Tax

Preparation

—

Hard

Skills

Federal

Tax

Law

Compliance

SKILLS

Individual

Return

Preparation

SKILLS

Business

Entity

Taxation

SKILLS

Bookkeeping

Depreciation

SKILLS

IRC

navigation

—

locating

and

applying

Internal

Revenue

Code

sections

client

facts

Treasury

Regulations

IRS

guidance

—

regulations

revenue

rulings

revenue

procedures

Filing

status

dependency

rules

— §7703,

qualifying

child

and

qualifying

relative

tests

Gross

income

recognition

— §61

inclusions

exclusions

and

deferral

provisions

AGI

and

deduction

sequencing

—

above

the

line

adjustments

itemized

deductions

Estimated

tax

safe

harbor

calculations

—

Form

1040-

prior

year

110%

rule

Extension

management

—

Forms

4868

and

7004,

penalty

exposure

tracking

Penalty

and

interest

analysis

— §6651, §6662,

first

time

abatement

requests

Circular

230

practice

standards

—

competence

diligence

and

written

advice

rules

Form

1040

preparation

—

full

return

assembly

and

tie

out

Schedules

1–3

—

additional

income

adjustments

and

nonrefundable

credits

Schedule

itemized

deductions

—

SALT

cap

mortgage

interest

charitable

substantiation

Schedule

Form

1099-

INT

DIV

—

interest

dividends

foreign

account

questions

Schedule

sole

proprietor

reporting

—

mileage

home

office

expense

substantiation

Schedule

Form

8949

—

capital

gains

basis

correction

wash

sale

adjustments

Schedule

pass

through

-1

—

rental

royalty

and

flow

through

income

Form

6251

alternative

minimum

tax

—

exemption

phase

out

and

preference

items

Form

8962

premium

tax

credit

—

Marketplace

Form

1095-

reconciliation

Refundable

and

nonrefundable

credits

—

EITC

Child

Tax

Credit

AOTC

LLC

dependent

care

§199

qualified

business

income

deduction

—

Forms

8995

and

8995-

-2

and

UBIA

limits

Retirement

distribution

reporting

—

Form

1099-

rollovers

RMDs

Form

5329

exceptions

Form

1120

corporation

returns

—

Schedule

-1/

-2,

Schedule

balance

sheet

Form

1120-

corporation

returns

—

shareholder

basis

AAA

and

OAA

tracking

Form

1065

partnership

returns

— §704(

)

allocations

capital

accounts

, §754

elections

Schedule

-1

issuance

— 1120-

and

1065

recipient

level

reporting

Entity

classification

elections

—

Form

8832,

Form

2553,

late

election

relief

Reasonable

compensation

analysis

—

corporation

officer

wages

and

distributions

Form

990

nonprofit

reporting

—

public

support

test

Form

990-

unrelated

business

income

Foreign

owned

entity

reporting

—

Forms

1120-

and

5472

for

disregarded

entities

Consolidated

return

fundamentals

—

affiliated

group

concepts

and

intercompany

eliminations

Short

year

and

final

returns

—

entity

termination

and

liquidation

reporting

Trial

balance

return

tie

out

—

book

tax

reconciliation

and

-1

support

Adjusting

journal

entries

—

accruals

prepaids

revenue

recognition

corrections

Bank

and

credit

card

reconciliations

—

cutoff

testing

clearing

accounts

aging

review

Fixed

asset

maintenance

—

additions

disposals

and

cost

basis

records

MACRS

depreciation

—

tables

half

year

and

mid

quarter

conventions

Form

4562

§179

expensing

and

bonus

depreciation

—

election

limits

phase

outs

and

ordering

rules

1 / 3

Payroll

Employment

Tax

SKILLS

Tax

Software

Filing

Systems

SKILLS

Tax

Research

Authority

Analysis

SKILLS

Multi

State

Local

Specialty

Reporting

SKILLS

§1031

kind

exchanges

—

boot

calculation

replacement

periods

Form

8824

Inventory

and

COGS

reporting

— §471

methods

, §263

uniform

capitalization

Prior

period

workpaper

review

—

error

detection

and

amended

return

triggers

Form

941

quarterly

returns

—

liability

reconciliation

deposits

Form

940

FUTA

reporting

—

credit

reduction

states

Schedule

Federal

payroll

deposit

scheduling

—

EFTPS

monthly

semiweekly

deposit

rules

Form

-2 /

-3

preparation

—

Box

codes

Section

125,

imputed

income

Form

1099-

NEC

and

1099-

MISC

—

contractor

payments

TIN

matching

Form

1096

Worker

classification

analysis

—

common

law

test

Form

-8, §530

relief

State

unemployment

and

withholding

—

SUTA

rates

state

registration

and

reconciliations

Tip

reporting

and

allocation

—

Form

8027,

allocated

tips

FICA

tip

credit

Payroll

tax

notice

resolution

—

-136,

Letter

226

penalty

abatement

Lacerte

Intuit

ProConnect

Tax

—

individual

and

business

return

modules

UltraTax

(

Thomson

Reuters

)

—

workflow

data

imports

diagnostic

review

CCH

Axcess

Tax

—

return

preparation

and

review

workflow

Drake

Tax

—

high

volume

1040

and

entity

production

GoSystem

Tax

—

complex

corporate

and

consolidated

returns

TurboTax

Business

TaxAct

Pro

—

small

client

and

overflow

capacity

IRS

Modernized

File

(

MeF

)

—

acknowledgments

reject

codes

retransmission

State

file

platforms

—

multi

state

registration

and

composite

filing

Source

document

automation

—

SurePrep

1040

SCAN

GruntWorx

Dext

Secure

client

delivery

—

SafeSend

Returns

and

signature

workflows

Authority

hierarchy

analysis

—

IRC

regulations

rulings

cases

weight

authority

IRS

publications

and

instructions

—

applying

administrative

guidance

client

facts

Revenue

rulings

and

procedures

—

applying

published

IRS

positions

Private

letter

rulings

and

TAMs

—

persuasive

authority

limits

and

use

Case

law

and

citator

validation

—

Tax

Court

District

Court

Circuit

opinions

Research

platforms

—

CCH

AnswerConnect

RIA

Checkpoint

Bloomberg

Tax

Written

research

memos

—

issue

conclusion

analysis

and

authority

format

Opinion

and

penalty

standard

analysis

—

substantial

authority

likely

than

not

reasonable

basis

State

conformity

analysis

—

rolling

static

conformity

dates

Multi

state

apportionment

—

factor

weighting

. 86-

272

protections

Nonresident

and

composite

returns

—

withholding

rules

and

composite

elections

Pass

through

entity

tax

elections

—

state

PTE

workarounds

and

owner

credit

mechanics

Sales

and

use

tax

compliance

—

economic

nexus

thresholds

exemption

certificates

Local

and

franchise

taxes

—

city

returns

gross

receipts

taxes

minimum

taxes

Foreign

information

reporting

—

FBAR

(

FinCEN

114),

Forms

5471, 5472, 8865

PFIC

and

foreign

trust

reporting

—

Forms

8621, 3520

and

3520-

FATCA

Form

8938

—

specified

foreign

financial

asset

thresholds

Treaty

positions

and

foreign

tax

credits

—

Forms

1116

and

8833

disclosure

2 / 3

Tax

Planning

Advisory

SKILLS

Accounting

Systems

Data

Automation

SKILLS

Ethics

Circular

230 &

Risk

Management

SKILLS

Client

Process

Notices

Representation

SKILLS

Entity

selection

modeling

—

sole

proprietorship

partnership

corp

comparison

Income

timing

and

bracket

management

—

accelerating

deductions

deferring

income

Roth

conversion

analysis

—

bracket

fill

IRMAA

impact

five

year

rules

Retirement

plan

selection

—

SEP

IRA

Solo

401(

defined

benefit

cash

balance

Charitable

giving

strategies

—

donor

advised

funds

CRTs

QCDs

appreciated

property

Estate

gift

and

trust

returns

—

Forms

709, 706, 1041,

fiduciary

income

Multi

year

tax

projections

—

liability

modeling

and

scenario

comparison

Buy

sell

and

succession

planning

—

valuation

insurance

funding

entity

structure

Net

investment

income

and

additional

Medicare

tax

—

§1411,

Form

8960

thresholds

Basis

tracking

and

step

planning

— §1014, §1015,

inherited

and

gifted

assets

QuickBooks

Online

and

Desktop

—

chart

accounts

classes

period

Xero

Sage

and

Bill

com

—

accounts

payable

workflows

and

ledger

integration

Advanced

Excel

—

XLOOKUP

SUMIFS

pivot

tables

Power

Query

Data

cleaning

and

import

mapping

—

CSV

and

PDF

extraction

into

tax

software

Trial

balance

import

and

diagnostics

—

variance

and

ratio

review

before

preparation

Practice

management

tools

—

Karbon

Canopy

TaxDome

workflows

Document

management

—

secure

portals

OCR

indexing

retention

schedules

Client

reporting

and

dashboards

—

financial

summaries

and

year

end

reporting

packages

Circular

230

Subpart

—

diligence

advising

penalties

written

advice

standards

Preparer

penalty

exposure

— §6694, §6695,

and

§6701

standards

Due

diligence

requirements

— §6695(

Form

8867,

EITC

CTC

HOH

AOTC

rules

PTIN

maintenance

and

renewal

—

annual

registration

CPE

records

continuing

education

Credentials

and

licensing

—

CPA

Enrolled

Agent

AFSP

and

state

requirements

Engagement

letters

and

scope

control

—

preparation

advisory

service

boundaries

§7216

disclosure

and

consent

—

client

information

safeguards

and

permitted

use

Written

information

security

plan

—

FTC

Safeguards

Rule

and

IRS

data

security

guidance

Identity

theft

and

fraud

response

—

Form

14039,

transcript

validation

Records

retention

and

destruction

policy

—

statutory

minimums

and

secure

disposal

Client

intake

and

organizer

preparation

—

questionnaires

engagement

data

capture

lifecycle

tracking

Document

collection

and

—

-2/1099/1098

checklists

and

missing

item

tracking

Return

review

checklists

—

second

level

review

and

quality

control

procedures

file

diagnostics

and

error

resolution

—

rejection

coding

correction

and

resubmission

Amended

returns

—

Forms

1040-

, 1120-

, 1065-

and

account

transcripts

IRS

transcript

analysis

—

wage

and

income

account

and

return

transcripts

Notice

response

management

—

2000,

501/503,

11,

and

deadline

control

Power

attorney

and

representation

—

Form

2848,

Form

8821,

CAF

processing

Audit

and

exam

support

—

document

requests

IDR

responses

appeals

escalation

Client

advisory

communication

—

translating

technical

findings

into

plain

language

3 / 3

Tax Preparation Hard Skills

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