Tax Manager — Tax Accounting Fundamentals
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What you'll learn:
Solidifying the Foundation - **Description:** This day focuses on a comprehensive review of US tax law fundamentals, specifically targeting areas often encountered in corporate tax. Begin with a recap of the Internal Revenue Code (IRC), focusing on sections relevant to corporations (e.g., Subchapter C), partnerships, and pass-through entities. Then, delve into the nuances of tax compliance, including filing requirements, due dates, and penalties. Emphasis is placed on common tax forms (e.g., Form 1120, 1065, etc.) and the related schedules. - **Resources/Activities:** - Review key chapters from a reputable tax textbook (e.g., "Federal Taxation" by Pratt and Kulsrud). - Access and review IRS publications relevant to corporate taxation (e.g., Publication 542, Corporations). - Complete practice quizzes and case studies focused on tax compliance and penalty calculations. - Analyze recent IRS guidance, notices, and court cases related to corporate taxation. - **Expected Outcomes:** A solid understanding of US tax law fundamentals and corporate tax compliance, allowing for confident navigation of tax regulations and adherence to filing requirements.
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Navigating Complexities - **Description:** This day dives into the various tax accounting methods, comparing and contrasting cash, accrual, and hybrid methods, along with permissible elections. Focus on the practical application of these methods in different business scenarios. The second half focuses on the intricacies of depreciation and amortization, including MACRS, ADS, and related tax credits. Consider bonus depreciation and section 179 deductions, detailing how and when to take them. - **Resources/Activities:** - Study relevant chapters on tax accounting methods and depreciation from a tax textbook. - Work through example problems illustrating the impact of different accounting methods on taxable income. - Utilize IRS publications and guidance on depreciation (e.g., IRS Publication 946, How to Depreciate Property). - Perform practical exercises calculating depreciation for various assets under different methods. - Research and analyze the tax implications of depreciation recapture. - **Expected Outcomes:** Mastery of various tax accounting methods, and expert knowledge in applying depreciation and amortization rules accurately.
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Mastering the Profit and Loss - **Description:** This day concentrates on the complex area of income recognition, encompassing various sources (e.g., sales, services, interest, dividends). Thoroughly address the timing of income recognition and the principles of constructive receipt. Furthermore, delve into itemized deductions, differentiating between business and personal deductions. Analyze different types of deductible expenses (e.g., business expenses, charitable contributions, bad debts) including limits and limitations. - **Resources/Activities:** - Study relevant chapters covering income recognition, and deductions from a standard tax textbook. - Complete practice problems related to income recognition and deduction calculations in various business scenarios. - Research recent IRS guidance and court cases related to income recognition and expense deductibility. - Analyze the tax treatment of different types of income (e.g., dividends, interest, capital gains) and their tax implications. - **Expected Outcomes:** Comprehensive understanding of income recognition rules, deduction principles, and tax-planning strategies to minimize tax liabilities while adhering to compliance requirements.
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Optimizing Tax Efficiency - **Description:** This day focuses on proactive tax planning, examining strategies to minimize tax liabilities legally. Examine common tax planning techniques, including tax deferral, tax avoidance, and tax credits, and analyzing their implications and effectiveness. Explore techniques applicable to various business structures (e.g., corporations, partnerships, pass-through entities). Analyze common tax planning opportunities, such as accelerated depreciation, R&D tax credit, and tax-advantaged investments. - **Resources/Activities:** - Review tax planning strategies outlined in textbooks, journals, and professional publications. - Analyze case studies illustrating effective tax planning techniques in real-world scenarios. - Research and analyze tax court decisions regarding tax planning strategies. - Work through tax planning scenarios involving multiple business structures. - Identify and evaluate different tax credits available. - **Expected Outcomes:** Ability to apply tax planning strategies to optimize a company's tax position, reduce tax liabilities, and ensure long-term financial health.
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Navigating Audits and Disputes - **Description:** This day provides hands-on experience with tax research techniques. Use various research resources such as tax services (e.g., RIA, CCH), the IRS website, and legal databases to address tax-related questions. Focus on how to resolve tax controversies, understanding audit procedures, IRS appeals processes, and the role of tax courts. Learn how to respond to audit inquiries and minimize potential penalties. - **Resources/Activities:** - Practice researching tax issues using tax services and the IRS website. - Analyze tax court decisions and understand the legal principles involved. - Review IRS audit guidelines and procedures. - Simulate interactions with the IRS during an audit or tax controversy scenario. - Practice writing effective responses to IRS inquiries. - **Expected Outcomes:** Proficiency in tax research, audit management, and the resolution of tax controversies, including successful navigation of IRS audit processes and appeals.
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Cross-Border Challenges - **Description:** This day addresses the complexities of international taxation. Cover key concepts, including the US tax treatment of foreign income, foreign tax credits, and transfer pricing. Analyze the tax implications of cross-border transactions, including export/import, foreign subsidiaries, and treaty considerations. Consider the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). - **Resources/Activities:** - Review chapters on international taxation from a tax textbook. - Research US tax treaties with selected countries. - Work through case studies involving international tax issues. - Study relevant IRS publications and guidance on international taxation. - Explore tax implications of international business structures (e.g., foreign branches vs. subsidiaries). - **Expected Outcomes:** Develop a solid understanding of the US tax implications of cross-border transactions and international tax planning.
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Integrity and Future Growth - **Description:** This day focuses on ethical considerations in tax practice. Explore the AICPA's Statements on Standards for Tax Services (SSTS). Review the ethical responsibilities of tax professionals and case studies related to ethical dilemmas. Furthermore, this day will provide time to focus on career development – exploring potential certifications (e.g., CPA, EA) and professional development paths within the tax accounting field. - **Resources/Activities:** - Review AICPA's SSTS. - Analyze case studies involving ethical dilemmas in tax practice. - Research different professional certifications and designations. - Identify resources for continuing professional education (CPE) and career development. - Create or update a professional resume. - **Expected Outcomes:** Reinforce ethical conduct in tax practice, and develop a plan for ongoing professional development, including career goals and relevant certifications or qualifications.
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