Course Description

The IRS, one of the world's largest tax administrators, collected about $4.7 trillion in taxes from 275 million annual returns in FY 2023. However, with an estimated $574 billion in back taxes uncollected in 2023, the IRS, also the world's largest collection agency, actively seeks payment of tax debts. The IRS can collect back taxes for 10 years from the date of assessment. To collect delinquent tax debt, the IRS may take a series of actions, such as filing a Notice of Federal Tax Lien, levying assets (e.g. wages, bank accounts), and offsetting federal tax refunds, unless taxpayers make arrangements to settle their debt. Tax resolution is the process of developing and implementing a solution to solve a taxpayer's IRS problem.  
Since every tax situation is unique, this course is designed to help you understand several methods used by tax professionals to resolve tax disputes with the IRS and reduce tax liabilities allowed by law. It is divided into five parts. Part I identifies taxpayers' rights and responsibilities under the law. It discusses the role of taxpayers and the "Taxpayer Bill of Rights" by describing what taxpayers can expect if they need to work with the IRS. Part II explores practical options, such as payment plans, Offers in Compromise, and delay collection request, for taxpayers who cannot pay in full immediately. It also identifies common reasons the IRS might consider penalty abatement. The statute of limitations on a tax debt is explained.
Part III focuses on IRS collection actions. It explains how the IRS determines taxpayers' ability to pay delinquent tax liabilities. It also covers everything taxpayers need to know about lien and levies from the IRS filing criteria, procedures, consequences, and how to remove them. Part IV addresses the IRS long-term payment plan (Installment Agreement) by explaining different payment options, ways to apply, and how to deal with defaulted payment plans. Part V discusses how to settle taxes with Offers in Compromise by explaining submission rules, how to prepare a Collection Information Statement, and the IRS evaluation process. The course includes many examples to help you understand tax rules and procedures.

Field of Study    Taxes
Level of Knowledge    Overview
Prerequisite    None
Advanced Preparation    None

Revision Date: 9/4/2024

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

Course Description
Accounting for income taxes is one of the more challenging topics of financial accounting. Corporations must file income tax return following the guidelines developed by the IRS.  Because GAAP and tax regulations differ in a number of ways, so frequently do pretax financial income and taxable income. Hence, the amount that a company reports as tax expense will differ from the amount of taxes payable to the IRS.  Those differences produce a complex accounting standard.
This course is designed to help you navigate the complexities of this topic. It covers the accounting and financial reporting requirements for income taxes discussed in ASC 740 Income Taxes. It addresses the basic principles such as the asset and liability method, assessment for uncertain tax positions, and the effect of temporary differences.  It explains the process of accounting for income taxes, including valuation allowance, asset acquisition, intraperiod allocations, and interim reporting. It describes presentation and disclosure requirements. It also provides specific examples to illustrate the application. Relevant references to and excerpts from ASC 740 are discussed throughout the course.

Learning Objectives
After studying this course, you will be able to:
1.    Recognize the basic principles of accounting for income taxes
2.    Identify recognition and measurement requirements for uncertain tax positions
3.    Recognize temporary differences and identify how these differences may arise
4.    Distinguish between permanent and temporary differences
5.    Identify method for computing deferred taxes
6.    Recognize basic rules for income taxes in interim reporting
7.    Recognize the reporting requirements for income taxes

Field of Study    Accounting
Level of Knowledge    Intermediate
Prerequisite    Understanding of GAAP
Advanced Preparation    None
CPE    6

Revision Date: 12/1/22

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 mini-course integrates federal taxation with overall financial planning. The course explores tax strategies relating to the central financial tactics of wealth building, capital preservation, and estate distribution. The result is a unified explanation of tax-economics that will permit the tax professional to locate, analyze, and solve financial concerns. Designed to improve the quality of services to clients and the profitability of engagements, this program projects the accountant into the world of financial planning.

Learning Assignment & Objectives

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

Learning Objectives:

After reading the materials, participants will be able to:

1. Identify investment purposes and retirement misconceptions, the multi-step retirement process, and the elements of investment planning.

2. Determine income types, from a tax perspective, to be budgeted in-to cash so that income-producing assets can be acquired and managed for an effective investment plan.

3. Recognize the means of achieving tax deferral recognizing like-kind exchanges, retirement plans, and installment sales, and specify the double financial benefit of exchanging through tax postponement and possible tax elimination.

4. Determine how to use tax credits, estimated taxes, and basic deductions to effectively reduce federal income tax and thereby increase discretionary income for investment purposes.

