Learning Objective 1.1
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 Objective 1.7
Calculate the correct standard or itemized deduction amount for taxpayers.
Learning Objective 1.8
Compute basic capital gains and losses.
Learning Objective 1.9
Identify the new tax rules for high-income taxpayers.
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Learning Objective 1.10
Access and use various Internet tax resources.
Learning Objective 1.11
Understand the basics of electronic filing (e-filing).
Learning Objective 2.1
Understand and apply the definition of gross income.
Learning Objective 2.2
Identify the tax treatment of interest and dividend income.
Learning Objective 2.3
Describe the tax treatment of alimony and child support.
Learning Objective
2.4
Determine when prizes and awards are included in income.
Learning Objective 2.5
Calculate the taxable and nontaxable portions of annuity payments.
Learning Objective 2.6
Understand the tax treatment of life insurance proceeds.
Learning Objective 2.7
Identify the general rules for the tax treatment of gifts and inheritances.
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Learning Objective 2.8
Describe the elements of scholarship income that are excluded from tax.
Learning Objective 2.9
Understand the general tax treatment of health insurance.
Learning Objective 2.10
Determine when meals and lodging may be excluded from taxable income.
Learning Objective 2.11
Understand the tax treatment of municipal bond interest.
Learning Objective 2.12
Describe the tax treatment of unemployment compensation.
Learning Objective 2.13
Identify the common employee fringe benefit income exclusions.
Learning Objective 2.14
Apply the rules governing inclusion of Social Security benefits as income.
Learning Objective 3.1
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.
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Learning Objective 3.3
Identify the requirements for deducting transportation expenses.
Learning Objective 3.4
Identify the requirements for deducting travel expenses.
Learning Objective 3.5
Determine the requirements for claiming meals and entertainment deductions.
Learning Objective 3.6
Identify the requirements for claiming business education expenses.
Learning Objective 3.7
Identify the tax treatment of dues and subscriptions.
Learning Objective 3.8
Determine which clothing and uniforms may be treated as tax deductions.
Learning Objective 3.9
Explain the special limits for business gift deductions.
Learning Objective 3.10
Explain the tax treatment of bad debt deductions.
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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 Objective 4.1
Apply the tax rules for rental property and vacation homes.
Learning Objective 4.2
Explain the treatment of passive income and losses
Learning Objective 4.3
Describe the self-employed health insurance deduction.
Learning Objective 4.4
Understand how Health Savings Accounts (HSAs) can be used for tax-advantaged medical care.
Learning Objective 4.5
Know the special rules applicable to moving expenses.
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Learning Objective 4.6
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 Objective 4.9
Explain the pension plan rollover rules.
Learning Objective 5.1
Understand the nature and treatment of medical expenses.
Learning Objective 5.2
Calculate the itemized deduction for taxes.
Learning Objective 5.3
Apply the rules for an individual taxpayer’s interest deduction.
Learning Objective 5.4
Determine the charitable contributions deduction.
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Learning Objective 5.5
Compute the deduction for casualty and theft losses.
Learning Objective 5.6
Identify miscellaneous itemized deductions.
Learning Objective 5.7
Understand the treatment of employee business expenses.
Learning Objective 5.8
Understand the tax implications of using educational savings vehicles.
Learning Objective 5.9
Calculate itemized deduction and exemption phase-outs for high-income tax payers.
Learning Objective 6.1
Calculate the child tax credit.
Learning Objective 6.2
Determine the earned income credit (EIC).
Learning Objective 6.3
Compute the child and dependent care credit for an individual taxpayer.
Learning Objective 6.4
Apply the special rules applicable to the American Opportunity and lifetime learning credits.
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Learning Objective 6.5
Understand the operation of the foreign tax credit.
Learning Objective 6.6
Determine the proper use and calculation of the adoption credit.
Learning Objective 6.7
Recognize the basic individual credits for energy efficiency.
Learning Objective 6.8
Understand the basic alternative minimum tax calculation
Learning Objective 6.9
Apply the rules for computing tax on the unearned income of minor children and certain students.
Learning Objective 6.10
Distinguish between the different rules for married taxpayers residing in community property states when filing
separate returns.
Learning Objective 7.1
Determine the different accounting periods allowed for tax purposes.
Learning Objective 7.2
Determine the different accounting methods allowed for tax purposes
Learning Objective 7.3
Understand the concept of depreciation.
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Learning Objective 7.4
Understand the calculation of depreciation expense using the MACRS tables.
Learning Objective 7.5
Identify when a Section 179 election to expense the cost of property may be used.
Learning Objective 7.6
Apply the limitations placed on depreciation of “listed property.”
Learning Objective 7.7
Apply the limitations on depreciation of “luxury automobiles.”
Learning Objective 7.8
Understand the tax treatment for goodwill and certain other intangibles.
Learning Objective 7.9
Determine whether parties are considered related for tax purposes, and classify the tax treatment of certain relatedparty transactions.
Learning Objective 8.1
Define the term “capital asset.”
Learning Objective 8.2
Know the holding period for long-term and short-term capital gains.
Learning Objective 8.3
Calculate the gain or loss on the disposition of an asset.
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Learning Objective 8.4
Compute the tax on capital gains.
Learning Objective 8.5
Understand the treatment of capital losses.
Learning Objective 8.6
Understand the treatment of Section 1231 assets.
Learning Objective 8.7
Describe the depreciation recapture rules.
Learning Objective 8.8
Know the general treatment of casualty losses for both personal and business purposes.
Learning Objective 8.9
Understand the provisions allowing deferral of gain on installment sales.
Learning Objective 8.10
Know the general treatment of like-kind exchanges.
Learning Objective 8.11
Understand the basic tax treatment of involuntary conversions.
Learning Objective 8.12
Know the rules governing the exclusion on gain from personal residence sales.
Learning Objective 9.1
Compute the income tax withholding from employee wages.
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Learning Objective 9.2
Determine taxpayers’ quarterly estimated payments.
Learning Objective 9.3
Understand the FICA tax.
Learning Objective 9.4
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.
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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 Objective 11.1
Employ the corporate tax rates to calculate corporate tax liability.
Learning Objective 11.2
Compute basic capital gains and losses for corporations.
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Learning Objective 11.3
Ascertain how special deductions may affect corporate taxable income.
Learning Objective 11.4
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 Objective 11.6
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 Objective 11.8
Describe the rules for the accumulated earnings tax and the personal holding company tax.
Learning Objective 11.9
Define the elements of the corporate alternative minimum tax (AMT) calculation.
Learning Objective 12.1
Identify the organizational structure of the IRS.
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Learning Objective 12.2
Understand the IRS audit process.
Learning Objective 12.3
Define the common penalties for taxpayers and tax preparers and be able to apply them to specific situations.
Learning Objective 12.4
Apply the general rule for the statute of limitations on tax returns and the important exceptions to the general rule.
Learning Objective 12.5
Describe the rules that apply to tax practitioners.
Learning Objective 12.6
Describe the Taxpayer Bill of Rights.
Learning Objective 12.7
Understand the basic concepts of tax planning.
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