Tax reform provisions have frequently changed the tax on profits realized from the disposition of real estate. This has forced investors to seek “escape hatches” from fluctuating capital gains taxes. Tax-deferred exchanges permit the disposition of property often with the taxpayer receiving significant cash but without the payment of any tax. Functionally, an exchange is a “bridge” over the normally taxable event of moving from one property to another. This course alerts the practitioner to the different planning opportunities that surround exchanging and also identifies the tax consequences of home sales, foreclosure, repossession, and other real property dispositions. Additional tpics of interest include involuntary conversions and at-risk limits.

Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless otherwise indicated, no correct or incorrect feedback for any exam question will be provided.

Course Level: Overview. This program is appropriate for professionals at all organizational levels.

Field of Study: Taxes

Prerequisite: General understanding of federal income taxation.

Advanced Preparation: None

Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

ASSIGNMENT

At the start of the materials, participants should identify the following topics for study:

* Capital gains

* Home sales

* Installment method

* Contingent payments or price

* Section 1031 like-kind exchanges

* Delayed exchange regulations

* Actual & constructive receipt rule

* Foreclosure

* Repossession

* Condemnations

Learning Objectives

After reading the materials, participants will be able to:

1. Identify capital gains rates with applicable assets using the "basket" approach, cite the requirements of the home sale exclusion, and determine gain under the installment method recognizing the application of the unstated interest rules.

2. Specify the types of property that qualify for a like-kind exchange and recognize the methods of identifying such property in a delayed exchange including the mechanics for such an exchange.

3. Recognize the differences between recourse and nonrecourse indebtedness identifying their impact on foreclosures, determine how various types of property affect the repossession rules of Statute 1038 including basis and gain or loss for both installment and non-installment method sales.

4. Determine how easements affect condemnations and how to report gain or loss associated with involuntary conversions, cite the types of payments included in a condemnation award, and specify the types of entities that qualify for exclusion from at-risk limits recognizing the impact of recourse and nonrecourse financing.

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

The mini-course will examine tax issues relating to the formation and operation of partnerships. Participants will gain a familiarity with basic areas of partnership taxation so as to recognize a problem and have at hand some practical knowledge for its solution.

Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

ASSIGNMENT

At the start of the materials, participants should identify the following topics for study:

* Partnership definition

* Partnership income

* Partnership tax return

* Year taxable

* Transactions between partner & partnership

* Contributions to partnerships

* Sales & exchanges of partnership interests

* Partnership distributions

* Partnership liquidations

* Limited liability companies

Learning Objectives

After reading the chapter, participants will be able to:

1. Explain the tax treatment of partnerships listing advantages and disadvantages and demonstrating their affect on income attribution.

2. Calculate and report partnership income by:

a. Identifying filing requirements and the impact partnership K-1’s on individual or partner taxation; and

b. Specifying loss deduction limitations and explaining the tax treatment of guaranteed payments, organizational expenses and other fees.      

3. Analyze the tax treatment of contributions of property to a partnership under Statute 721 and describe the impact on tax basis.

4. Determine the tax treatment of partnership distributions and sale of partnership interests by:

a. Explaining the tax treatment of partner liabilities and of sales and exchanges of partnership interests and property; and

b. Distinguishing between liquidating and nonliquidating payments including determination of a partner’s basis on such an event.

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

This course focuses on tax issues affecting the treatment of interest and debt. It covers the definition of bona fide debt, the impact of related parties, the avoid-ance of equity and lease characterization, and deductible versus nondeductible interest factors. Sticky cross issues such as the impact of at-risk rules under Statute 465, passive loss restrictions of Statute 469, and below-market rate loans under Statute 7278 are examined. In addition, the accounting method treatment of interest, points, prepaid interest, and discounted loans are reviewed. Particular attention is giv-en to imputed interest and original issue discount.

Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless other-wise indicated, no correct or incorrect feedback for any exam question will be provided.

