Enrolled Agent (Demo)

This class was created by Brainscape user Maita Eva Perez. Visit their profile to learn more about the creator.

Decks in this class (18)

Essential Tax Law Figures for Individuals
Identify and recall key tax rates, thresholds, and figures essential for preparing individual tax returns.
0  cards
Unit 1: Preliminary Work with Taxpayer Data
Gather and verify taxpayer identity, filing requirements, and key intake information necessary to begin tax preparation.
83  cards
Unit 2: Determining Filing Status and Residency
Determine a taxpayer’s correct filing status and residency classification based on IRS rules and personal circumstances.
76  cards
Unit 3: Dependency Relationships
Evaluate who qualifies as a dependent under IRS guidelines to maximize allowable exemptions and credits.
0  cards
Unit 4: Taxable and Nontaxable Income
Distinguish between taxable and nontaxable income sources to accurately report total income.
0  cards
Unit 5: Investment Income and Expenses
Analyze various forms of investment income and related expenses for proper tax treatment.
0  cards
Unit 6: Calculating the Basis of Assets
Compute the basis of different types of assets to support accurate capital gains and losses reporting.
0  cards
Unit 7: Capital Gains and Losses
Classify and calculate capital gains and losses in compliance with short- and long-term holding period rules.
0  cards
Unit 8: Nonrecognition Property Transactions
Interpret the tax implications of like-kind exchanges and other nonrecognition transactions.
0  cards
Unit 9: Rental and Royalty Income
Prepare tax reporting for rental and royalty income, including allowable deductions and passive activity rules.
0  cards
Unit 10: Other Taxable Income
Identify and report miscellaneous taxable income such as gambling winnings, canceled debt, and unemployment compensation.
0  cards
Unit 11: Adjustments to Gross Income
Apply above-the-line deductions to adjust gross income and lower taxable income.
0  cards
Unit 12: Standard Deduction and Itemized Deductions
Compare standard and itemized deductions to determine the most beneficial approach for the taxpayer.
0  cards
Unit 13: Individual Tax Credits
Assess eligibility for major individual tax credits and apply them to reduce tax liability.
0  cards
Unit 15: The ACA and the Premium Tax Credit
Explain how the Affordable Care Act affects tax filing and calculate the Premium Tax Credit when applicable.
0  cards
Unit 16: Individual Retirement Accounts
Examine the contribution limits, tax treatment, and withdrawal rules for various IRAs.
0  cards
Unit 17: Foreign Financial Reporting
Comply with foreign asset reporting requirements including FBAR and FATCA for individual taxpayers.
0  cards
Unit 18: Estate and Gift Taxes for Individuals
Understand the fundamentals of federal estate and gift taxes and how they impact individual tax returns.
0  cards

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Enrolled Agent (Demo)

  • Class purpose General learning

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