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Enrolled Agent (Demo)

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

By: Maita Eva Perez
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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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