ISCPA Tax School 2025 - Level 1 - virtual experience

Provide a comprehensive education about tax fundamentals for early-career tax staff in a series of 5 complete courses.

• Individual Tax Fundamentals
• S Corporations: Key Issues, Compliance and Tax Strategies
• Tax Fundamentals of LLCs and Partnerships
• Capitalized Costs and Depreciation
• Taxation of Property Transactions
• each day may be registered for individually if you cannot attend the full week - see related events

• Day 1 - Individual Tax FundamentalsIdentify individual retirement account (IRA) and qualified plan distributions.
  Recognize the taxation of virtual currency.
  Recall how health savings accounts (HSAs) work.
  Recall the self-employed health insurance deduction.
  Recall the deductibility of charitable contributions.
  Recall the steps to figuring the qualified business income deduction under Section 199A.
  Recall the net investment income tax (NIIT) on unearned income.
  
• Day 2 - Tax Fundamentals of LLCs and PartnershipsIdentify the effects of investor contributions and distributions on their basis in a partnership or LLC interest.
  Identify the tax basis of assets transferred to a partnership or limited liability company (LLC) at formation.
  Recognize the tax consequences of a transfer of liabilities to a partnership or LLC in connection with property transfers at formation.
  Indicate the correct treatment of partnership income by a partner for self-employment tax purposes.
  Distinguish between current and liquidating distributions.
  Recall whether special allocations called for in a partnership agreement will be allowable under the Section 704(b) regulations and when they will not be recognized by the IRS.
  
• Day 3 - S Corporations: Key Issues, Compliance and Tax StrategiesRecognize when an S corporation may be advantageous for a business.
  Identify the potential disadvantages of operating as an S corporation.
  Identify permitted fiscal years, elections, and user fees.
  Recognize when the Selection becomes effective.
  Identify shareholder consent rules and causes of invalid elections.
  Recognize events causing involuntary termination.
  Recall the path to making a new election after termination.
  Recognize when an S corporation is subject to tax at the entity level.
  
• Day 4  - Capitalized Costs and Depreciation (morning)Recall the initial tax basis and adjusted tax basis of business property.
  Identify the tax basis of self-constructed assets.
  Distinguish between deductible repairs and capitalized improvements
  Recall changes in the tax rules to the classification of expenditures such as materials, supplies, repairs, and improvements.
  Recall the fundamentals of modified accelerated cost recovery system (MACRS) depreciation
  Recognize which assets are considered listed property.
  Recognize the types of purchased intangible costs that must be capitalized.
  
• Day 4 - Taxation of Property Transactions (afternoon)Calculate gain or loss realized and recognized on business property dispositions.
  Apply the capital losses limitations and preferential tax rates on capital gains.
  Determine the impact of depreciation recapture on a taxpayer's taxable income and tax liability.
  Determine the tax basis of property received in a like-kind exchange.
  Determine allowable cost recovery deductions for replacement property acquired in a like-kind exchange or involuntary conversion.