The IRS recently separated Schedule K and Schedule K-1 into Schedules K-2 and K-3. The purpose is to help provide partners and shareholders better information for their reporting of international items of relevance due to the changes the Tax Cuts and Jobs Act (TCJA), specifically the changes made relating to the reporting of international tax items.
This course explores the changes the IRS made with the creation of Schedules K-2 and K-3, along with information that is reportable on the new schedules.
Description: NEW! The gig economy is here to stay and intent on growing larger with each year. With that growth is the likely growth of tax preparers’ need to be familiar with preparation of Schedule C. This course will help you identify the types of income reported on Schedule C; describe the business expenses deductible on Schedule C; list the differences between a business and a hobby; and apply the rules governing the deduction for business use of a taxpayer’s home.
Revision Date: July 2023
Many of your clients will have supplemental income from sources like rental real estate, partnerships, trusts, estates, and royalties. How do you report that income? This course will give you a better understanding of Schedule E, as well as rental and other income sources, which income must be reported, and which losses and deductions are allowed.
Description: NEW! How did Social Security become the program that exists today? Which benefits are offered by the program? What are the implications when preparing tax returns? What are some common related financial planning considerations? This course helps tax professionals better understand the scope of the Social Security program, as well as how it affects their clients.
Revision Date: June 2023
To protect customers’ privacy and security safeguards, the IRS requires the creation of a written information security plan (WISP).
Various issues come into play with the creation of a WISP, such as updating customers on privacy practices and providing them opt out notices as applicable. This course provides detailed information on these and other requirements.
Now and then you get a second chance. What should tax preparers know about amended returns? How can preparers help filers make this second chance count? This course will be a detailed look at the topic, including a line-by-line review of the form that is used to file amended returns and an analysis of examples and case studies.
Revision Date: April 2023
Individual taxpayers can deduct charitable contributions on their personal tax return if they meet certain requirements. The rules can be somewhat complex. This course provides guidance on the charitable contribution deduction, including information on recent federal tax legislation, which has enhanced the amount of charitable contribution taxpayers can deduct.
Revision Date: April 2023
To reap the tax benefits extended to clergy and ministers by the IRS, a taxpayer must fit the IRS definition of minister and perform certain duties. We’ll take a deep look into the definition of who is deemed a minister, types of income, the treatment of housing allowances, and other considerations.
A disregarded entity has many popular uses. It can be used to operate a business owned by a single-person, or may be used to invest in a partnership or S corporation. Whatever the reason an owner chooses to organize and operate a disregarded entity, income earned by a disregarded entity is personally reportable. Learn how you can help your clients navigate this challenging issue.