Tax Accountants Rejoice! T2 Micro Business Course Fully Updated

Do you know how to prepare a T2 corporate return for your small business clients?   Has it always been your professional development dream to get the credentials to do so?

Knowledge Bureau has recently updated its T2 Corporate Tax Preparation for Micro Businesses course, adding new content and updating fully to the 2015 Federal Budget and it’s now available for practitioners aspiring to expand their services this tax season.  It’s also an excellent course for insurance advisors and financial planners who want a deep practical knowledge on small business tax issues.

Students can sign up immediately and get started online today.  It’s a great way to really learn the practical applications of corporate tax law by filing mock T2 returns.  However, the focus of this course is also to provide the practitioner with an understanding of the business issues and tax options that underlie the taxation of corporate income, so that the return can be prepared accurately, tax is minimized and planning opportunities are identified on a timely basis and a full integration with personal tax filing is accomplished.

Newly updated by Knowledge Bureau alumni member Diane Elliott, this course was originally written by Larry Frostiak, FCA, CFP, TEP. Larry will travel with Knowledge Bureau on the Distinguished Advisor Workshop tour starting next week to provide an in-class overview of owner-manager compensation planning issues before year end, retirement planning and trust and estate planning tips in anticipation of the myriad of new tax changes being introduced  in 2015 through 2017.

“This is a terrific opportunity for new students to meet the original author of the course and ask questions in advance of their online studies and really shouldn’t be missed if you like the bonus of listening to expert instruction,” says Evelyn Jacks, President of Knowledge Bureau. “Students in the DAW classroom will also be offered a rebate on their next online course to expedite entry into the DFA-Tax Services Specialist Designation program or the MFA-Business Services Specialist program.

The case studies included in this course are current for the 2015 tax year; however, this course contains all known changes to rates through to 2019. From a company’s transformation from proprietorship through to corporation, this course will teach you the fundamentals of preparing a T2 return for the majority of Canadian Controlled Small Business Corporations (CCPC) operating in Canada today. Student versions of professional software programs such as TaxCycle, Intuit Profile and Thomson Reuters Dr. Tax are included.

“If you are thinking of adding preparation of corporate returns into your practice or looking for a refresher on the current corporate laws and T2 completion, this course is what you are looking for,” said Elliott. “Recently updated aspects of this course include descriptions of commonly used schedules and steps to complete a T2 in more detail than the original course.”

In this course, the student will learn about accrual and cash-basis accounting, retained earnings and the return of capital, active business income and specified investment business income, and will learn how to properly report income for tax purposes and reconciliation of transactions

Other certified skillsets students will come away with include:

• Understanding tax principles for reserves utilized to defer taxes
• Knowing the tax consequences for stakeholders on various methods of remuneration
• Identifying opportunities for Tax Planningwith personal family tax returns

To sign up for the course, click here.