IRS Enrolled Agent Part – 1 (US Individual Taxation)

IRS Enrolled Agent Part – 1  (US Individual Taxation)

Topics covered:

Overview – Individual Taxation

Chapter 1- Preliminary Work and TaxpayerData

1.1 Residential Status

1.2 Taxpayer Filing Status

1.3 Sources of all Income

1.4 Applicable adjustments to gross income

1.5 Deduction from gross income

1.6 Applicable tax credits

1.7 Tax payments

1.8 Special filing requirements for casualty losses

1.9 Reporting requirements for foreign accounts and asset

Chapter 2- Income and Assets

2.1 Types of Income

2.2 Installment Sales

2.3 Crypto Currency

2.4 Nonbusiness bad debts

2.5 Pass-through entities

2.6 Retirement Income including Individual Retirement Account (IRA), Retirement Contribution

limits and Deductibility

2.7 Assets – Real and Personal Property

2.8 Categories of gain and loss on assets and ne ng proces

2.9 Assets basis and holding period

2.10 Basis of stock atierstock dividend and/orstock splits

2.11 Disposition of assets

2.12 Sale of personal residence

2.13 Gain or loss on sale/exchange of qualified small business stock (QSBS)

2.14 Deferred capital gain

2.15 Capital gain or loss for individual estates and trusts

2.16 Short term capital gain or loss

2.17 Capital gain or loss on related party transactions

2.18 Cost recovery

2.19 Adjustments to income

Chapter 3- Deductions and Credits

3.1 Standard Deduction

3.2 Itemized Deductions

3.3 Tax Credits

Chapter 4 -Taxation

4.1 AlternativeMinimumTaxand CreditforPriorYear

4.2 Tax Payments

4.3 Penaltiesand Excep ons on PrematureDistributions from Qualified Retirement Plans

and IRAs

4.4 Household Employees

4.5 Underpayment Penalties and Interest

4.6 Conditionsfor Filing a ClaimforRefund

4.7 Self-Employment Tax

4.8 Excess Social Security Withholding

4.9 Tax ProvisionsforMembers ofthe Clergy

4.10 Income in Respect of Decedent

4.11 Healthcare IndividualResponsibility Payment and Exceptions

4.12 NetInvestmentIncome Tax

4.13 AdditionalMedicare tax

4.14 Uncollected Social SecurityandMedicare tax

4.15 OtherTaxes

Chapter 5– Advising the Individual Tax Payers1

5.1 Reporting Obliga onsforIndividuals

5.2 Property Sales

5.3 Education Planning

5.4 Estate Planning

5.5 Retirement Planning

5.6 Marriage and Divorce

5.7 Itemsthat will Affect Future/PastReturns

5.8 Estimated Taxand Penalty Avoidance

5.9 Adjustments, Deduc ons,and CreditsforTaxPlanning

5.10 Advantages andDisadvantagesof MFJ/MFS/HOHFilingStatus

5.11 Health Insurance.

5.12 Social Security Income

Chapter 6- Specialized Returnsfor Individuals

6.1 Estate Tax

6.2 Giti Tax

6.3 International Information Reporting