Tax Staff EssentialsThe Tax Staff Essentials is a comprehensive program that is arranged

in four progressive levels geared to prepare staff entering a firm who are

inexperienced, have some prior experience or staff that may be changing

service lines. This training is also valuable for companies that have in-house tax

departments and need an organized way to get the new staff up to speed.

This unique and valuable program offers flexibility for scheduling at a time

most convenient for the firm and it substantially reduces travel and lodging

expenses. The “mix and match” curriculum is customizable to the extent

that a client can choose all or some of the modules offered in the curriculum.

The modules are offered with or without AICPA provided instructors. The

curriculum can be licensed to firms who prefer to use their own instructors.

This program includes the services of an AICPA professional who will

actively coordinate the instructors with client management to determine

emphasis and style preferences as well as to layer in specific firm tax software

or specialized procedures during the on-site training.

Firms will have the opportunity to include their own training material or

current client examples into the course. The in-house program also allows

the opportunity for firms to discuss specific, and perhaps proprietary, client

situations while maintaining the confidentiality of the data.

AICPA tax professional facilitator An AICPA tax professional facilitator is available to consult with firms

and personally assist with module selections when necessary. The AICPA tax

professional facilitator will also arrange a video conference with the firm champions

and the instructors. This will allow firm management to become acquainted and

discuss any emphasis and style preferences as well as designated breaks in the

presentation. These breaks would ensure that the firm’s managers would have

ample opportunity to interject specific firm case studies or discuss the use of

particular tax software or specialized procedures during the on-site training.

Course MaterialsThe Instructor Notes are designed to support the Participant Manual and

PowerPoint slide deck.

Learning LinksThis icon is used to indicate areas where your organization may

want to add content to customize the module for your staff’s

specific requirements.

The PowerPoint slides that incorporate this symbol precede specific locations

in the course where AICPA course developers feel it would be advantageous to

“link” the content to your firm’s specific requirements. Your firm’s “champion”

may wish to present the firm-specific information and/or new slides can be

inserted to expand the discussion.

aicpalearning.org | 800.634.6780 A Customized Curriculum for Firms

tax staff essentials

IRS AUDITS• RAR: Revenue Adjustment Report• Preparing responses• Accounting for audit adjustments• Amended state tax returns

Skill Level: 3

ADVANCED TAXATION PARTNERSHIPS & LLCS

• Allocation of income under Section 704(b)• Allocation with respect to contributed property• Allocation of recourse and nonrecourse liabilities• Advanced distribution rules• Adjustments to basis of partnership/LLC assets• Sale of an interest in a partnership or LLC

Skill Level: 3

INTERNATIONAL TAXATION• Taxation of export Income• Allocation and apportionment of deductions• U.S. foreign tax credit• Treaties• Reporting foreign assets• Foreign branch and affiliates• Subpart F and personal holding company income• Foreign business operation in the U.S.• Foreign tangible & intangible property in U.S.• FATCA

Skill Level: 4

ADVANCED INCOME TAX ACCOUNTING (Also can be used for A&A Credit)

• FIN 48• Comparison of ASC 740 to IAS 12• Intra-period tax allocation• Business combinations

Skill Level: 4

ADVANCED ESTATE & TRUST TAXATION• Grantor Trusts (IDGT, BDIT,GRAT,CRAT)• Family Limited Partnerships• Asset Protection• Self Cancelling Installment Notes

Skill Level: 4

ADVANCED MERGERS, ACQUISITIONS & SALES

• Understanding the transaction tax environment• Transaction valuation fundamental S• Transaction structure: “The art of the deal”• Specialty transaction: ESOP• Specialty transaction: The industry “Roll-up”

Skill Level: 4

0-1 year Tax Associate or Analyst1 2 3 42-4 year Tax

Associate or Senior Candidate

3-5 year Tax Senior Associate or Analyst

4-5 year Tax Supervisor or Manager Candidate

Tax Staff Essentials is a curriculum

program of learning that is

arranged in four progressive levels

geared to prepare staff entering a

firm who are inexperienced, have

some prior experience or staff that

may be changing service lines.

The curriculum includes modules

not offered in our group study

catalog, e.g. tax research. Firms

may select only targeted modules

necessary to improve the skills of

their employees.

Four Progressive Levels

Modules Offered

Mix and Match

The “mix and match” curriculum is

customizable to the extent that a

client can choose all or some of the

modules offered in the program.

Unlike public seminars, this learning

format allows the firm the

ability to discuss client situations

and maintain the confidentiality

of the data. In addition, firms will

have the opportunity to insert their

own training aides and to discuss

specific client examples into

the modules.

