Description:
US military service members and household members receive a variety of exclusive tax benefits. What credits and deductions does the tax code provide to those in the military community? How can you help service members, military spouses, and military veterans file an accurate, on-time tax return? This course is a detailed look at military tax preparation.
Description:
What should tax preparers know regarding the reporting of foreign financial accounts? This course offers historical background pertaining to the Financial Crimes Enforcement Network (FinCEN) and account reporting. In addition, the course focuses on the preparation process for the Report of Foreign Bank and Financial Accounts (FBAR) and Form 8938, Statement of Specified Foreign Financial Assets.
Description:
As a knowledgeable tax preparer, you can be an especially valuable resource for non-US citizens, since they are individuals who often have had less experience with the US tax system compared to US citizens.
This contains content for both resident and nonresident aliens. However, since resident aliens are generally subject to the same tax filing rules as US citizens, we’ll look at more comprehensive content on nonresident alien filers.
Description:
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.
The SECURE Act 2.0 contains a wide range of provisions that become effective over several years designed to encourage retirement savings, help ensure the sufficiency of retirement funds, bring additional clarity and transparency to retirement plan rules, and increase federal revenue.
This course will discuss the various provisions of the Act, beginning with those provisions that are immediately effective and followed by those that become effective in subsequent years. Appropriate context is added to facilitate understanding of the pre-enactment environment and the impact of the legislative changes.
Revision Date: April 2024
Description:
Is your client selling their home? Is the home a primary or secondary residence, a business or rental? Are there short-term or long-term gains or losses to calculate? The various rules that apply to the sale of a home are explained in this course, along with details on proposed legislation that may affect tax years 2023 and beyond.
Description:
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.
Description:
Gain an overview of standard and itemized deductions, including new rules applying to the TCJA and the CARES Act. As the standard deduction is a basic deduction, most of the information in this course is centered around the different itemized deductions.
Last Revision: March 2024
Description:
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.
