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 Fundamentals
• Identify 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 Partnerships
• Identify 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 Strategies
• Recognize 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 5 - 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.