Courses

Curso Basico (6)
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Course Objectives

Upon completion of this course, you will be able to:

  • Understand the purpose and key sections of Form 1040, the U.S. Individual Income Tax Return.
  • Identify the use and required information for key Form 1040 schedules, such as Schedules A and B, and determine which are necessary for various tax situations.
  • Apply the Substantial Presence Test to determine U.S. tax residency status and understand its implications for tax obligations.
  • Recognize tax return filing requirements based on income thresholds, age, marital status, and special situations, such as dependents.
  • Explain the concept of progressive taxation and calculate tax liability using federal income tax brackets and rates.
  • Identify the main tax credits available to individuals (such as the EITC, the Child Tax Credit, and education credits), understand their eligibility criteria, and calculate their impact on tax liability.
  • Prepare tax returns using Taxpro Suite Professional software for a variety of scenarios, including W2 taxpayers, dependents, Form 1095-A, and self-employment (Schedule C).

Content

  • Introduction to Form 1040
    Understand the purpose of Form 1040, the U.S. Individual Income Tax Return.
    – Identify the basic sections of Form 1040 that taxpayers must complete.
    Recognize the importance of entering accurate information on Form 1040.
    – Schedules
    Explain the purpose and use of the various schedules that accompany Form 1040.
    Detail the specific information required for Schedule A (Itemized Deductions), Schedule B (Ordinary Interest and Dividends), and other relevant schedules.
    Understand how to determine which schedules are required for different taxpayer situations.
    – Substantial Presence Test
    Learn the criteria of the Substantial Presence Test to determine U.S. residency for tax purposes.
    Calculate the number of days a person is physically present in the U.S. to assess residency status.
    Understand the implications of residency status on tax obligations.
    – Filing Requirements for Taxpayers
    Identify who needs to file a tax return based on income, age, and marital status thresholds.
    – Understand the different filing statuses and their impact on filing requirements.
    – Recognize special filing requirements for dependents and other specific situations.
    – Federal Income Tax Brackets and Rates
    Explain the concept of progressive taxation in the United States.
    Identify the current federal income tax brackets and rates.
    Understand how to apply tax brackets to calculate tax liability.
    – Tax Credits for Individuals
    Identify the various tax credits available to individuals, such as the Earned Income Tax Credit (EITC), the Child Tax Credit, and education credits.
    Understand the eligibility criteria for each tax credit.
    Calculate the amount of tax credits and their impact on tax liability.
    – Practice with Taxpro Suite Professional Software.
    Case 1: Individual with W2 tax form.
    Case 2: Individual with W2 tax form and dependents.
    Case 3: Individual with W2 tax form, dependents, and Form 1095 A.
    Case 4: Individual with a self-employed business – Schedule C.

Cursos

Curso Basico (5)
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Course Objectives

  • This course provides an essential overview of the main business structures and their tax implications.

    1. Understand the characteristics, advantages, and disadvantages of different business structures.
    2. Know the specific tax obligations of each business entity.
    3. Gain practical knowledge on how to complete and file essential tax forms.
    4. Analyze real-world examples to understand the application of business structures and tax forms.

Content

Introduction to business structures

  • Overview of different business structuress
  • Factors to consider when choosing a business structure
  • Legal and financial implications

Sole Proprietorship

  • Definition and characteristics
  • Advantages and disadvantages
  • Tax obligations and reporting
  • Introduction to Schedule C

Small Corporations (Scorp)

  • Definition and characteristics
  • Advantages and disadvantages
  • Tax obligations and reporting
  • Introduction to 1120s form

Limited Liabilities Company (LLC)

  • Definition and characteristics
  • Types of LLCs: single-member or multi-member
  • Advantages and disadvantages
  • Tax obligations and reporting
  • Introduction to Sch C for LLC sole member

Corporation C

  • Definition and characteristics
  • Advantages and disadvantages
  • Tax obligations and reporting
  • Introduction to 1120 form

Partnerships

  • Definition and characteristics
  • Advantages and disadvantages
  • Tax obligations and reporting
  • Introduction to 1065 form