5. Specify formats for income splitting that can benefit taxpayers by lowering overall taxes as a unit and permitting wealth and tax allocation among individuals or entities.

6. Identify the tax benefits of the $500,000 home sales exclusion, municipal bonds, divorce and separation settlements, gifts and inheritances, life insurance, fringe benefits, and Social Security to eliminate tax on realized gain and ordinary income.

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

Revision Date: 1/10/2024

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

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

Asset Protection

The current litigation explosion has created tremendous Interest in asset protection. Not only does this area have financial and estate aspects but it directly impacts tax planning.
This mini-course is designed to survey opportunities for asset protection that can arise during tax planning and to determine how to properly report such transactions.


Learning Objectives
After reading the materials, participants will be able to:
1. Recognize misconceptions about and the main reasons for asset protection, determine fraudulent transfers stating how to structure asset protection planning transfers so that they are not fraudulent, identify goals associated with undertaking asset protection measures, and specify how life insurance can be used as an asset protection vehicle.
2. Identify how the various types of entities relate to asset protection and how the various types of joint ownership of property and various trusts directly impact asset protection and tax liability.
3. Determine the concepts of common law property, community property, and equitable ownership specifying which states base distribution laws on those concepts, specify asset division principles, and recognize premarital and post-nuptial agreements and how they can be used to advise clients in individual asset protection.
After studying the materials, answer exam questions 1 to 10.

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

Revision Date: 1/10/24

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

2 Credits

Operating costs for vehicles used in the course of a taxpayer’s business are deductible. Thus, when taxpayers use their vehicles in their businesses or employment, they can deduct that portion of the cost of operating their vehicle. Such costs that can be deducted are property taxes that are paid on their vehicle if deductions are itemized on Schedule A. This mini-course reviews apportionment of personal and business use, the actual cost method and the standard mileage method, and expensing. Moreover, this presentation informs practitioners about topics such as the benefits and costs of leasing versus owning, and working condition fringe benefits.

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:

• Apportionment of personal & business use
• Deduction limitations using actual cost method
• Expensing - §179
• Predominate business use rule
• Auto leasing
• Standard mileage method
• Auto trade-in vs. sale
• Employer-provided automobile
• Nonpersonal use vehicle
• Reporting of employer-provided automobile

Learning Objectives

After reading the materials, participants will be able to:

1. Identify and implement various tax vehicle depreciation (§168) and expensing (§179) methods describing their requirements and limitations under MACRS and make basis, business use and deduction computations.
2. Explain the predominate business use rule emphasizing the result of less than 50% qualified business use, name the pros and cons of auto leasing and calculate monthly lease payments indicating what factors affect payments so clients may financially analyze leasing and know common leasing terms.
3. Review items included under the standard mileage method distinguishing items that may be separately deducted, determine the taxable fringe benefit value of an employer provided automobile using the general and special valuation methods ands list several qualified nonpersonal use vehicles discussing what reporting standards apply.

Revision Date: 3/6/24 with additional Study Guide Update on 6/3/24.

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 Bankruptcy Abuse Prevention and Consumer Protection Act was enacted to minimize abuse of the bankruptcy system. Included in this Act were tax law changes and other changes that individuals, partnerships, and corporations will see in the bankruptcy procedures and qualifications. This mini-course both examines these changes that debtors will face when filing for federal bankruptcy and also explores the many tax issues of bankruptcy. Practitioners will also learn about other issues such as homesteading and garnishment by creditors.

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:

• Tax law changes
• Bankruptcy types
• Automatic stay
• Preferences
• Priorities
• Debt discharge
• Individual bankruptcy estate
• Individual debtor
• Corporate bankruptcy
• Homesteading & garnishment

Learning Objectives

After reading the materials, participants will be able to:

1. Analyze the 2005 Bankruptcy Act by identifying changes to bankruptcy procedures and qualifications comparing the three most common types of bankruptcy filings and select the appropriate bankruptcy filing using a debtor’s status as an individual or business and their ability to pay off creditors.
2. Explain the scope of the automatic stay, the recoupment preferential transfers, and the priority of creditor claims categorizing dischargeable and nondischargeable debts based on bankruptcy filing.
3. Outline the creation of a separate individual bankruptcy estate determining its taxable income, appropriate deductions, and special tax year elections and contrast individual with partnership and corporate bankruptcy comparing filing bankruptcy requirements, debt discharge and asset liquidations including reorganizations.
4. Describe the purpose of homestead laws and available homestead types including the degree of homeowner protection afforded and identify the special rules, terms, and application of garnishment laws.

