Enrolled Agent (EA) Exam Prep : Master US Taxation and IRS from Udemy

What's inside

Learning objectives

An overview of comprehensive u.s. individual taxation in alignment with irs guidelines.
Preliminary work and taxpayer data
Income and assets
Deductions and credits

Taxation
Advising the individual tax payers
Specialized returns for individuals

An overview of comprehensive u.s. individual taxation in alignment with irs guidelines.
Preliminary work and taxpayer data
Income and assets
Deductions and credits
Taxation
Advising the individual tax payers
Specialized returns for individuals

Syllabus

Introduction: Comprehensive Training to Pass the EA Exam

Chapter 1- Preliminary Work and TaxpayerData
Chapter 2-Income and Assets
Chapter 3-Deductions and Credits
Chapter 4 -Taxation
Chapter 5 - Advising the Individual Taxpayers
Chapter 6- Specialized Returns for Individuals

Residential Status
How to use Prior Year Tax Returns

In this video, you’ll learn how to use prior year tax returns for filing and familiarize yourself

with key tax terms.

Green Card Holders
Presence Test
Non - Residential Aliens

Illustration to identify the residential status

Non Resident Alien
Resident Alien

Practice question of Residential Status and Use of Prior year.

Five Taxpayer Filing status
Signing of Tax Returns
Signing of Joint Return
Relief from joint and Several Liabilities of MFJ 6
Amendments in Filing Status
Practice Question

Unmarried or Single Filing Status
Married Filing Status
Married Filing Separately
Head of Household
Qualifying Widower

Innocent Spouse Relief
Separation of Liability
Injured Spouse
Understatement of Tax
Filing Deadlines

Manual Signing
Electronic Filing
Signing of Joint Return
Amendment in Filing Status

Practice questions for a deeper understanding

Illustrations to help you understand taxpayer filing statuses in detail.

Computation to income, deductions, Tax Credits and Tax Payable

Detailed understanding of the exclusions necessary to calculate gross income.

Understanding the deductions from Gross Income needed to calculate Adjusted Gross Income (AGI).

How phase-out limits are applied to student loans and interest deductions.

Practice question on Exclusions and Deductions for better understanding.

All taxable income sources excluding IRAs, such as wages, salaries, royalties, gambling income, and more.

Taxable income from wages, salaries and tips.

In this video, you will get to know about taxable interest, dividend, and rental income,

including what is included and excluded.

In this video, you will learn about income from gambling, debt waivers, foreign earnings,

and more, including what is included and excluded.

In this video, you will learn about other income, passive activities, and passive income.

Practice questions to understand Taxable Income in detail.

In this video, you will get to know how you can recognize or considered installment sales as taxable income.

In this video, you will learn about income from cryptocurrency and how it is treated for individual tax purposes.

Non-Business Debts: In Detail

S-Corporation
Partnership

In this video series, you will explore the key aspects of Individual Retirement Accounts (IRAs) in detail, including:

Contributions
Deductibility of Contributions
Types of IRAs
1. Traditional IRA
2. Roth IRA
Subcategories of Traditional IRAs
IRA Rollovers
Minimum Required Distributions (RMDs)

- Details About Traditional IRA

- Types of Traditional IRAs

1. Deductible Traditional IRA

2. Non-Deductible Traditional IRA

Details About Roth IRA, Phase-Out Limits, and Illustrations for Better Understanding

Detailed Learning on SIMPLE and SEP Plans for Small Businesses.

Rollover from Traditional IRA to Roth IRA
Summary of Permitted Rollovers Between Various Qualified Plans and IRAs

Required minimum distribution (RMD) to account owners
Defined Contribution Plans
IRAs including SEP, SIMPLE and SARSEP IRAs

Practice Questions for In-Depth Understanding.

This video series covers:

A comprehensive understanding of all cost recovery categories.
In-depth knowledge of the Alternate Depreciation System (ADS).
Detailed insights into depreciation recapture and its implications.

In this video, you will learn about Section 168 of the IRC on Depreciation.

In this class, we will discuss Section 179 and Bonus Depreciation.

In this video, we will discuss the Alternative Depreciation System (ADS) in detail, as an alternative to MACRS.

In this video, we will explore leasehold improvements and the amortization of intangible assets.

In this video, we will discuss depletion and the various methods of depletion.

In this video, we will explore the final topic of depreciation, covering Section 1245, Section 1250, and the recapture of depreciation.

