Module 01: Starting Your Tax Company Business Set-Up

Lesson 01: Understanding Taxation

Lesson 02: Taxation Services

Lesson 03: Starting a Tax Company Business

Lesson 04: Establishing a Virtual Office

Lesson 05: Apply for PTIN

Lesson 06: Obtain an Electronic Filing Identification Number (EFIN)

Lesson 07: Acquire Tax Preparation Software

Lesson 08: Purchase Business Insurance

Lesson 09: Establish a Means for Maintaining Business Compliance

Module 02: Learning The Bank Product Services

Lesson 01: What is a Bank Product Service?

Lesson 02: Benefits of Using a Bank Product Services

Lesson 03: Benefits of Bank Products with Professional Tax Software

Lesson 04: Who Offers Bank Products?

Lesson 05: How Do Tax Preparers Process a Bank Product?

Module 03: Getting To Know Your Software

Lesson 01: Tax Software

Lesson 02: Know Your Tax Software

Module 04: Taxation Due Diligence

Lesson 01: What Is Tax Due Diligence?

Lesson 02: Preparer Due Diligence

Lesson 03: The Four Due Diligence Requirements

Lesson 04: Form 8867

Lesson 05: Client interview examples provide guidance on how to meet the knowledge and record-keeping requirements.

Module 05: Learning The Basis Of Tax Returns

Lesson 01: Common Tax Forms

Lesson 02: 1040 Returns

Lesson 03: Form 1040 Instructions

Lesson 04: Types of Form 1040: U.S. Individual Tax Return

Lesson 05: Form 1040 Schedules

Module 06: Learning The Basic Of Business Returns

Lesson 01: Schedule C: Profit or Loss from Business

Lesson 02: Structure of Schedule C

Lesson 03: How to Fill Out Schedule C

Learning Outcomes: 

Upon completing this course, you should be able to: 

  • Understanding Taxation

  • Taxation Services

  • Starting a Tax Company Business

  • Establishing a Virtual Office

  • Apply for PTIN

  • Obtain an Electronic Filing Identification Number (EFIN)

  • Acquire Tax Preparation Software

  • Purchase Business Insurance

  • Establish a Means for Maintaining Business Compliance

  • Benefits of Using a Bank Product Services

  • Benefits of Bank Products with Professional Tax Software

  • Bank Products

  • How Do Tax Preparers Process a Bank Product?

  • Tax Software

  • Network Installation Tips

  • Configuring TaxWise for the First Time

  • IRS Security Requirements

  • The Four Due Diligence Requirements

  • Form 8867

  • Client interview examples provide guidance on how to meet the knowledge and record-keeping requirements.

  • Common Tax Forms

  • Types of Form 1040: U.S. Individual Tax Return

  • Schedule C: Profit or Loss from Business

Course Timeline:
Schedule C is used to report profit and loss from a business. It is a schedule that accompanies the taxpayer's main tax return, Form 1040.
Everyone needs to understand how every IRS tax form is used and when to use them. There are many forms that can be used to file your taxes, and using the right one the first time can prevent you from making a potentially costly mistake.
A bank product is a disbursement option for your client’s tax refund from federal and state agencies. It’s also known as a Refund Transfer or Settlement Solution. Clients can easily get their money through bank products instead of waiting for the tax refund to arrive in their mail or bank account.
Taxation is a term for when a taxing authority, usually a government, levies or imposes a financial obligation on its citizens or residents. Paying taxes to governments or officials has been a mainstay of civilization since ancient times. The term "taxation" applies to all types of involuntary levies, from income to capital gains to estate taxes. Though taxation can be a noun or verb, it is usually referred to as an act; the resulting revenue is usually called "taxes."
Tax software is a type of software designed to assist taxpayers in preparing and filing income tax returns. It serves as a step-by-step guide, calculator, and to a lesser extent, an organizer. With tax software, you won’t have to do your taxes manually; the main purpose of tax software is to automate the process. It can save you a great deal of time, money, and headaches while helping you adhere to the most up-to-date tax rules and regulations. Once you enter your tax information on your W-2s, 1099s, and other relevant forms, tax software will automatically calculate how much tax you owe or how much of a refund you can expect to receive.
Tax due diligence is a comprehensive examination of the different types of taxes that may be imposed upon a particular business, as well as the various taxing jurisdictions in which it may have sufficient connection to be subject to such taxes. Most frequently employed on the buy-side of a transaction, the goal of tax due diligence is to uncover significant potential tax exposures. Unlike annual income tax return preparation, tax due diligence is less concerned with relatively small missed items or miscalculations (for example, should a disallowed meals and entertainment deduction have been $10,000 instead of $5,000). While the threshold for significance can change with the value of the deal (or the target, if the deal is for less than 100% of the equity), an amount that would affect a buyer's negotiations or decision to proceed with a transaction is typically higher than that which would concern a tax return preparer.

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