1. An understanding of the basic income tax provisions that affect different classes of taxpayers (employees, self employed, investors, homeowners, marriage/divorce and other family issues).
2. An appreciation of the legislative, administrative, and judicial development of important tax provisions.
3. The taxation issues regarding the timing of income and expense items.
4. An awareness of the impact of taxation on the economy and financial planning.
5. A familiarity with the means by which tax information is transferred.
6. How to research a basic tax question.
7. A recognition of the important ethical issues and possible penalties facing CPA tax professionals.