In this series of videos, we will discuss in detail:

Various Types of Properties
Intangible Assets
Section 1231
Basis and Adjusted Basis of Assets
How to Calculate Adjusted Basis
Holding Periods
Stock Treatment
Disposition of Assets
Capital Gain and Loss Treatment on Qualified Small Business Stock
Deferral of Capital Gain

In this video, we will discuss the types of assets from the perspective of U.S. taxation, including:

1. Tangible Assets

2. Intangible Assets

3. Natural Resources

In this video, we will explore Section 1231 assets, which are both important and complex. Additionally, we will cover Sections 1245, 1250, and 291.

In this video, we will discuss the basis of assets and the holding periods of assets as per U.S. tax laws.

In this video, we will explore the basis of stock, including its adjustments after stock dividends and stock splits. We will also understand the concepts of stock dividends and stock splits.

In this video, we will gain a high-level understanding of the disposition of assets, the capital gains and losses arising from such dispositions, and the overall impact of asset dispositions.

In this video, we will discuss the sale of a principal residence, including:

1. What constitutes a Principal Residence.

2. The requirements for a property to qualify as a principal residence.

3. Exclusions of capital gains from taxes related to the sale of a principal residence.

In this video, we will discuss the gains or losses on the sale of small business stock, including:

1. What qualifies as modified small business stock

2. Exclusions from gains

3. Allowances for losses related to small business stock

In this video, we will discuss deferred capital gains, covering all five categories of deferred capital gains, one by one:

1. Installment Sales

2. Replacement Property

3. Tax-Free Exchange

4. Involuntary Conversion

5. Wash Sale

In this video, we will summarize the calculation of capital gains and losses, as well as the netting process:

1. Calculating Capital Gains and Losses

2. Netting Capital Gains and Losses

In this video, we will discuss capital gains or losses for individuals, trusts, and estates, and how to calculate the net capital gain or loss:

1. For Individuals

2. For Trusts and Estates

In this video, we will discuss the netting of short-term capital gains and losses, as well as the netting of short-term capital gains with long-term capital losses:

1. Netting Short-Term Capital Gains and Losses

2. Netting Short-Term Capital Gains with Long-Term Capital Losses

In this video, we will discuss the tax treatment of corporations, including:

1. Tax Treatment of Ordinary Income

2. Tax Treatment of Ordinary Losses

In this video, we will discuss Section 267, related party transactions, and the types of losses on capital gains:

1. Section 267

2. Related Party Transactions

3. Losses on Capital Gains

In this video series, you will gain an understanding of:

1. Overview of Standard and Itemized Deductions.

2. Standard Deduction for Single, Married Filing Jointly, Head of Household, and Qualified Widower.

3. All Categories of Itemized Deductions.

4. In-depth Explanation of Standard and Itemized Deductions.

In this video, we will discuss the application of standard and itemized deductions, as well as the standard deduction available for each filer.

In this video, we will explore dental and medical care expenses as part of itemized deductions.

In this video, we will explore state and local taxes as part of itemized deductions.

In this video, you will explore Mortgage Interest, its deduction limits, and Insurance Expenses.

In this video, gain a detailed understanding of Charitable Contributions, including documentation requirements, deduction limits (AGI limits), and practice questions to enhance your understanding.

In this video, we will gain an in-depth understanding of Casualty and Theft Losses, as well as expenses related to investments and other miscellaneous costs.

In this video series, you will explore various topics in detail, including:

What is an Estate?
What is a Gift?
Which Estates Are Subject to Tax?
Which Gifts Are Subject to Tax?
The Imposition of Estate and Gift Taxes
Exemption Amounts for Estate and Gift Taxes

In this video, we will explore Estate Tax and Gift Tax, along with the exclusions applicable to each.

In this video, we will learn how to calculate Estate Tax and Gift Tax in detail.

In this video, we will be discussing about Generation Skipping tax in detail.

In this video, we will discuss Estate Tax and Gift Tax, including their rates and tax credits.

Practice Questions for Enhanced Understanding

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Offers comprehensive training aligned with IRS guidelines, which is essential for those seeking to pass the Enrolled Agent exam and gain expertise in US tax laws

Provides insights into preliminary work, taxpayer data organization, income and asset reporting, deductions, credits, and specialized returns, which are all crucial for tax professionals

Includes interactive quizzes, real-world examples, and practice questions, which are helpful for reinforcing learning and preparing for the Enrolled Agent exam

Covers specialized returns for individuals, including estates and gift tax, which is beneficial for tax professionals seeking to expand their knowledge base

Requires learners to understand US tax laws as per IRS, which may require additional study for those unfamiliar with the US tax system

Focuses on individual taxation, which may not be as relevant for tax professionals specializing in corporate or other areas of taxation

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Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Enrolled Agent (EA) Exam Prep : Master US Taxation and IRS with these activities:

Review Basic Accounting Principles

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Reinforce your understanding of fundamental accounting principles, which are essential for grasping tax concepts related to income, deductions, and asset valuation.

Browse courses on Accounting Principles

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Review key accounting terms and definitions.
Practice basic journal entries and financial statement preparation.
Work through sample accounting problems.

Read 'Tax Guide for Individuals'

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Familiarize yourself with IRS guidelines and regulations by reading the official 'Tax Guide for Individuals'.

View Tax Guide 2023 for Individuals: Publication 17 on Amazon

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Download the latest version of the guide from the IRS website.
Read the sections relevant to individual income tax.
Take notes on key concepts and rules.

Complete Tax Form Exercises

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Solidify your understanding of tax forms by completing practice exercises. This will help you become familiar with the structure and content of common tax forms.

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Obtain blank copies of Form 1040 and related schedules.
Fill out the forms using hypothetical taxpayer data.
Compare your completed forms to official examples.

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Create a Tax Terminology Glossary

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Reinforce your understanding of tax terminology by creating a glossary of key terms. This will help you communicate effectively with clients and colleagues.

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Identify key tax terms from the course materials.
Write clear and concise definitions for each term.
Organize the terms alphabetically in a glossary.

Read 'J.K. Lasser's Your Income Tax'

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Deepen your understanding of tax laws and regulations by reading 'J.K. Lasser's Your Income Tax'.

View J.K. Lasser's 1001 Deductions & Tax Breaks 2025... on Amazon

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Obtain the latest edition of the book.
Read the chapters relevant to your areas of interest.
Take notes on key concepts and strategies.

Simulate Tax Planning for a Fictional Client

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Apply your knowledge by developing a tax plan for a fictional client. This will help you integrate the concepts learned in the course and develop your problem-solving skills.

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Create a fictional client profile with income, expenses, and assets.
Analyze the client's tax situation and identify potential tax savings opportunities.
Develop a tax plan that minimizes the client's tax liability.
Document your recommendations and supporting calculations.

Answer Tax Questions on Online Forums

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Reinforce your learning by answering tax questions on online forums. This will help you solidify your understanding of tax concepts and improve your communication skills.

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Find online forums where people ask tax questions.
Read the questions carefully and provide accurate and helpful answers.
Cite relevant tax laws and regulations to support your answers.

Career center

Learners who complete Enrolled Agent (EA) Exam Prep : Master US Taxation and IRS will develop knowledge and skills that may be useful to these careers:

Tax Attorney

Tax attorneys specialize in tax law, providing legal advice and representation to clients facing tax disputes or needing assistance with tax planning. The course's detailed exploration of U.S. tax laws, as per IRS, will help a tax attorney to be well prepared. The course's focus on income, deductions, and credits will help a tax attorney provide sound advice to clients. The course helps to build a comprehensive understanding of the U.S. tax system.

See salaries and explore the career path for Tax Attorney

Tax Staff

Tax staff assist with the preparation of tax returns, conduct tax research, and provide support to senior tax professionals. They work under the supervision of tax managers or partners. As an entry-level position, a Tax Staff would like to delve into foundational tax concepts such as filing statuses, gross income, deductions, and credits. They would also like to gain valuable insights into conducting preliminary work, gathering and organizing taxpayer data, and understanding income and asset reporting

See salaries and explore the career path for Tax Staff

Tax Preparer

A tax preparer helps individuals and businesses file taxes accurately and on time. They must understand tax law and stay updated on any changes. This course, which discusses US tax laws as per the IRS, helps tax preparer understand gross income, deductions, and credits. The discussions of preliminary work and taxpayer data in the course helps tax preparer organize clients' information to ensure accurate tax filing. Through this course, a tax preparer can also learn to maximize tax-saving opportunities for their clients through itemized deductions and credits.

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Tax Advisor

Tax advisors offer guidance and support to individuals and businesses on various tax-related matters. They may specialize in areas such as income tax, property tax, or international tax. This course helps the tax advisor develop expertise in U.S. individual taxation. The focus on advising taxpayers and ensuring compliance may help the advisor in their duties.