Schedule C – Sole Proprietorship and Single-Member LLC

  • Detailed tutorial of Schedule C
  • Deductions and common expenses
  • Case studies and practical example

 1120s Scorp Form

  • Detailed tutorial of 1120s form
  • Deductions and common expenses
  • Case studies and practical example

1065 Form – Partnerships

  • Detailed tutorial of 1065 Form
  • Deductions and common expenses
  • Case studies and practical example

1120 Form – Corporations

  • Detailed tutorial of 1120 Form
  • Deductions and common expenses
  • Case studies and practical example

Case Studies and Practical Examples – Software Practices – Taxpro Suite Professional Software:

  • Case 1: Sole Proprietorship – Single-Member LLC – Form 1040 – Schedule C

  • Case 2: Small Corporation – Form 1120 S

  • Case 3: Partnership – Form 1065

  • Case 4: Corporation C- Form 1120

Depreciation

Curso Basico (7)
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This course will provide you with an understanding of asset depreciation for tax purposes, an essential tool for financial management for any business. You’ll learn how to identify which properties qualify for depreciation, when the process begins and ends, and what methods you can use to maximize your tax benefits.

Course Objectives

At the end of this course, you will be able to:

  • Identify the types of property eligible for depreciation and those that are not.
  • Determine the appropriate time to start and stop depreciation of an asset.
  • Apply the various depreciation methods, including the Modified Accelerated Cost Recovery System (MACRS) and other common methods.
  • Understand the cost basis and how events affect it when calculating depreciation.
  • Strategically use the Section 179 deduction and bonus depreciation to optimize your tax benefits.
  • Understand the concept of depreciation recapture and its implications.

Content

This course will guide you through the key concepts of asset depreciation for tax purposes, covering:

Depreciable Property:

  • Property you own or lease (from the landlord’s perspective).
  • Ownership rights and attributes (such as life tenants).
  • Property used in your business or income-generating activity, including part-time use and home office.
  • Property with a determinable useful life.

 

Non-Depreciable Property:

    • Excepted property and other ineligible assets.

  • Intangible Assets:

    • Understanding Section 197 Intangible Assets

  • Start and End of Depreciation:

    • When an asset is put into service or converted to business use.

    • Cost or other recovered basis or when the asset is retired from service.

  • Depreciation Methods:

    • Straight-line method and income forecasting method.

    • Election to exclude properties from MACRS and use standard mileage rate.

  • Cost Basis:

    • How to establish cost as a basis, including exceptions, liquidation costs, and assumed debt.

    • Property you build or construct and uniform capitalization rules.

  • Other Bases:

    • Property acquired in exchange, as payment for services, as a gift, or as an inheritance.

    • Property exchanged for personal use and acquired in non-taxable transactions (“like-kind” exchange, involuntary conversion).

  • Adjusted Base:

    • How events can affect the adjusted basis.

  • Tax Depreciation Systems and Methods:

    • General Depreciation System (GDS) and Alternative Depreciation System (ADS).

    • Modified Accelerated Cost Recovery System (MACRS).

    • Declining balance methods (200% and 150%) and units of production method.

  • Special Deductions:

    • The Section 179 Deduction and Bonus Depreciation.

    • The advantage of combined depreciation.

  • Recapture of Depreciation:

    • Understand the concept and its implications.

Courses

Curso Basico (3)
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Course Objectives

  1. Clearly define who is considered a tax preparer under the Internal Revenue Code.
  2. Recognize the entities that regulate the professional conduct of those who practice before the IRS and understand their specific functions.
  3. Identify who is authorized to represent taxpayers before the IRS and under what conditions.
  4. Understand the ethical and legal responsibilities established by Circular 230 for tax professionals.
  5. Apply principles of precision and due diligence in the preparation of tax returns.
  6. Determine when and how client documents should be returned, maintaining appropriate professional conduct.
  7. Recognize the warning signs of tax identity theft, both in individual and business clients.
  8. Guide taxpayers who are victims of identity theft through the assistance procedures available from the IRS.
  9. Understand the penalties a tax preparer may be subject to, including fines and disciplinary action.
  10. Promote ethical and responsible professional practices, benefiting both the taxpayer and the integrity of the U.S. tax system.