Course Level: Overview. This program is appropriate for professionals at all or-ganizational levels.

Field of Study: Taxes

Prerequisite: General understanding of federal income taxation.

Advanced Preparation: None

Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

ASSIGNMENT

At the start of the materials, participants should identify the following topics for study:

* Indebtedness

* Deductible interest & mortgage interest

* Investment interest

* Nondeductible interest

* Personal interest & capitalized interest

* At-risk rules

* Passive activity limitations

* Below-market interest rate loans

* Imputed interest on sales

* Original issue discount (OID)

Learning Objectives

After reading the materials, participants will be able to:

1. Determine “interest” and select how much is tax deductible under Statute 163 by:

a. Identifying what constitutes bona fide debt considering economic substance and purpose and the differences that such debt has from installment sales, long-term & leveraged leases, and annuities;

b. Specifying how transactions with family members and controlled corporations can recharacterize alleged indebtedness into gift or business equity naming the factors used in this recharacterization and;

c. Recognizing incentives to use corporate debt instead of equity and the special treatment of failed equity investment under Statute 1244.

2. Identify deductible interest and special calculation concepts and procedures by:

a. Recognizing the allocation of interest based on the debt’s busi-ness or personal purpose specifying the application of any carryover rules;

Introduction

When filing a federal income tax return, it is very important to know who is actually required to file a return and the criteria surrounding the filing of a federal income tax return. Due to the inclusion of the Tax Cuts and Jobs Act into law, filing requirements for individual taxpayers have been drastically altered.  This course will focus on the updated filing requirements surrounding individual taxpayers across all filing types. Additionally, this course will go into detail regarding the updated basic standard deduction, additional standard deduction, personal deduction, and penalty amounts. Finally, this course will go over the filing of a deceased taxpayer’s federal income tax return and the treatment of decedent income.

Learning Objectives

By the end of this course, students will be able to:

·        Recognize the new standard deduction amounts across all filing statuses,

·        Identify the requirements that must be met to file as any of the five filing statuses,

·        Identify the new standard deduction and additional standard deduction amounts,

·        Recognize the circumstances that will disallow taxpayers from taking the standard deduction,

·        Identify when a taxpayer is required to file their federal income tax return,

·        Recognize the various penalties associated with filing a return or paying taxes late, and

·        Identify the tax responsibilities and treatment of income associated with a recently deceased taxpayer.

CPE Credit: 2 CPE for CPAs and EAs

Level: Intermediate

Instructional Method: Self-Study

NASBA Field of Study: Taxes

Program Prerequisites: Basic understanding of federal tax code.

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

The Tax Cuts and Jobs Act (P.L. 115-97), enacted Dec. 22, 2017, created, under Statute 199A, a new deduction for up to 20% of qualified business income (QBI) from partnerships, limited liability companies (LLCs), S corporations, trusts, estates, and sole proprietorships for tax years beginning after Dec. 31, 2017. However, determining the Statute 199A deduction amount and availability is a very complex multi-step process that may phase out some or all of the deduction.

In the face of this complexity, the text provides a selected overview of the basic components of this below-the-line deduction. Qualified business income, taxpayer's taxable income, wage/capital limit, specified services trade or businesses, and other key components are not only defined and calculated but their interaction is demonstrated and exampled.

Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless otherwise indicated, no correct or incorrect feedback for any exam question will be provided.

Course Level: Overview. This program is appropriate for professionals at all organizational levels.

Field of Study: Taxes

Prerequisite: General understanding of federal income taxation.

Advanced Preparation: None

Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

ASSIGNMENT

At the start of the materials, participants should identify the following topics for study:

* Deduction amount

* Wage/capital limit

* Qualified business income

* Qualified trade or business

* Specify service trade or business

* De minimis regulatory rule

* Domestic business

Learning Objectives

After reading the materials, participants will be able to:

1. Recognize Statute 199A's limited effective time period, its complex calculation process and the general exclusions, limits, and restrictions applicable to the provision.

