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%, respectively. Our 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