CCH Learning Center

Description:
The purpose of this series of courses is to bring the tax preparer "up-to-speed" in the most efficient way possible for the tax preparation season. It offers quick answers and hands-on help for tax return preparation that has become increasingly complex by several recently passed tax Acts.

The first topic covered in this eighth course of the series is the annual accounting period for which income is determined. There are also several methods of accounting that are reviewed, primarily the cash basis and the accrual basis. Also covered is the installment method of reporting income.

The next section of the course looks at deductible IRAs, nondeductible IRAs, and Roth IRAs, discussing contribution limits, distributions, rollovers, and IRA penalty provisions. Also discussed are SEPs, SIMPLE plans, and other qualified self-employment plans.

Covered next are methods of collecting taxes, including withholding from wages and estimated tax payments. The last special circumstance examined is the domestic service employment tax, known as the nanny tax.