This Tax Preparation Course is designed to give you the knowledge, tools, and skills needed to fulfill the IRS requirements. This course will give you a basic understanding of tax law and practice, and discuss the rules and regulations needed to prepare a Federal Individual Income & Small Business Tax Return for the general public. This course will be a challenge and will require hard work on the student’s part! Upon completion of this course, all students should have the necessary skill sets and confidence to prepare a variety of individual and small business tax returns, be able to answer taxpayers questions, research tax issues, laws, & publications.
Example Curriculum:
COURSE INTRODUCTION
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MODULE 1 - BECOMING A REGISTERED TAX PREPARER WITH THE IRS
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MODULE 2 - CUSTOMER SERVICE & ETHICAL OBLIGATIONS OF A PREPARER
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- Customer Service in the Tax industry
- Office of Professional Responsibility
- Circular 230 - Professional Responsibility and Ethical Obligations of a Tax Preparer (3:25)
- Who Can Practice before The IRS? (11:41)
- Due Diligence & Record Retention (13:56)
- Due Diligence Training (IRS Process) (2:15)
- Let's Play Tax Trivia!
- Module 2 Quiz
MODULE 3 - INTRODUCTION TO TAX PREPARATION
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- Introduction to the income tax return
- The TCJA - Tax Cuts & Jobs Act of 2017
- Filing Statuses Breakdown (Single, HOH, MFJ, MFS, & QW)
- Dependents (Qualifying Child vs Qualifying Relative)
- Filing Requirements (Who Must File & Who Should file)!
- Important IRS Dates (Tax Deadline, Extensions, PATH Act, etc)
- The Interview Process & Client Intake Form
- Let's Play Tax Trivia!
- Module 3 Practice Quiz
MODULE 4 - INDIVIDUAL TAX RETURNS (THE 1040 FORM)
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- Federal Individual Income Taxes (Tax Brackets explained)
- The Different Types of Taxes
- Tax Credits & Deductions (Breakdown of EITC, CTC, AOTC, ODC, etc)
- The Standard Deduction vs Itemized Deductions
- Introduction to IRS Form 1040
- Tax Schedules that attach to Form 1040 (30:03)
- The Most Common Tax Return Issues (Reject Codes) & Form 1095-A explained
- Amending a Tax Return (Form 1040-x)
- Let's Play Tax Trivia!
- Module 4 Practice Quiz
MODULE 5 - TYPES OF INCOME & COMMON TAX FORMS
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- The different types of income (taxable vs non-taxable)
- The W-2 Form (Wage and Tax Statement)
- 1099 Forms (Breakdown of all Forms) (0:08)
- The W-4 Form (Employee's Withholding Certificate)
- 1098 Forms (Breakdown of all Forms) (6:15)
- The W-7 Form (Application for IRS ITIN's)
- Let's Play Tax Trivia!
- Module 5 Practice Quiz
MODULE 6 - SMALL BUSINESS TAX RETURNS (THE SCHEDULE C)
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after you enroll
MODULE 7 - TAX LAW CHANGES & UPDATES
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MODULE 8 - MARKETING YOUR TAX BUSINESS
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MODULE 9 - TAX SOFTWARE TRAINING: TAXSLAYER PRO
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PRACTICE SCENARIOS (1-5)
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PRACTICE SCENARIOS (6-10)
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COURSE WRAP-UP
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