Tax Accountant Examination study guide
Tax Accountant Examination · Work through your exam, one topic at a time.
The Tax Accountant Examination is a professional credentialing assessment for accountants, enrolled agents, and tax preparers who want to demonstrate depth in U.S. federal tax law rather than only return-preparation mechanics. The Tax Accountant Examination study guide has 6 sections and about 2,066 words.
01Federal Taxation of Individuals
This domain tests how you compute an individual's taxable income and tax: inclusions and exclusions, deductions for and from AGI, credits, filing status, and the parallel AMT and NIIT regimes. Gross income is all income from whatever source derived unless excluded; common exclusions include gifts, inheritances, qualified scholarships, and tax-exempt interest.
360 words, about 2 min02Federal Taxation of Entities
This domain tests entity classification and the tax consequences of formation, operations, distributions, and liquidation for C corporations, S corporations, and partnerships, including owner basis and owner-level reporting. C corp: entity-level tax; dividends to shareholders taxed again (qualified dividends at preferential rates); corporate dividends-received deduction for eligible dividends; E&P measures dividend vs return of capital.
343 words, about 2 min03Tax Accounting, Basis, and Timing
This domain tests when items are recognized, how basis is computed and recovered, and how method choices create or defer deductions. Cash-method taxpayers recognize income when actually or constructively received and deduct when paid; accrual taxpayers use the all-events test plus economic performance.
337 words, about 2 min04Tax Research and Professional Ethics
This domain tests how to locate and weigh authority, how to document a position, and the standards imposed on preparers and practitioners by Circular 230 and the Code. Primary authority: IRC, Treasury regulations, court decisions, revenue rulings and procedures.
360 words, about 2 min05Tax Planning and Advisory Services
This domain tests planning that reduces tax across entities, transactions, and time: entity choice, compensation, retirement, charitable giving, and exit strategies, all constrained by substance and assignment-of-income doctrines. Compare entity forms: sole proprietor/partnership vs S corp for payroll tax; C corp for fringe benefits and retained earnings; QBI §199A interacts with wages and basis.
338 words, about 2 min06Tax Compliance and Reporting
This domain tests filing obligations, deadlines, information returns, penalties, and cross-border disclosure - the administrative side of tax practice. Individual returns due April 15; partnership/S corp March 15; C corp April 15 (calendar year).
328 words, about 2 min