3. List the three tests used to determine “covered expatriate” status
  4. Determine the date of expatriation
  5. Know when Form 8854 is required to be filed.
  6. Calculate the liability for exit tax
  7. Describe the basics of the alternate exit tax regime
  8. Know which assets are excepted from the exit tax rules
  9. Determine when an individual may request a deferral of the payment of exit tax.
  10. State who is subject to inheritance tax
  11. Complete and file Form 8854
  12. Discuss exit strategies available to reduce exposure to the exit tax

Individuals may benefit from downloading Form 8854 – Initial and Annual Expatriation Statement before beginning the course.

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice

Foreign Earned Income Exclusion

Foreign Earned Income Exclusion

In this course, you will learn how taxpayers living abroad can use the foreign earned income exclusion, housing exclusion or housing deduction to reduce their exposure to U.S. taxation. You will also learn when it is not beneficial to claim the exclusion as well as the basics of filing Form 2555.

LESSON OBJECTIVES

After completing this course, Foreign Earned Income Exclusion (Form 2555), the participant will be able to:

  1. Explain the purpose of form 2555.
  2. List foreign earned income that is eligible for exclusion.
  3. List income types that are ineligible for exclusion.
  4. Describe taxpayers who are qualified to claim Foreign Earned Income Exclusion.
  5. Differentiate between the tax home test, bona fide residence test and physical presence test.
  6. Summarize how travel to Cuba can affect foreign earned income.
  7. Explain the filing requirements for married couples.
  8. Explain the differences between the housing exclusion and housing deduction and when either may be claimed.
  9. Describe when to file Form 2555.
  10. Decide whether claiming the exclusions will be beneficial to your client.

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice

Dual Status Taxpayers

Dual Status Taxpayers

In this course, you will learn how dual status aliens are taxed, which forms to file and which elections are available for starting U.S. residency and ending U.S. residency.  If you have clients that are moving into or out of the United States, this course will explain how to file as well as some basic elections available which may benefit their situation.

 Learning Objectives

After taking this course, participants will be able to:

  1. Define dual status alien;
  2. Describe when a dual status return is prepared;
  3. Explain how the substantial presence test is met;
  4. Explain how the green card test is met;
  5. Describe residency starting and ending dates;
  6. Describe how to file a dual-status return
  7. Identify the restrictions on itemized deduction, exemptions, and additional tax credits for dual status taxpayers

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice

Reporting Foreign Assets

Reporting Foreign Assets

This course will introduce participants to the theory behind filing Form 114 for reporting foreign bank and financial accounts under the Bank Secrecy Act as well as Form 8938 to report certain specified foreign financial assets under the Foreign Account Tax Compliance Act.

Learning Objectives

After completing this course, Reporting Foreign Assets, participants will be able to:

  1. List the criteria for reporting foreign bank and financial accounts and /or statements of foreign financial assets.
  2. Identify taxpayers who need to, and those who need NOT file these forms ;
  3. Define the various reportable foreign assets, and how they needed to reported;
  4. Differentiate between Form 114 and Form 8938;
  5. Describe how to file FinCEN Form 114 and Form 8938; and
  6. State the penalties applicable in case of non-compliance.

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.

Disclaimer

 This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice

Basic Principles of Ethics

Basic Principles of Ethics

The dictionary defines ethics as a system of moral values or a set of principles that define acceptable behavior.  As professional taxpayers these values and principles are outlined in Treasury Department Circular No. 230.  This course takes you through these principles and the consequences of not following the rules.

LEARNING OBJECTIVES

After completing this course, The Basic Principals of Ethics, practitioners should be able to:

  • recognize the meaning of the term “practice before the IRS” in the context of its definition in Circular 230
  • identify the categories of individuals who are eligible to practice before the IRS under the terms of Circular 230
  • recognize the limits in the scope of practice imposed on annual filing season program participants compared to enrolled Circular 230 practitioners
  • understand the duties and restrictions relating to practice before the Internal Revenue Service
  • recognize the due diligence criteria that must be applied by a practitioner
  • identify the forms and worksheets that must be used when preparing a claim for the Earned Income Credit, Child Tax Credit, Additional Child Tax Credit, Other Dependent Credit, American Opportunity Credit or Head of Household filing status and the related requirements for recordkeeping
  • identify the four different types of sanctions that may be imposed on practitioners for violating the regulations set out in Circular 230
  • recognize the meaning of incompetent or disreputable

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice