1. An understanding of the basic income tax provisions that affect different forms of business (Corporation, Partnership, S Corporation, LLC, LLP, Trust)
2. An appreciation of the legislative, administrative, and judicial development of important provisions.
3. An awareness of the impact of taxation on the economy and financial planning.
4. A familiarity with the means by which tax information is transferred.
5. How to research a basic tax question.
6. A recognition of the important ethical issues and possible penalties facing CPA tax professionals who advise businesses.