Basic Tax Course Part 2 – 2017 Federal Law – QAS Self-Study

This course is meant to be a part of the Federal Basic Tax Course and the 80-Hour Basic Tax Course for the Oregon LTP state requirement. You should purchase one of the packages below if you want the full course for exam preperation and licensing requirements.

This course is able to be purchased as a stand alone course for other individuals who want to learn the basics of tax law and return preparation for individuals.

You can find the full packages below.

Basic Tax Course – Federal Tax Law Only

80-Hour Basic Tax Course – Federal and Oregon Tax Law

The Basic Tax Course is suitable for beginner students who want to enter the tax preparation industry for the first time while offering more experienced tax professionals the opportunity to expand and build upon their existing knowledge base.

Qualified and knowledgeable tax preparers are hard to find. Tax preparers must achieve a level of knowledge necessary to pass federal or state exams, but more importantly they must be able to apply tax knowledge to the preparation of tax returns.

While most tax education programs offer little more than theoretical coverage of tax law, our Basic Tax Course provides in-depth education that extends beyond theory and into the mechanics of tax form preparation. Students are taught tax law, how to read tax reporting documents and how to complete tax forms.

Prepare for Oregon’s LTP Exam

Currently, Oregon is the only state in America where you must be licensed to prepare tax returns as a paid professional. Oregon’s licensing laws are designed to protect consumers by ensuring tax professionals deliver competent and ethical services. To become licensed in Oregon an individual must:

  • Successfully complete an approved Basic Tax Course which includes a minimum of 80 hours of instruction.
  • Pass an exam administered by the Oregon Board of Tax Practitioners by achieving a score of 75% or higher.
  • Submit a license application and pay a license fee.

Learn From the Best Tax School in Oregon

Pacific Northwest Tax School was formed in 2001 to provide quality tax education. From the beginning, our goal has been to provide an educational program that prepares students for Oregon’s rigorous LTP exam and for the real world of professional tax preparation. We believe we have succeeding in creating the best tax school in Oregon. Since 2001 the overall pass-rate of our graduates at the Oregon LTP exam has been 20 – 40% higher than the pass-rates of other local and national schools. Our overall school pass-rates in the 2008 and 2009 exam cycles were 93% and 94%, respectivelyOur pass-rate for the 2013 exam cycle was 100%.

The 80-Hour Basic Tax Course for Federal and Oregon Tax Law provides 120 hours of education delivered through a carefully designed online learning management system.  Course content includes 59 hours of lecture video, detailed student manuals, comprehensive tax return assignments and quizzes, and answer keys with references and explanations.  Recommended completion time is 14 weeks.

Click here to view and download the Oregon Enrollment Agreement:
2018 HECC Catalog_v2