Content

– Introduction: Who is a tax preparer?

  • Entities regulating professional practice
  • Office of Professional Responsibility (OPR)

– Tax Preparers Office (RPO)

– Representation before the IRS

– Professionals authorized under Circular 230

– Other persons with the capacity to represent

-Duties and restrictions in professional practice (Circular 230)

– Responding to IRS Requests

– Obligation to report customer omissions

– Precision diligence and due diligence

– Professional fees

– Reasonableness criteria

– Return of customer documents or records

– Tax-related identity theft

– Nature of the crime and consequences

– Warning signs of identity theft

  • In individual clients
  • In commercial clients

– IRS Assistance to Victims of Identity Theft

– Relevant procedures and forms

– Penalties for tax preparers

  • Underestimation due to unreasonable position
  • Underestimation due to willful or reckless conduct
  • Punishable acts and disciplinary measures
  • Censure, suspension or disqualification
  • Disqualification of appraisers
  • Monetary sanctions to the professional and/or employer

Courses

Curso Basico
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Course Objectives

Upon completion of this course, participants will be able to:

  • Understand fundamental payroll concepts and their relevance to employment and tax matters.
  • Correctly handle essential forms such as the W-4 and I-9 for tax eligibility and withholding.
  • Accurately calculate federal income tax withholdings for different income scenarios and personal situations.
  • Evaluate the impact of dependents on the calculation of federal tax withholdings.
  • Identify specific state-level tax withholding considerations and requirements.
  • Explain the importance of Social Security and Medicare withholdings, and employer reporting requirements.
  • Recognize federal and state regulations related to wage withholding and the need for authorization to withhold wages.

Content

Module 1: Payroll Fundamentals

What does Payroll entail?

Why is payroll important in the labor and tax context?

Form W-4: Purpose and How to Complete It.

Form I-9: Verification of Eligibility to Work in the U.S.

Module 2: Calculating Federal Tax Withholdings (Fiscal Year 2025)

How are federal income tax withholdings calculated?

Example 1: Calculation for a single person with no dependents earning $15,925.00 per year, with a standard deduction of $15,000 and a 10% rate.

Example 2: Calculation for a single person with no dependents earning $63,475.00, paid biweekly (three rate brackets: 10%, 12%, 22%).

Example 3: Calculation for a head of household with one dependent child and an annual income of $64,850.00.

Example 4: Repetition and reinforcement of the calculation for the single person earning $63,475.00, highlighting biweekly payments.

Module 3: Impact of Dependents on Payroll Calculations

How do 1, 2, or 3 dependent children affect federal tax withholding?

Deep Dive: Withholding with Multiple Dependents

Scenario B: Calculation with 1 dependent child

Scenario C: Calculation with 2 dependent children

Scenario D: Calculation with 3 dependent children

Module 4: State Payroll Considerations

Which states require registration for Wage Withholding?

What is the difference between state and federal income taxes?

Is registration for Wage Withholding required in Colorado?

What about Florida?

What about other states with personal income taxes?

Module 5: Social Security, Medicare, and Employer Requirements

Why are Social Security and Medicare withholdings made?

How does an employer report these deductions to the IRS?

Is it a federal or state requirement to apply for Wage Withholding?

Is authorization required to withhold part of a salary?

Courses

Curso Basico (1)
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Course Objectives

Upon completion of this course, participants will be able to:

  • Identify who is required to file Form 1040-NR and understand its purpose.
  • Apply the Substantial Presence Test to determine U.S. tax residency status.
  • Classify the different types of income (Effectively Connected and Non-Effectively Connected) that must be reported on Form 1040-NR.
  • Determine which deductions and credits apply to nonresidents and under what conditions they can be claimed.
  • Understand the requirements and steps involved in changing residency status and their tax implications.
  • Solve complex case studies involving real-life scenarios of nonresidents with U.S. activities and properties.

Content

Module 1: Introduction to Form 1040-NR

  • Objective: Understand the purpose of Form 1040-NR and who is required to file it.
    Topics to be covered:
    Who should use Form 1040-NR?
    Purposes and specifics of the form for nonresidents.

