Learning Objective 1

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Learning Objective1.1

Understand the history and objectives of U.S. tax law.

Learning Objective 1.2

Describe the different entities subject to tax and reporting requirements.

Learning Objective 1.3

Understand and apply the tax formula for individuals.

Learning Objective 1.4

Identify individuals who must file tax returns.
Learning Objective 1.5

Determine filing status and understand the calculation of tax according to filing status.

Learning Objective 1.6

Calculate the number of exemptions and the exemption amounts for taxpayers.

Learning Objective1.7

Calculate the correct standard or itemized deduction amount for taxpayers.

Learning Objective1.8

Compute basic capital gains and losses.

Learning Objective1.9

Identify the new tax rules for high-income taxpayers.

Learning Objective1.10

Access and use various Internet tax resources.

Learning Objective1.11

Understand the basics of electronic filing (e-filing).

Learning Objective2.1

Understand and apply the definition of gross income.

Learning Objective2.2

Identify the tax treatment of interest and dividend income.

Learning Objective2.3

Describe the tax treatment of alimony and child support.

Learning Objective2.4

Determine when prizes and awards are included in income.

Learning Objective2.5

Calculate the taxable and nontaxable portions of annuity payments.

Learning Objective2.6

Understand the tax treatment of life insurance proceeds.

Learning Objective2.7

Identify the general rules for the tax treatment of gifts and inheritances.

Learning Objective2.8

Describe the elements of scholarship income that are excluded from tax.

Learning Objective2.9

Understand the general tax treatment of health insurance.

Learning Objective2.10

Determine when meals and lodging may be excluded from taxable income.

Learning Objective2.11

Understand the tax treatment of municipal bond interest.

Learning Objective2.12

Describe the tax treatment of unemployment compensation.

Learning Objective2.13

Identify the common employee fringe benefit income exclusions.

Learning Objective2.14

Apply the rules governing inclusion of Social Security benefits as income.

Learning Objective3.1

Complete a basic Schedule C (Profit or Loss from Business).

Learning Objective 3.2

Understand the tax treatment of inventories and cost of goods sold.

Learning Objective 3.3

Identify the requirements for deducting transportation expenses.

Learning Objective 3.4

Identify the requirements for deducting travel expenses.

Learning Objective3.5

Determine the requirements for claiming meals and entertainment deductions.

Learning Objective 3.6

Identify the requirements for claiming business education expenses.

Learning Objective3.7

Identify the tax treatment of dues and subscriptions.

Learning Objective 3.8

Determine which clothing and uniforms may be treated as tax deductions.

Learning Objective3.9

Explain the special limits for business gift deductions.

Learning Objective 3.10

Explain the tax treatment of bad debt deductions.

Learning Objective 3.11

Ascertain when a home office deduction may be claimed and how the deduction is computed

Learning Objective 3.12

Describe the basic tax treatment of deductions for net operating losses.

Learning Objective 3.13

Apply the factors used to determine whether an activity is a hobby, and understand the tax treatment of hobby losses.

Learning Objective4.1

Apply the tax rules for rental property and vacation homes.

Learning Objective4.2

Explain the treatment of passive income and losses

Learning Objective4.3

Describe the self-employed health insurance deduction.

Learning Objective4.4

Understand how Health Savings Accounts (HSAs) can be used for tax-advantaged medical care.

Learning Objective4.5

Know the special rules applicable to moving expenses.

Learning Objective4.6

Understand the treatment of Individual Retirement Accounts (IRAs), including Roth IRAs.

Learning Objective 4.7

Explain the general contribution rules for Keogh and Simplified Employee Pension (SEP) plans.

Learning Objective 4.8

Describe the general rules for qualified retirement plans and 401(k) plans.

Learning Objective4.9

Explain the pension plan rollover rules.

Learning Objective5.1

Understand the nature and treatment of medical expenses.

Learning Objective5.2

Calculate the itemized deduction for taxes.

Learning Objective5.3

Apply the rules for an individual taxpayer’s interest deduction.

Learning Objective5.4

Determine the charitable contributions deduction.

Learning Objective5.5

Compute the deduction for casualty and theft losses.

Learning Objective 5.6

Identify miscellaneous itemized deductions.

Learning Objective5.7

Understand the treatment of employee business expenses.

Learning Objective5.8

Understand the tax implications of using educational savings vehicles.

Learning Objective5.9

Calculate itemized deduction and exemption phase-outs for high-income tax payers.

Learning Objective6.1

Calculate the child tax credit.

Learning Objective6.2

Determine the earned income credit (EIC).

Learning Objective6.3

Compute the child and dependent care credit for an individual taxpayer.

Learning Objective6.4

Apply the special rules applicable to the American Opportunity and lifetime learning credits.

Learning Objective6.5

Understand the operation of the foreign tax credit.