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Tax Consultant

Tax consultants provide expert advice to individuals and businesses on how to minimize their tax liabilities. They need a deep understanding of tax law and financial planning. The course, which is aligned with IRS guidelines, will ensure that a tax consultant is well-versed in all aspects of U.S. individual taxation. The course's coverage of income and assets, deductions and credits, and specialized returns for individuals builds a consultant's knowledge base. With the knowledge of advising taxpayers provided by this course, tax consultants can confidently guide their clients toward optimal tax strategies.

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Revenue Agent

Revenue agents work for government tax agencies like the IRS, conducting audits and examinations of tax returns to ensure compliance with tax laws. To be successful, a solid understanding of tax regulations and accounting principles is essential. This course will ensure that a revenue agent is well-versed in all aspects of U.S. individual taxation. Covering preliminary work and taxpayer data to specialized returns for individuals, this course helps revenue agents in their duty.

See salaries and explore the career path for Revenue Agent

IRS Agent

An Internal Revenue Service Agent ensures compliance with tax laws, conducts audits, and investigates potential tax fraud. A comprehensive understanding of tax regulations is essential for this role. This course helps an IRS agent by providing a overview of comprehensive U.S. individual taxation in alignment with IRS guidelines. The course also covers preliminary work and taxpayer data, income and assets, and deductions and credits. With a strong emphasis on U.S. tax law, this course helps an IRS agent to excel in their role.

See salaries and explore the career path for IRS Agent

Estate Planner

Estate planners help clients manage and distribute their assets in accordance with their wishes, while minimizing tax implications. They often work with complex financial instruments and legal documents. Estate planners help to construct wills, set up trusts, and advise clients on estate and gift tax laws. This course helps estate planners navigate specialized returns for individuals, understanding about estates and gift tax. The knowledge of taxation may help in minimizing tax implications and advising clients effectively.

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Government Accountant

Government accountants manage public funds and ensure that government agencies comply with financial regulations and reporting standards. They need to understand the interplay between government accounting standards and tax law. This course helps a government accountant by providing a wide overview of U.S. tax laws as per IRS. Government accountants also take away a deeper understanding of income, deductions, and credits.

See salaries and explore the career path for Government Accountant

Accountant

Accountants are responsible for preparing and analyzing financial records, ensuring accuracy and compliance with regulations. They handle a variety of financial tasks, including tax preparation. This course may be useful to an accountant as it provides insights into filing statuses, gross income, deductions, and credits. With the knowledge gained from the course, accountants can enhance their understanding of tax implications and advise their clients or companies accordingly.

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Auditor

Auditors examine financial records to ensure accuracy and compliance with laws and regulations. They may focus on internal audits within a company or external audits for regulatory bodies. This course may be useful to auditors as guides in verifying taxpayer data, understanding income and asset reporting, and identifying taxable and non-taxable income. This knowledge will help auditors perform their duties with greater precision and effectiveness.

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Financial Advisor

Financial advisors guide clients in making informed decisions about their investments, retirement planning, and overall financial well-being. While not exclusively focused on tax, understanding tax implications is crucial for effective financial planning. This course may be useful to financial advisors as it provides insights into deductions and credits, and advising taxpayers. This will lead to more informed recommendations for their clients.

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Compliance Officer

Compliance officers ensure that a company adheres to legal standards and internal policies. While the role is broad, some compliance officers specialize in tax compliance. This course may be useful to compliance officers as it can enhance their understanding of U.S. tax laws as per IRS. Compliance officers can ensure that their organizations follow the correct protocols to comply with the law.

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Bookkeeper

Bookkeepers maintain accurate records of financial transactions, including income and expenses. Bookkeepers ensure that these records are maintained in accordance to laws. While this is not the primary focus, understanding tax implications is important to them. This course may be useful to a bookkeeper as it provides an overview of comprehensive U.S. individual taxation. This knowledge may help in categorizing transactions and preparing financial reports accurately.

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Payroll Specialist

Payroll specialists manage the processing of employee wages, deductions, and taxes. This course may be useful to a payroll specialist as it can enhance their understanding of deductions, specifically how they relate to individual income tax. With flexible, self-paced learning, payroll specialists can gain the confidence to manage payroll tasks effectively.

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Enrolled Agent (EA) Exam Prep

Master US Taxation and IRS

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Learning objectives

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