Overall learning objectives
The Minnesota Society of Enrolled Agents (MNSEA) Education Committee Task Force considered the 2020 learning objectives and has organized a list and desired levels of learning accomplishments. The overall practical learning outcomes are listed here. This course will be reasonably priced, and features some outstanding nationally-known speakers who will share their insights and experience. The Minnesota Society of Enrolled Agents is confident that all participants in this course will find it comprehensive, intellectually challenging, and professionally rewarding. They will also experience first-hand the advantages of becoming a tax professional and beginning their own tax preparation business.
- Explain basic tax policy considerations underlying the statutory requirement to file an income tax return.
- Understand that tax-related regulatory and professional ethical obligations of preparing income taxes for compensation.
- Provide a basic understanding of the components of the basic income tax formula for individuals and business entities including:
- what constitutes income,
- adjustment to income,
- where to report different types of income,
- when certain types of income are excluded, disallowed, or deferred
- how to report the different types of income
- available deductions,
- types of deductions and credits,
- an awareness of the major income tax changes for 2018-2025
- an awareness of the new income tax forms for 2018-2025
- the differences between a 1098, 1098-T, 1099 and a W-2
- what constitutes fraud and a fraudulent statement
- and a whole lot more!
- Various solutions to meet customer demands in a competitive marketplace
- Leadership qualities required to start and run a successful tax preparation practice
