Tax Courses Key Terms

Check out these specific key concepts covered in tax courses

By Heather Topham Wood, Freelance Writer

Tax courses are classes that take place online or in person that teach the student the basics of tax preparation and tax laws. Tax courses can cover anything from filing returns to running a tax preparation service. Tax classes allow accountants access to the information needed to advise clients on how to make the most money back from their returns. Tax courses can also provide certification and licensing to allow accountants to file multiple types of returns for their clients.

Tax updates

Tax updates are new laws and regulations that go into effect each year. Tax courses discuss these tax updates in order to give the student the most current information.
Try: The Michigan Association of Certified Public Accountants has its tax update podcast directory listed along with a description of current updates.

IRS EA Special Enrollment Examination

The Special Enrollment Examination is a test sponsored by the IRS that is required to be taken by agents. Tax courses will cover what will be on this exam and how to prepare for it.
Try: Prometric is the IRS-sponsored company that administers the Special Enrollment Examination. Its website has information on the test and its specifications.

Audit documentation

The auditing process is another popular topic covered in tax courses. An audit occurs when the IRS requests additional information that must be provided by the tax filer. Tax courses will not only likely cover the auditing process on the IRS end, but also documentation needed for tax audit preparation.
Try: Find an auditing dictionary with audit key terms on the Accounting Institute Seminars website.

Tax forms

This is likely to be the most frequently used key term used when researching tax courses. A tax course will delve into what forms are appropriate for which filers as well as the information that needs to be provided on the income tax return. Income tax returns must be sent into the IRS by anyone who earns an income. Popular forms include 1040 and W-2.
Try: For definitions of different types of income tax forms and specifications, you should browse the “Forms and Publications” section on the IRS site.

Tax deductions

Tax deductions are a highlight of tax courses because they help clients reduce the amount of taxes they need to pay to the IRS. There are standard deductions, medical expenses, charitable contributions, student loans, business expenses and more.
Try: H&R Block is a tax return service as well as a facility that holds tax courses. On its site, tax deductions are explained.

CPA

To become a CPA, or certified public accountant, you need to take a variety of tax courses and receive your CPA license. To be considered a CPA, you need to pass a qualifying Uniform CPA Exam.
Try: Get information about becoming a CPA through tax courses and examination on the American Institute of Certified Public Accountants page.