Advanced Course in Federal Taxation

Advanced Tax Course: Your Interactive Learning Experience

The Advanced Course in Federal Taxation is meticulously structured to ensure an engaging and effective learning journey. With a blend of multimedia resources, this course is designed to cater to diverse learning preferences, enabling you to grasp complex tax concepts fully.

Course Structure:

Each unit of our course is structured as a comprehensive lesson, meticulously designed to ensure a thorough understanding of the subject matter. This consistent approach provides a clear and focused learning experience, addressing the complexities of taxation.

Learning Roadmap:

1. WATCH: Start each topic with a video lecture. These lectures are crucial as they introduce you to the subject, highlighting key points to focus on. Our video lectures are divided into shorter segments, making it easier for you to absorb the information and refer back to specific parts as needed. This segmented approach helps maintain concentration and enhances retention.
2. READ: After the initial video lectures, dive into the assigned readings, which include textbook chapters and supplementary materials. We recommend a preliminary quick read to get an overview, followed by a detailed study. This two-step reading process helps you form a clear outline, making complex information more digestible. The readings are dense with information, so pairing them with ongoing lectures will maximize your understanding and retention.
3. SUBMIT: Each lesson culminates in an auto-graded exam designed to test your comprehension of the material. You are afforded two attempts per exam, with questions drawn from a diverse bank to vary the challenges. This approach not only reinforces learning but also allows you to improve your understanding through practice.

 

What’s Included in the Course?

COMPREHENSIVE, UPDATED CONTENT

Our course materials are clear and detailed, featuring step-by-step instructions, case studies, illustrations, examples, and computation samples to address a broad range of tax situations. Each student receives both hardcopy books and access to electronic versions of these texts, providing valuable reference tools that complement the online resources. This dual-format approach ensures that you can study effectively, whether you prefer reading from a physical book or an electronic device.

VIDEO LECTURES

Our online platform offers a series of interactive video lectures that you can watch at your convenience. These lectures are designed to enhance your learning experience by providing clear, comprehensive explanations of complex tax topics. You can pause, rewind, and revisit these lectures as often as needed to ensure you grasp the material fully.

INSTRUCTION

Each student is paired with a skilled and experienced instructor who is a practicing tax professional. Your mentor will be current on all tax preparation procedures and knowledgeable about the operations of a professional tax practice. This personalized guidance is a key element of our program’s success and popularity.

EXAMINATION

The course includes a variety of interactive exams to reinforce your understanding and help you monitor your progress. These assessments are graded automatically, providing instant feedback on your performance. For any concepts that require further clarification, your instructor is readily available to provide detailed, personalized assistance, ensuring you fully comprehend all the topics covered.

GRADUATION CERTIFICATE

Upon successful completion of the course, students will receive a beautifully inscribed Professional Tax Consultant’s Certificate, suitable for framing. This certificate is a testament to your expertise and dedication, and you can proudly display it in your business or home office.

Advanced Course in Federal Taxation – Outline of Assignments & Video Lectures:

 Course Introduction

 Lesson 1 – Foreign Sourced Income (for Individuals).

Text – Individual Textbook Chapter 4.

This assignment surveys foreign sourced income, special filings, income exclusions, and foreign income deductions.

Video Lectures:

Lesson 1 (1) – Foreign Sourced Income & Foreign Earned Income Exclusion

Lesson 1 (2) – Form 2555

Lesson 1 (3) – Foreign Tax Credit

Lesson 1 (4) – Residency Issues (Resident vs. Nonresident)

 

Lesson 2 – State Sourced Income (for Individual and Business Entities.)

Text – No Specific Chapters.

This assignment provides a brief overview of state sourcing considerations, introduces common apportionment and allocation methods used when preparing state income tax returns, and concludes with state conformity.

Video Lectures:

Lesson 2 (1) – State Sourcing

Lesson 2 (2) – Apportionment

Lesson 2 (3) – State Conformity Issues with Federal Tax

 

Lesson 3 – Entity Overview.

Text – Corporations Textbook Chapter 2.

This assignment provides an overview of legal and tax entity types.

Video Lectures:

Lesson 3 (1) – Entity Chart

Lesson 3 (2) – Sole Proprietorship

Lesson 3 (3) – Partnership

Lesson 3 (4) – Corporation

Lesson 3 (5) – Entity Tax Filings

 

Lesson 4 – Financial Statement by Entity.

Text – No Specific Chapters.

This assignment briefly discusses common financial statements used by businesses and shows differences by entity type.  It concludes by bridging financial statements (or book numbers) to the filed tax returns.

Video Lectures:

Lesson 4 (1) – Introduction to Financial Statements

Lesson 4 (2) – Financial Statements by Entity Type

Lesson 4 (3) – Financial Statement Case Study

 

Lesson 5A – C Corporation.

Text – Corporations Textbook Chapter 3.

This assignment covers C Corporation tax concepts.

