Planning for, Studying for, Taking, and Surviving the RTRP Exam
All aspects of getting ready for the RTRP Exam and actually taking the exam. Topics covered include adopting the right attitude, budgeting study time, "how to study" tips for each of the seven domains tested on the exam, strategies for final reviews right before the exam, and tips for surviving and thriving in the actual exam.
Filing Basics, Gross Income and Exclusions
Review the basics of filing the individual return, including an intensive review of the individual tax format, determining filing status and exemption deductions, working with the standard deduction, computing the tax, and requirements to file. The emphasis then shifts to gross income as defined by the Code and concepts that are central to understanding the definition of gross income, such as the wherewithal-to-pay and claim of right doctrines. The major types of income are covered in detail, including wages, interest, dividends, social security, and other topics. Includes an intensive review of Code exclusions to income (statutorily exempt income), special computations for certain exclusions, and exceptions to the various exclusion rules.
Deductions
An intensive (and we mean intensive!) review of the myriad rules for deductions under the Code. Deductions for adjusted gross income are examined in detail; these include such items as rent-related expenses, IRAs, moving expenses, and other items. Then the emphasis shifts to an intensive examination of deductions from adjusted gross income, the itemized deductions. Detailed rules for determining deductible medical expenses, taxes, interest, contributions, casualty and theft losses, and various miscellaneous deductions are covered, including study tips and memory devices for many of these items.
Property Transactions and Tax Credits
Divided evenly on two major topics tested on the exam; sales or exchanges of property and tax credits. Property transactions are reviewed in detail, including the concepts of amount realized, adjusted basis (including the various methods of acquiring property, such as purchase, gift, or inheritance), and recognized gain or loss. The concept of capital gains and losses is covered in detail, with several helpful examples and case studies that serve to simplify the otherwise complicated rules. The specific rules for reporting gain on the sale of a personal residence are also covered. The second half of the webinar includes a comprehensive review of tax credits, examining the Code requirements, computations, and reporting of all major credits. These include, among others, the child credit, the child and dependent care credit, the earned income credit, and the various education credits.
Filing Issues, Special Taxes, Electronic Filing, and Circular 230 Requirements
Basic filing issues, such as self-employment taxes, the "kiddie tax," the alternative minimum tax, estimated tax requirements, and refund claims and extensions. Electronic filing requirements are also covered in detail, including related ethical obligations. Finally, a comprehensive review of the recently-revised Circular 230 ethical and practice requirements is covered, with a focus on issues most likely to be included on the exam.