Learning Objective6.6

Determine the proper use and calculation of the adoption credit.

Learning Objective6.7

Recognize the basic individual credits for energy efficiency.

Learning Objective6.8

Understand the basic alternative minimum tax calculation

Learning Objective6.9

Apply the rules for computing tax on the unearned income of minor children and certain students.

Learning Objective6.10

Distinguish between the different rules for married taxpayers residing in community property states when filing separate returns.

Learning Objective7.1

Determine the different accounting periods allowed for tax purposes.

Learning Objective7.2

Determine the different accounting methods allowed for tax purposes

Learning Objective7.3

Understand the concept of depreciation.

Learning Objective7.4

Understand the calculation of depreciation expense using the MACRS tables.

Learning Objective7.5

Identify when a Section 179 election to expense the cost of property may be used.

Learning Objective7.6

Apply the limitations placed on depreciation of “listed property.”

Learning Objective7.7

Apply the limitations on depreciation of “luxury automobiles.”

Learning Objective7.8

Understand the tax treatment for goodwill and certain other intangibles.

Learning Objective7.9

Determine whether parties are considered related for tax purposes, and classify the tax treatment of certain related-party transactions.

Learning Objective8.1

Define the term “capital asset.”

Learning Objective8.2

Know the holding period for long-term and short-term capital gains.

Learning Objective8.3

Calculate the gain or loss on the disposition of an asset.

Learning Objective8.4

Compute the tax on capital gains.

Learning Objective8.5

Understand the treatment of capital losses.

Learning Objective8.6

Understand the treatment of Section 1231 assets.

Learning Objective8.7

Describe the depreciation recapture rules.

Learning Objective8.8

Know the general treatment of casualty losses for both personal and business purposes.

Learning Objective8.9

Understand the provisions allowing deferral of gain on installment sales.

Learning Objective8.10

Know the general treatment of like-kind exchanges.

Learning Objective8.11

Understand the basic tax treatment of involuntary conversions.

Learning Objective8.12

Know the rules governing the exclusion on gain from personal residence sales.

Learning Objective9.1

Compute the income tax withholding from employee wages.

Learning Objective9.2

Determine taxpayers’ quarterly estimated payments.

Learning Objective 9.3

Understand the FICA tax.

Learning Objective9.4

Understand the federal deposit system.

Learning Objective 9.5

Understand employer payroll reporting.

Learning Objective 9.6

Calculate the self- employment tax (both Social Security and Medicare portions) for self-employed taxpayers.

Learning Objective 9.7

Compute the amount of FUTA tax for an employer.

Learning Objective 9.8

Apply the special tax and reporting requirements for household employees (the “nanny tax”).

Learning Objective 9.9

Calculate the 0.9 percent Medicare surtax on the earned income of high-income taxpayers.

Learning Objective 10.1

Define a partnership for tax purposes.

Learning Objective 10.2

Understand the basic tax rules for partnership formation and operation.

Learning Objective 10.3

Summarize the rules for partnership income reporting.

Learning Objective 10.4

Describe the tax treatment of partnership distributions.

Learning Objective 10.5

Determine partnership tax years.

Learning Objective 10.6

Identify the tax treatment of transactions between partners and their partnerships.

Learning Objective 10.7

Understand the application of the at-risk rule to partnerships.

Learning Objective 10.8

Analyze the advantages and disadvantages of limited liability companies (LLCs).

Learning Objective11.1

Employ the corporate tax rates to calculate corporate tax liability.

Learning Objective 11.2

Compute basic capital gains and losses for corporations.

Learning Objective11.3

Ascertain how special deductions may affect corporate taxable income.

Learning Objective11.4

Identify the components of Schedule M-1 and how they are reported to the IRS.

Learning Objective 11.5

Know the corporate tax return filing and estimated tax payment requirements.

*When an IRS due date falls on a weekend, the actual due date is considered to be the next business day.
Learning Objective11.6

Understand, in general, how an S corporation is taxed and operates.

Learning Objective 11.7

Understand the basic tax rules for the formation of a corporation.

Learning Objective11.8

Describe the rules for the accumulated earnings tax and the personal holding company tax.

Learning Objective11.9

Define the elements of the corporate alternative minimum tax (AMT) calculation.

Learning Objective12.1

Identify the organizational structure of the IRS.

Learning Objective12.2

Understand the IRS audit process.

Learning Objective12.3

Define the common penalties for taxpayers and tax preparers and be able to apply them to specific situations.

Learning Objective12.4

Apply the general rule for the statute of limitations on tax returns and the important exceptions to the general rule.

Learning Objective12.5

Describe the rules that apply to tax practitioners.

Learning Objective12.6

Describe the Taxpayer Bill of Rights.

Learning Objective12.7

Understand the basic concepts of tax planning.

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