TAX RESEARCH I• Sources of tax law and interpretation• Internal Revenue Code• Administrative guidance• Treasury Regulations• Issue-spotting exercise• Citations• Tax research memorandum

Skill Level: 1

INDIVIDUAL TAX FUNDAMENTALS• Filing requirements and personal exemptions

• Gross income inclusions, exclusions and adjustments

• Sole proprietorships and hobby loss rules

• Home offices

• Rental properties and vacation homes

• Passive activities

• Principal residence sale

• Travel and entertainment

• Itemized deductions

• Tax, AMT, tax credits and estimated payments

Skill Level: 1

CAPITALIZED COSTS AND DEPRECIATION• Capital improvements and repair• Adjusted tax basis• Tax depreciation and amortization• First year expensing-IRC section 179• Depreciation methods• IRS tables

Skill Level: 1

WORKPAPER DOCUMENTATION• Source of data for tax adjustments from books• Authority documentation• Case studies – good and bad work papers

Skill Level: 1

S CORPORATION FUNDAMENTALS• Qualifications of S Corporations• Election, termination and revocation• Choice of year-end• Allocations of profits and losses• Distributions and shareholder basis• Reporting and filing requirements• Conversion of C Corp with prior retained earnings• Examples for tax return preparation

Skill Level: 1

SKILLS TO DESK – BUSINESS WRITING • The power of professional language

in business writingSkill Level: 1

MULTISTATE TAXATION• Constitutional limits and P.L. 86-272• Nexus, UDITPA, MTC• State modifications• Apportionment and allocation• Non-business income• Net operating losses

Skill Level: 2

TAX ACCOUNTING FOR INVENTORIES• 263A• FIFO, LIFO, Average• Lower of Cost or Market

Skill Level: 2

TAXATION OF PROPERTY TRANSACTIONS• IRC sections 1231, 1245, 1250• Capital gains and losses• Non-recognition transactions

Skill Level: 2

TAX FUNDAMENTALS LLCS & PARTNERSHIPS• Formation and the Check-the-Box rules• Profit and loss allocations• Effect of liabilities• Contributions and distributions• Reporting taxable income

Skill Level: 2

TAX RESEARCH 2 (Onsite Only)• The elusive nature of tax questions• Assessing and applying authority• External communications• Research methodology for tax planning

Skill Level: 2

TAXATION OF CORPORATIONS• Formation of corporation and Section 1244 stock• Income: dividends, interest, rentals, capital gains• Salaries and employee benefits and retirement plans• Net operating losses• Personal Service Corporations• Tax rates, AMT and tax credits• Financial turmoil and bankruptcy• Case studies for tax return preparation

Skill Level: 2

ACCOUNTING METHODS AND PERIODS• What constitutes a method• Cash versus accrual• Automatic changes• Changes needing permission• When and how to change a method• How to account for the change in method

Skill Level: 2

FORM 990 BASICS• Tax Issues facing Not-For-Profits• Unrelated business income• Form 990 and all related schedules

Skill Level: 2

SKILLS TO DESK – COMMUNICATIONS• Communicate and working in teams• Communication for leaders• Difficult communication

Skill Level: 2

INCOME TAX ACCOUNTING (Also counts as ATA Credit)

• Permanent and timing differences• Income tax expense• Effective tax rate• Current income tax liability• Deferred income tax assets and liabilities• Tax basis balance sheet

Skill Level: 3

CHOICE OF AND FORMATION OF ENTITY

• Types of entities• Formation and elections• Start-up and organization costs

• Advantages and disadvantages comparison

ESTATE AND TRUST PRIMER• Types of trusts• Trustee powers• Recognition and realization of income• Elements of an estate• Estate tax calculations• Basic concepts of estate planning

Skill Level: 3

ADVANCED INDIVIDUAL TAXATION• Planning techniques for college expenses• Vacation homes, timeshares & co-owned

property• Critical tax angles for divorcing clients• Using IRAs in strategic plans• Minimizing taxes for high-wealth clients• Tax decisions for medical expenses, filing status• How new tax developments affect individuals• Integrating tax-saving strategies into tax plans

Skill Level: 3

ADVANCED TAX PLANNING S CORPORATIONS

• S Corp current developments: Tax planning impact

• Use of Qualified Subchapter S Subsidiaries (QSUB)

• Use of Qualified Subchapter S Trust (QSST)• Liquidation, Reorganization or Redemptions

Skill Level: 3

INTRODUCTION TO BUSINESS ACQUISITIONS

• Transaction basics• Due diligence• Valuation considerations• Asset versus stock based transactions• Transaction terms• Buyer and seller best practices

Skill Level: 3