DESCRIPTION

This is one of a series of courses designed to prepare students to take the Internal Revenue Service (IRS) Enrolled Agent Exam. This course covers tax issues that relate to individuals which include: filing requirements, calculation for gross income, itemized deductions, tax credits, capital gains and losses, property transactions, individual retirement accounts, gift and estate taxes.

Objectives

Upon completion of the course, students will be able to:

1. Complete the preliminary work to prepare tax returns.
2. Understand and apply the IRS tax code to determine gross income from W2, partnerships, business, royalties, rents and other sources.
3. Understand and apply the IRS tax code to determine adjustments, allowances and losses to obtain the Adjusted Gross Income (AGI).
4. Examine, create and apply standard and itemized deductions, required schedules and credits to determine taxable income.
5. Identify and calculate required tax.
6. Examine standard and Roth IRA contributions and deductions from AGI.
7. Review and understand property sale transactions.
8. Examine basis requirements for estates and gifts.

FOR MORE INFORMATION

email: akorniakov@santarosa.edu