2. Determine the Statute 199A deduction amount, the type of W-2 wages used in calculating the wage/capital limit and specify how the limit impacts the amount and availability of the deduction.

3. Identify qualified business income and loss, its basic components, and the ability of a taxpayer to aggregate businesses in its determination.

4. Recognize the specified services trade or business exclusion, the listed excluded services and the important exceptions provided by the regulatory de minimis rule. Identify a domestic trade or business.

After studying the materials, answer the exam questions 1 to 15.

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Introduction

The American Rescue Plan of 2021 is the latest COVID-19 relief package that provides $1.9 trillion in mandatory funding, program changes and tax policies aimed at mitigating the continuing effects of the pandemic. The bill was crafted to provide urgent and targeted funding to defeat the virus and provide workers and families the resources they need to survive the pandemic while the vaccine is distributed to every American.

The American Rescue Plan of 2021 was passed by the House Feb. 27, 2021, and the Senate March 6, 2021. It was signed into law by President Biden on March 11, 2021. The American Rescue Plan of 2021 will cost of $1.9 trillion making it one of the largest economic rescue plans in U.S. history.

The American Rescue Plan of 2021 is the latest legislation to facilitate recovering from the economic and health effects of the COVID-19 pandemic. This legislation following the CARES Act of 2020 and the Consolidated Appropriations Act of 2021. This Act extends some aspects of those bills while also creating new recovery provisions. It mixes efforts to mitigate the economic effects of the pandemic with strategies to fight the virus itself.

Learning Objectives

At the end of this course, students will be able to:

1. Identify the amount of aid allocated for local governmental assistance

2. Identify the amount of aid provided to qualifying dependents in direct payments

3. Determine the date extension of the Federal Pandemic Unemployment Compensation (FPUC), as well as the FPUC amount

4. Identify the new amount of Child Tax Credit

5. Identify the amount provided for the Veterans Health Administration

CPE Credit: 2 CPE for CPAs and EAs

Level: Intermediate

Instructional Method: Self-Study

NASBA Field of Study: Taxes

Program Prerequisites: Basic understanding of federal tax code.

Advanced Preparation: None

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

For most of 2022, it was doubtful that Congress would enact any tax legislation. However, Democrats were finally able to negotiate and pass the Inflation Reduction Act (IRA) in August 2022. This course summarizes the tax legislation embodied in the IRA permitting students to advise clients on how these changes can impact tax planning.
This course is an overview providing reference to selected individual, business, and corporate tax provisions enacted, extended, or modified by the IRA. The resulting major tax changes carry special meaning to the tax practitioner and return preparer. The course emphasizes a general overview of energy tax credits and incentives, taxes and fees on fossil fuel, major features of the reinstated corporate AMT, electric vehicles, stock repurchases, and selected non-tax aspects of the legislation.
The course is intended to be a resource for tax professionals and staff alike to gain easy access to the most important major changes enacted by the IRA.

Course Level: Overview. This program is appropriate for professionals at all organizational levels.

Field of Study: Taxes

Prerequisite: General understanding of federal income taxation.

Advanced Preparation: None


Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

At the start of the materials, participants should identify the following topics for study:
Electric vehicle credit modifications and changes
Home & residential tax credits, deductions & exclusions
Renewable energy credits & incentives
Research credit against payroll tax
Limitation on excess business loss
Repurchase of corporate stock
Corporate alternative minimum tax
Selected non-tax provisions

Learning Objectives

   Apply changes imposed by the Inflation Reduction Act (IRA) relating to credits allowed for the individual acquisition of qualified electric vehicles and energy-efficient home improvements and     property.
   Recognize a wide spectrum of renewable energy credits and the application of the prevailing wage and apprenticeship requirements.
   Specify key IRA business and Medicare provisions, including energy-efficient buildings, corporate AMT, loss limits, and drug reforms.

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies