Form 1120 Schedule M 3 Miscellaneous 2019-2024

P>Welcome, welcome! We are going to be talking about individual taxation, which I know is an exciting area. Some of you are familiar with this and have done your own tax returns. Some of you do a 1040ez, which unfortunately they are not going to tell. They don't say please prefer a 5-line 1040ez and have a lovely day. Becoming a CPA, no, generally it's much more detailed. This is the first area of tax we're going to be covering. Tax, first, so we're in a 60%, so we're going to cover individual, corporate, s corps, partnerships, estates, trusts, gift-exempt organizations, property transactions, depreciation, AMT, and all that. Then we'll move on to professional responsibilities and ethics because those areas alone are about 20%. Then business law used to be, back in my day, its own exam. So it was its own three and a half hour exam back when I was your age, many moons ago, pre-gray hair. So they have a lot, three and half hours of information, which is 20% of a three-hour exam. So you can see that there's a lot of material for law, even though it's only 20%. Because they've kind of pared it down, so you need a little bit about a lot, especially when it comes to business law. Now, starting out with individual taxation, you do not need to memorize things like the tax code, right, the IRC (Internal Revenue Code). You will use it for research, but you don't need to memorize it. You don't need to memorize necessarily cost-of-living adjusted information because again, these numbers change every year. For example, bankruptcy, every three years they update the numbers. Those we need to know. But numbers like your standard deduction, personal exemptions, you don’t need to know those. Why not?...