SEF-TAX7100 - Chartered Tax Professional

Course Description

A Chartered Tax Professional (CTP) is someone who has completed a specific series of tax courses in individual and small business income tax preparation. This nationally recognized innovative online certificate course enables you to start working and earning money while completing coursework toward the CTP professional credential.

After successfully completing this course, you will be qualified to prepare individual tax returns for almost all U.S. taxpayers and will also have the tax knowledge to successfully pass the Special Enrollment Examination (SEE). The Special Enrollment Examination (SEE) is a test that individuals can take to become an Enrolled Agent in the United States. The Enrolled Agent credential is issued and regulated by the Internal Revenue Service (IRS).

Course Outline

1. Individual Income Tax Preparation
   1. Comprehensive Income Tax Course
      1. Electronic Filing
      2. W-2 and 1099 Forms
      3. Form 1040 (1040 EZ/A)
      4. Interview Techniques
      5. Filing Requirements
      6. Filing Status
      7. Exemptions and Dependents
      8. Earned Income Tax Credit
      9. Due Diligence
      10. Child Care and Tax Credit
      11. Interest and Dividends
      12. Other Income
      13. Adjustments to Income
      14. Moving Expenses
      15. Itemized Deductions
      16. Employee Business Expenses
      17. Sale of Real Estate
      18. Depreciation: MACRS and ACRS
      19. Self-employment
      20. Filing Requirements
      21. Rental Property
      22. Capital Gains and Losses
      23. Education Expenses and Plans
      24. Education Tax Benefits
      25. IRAs and Retirements Plans
      26. Ethics
      27. Kiddie Tax
      28. Taxpayer Relief Act of 1977
      29. Tax Saving Ideas
      30. Alternative Minimum Tax
      31. Office-in-Home
      32. Injured and Innocent Spouse
      33. Penalties
      34. Extension
      35. Amended Returns
   2. Advanced Income Tax Course: Level I
      1. Earned Income Credit
      2. Clergy
      3. Investments
      4. At-risk Rules
      5. Passive Activities
      6. Injured and Innocent Spouse
      7. Tax Credits, Special Credits
      8. COGS, Business Start-up
      9. Depreciation
      10. Amortization
      11. Section 179
      12. Employee Business Expense
      13. Office in Home
      14. Auto Expenses
      15. Self-employment Tax
      16. Statutory Employees
      17. Capital Gains and Losses
      18. Basis of Property
      19. Sale of Stock
      20. Installment Sales
      21. Rental Properties
      22. K-1s and 1099s
      23. Sale of Business Property
      24. Estimated Taxes
      25. Extensions
   3. Advanced Income Tax Course: Level II
      1. Amended Tax Returns for Individuals
      2. Special Needs and Concerns of Seniors
      3. Tax Issues for High-income Taxpayers
      4. Net Operating Losses
      5. Schedule D: Special Issues
      6. Tax Issues for Divorced Taxpayers
      7. Tax Planning Tips and Strategies
      8. Responding to the IRS
      9. Part-year Resident State Tax Preparation Principles
      10. Nonresident Alien Returns: Form 1040NR
2. Small Business Income Tax Preparation
   1. Small Business Income Tax Course: Level I
      1. Introduction to Small Business Tax Preparation
      2. Business Types
      3. Accounting Methods
      4. Financial Statements
      5. Business Income
      6. Schedule C
      7. COGSand Inventory
      8. Depreciation
      9. Section 179 Deduction
      10. Contractor vs. Employee
      11. Sale of Business Property
      12. Partnerships
      13. Corporations: C, S, LLC
      14. Employee Taxes
      15. Excise Taxes
      16. Estate Taxes
      17. Extensions
      18. Estimates
      19. Employee Benefits
      20. Retirement Plans
   2. Small Business Income Tax Course: Level II
      1. Understanding the Balance Sheet
      2. Partnership Issues
      3. Corporation Issues
      4. General Business Credits
      5. Tax Issues Related to Buying a Business
      6. Sale or Liquidation of Business
      7. Profit or Loss From Farming: Schedule F
      8. Amended or Corrected Business Returns
      9. What to Do When You Owe the IRS?
      10. Tax Preparation for Non-profits: 501(c)(3), 501(c)(4), 501(c)(6), etc.

Learner Outcomes

What you will learn

• Master preparing taxes for individuals, small businesses, partnerships, and sole proprietorships
• Prepare for the IRS Enrolled Agent exam
• Learn how to conduct a professional tax preparation client interview
• Practice and work as a qualified tax professional
• Learn how to prepare tax returns for all individual U.S. taxpayers
• Understand the ethical responsibilities of tax professionals

How you will benefit

• Start working and earning money after completing the first two modules of the course
• Develop a professional vocabulary and the communication skills required to flourish in the accounting world
• Become qualified to prepare taxes for a variety of tax-holders and small companies
• Possess the necessary knowledge and skillset required to pass the IRS Enrolled Agent exam

Notes

This course can be taken on either a PC or Mac. This is an asynchronous online course offered through the third party vendor ed2go. 

A high school diploma or equivalent is a prerequisite for this course. Accounting and specific math skills aren't required, just the aptitude to work with numbers and people and to read and interpret the tax laws.

If you are taking this course to begin a career in taxation you will need to meet the following requirements:

• Complete Comprehensive Tax Course (located within the course)
• Register with the IRS and get a PTIN
• Begin preparing tax returns as a tax preparer

The instructional materials required for this course are included in enrollment. The following materials will be shipped to you approximately 7-10 business days after enrollment:

• Federal Forms
• Federal Worksheets
• Instructions
• Publication
• Tax Preparer Resources