Video Lectures:

Lesson 5 (1-1) – C Corporation Income Tax (Chapter 3)

Lesson 5 (1-2) – C Corporation Expenses & Deductions

Lesson 5 (1-3) – Form 1120

 

Lesson 5B – C Corporation – Distributions & Other Taxes

Text – Corporations Textbook Chapters 4-6.

This assignment covers C Corporation tax concepts.

Video Lectures:

Lesson 5 (2-1) – Nonliquidating Distributions, Overview (Chapter 4)

Lesson 5 (2-2) – E&P, Property, & Stock Distributions

Lesson 5 (3-1) – Other Corporate Taxes (Chapter 5)

Lesson 5 (4-1) – Liquidating Distributions, Overview (Chapter 6)

Lesson 5 (4-2) – Liquidating Distributions, Example

 

Lesson 5C – C Corporation – Formation & Reorganization

Text – Corporations Textbook Chapters 2&7.

This assignment covers C Corporation tax concepts.

Video Lectures:

Lesson 5 (5-1) – Corporate Formation & Acquisition (Chapter 2 & 7)

Lesson 5 (5-2) – Corporate Reorganizations

 

Lesson 6A – Partnership

Text – Corporations Textbook Chapters 9.

This assignment covers Partnership tax concepts.

Video Lectures:

Lesson 6 (1-1) – Partnership, Overview (Chapter 9)

Lesson 6 (1-2) – Partnership Taxation

Lesson 6 (1-3) – Partnership Formation

Lesson 6 (1-4) – Income & Allocations

Lesson 6 (1-5) – Partner Basis

Lesson 6 (1-6) – Partner Transactions

Lesson 6 (1-7) – Form 1065

 

Lesson 6B – Partnerships – Distributions

Text – Corporations Textbook Chapter 10.

This assignment covers Partnership tax concepts.

Video Lectures:

Lesson 6 (2-1) – Nonliquidating Distributions, Overview (Chapter 10)

Lesson 6 (2-2) – Nonliquidating Distributions, Example

Lesson 6 (2-3) – Sec. 751 Assets

Lesson 6 (2-4) – Liquidating Distributions

 

Lesson 7 – S Corporation.

Text – Corporations Textbook Chapter 11.

This assignment covers S Corporation tax concepts.

Video Lectures:

Lesson 7 (1) – S Corporation, Overview

Lesson 7 (2) – S Election

Lesson 7 (3) – S Corporation Taxation

Lesson 7 (4) – Shareholder Basis

Lesson 7 (5) – S Corp Distributions

Lesson 7 (6) – Form 1120S

 

Lesson 8 – Tax Planning Strategies.

Text – Portions from all chapters (review of material.)

This assignment covers strategies to help taxpayers reduce their tax liability.  Many of these concepts are a review of Basic and Advanced assignments.

Video Lectures:

Lesson 8 (1) – Tax Planning, Part 1

Lesson 8 (2) – Tax Planning, Part 2

 

Lesson 9 – Engagement Management & Tax Preparer Compliance.

Text – Corporations Textbook Chapters 1 & 15.

This assignment surveys compliance for the tax preparer – standards, guidelines, and engagement requirements.  This assignment also cover IRS audits, correspondence, and procedures for working with the IRS.

Video Lectures:

Lesson 9 (1) – Tax Preparer Standards

Lesson 9 (2) – Due Diligence & Tax Preparer Compliance

Lesson 9 (3) – Course Completed

 

Lesson 10 – Gift Tax.

Text – Business Textbook Chapter 12.

This assignment provides the basics for gift taxation and walks through the gift tax formula and Form 709.
Video Lectures:
Lesson 10 (1) – Gift Tax Introduction
Lesson 10 (2) – Gift Tax Formula
Lesson 10 (3) – Gift Tax Example
Lesson 10 (4) – Other Gift Considerations
Lesson 10 (5) – Form 709

 

Lesson 11 – Estate Tax.

Text – Business Textbook Chapter 13.

This assignment provides estate tax basics and walks through the estate tax formula and Form 706.
Video Lectures:
Lesson 11 (1) – Estate Tax Introduction & Formula
Lesson 11 (2) – Gross Estate Inclusions
Lesson 11 (3) – Deductions & Estate Tax Liability
Lesson 11 (4) – Estate Tax Example
Lesson 11 (5) – Other Estate Considerations
Lesson 11 (6) – Form 706

 

Lesson 12 – Fiduciary Tax for Trusts & Estates.

Text – Business Textbook Chapter 14.

This assignment covers the taxation for fiduciary accounts – income related to estates and trusts. It specifically works through examples of Simple & Complex Trusts. A walkthrough of Form 1041 is provided.
Video Lectures:
Lesson 12 (1) – Fiduciary Tax Introduction
Lesson 12 (2) – Fiduciary Tax Formula & Distributable Net Income
Lesson 12 (3) – Simple Trust & Example
Lesson 12 (4) – Complex Trust & Example
Lesson 12 (5) – Other Fiduciary Considerations
Lesson 12 (6) – Form 1041