Topics Covered

  • Session 1 – Basis of Assets
    • Basis of Assets
    • Cost Basis
    • Adjusted Basis
    • Dual Basis Assets
  • Session 2 – Depreciation and Amortization Part 1
    • Calculate depreciation under MACRS and ADS systems
    • Apply special rules for depreciating passenger automobiles
    • Distinguish when and how to claim a section 179 deduction
    • Identify what assets must be depreciated and which must be amortized
    • Determine how listed property rules affect depreciation calculations
    • Calculate special bonus depreciation
    • Complete a depreciation schedule
    • Complete Form 4562
  • Session 3 – Depreciation and Amortization Part 2
    • Calculate depreciation under MACRS and ADS system
    • Apply special rules for depreciating passenger automobiles
    • Distinguish when and how to claim a section 179 deduction
    • Identify what assets must be depreciated and which must be amortized
    • Determine how listed property rules affect depreciation calculations
    • Calculate special bonus depreciation
    • Complete a depreciation schedule
    • Complete Form 4562
  • Session 4 – Reporting Capital gains & Losses
    • Capital gains and losses
    • Reporting gains and losses
    • Sale of stock
  • Session 5 – Selling Your Home
    • Calculate the amount of gain you can exclude on the sale of your main home
    • Calculate the amount of taxable gain on the sale of your home
    • Explain the rules for figuring the amount of depreciation that must be recovered on sale of your home.
    • Explain additional rules that apply to non-business use of home after 2009 that affect calculation of taxable gain on the sale of a main or second home
    • Calculate the recapture of the first-time homebuyer credit
  • Session 6 – Passive Activity / Rental Income and Expenses
    • Prepare Schedule E Supplemental Income and Loss
    • Distinguish between deductible and nondeductible rental expenses
    • Identify repairs vs. improvements and determine depreciation for improvements
    • Allocate expenses between personal and rental use with respect to shared use of a rental property between landlord and tenant
    • Identify rental income and expenses for personal use of a vacation rental
    • Describe how to report income and expenses for casual rental of personal property
    • Differentiate between passive and nonpassive activities
    • How passive activity loss rules apply to income and losses from rental property and other passive activities
    • Know when to report farm rental income on Form 4835
  • Session 7 – Small Business Income and Expenses Part 1
    • Describe how married filers who jointly own a business can elect to file as a qualified joint venture
    • Provide identification and disclosure information for a business on Schedule C
    • Determine if you are required to have an employer identification number (EIN) and how to apply for one
    • Select an accounting method for your business and determine if your business should use the cash or accrual method of accounting
    • Determine if your business is required to issue Form 1099-MISC to persons you make payments to Identify the types of payments that must be reported on Form 1099-MISC
    • Explain when Form 1099-K Payment Card and Third Party Network Transactions is issued to a taxpayer
    • Explain procedures for issuing “B” Notices and doing back-up withholding when a person to whom you make payment fails to provide you with a valid TIN
  • Session 8 – Small Business Income and Expenses Part 2
    • Describe how married filers who jointly own a business can elect to file as a qualified joint venture
    • Provide identification and disclosure information for a business on Schedule C
    • Determine if you are required to have an employer identification number (EIN) and how to apply for one
    • Select an accounting method for your business and determine if your business should use the cash or accrual method of accounting
    • Determine if your business is required to issue Form 1099-MISC to persons you make payments to
    • Identify the types of payments that must be reported on Form 1099-MISC
    • Explain when Form 1099-K Payment Card and Third Party Network Transactions is issued to a taxpayer
    • Explain procedures for issuing “B” Notices and doing back-up withholding when a person to whom you make payment fails to provide you with a valid TIN
  • Session 9 – Affordable Care Act
    • Form 8962 premium tax credit
    • Form 8965 health coverage exemptions
    • Shared responsibility penalty
    • Additional medicare tax
    • Net investment income tax
    • ACA provisions affecting employers
  • Session 10 – Other Taxes, Amended Returns
    • Tax on uncollected social security and medicare wages
    • Household employment taxes
    • Additional medicare tax
    • Net investment income tax
    • Other taxes
    • Federal refunds: direct deposit, refund offsets, injured spouse allocation
    • Amount you owe: payment methods, options for filers who can’t afford to pay, innocent spouse relief
    • Estimated taxes
    • Penalty for underpayment of estimated tax
    • Power of attorney and tax information authorization
    • Amended returns
    • “Kiddie” tax on investment income of children
  • Session 11 – IRS Ethics
    • Distinguish between different types of tax return preparers
    • Identify activities considered to be practice before the IRS
    • Describe the PTIN application process
    • Determine if a continuing education provider is approved by the IRS
    • Describe duties and restrictions relating to practice before the IRS as described in Subpart B of Circular 230
    • Describe IRS powers to sanction tax preparers for disreputable conduct as described in Subpart C of Circular 230
    • Explain procedures for responding to disciplinary proceedings as described in Subpart D of Circular 230
    • Identify those actions that could result in IRS penalties
  • Session 12 – Final Exams

$250.00

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Section 7.1

QAS Self-Study

Course Type:

Basic Tax

Term:

2017 Tax Law

Registration Status:

Registration Open
Ends:Friday, October 25th, 2019 11:59 PM (PDT)

Course Status

Available
Started: Thursday, October 25th, 2018 11:59 PM (PDT)
Ended: Sunday, October 25th, 2020 11:59 PM (PDT)

Course Length:

63 Hours

Course Fees:

Registration $5.00
Tuition $10.00
Course Materials $235.00
Total $250.00

Course Credits:

IRS (Federal Tax Law) 59 Hours
IRS (Ethics) 4 Hours
Oregon State Board of Accountancy 63 Hours
QAS Self-Study 63 Hours

Field of Study

Taxation

Program Level

Beginner

Prerequisite

None

Delivery Method

QAS Self-study

Educational Venue

Online Course

IRS Federal Program Number

VRD3D-T-00554-18-S

IRS Ethics Program Number

VRD3D-E-00555-18-S

Meet Your Instructor

April Gutierrez, Enrolled Agent:
Known for her entertaining speaking style and ability to make a complex subject easy to understand, April is frequently invited to speak to business groups and news media on tax-related topics. She has a B.A. in Communication Studies from Murdoch University in Perth, Australia. She obtained her Oregon LTC in 1995.

April resides in Portland, Oregon, with her husband Jess and their two sons. Her pastimes include gardening, travel, and playtime with her Arabian horse, Fancy.