Module 2: The Substantial Presence Test

  • Objective: To analyze how the Substantial Presence Test determines residency status for tax purposes in the U.S.
    Topics to be covered:
    Explanation of the Substantial Presence Test
    How is the Substantial Presence Test calculated?
    Practical examples and calculation exercises

Module 3: Types of Income on Form 1040-NR

  • Objective: To understand the different types of income that nonresidents must report and how they are classified.
    Topics to be covered:
    What does Form 1040-NR report?
    Effectively Connected Income (ECI): Definition, examples, and its tax impact.
    Non-Effectively Connected Income (NECI): Definition, examples, and its tax impact.

Module 4: Deductions and Credits for Non-Residents

  • Objective: To examine which deductions and credits non-residents can claim and under what conditions.
    Topics to be covered:
    Can non-residents access deductions and credits?
    Deductions Allowed for Non-Residents
    Credits Allowed for Non-Residents
    Examples of how deductions and credits are applied.

Module 5: Changes in Residence Status

  • Objective: To understand how certain residents can change their residency status and its tax implications.
    Topics to be covered:
    How can some residents change their status?
    Requirements and steps to change residency status

Module 6: Applied Case Studies

  • Objective: To apply the acquired knowledge in practical case studies that reflect real-life situations of non-residents doing business in the U.S.
    Topics to be covered:
    Case Study I: A non-resident registers an LLC in the United States and purchases a home in the U.S. Additional tax documents and important considerations for the 1040-NR.
    Case Study II: Filing the 1040-NR with U.S. income property through an LLC (Form 1065-K1).
    Case Study III: Filing the 1040-NR in a situation where a foreign corporation opens an LLC in Florida, engages in e-commerce, and conducts capital asset transactions (Form 1065-K1).

Courses

Curso Basico (2)
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Course Objectives

Upon completion of this course, participants will be able to:

  • Understand the purpose and importance of Form 5472 for IRS international tax compliance.
  • Identify foreign-owned corporations that are required to file Form 5472.
  • Determine which specific entities, including single-member LLCs with foreign owners, qualify as reporting corporations.
  • Recognize the types of transactions and information that must be reported on Form 5472, as well as the related tax forms.
  • Distinguish between entities and situations that are exempt from the obligation to file Form 5472.
  • Know the penalties and consequences associated with failure to file this form.
  • Apply the recordkeeping requirements necessary to support reported transactions.
  • Define key concepts of Form 5472, such as “related party” and the differences between entity types.
  • Use reference materials and form-specific instructions for proper completion.

Content

  1. Introduction to Form 5472
  2. Definition and purpose of Form 5472
    Importance in the context of international tax compliance with the IRS
  3. Corporations with foreign participation and the need to file Form 5472.
  4. Examples of U.S. Corporations with Foreign Participation.
  5. Examples of Foreign Corporations with U.S. Participation

Typical Situations in Which Form 5472 Is Filed

  1. Who is required to complete Form 5472?
    • Domestic corporations with foreign owners
    • Foreign entities doing business in the U.S.
    • Single-member LLC with foreign owner (disregarded entity)
    • Criteria for being a “reporting corporation” and special cases
  2. Transactions and types of information to report
    • Types of information required in 5472
    • What is reported and what is not reported
    • Other tax forms that may be attached (5471, 8865, 8858, etc.)
  3. Who does not report through 5472?
    • Entities that do not qualify
    • Situations in which there is no obligation
  4. Sanctions and consequences for non-compliance
    • Types of monetary sanctions
    • Reputational impact and audit risk
    • Importance of compliance and accuracy in reported figures
  5. Recordkeeping Requirements
    • Documentation supporting the transactions
    • Recommended deadlines and formats for information retention
  6. Fundamental definitions in 5472
    • Key concepts: related party, monetary/non-monetary transaction
    • Difference between domestic, foreign, and ignored entities
  7. Reference and consultation material
  8. Specific Instructions for Form 5472 (Parts I through IX)
    • Practical examples and advanced cases
    • Additional guidance on cost-sharing agreements (CSAs) and Section 59A
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