Advanced Tax Preparation & Planning for Professionals

Introduction

The Chartered Tax Professional (CTP) Course is designed for professionals looking to master individual and business tax preparation, tax planning, and compliance. As a CTP, you will gain in-depth knowledge of federal taxation, IRS regulations, and advanced tax strategies, allowing you to provide expert tax services to individuals and businesses.

This 5-day intensive program prepares participants to earn the CTP designation, equipping them with both foundational and advanced tax expertise. The course covers real-world tax scenarios, compliance updates, tax law changes, and hands-on practice with tax preparation software.

Course Objectives

By the end of this course, participants will be able to:

• Understand individual and business tax compliance under U.S. federal tax law.
• Prepare and file accurate, IRS-compliant tax returns.
• Apply advanced tax strategies to maximize deductions and credits.
• Navigate complex tax situations, including self-employment, rental income, and retirement planning.
• Stay updated with IRS regulations and tax law changes.
• Develop skills to provide high-value tax advisory services to clients.

Who Should Attend?

This program is ideal for professionals looking to enhance their tax expertise, including:

• Tax preparers aiming for professional certification.
• CPAs and Enrolled Agents (EAs) expanding their tax knowledge.
• Financial planners incorporating tax strategies into client portfolios.
• Small business consultants managing tax obligations.
• Individuals preparing for a career in tax services.

Course Outline

Day 1: Foundations of Tax Preparation & Individual Taxation

• Overview of IRS tax law and compliance framework.
• Filing requirements, tax brackets, and standard vs. itemized deductions.
• Income types: Wages, interest, dividends, rental income, and capital gains.
• Adjustments to income: Retirement contributions, HSAs, and self-employment deductions.
• Tax credits vs. deductions: Child tax credit, education credits, earned income credit.
• Common IRS errors and how to avoid them.

Workshop: Preparing an individual tax return using IRS Form 1040.

Day 2: Business Taxation & Small Business Compliance

• Business structures: Sole proprietorships, LLCs, S-Corps, and C-Corps.
• Tax filing requirements for pass-through entities.
• Understanding Schedule C for self-employed individuals.
• Payroll taxes, estimated taxes, and withholding requirements.
• Depreciation and amortization strategies for business assets.
• Qualified Business Income (QBI) deduction under Section 199A.

Case Study: Comparing tax strategies for LLC vs. S-Corp taxation.

Day 3: Real Estate, Retirement, & Investment Taxation

• Taxation of real estate income, rental properties, and REITs.
• Capital gains tax planning and 1031 exchanges.
• Taxation of retirement income (401(k), IRA, pensions, and Roth conversions).
• Social Security taxation and withdrawal strategies.
• Investment income: Dividends, mutual funds, and passive income taxation.
• Tax implications of charitable contributions and gifting strategies.

Workshop: Analyzing tax implications for a rental property owner.

Day 4: Advanced Tax Strategies & IRS Compliance

• Strategies for tax loss harvesting & income shifting.
• Common IRS audit triggers and how to avoid them.
• IRS tax resolution programs: Offer in Compromise, installment agreements, and penalty relief.
• Ethics and professional responsibility under Circular 230.
• Tax law updates and recent changes affecting individuals and businesses.
• Preparing clients for IRS audits and dispute resolution.

Expert Panel Discussion: IRS compliance best practices and tax law updates.

Day 5: Final Review, Practice Exam & Certification

• Review of high-yield CTP exam topics.
• Tax return preparation best practices.
• Time management strategies for complex tax scenarios.
• Mock tax return preparation and review.
• Final Capstone Project: Preparing a full tax return for an advanced client scenario.
• CTP Certification Exam & Graduation Ceremony.

Conclusion & Certification

Participants who successfully complete the course and pass the CTP Certification Exam will earn the Chartered Tax Professional (CTP) designation, demonstrating expertise in comprehensive tax preparation and compliance.

Program Benefits

• CTP Certification – Become a nationally recognized Certified Tax Professional.
• Expert-Led Training – Learn from experienced tax practitioners and IRS-certified professionals.
• Hands-On Learning – Case studies, tax software training, and real-world tax preparation exercises.
• Career Advancement – Increase earning potential with advanced tax expertise.
• Up-to-Date Content – Covers IRS tax law changes and regulatory updates.

Career Opportunities After Certification

• Certified Tax Professional (CTP) – Preparing individual and business tax returns.
• Tax Advisor or Consultant – Providing strategic tax planning services.
• Corporate Tax Specialist – Managing business tax compliance for corporations.
• Financial Planner with Tax Expertise – Integrating tax strategies into wealth management.
• IRS Enrolled Agent (EA) Candidate – Using the CTP certification as a foundation for further specialization.