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Course Requirements

Any Time, Anywhere

Our online Learning Management System (LMS), offers you the flexibility to study at your own pace while still enjoying many of the benefits of a live classroom.

  • Watch lecture video recordings of live instructor-led classes.
  • Break to complete classwork and quiz assignments as instructed.
  • If you have a question or need help understanding your assignments, use our Q&A forum to post questions and receive answers from your instructor.
  • Complete assignments and tests then submit your answers online.

Advance Preparation Required

Our site requires an up-to-date Adobe Flash® Player and use of a high-speed Internet connection. To ensure your learning experience is worthwhile and productive, we ask all students to take the time to become familiar with our site before attending class.

Recommended Minimum Requirements

The following requirements are recommended for using this site. Few students have reported success while operating outside of these requirements, therefore these are provided as a guideline for troubleshooting if you are having difficulties viewing or operating in this site.

Operating System:
  • Windows
  • Apple
  • Unix/Linux
  • Solaris

*Your operating system should be fully updated.
**Mobile devices are not supported.

Browser:

If you encounter log in or video viewing difficulties, we strongly recommend you install Google Chrome.

In any browser, both Cookies and JavaScript must be enabled.

Connection: Broadband (512 Kbps+). Mobile hotspots are NOT supported.
Browser Plug-Ins: The latest of the following:

Peripherals: Headphones and/or Speakers

Disclosures and School Policies

Terms of Enrollment

Pacific Northwest Tax School's course materials and teaching techniques are valuable proprietary information of Pacific Northwest Tax School, and all such information is subject to copyright, including written, recorded, internet based as well as all other electronic media. Each Student agrees that she/he will use the information only for purposes of education and training; and as a condition of enrollment, that they will not disseminate the information to any third party and will treat the materials as confidential information of Pacific Northwest Tax School. As a condition of enrollment, Students pledge not use any information in any competitive fashion, including to create or derive competitive materials. Students further agree that any breach of these terms and conditions shall cause the school irreparable harm, entitling Pacific Northwest Tax School to injunctive relief, as well as any other remedy that may be available at law or equity. Students taking continuing education courses shall have twelve months from date of enrollment to successfully complete the course and receive their Certificate of Completion.  Students taking the federal only portion or the Oregon 80 Hour Basic Tax Course students have nine months from the date of enrollment to sucessfully complete the course.

Basic Tax Law

Students taking any Basic Tax Law course, agree to comply with all Terms of Enrollment outlined the enrollment agreement form for that course, a link to which can be found on the catalog page for each Basic Tax course.

Prerequisites & Advance Preparation

Students intending to write the Oregon State Tax Exam, must be at least 18 years of age, and have High School Diploma or GED. Students using our self-paced internet based program should prepare for classes by downloading and printing course materials. For more information including detailed course descriptions and learning objectives, view the details of each course, located on Pacific Northwest Tax School's catalog pages at: https://www.pnwtaxschool.com/list-of-all-courses/

Cancellations/Refunds

Continuing professional education courses including interactive, non-interactive and correspondence program fees are non-refundable and non-transferable. Webinars/Webcasts are non-transferable and in most cases non-refundable. A student may choose to be switched to another Webinar/Webcast of equal or lesser value if a conflict with the scheduled time exists. In the case of a missed Webinar/Webcast a request to transfer to a new Webinar/Webcast must be made with 48 hours of when the Webinar/Webcast aired. Refunds will be issued ONLY prior to the start of the Webinar/Webcast. A $15.00 processing fee will be withheld from all refund amounts. For more information regarding administration policies including complaints and refunds, please contact our offices at 503-646-5600.

Problem Resolution

Pacific Northwest Tax School gives the highest priority to delivering quality education programs. If you have concerns about our programs please contact the Pacific Northwest Tax School Education Coordinator at: [email protected]

Disclaimer

Manuals distributed and programs sponsored by Pacific Northwest Tax School are designed to teach application of tax laws. Pacific Northwest Tax School works to provide accurate and timely material to students, however the school does not have any responsibility if human and/or mechanical error exists.  Accordingly, no assurance is given by Pacific Northwest Tax School that such information is totally comprehensive or accurate in its coverage of such subject matter. Information published or sponsored by Pacific Northwest Tax School should not be relied upon as a substitute for independent research to original sources of authority such as the Internal Revenue Code, IRS Publications and Internal Revenue Rulings. Pacific Northwest Tax School, its authors, and instructors do not render legal, accounting, or other non-educational professional advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought.  Credit hours are subject to change without notice.

 

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