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This training programme will provide the delegates with an overview of federal income taxes for partnerships, individuals and corporations. The topics of discussions include tax law, methodologies, electronic research and the usage of technology for the preparation of tax returns.

Who Should Attend?

Professionals (Government officials) in either tax or customs administration can attend this training programme.

Course Objectives

This training programme will enable the delegates to:

  • Recognize relevant credits and deductions
  • Acknowledge the processes involved in determining the amount of payable tax
  • Acknowledge the ramifications of property transaction
  • Acknowledge the corporate taxation components
  • Acknowledge the partnership taxation components
  • Identify S – corporation requirements and tax advantages
  • Acknowledge the income taxation of estates and trusts
  • Demonstrate the included or excluded items from the gross income
  • Acknowledge professional responsibility relevant to tax engagements

Course Outline

Module I

  • The individual income tax return
  • The tax system: History and objectives
  • The concept of Reporting and taxable entities
  • Understanding the tax formula for individuals
  • Description: Who must file and where to file?
  • Understanding: Filing status and tax computation
  • Description: Personal and dependency exemptions
  • Understanding the standard deduction
  • Description: The Limitation on total itemized deductions
  • Overview: Gains and losses
  • Description: Tax and the Internet

Module II

  • The concept of Gross income and exclusions
  • Gross income: Nature
  • Dividend and interest income
  • The concept of Alimony
  • Description: Prizes and awards
  • Explanation: ACC 131: June 2013
  • Overview: Annuities
  • Description: Life insurance
  • Inheritances and gifts
  • Description: Scholarships
  • The concept of Accident and health insurance
  • Review: Meals and lodging
  • The concept: Municipal bond interest
  • Analysis: Social Security benefits
  • Analyzing Unemployment compensation
  • Review: Employee fringe benefits

Module III

  • Retirement plans and business expenses
  • Expenses and rental income
  • The concept of Passive loss limitations
  • Overview: Bad debts
  • Description: Inventories
  • Explanation: Net operating losses
  • Analysis: Individual retirement accounts
  • Overview if Keogh (H.R. 10) plans
  • Understanding Qualified retirement plans including section 401 (k) plans
  • Description: Rollovers
  • Overview: SIMPLE plans

Module IV

  • Introduction to Self-employed and employee expenses
  • Deductions classification
  • Description: Travel expenses
  • Overview: Transportation
  • Description: Office in the home
  • Introduction: Entertainment
  • Analyzing Educational expenses
  • Introduction to Dues, subscriptions and publications
  • Description: Special clothing and uniforms
  • Description: Business gifts
  • Overview: Schedule C
  • The concept of Itemized and certain other deductions
  • Description: Medical expenses
  • Taxes overview
  • Interest: description
  • Concept of Contributions
  • Description: Casualty and theft losses
  • Understanding Miscellaneous deductions
  • Description: Moving expenses
  • Explanation: Hobby losses

Module V

  • Introduction to Credits and special taxes
  • Overview of Tax credit of the elderly and disabled
  • Definition: Child tax credit
  • Overview: Earned income credit
  • Introduction to Child and dependent share credit
  • Analyzing Education tax credits
  • Description: Foreign tax credits
  • Description: ACC 131: June 2013
  • Overview: Work credits
  • Description: Disabled access credit
  • Understanding Adoption expenses
  • Description: The individual alternative minimum tax
  • Overview: Unearned income of minor children
  • Analysis: Community Property

Module VI

  • Introduction to Accounting periods, methods and depreciation
  • An overview: Tax year
  • Overview of Accounting methods

Module VII

  • Introduction to Capital gains and losses
  • Definition: Capital asset
  • Description: Holding period
  • Overview: Property disposition

Module VIII

  • Introduction to Qualified small business stock
  • Description: Section 1231 assets
  • Overview: Depreciation recapture
  • Analysis: Casualty gains and losses
  • Review: Installment sales (Form 6252)
  • Understanding 1031 Like-kind exchanges
  • Understanding Involuntary conversions
  • Personal residence sale

Module IX

  • Introduction of Withholding, estimated payments and payroll taxes
  • Employee’s Withholding Allowance Certificate: Form W-4
  • The concept of Withholding methods
  • Description: Estimated payments
  • Federal Insurance Contributions Act: FICA
  • Definition: Federal tax deposit system
  • Description: Reporting requirements
  • Federal Unemployment Tax Act: FUTA
  • Introduction to Self-employment tax (Schedule SE)
  • Overview: The nanny tax

Module X

  • Introduction to Partnership taxation
  • Understanding Partnerships: Definition, Formation and basis in partnership interest
  • The concept of Partnership income reporting

Module XI

  • Description: Guaranteed payments
  • Overview: Tax years
  • Understanding the concept of Transactions between partners and partnerships
  • Description: At risk limitations
  • Definition: Limited liability companies (LLCs)

Module XII

  • Introduction to Corporate income tax
  • Definition: Corporate formation
  • Description: Corporate tax rate
  • Overview: Personal service companies
  • Understanding Corporate capital gains and losses
  • Description: Dividend received deduction
  • Analysis: Amortization of organizational expenditures
  • Description: Corporate charitable contributions deduction
  • Introduction: Reconciliation of tax to accounting income (Schedule M-1)
  • Form 1120: Filing requirements
  • Overview: S-corporations
  • Definition: Special corporate taxes

Module XIII

  • Introduction to Tax administration and tax planning
  • IRS Organization
  • Description: IRS restructuring act of 1998
  • Analyzing IRS audits
  • Explanation: Penalties for taxpayers and preparers
  • Description: Statute of limitations
  • Overview: E-filing
  • Description: Taxpayer bill of rights
  • Overview: Tax planning
  • Description: Gift tax
  • Introduction to Gift tax formula
  • Review: Transfers subject to gift tax
  • Overview: Exclusions
  • Understanding Gift tax deductions
  • Calculation of gift tax liability
  • Explanation ACC 131: June 2013
  • Description: Estate tax
  • Introduction to Estate tax formula
  • Description: Gross estate
  • Calculation of tax liability
  • Description of Generation-skipping transfer tax
  • Introduction to Income taxation of estates and trust’s
  • The Basic fundamental concepts
  • Fundamentals of fiduciary accounting
  • Understanding the Formula for taxable income and tax liability
  • Description: Distributable net income
  • Overview: Determining a simple trust’s taxable income
  • Analysis: Income in respect of a decedent
  • Summary

General Notes

  • All our courses can be facilitated as Customized In-House Training course.
  • Course duration is flexible and the contents can be modified to fit any number of days.
  • As for Open Enrolment Courses, we offer our clients the flexibility to chose the location, date, and time and our team of experts who are spread around the globe will assist in facilitating the course.
  • The course fee includes facilitation, training materials, 2 coffee breaks, buffet lunch and a Certificate of successful completion of Training.
  • FREE Consultation and Coaching provided during and after the course.
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