CPA Exam Prep — REG: Taxation and Regulation

About this course

What you'll learn

• Apply Circular 230, preparer penalty rules and federal tax procedures to practice scenarios.
• Analyze agency, contract, debtor-creditor, federal regulatory and business-structure questions.
• Determine basis, cost recovery and gain or loss on property transactions.
• Compute individual gross income, deductions, loss limitations, tax and credits.
• Compute taxable income and owner consequences for C corporations, S corporations and partnerships.
• Identify LLC classification and tax-exempt organization requirements.

Course details

Level

advanced

What's included

• 12 lessons
• Progress tracking
• Certificate of completion

Requirements

• Working knowledge of financial accounting (FAR-level).
• Plan roughly 16 hours of study for the lessons, before practice questions.

Curriculum

1. 01

   Lesson 1: Practice Before the IRS, Preparer Rules and Professional Discipline

   Circular 230, who is a tax return preparer, preparer penalties, and licensing and disciplinary systems.

   75m
2. 02

   Lesson 2: Federal Tax Procedures: Audits, Appeals, Substantiation, Penalties and Authority

   IRS examinations, appeals and the courts, statutes of limitation, recordkeeping and disclosure, taxpayer penalties, and the hierarchy of tax authority.

   75m
3. 03

   Lesson 3: Legal Duties and Responsibilities of CPAs

   Common law liability to clients and third parties, statutory liability, privileged communications, confidentiality and privacy acts.

   70m
4. 04

   Lesson 4: Agency and Contracts

   Agent authority, duties and liabilities; contract formation, performance, discharge, breach and remedies.

   80m
5. 05

   Lesson 5: Debtor-Creditor Relationships and Federal Laws and Regulations

   Suretyship, secured transactions and creditor rights; bankruptcy, employment taxes, health plans, worker classification and anti-bribery rules.

   80m
6. 06

   Lesson 6: Business Structure: Formation, Operation, Ownership Rights and Termination

   Sole proprietorships, partnerships, LLCs and corporations — selection, formation, owner and manager rights and duties, liability and dissolution.

   75m
7. 07

   Lesson 7: Basis of Assets, Cost Recovery and Property Dispositions

   Cost, gift, inherited and exchanged basis; MACRS, §179, bonus depreciation and amortization; recapture and nonrecognition.

   85m
8. 08

   Lesson 8: Gross Income, Pass-Through Reporting and Filing Status

   Inclusions and exclusions, sale of a residence, Schedule K-1 items, and filing status determination.

   80m
9. 09

   Lesson 9: Deductions, Loss Limitations, and Computation of Tax and Credits

   Above-the-line adjustments, standard and itemized deductions, QBI, basis/at-risk/passive/excess business loss limits, tax computation, AMT and credits.

   90m
10. 10

    Lesson 10: Book-Tax Differences and C Corporation Taxation

    Schedule M-1/M-3, corporate taxable income, special deductions, tax liability and credits, distributions, and state and local tax issues.

    90m
11. 11

    Lesson 11: S Corporations: Eligibility, Income and Shareholder Basis

    S election and termination, ordinary business income and separately stated items, built-in gains, distributions and shareholder basis.

    80m
12. 12

    Lesson 12: Partnerships, Limited Liability Companies and Tax-Exempt Organizations

    Partnership income, separately stated items, guaranteed payments, partner basis and distributions; LLC classification; exempt organization requirements and UBIT.

    90m