2024 Easy Update & Inflation Adjustments
Mini-Course Description
This mini-course examines key individual, business, retirement, and estate tax provisions recently enacted or indexed for inflation in an overview format that is easy to reference. The emphasis is on quick access to major tax changes having special meaning to the tax practitioner and return preparer. The course is a great resource and a way for professionals and staff alike to easily get the "big chunks" and bring their professional knowledge up to speed.


Learning Assignment & Objectives
As a result of studying the assigned materials, you should be able to meet the objectives listed below:
After reading the materials, participants will be able to:
1. Recognize the various issues affected by inflation and recent tax law developments especially as they relate to individual tax brackets, exemptions & deductions, the AMT, the child tax credit, alimony,  HSAs,  education plans, and energy credits.
2. Determine the key business tax issues affected by inflation adjustments and recent legislative changes, including corporate tax rates, entertainment expenses, tax credits & deductions, bonus depreciation, expensing, standard mileage rates, employment taxation, repatriation of foreign income, small business stock, partnership taxation, and excessive compensation.
3. Specify differences between various retirement plans, including inflation-adjusted contribution limits and phaseout limits, and determine estate taxes by identifying trust income tax rates and determining applicable exclusion amounts.
After studying the materials, answer exam questions 1 to 30.


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

Revision Date:  3/27/2024

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

Course Description

Practitioners are brought up-to-date information on tax issues affecting estate planning and business issues. A major emphasis of this mini-course is practical estate planning solutions that are cost effective. Devised to reduce or eliminate estate problems and death taxes, this comprehensive guide examines wills, trusts, gifts, insurance, private annuities, and other general estate planning tools. The planning issues and problems that arise from owning a business interest are also addressed.

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:

• Unlimited marital deduction
• Simple will
• Types of trusts
• Charitable trusts
• Family documents
• Private annuities
• Business valuation
• Redemptions
• Lifetime dispositions
• Installment payment of federal estate taxes
• Learning Objectives

After reading the materials, participants will be able to:

1. Describe the unlimited marital deduction, its effect on the gross estate evaluation and the impact of stepped-up basis as they affect survivors and heirs. Summarize the benefits of establishing even a simple will and its control over certain assets.
2. Discuss the primary ways to dispose of assets using trusts and annuities specifying the importance of family documents to manage assets.
3. Identify the starting point used to value a business’s tangible assets, continue by reviewing the R.R. 59-60 business valuation factors and listing the four steps in R.R. 68-609’s valuation formula for intangible assets and goodwill noting the effect of both rulings on the total value of a business. Then, analyze the adjustment caused by minority interests in a closely held business and their impact on final evaluation.
4. Illustrate how to use the various ways to dispose of business interest before death to family members while avoiding the provisions of the constructive ownership rules.
5. Analyze deferred compensation agreements as a valuable estate planning tool and identify when to recommend the option of paying federal estate taxes in installments indicating the basis of the election and its eligibility requirements.

Revision Date: 1/10/2024

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

Mini-Course Description:

Business expenses are the costs of carrying on a trade or business, and they are usually deductible if the business is operated to make a profit. This mini-course reviews various expenses that businesses may deduct and the requirements that must be met for those expenses to qualify for deduction. Furthermore, practitioners can use this as a guide to determine which of their clients’ taxes are deductible as business expenses.

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:

* Section 162

* Expenses of not-for-profit activities

* Rent expenses

* Interest expense

* Deductible taxes

* Other selected deductible costs

* Amortization

* Depletion -§613

* Business bad debts

* Depreciation

Learning Objectives

After reading the materials, participants will be able to:

1. Cite the elements of §162 and the limitations imposed by the not-for-profit provisions stating how these elements and restrictions impact business deductions such as cost of goods sold, leases, taxes, loan points, and interest expense.

2. Determine the corporate dividends received deduction, identify the cost allocation on the business use of a residence and specify casualties, thefts, and research costs in the context of business deductions under §162.

3. Recognize methods of amortization for business startup, organizational costs, and §179 intangibles with the cost depletion methods used on natural resources.

4. Identify depreciation rules related to ACRS and MACRS, and cite the elements of the business bad debt provisions under §166.

After studying the materials, answer exam questions 1 to 10.

Revision Date:  1/10/2024

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 cancelation and record retention policies

Course Description:

How can you help your clients protect their assets? What is the best way for your client to “go bankrupt”? How can you help your client avoid the tax trap when going through a divorce? This course addresses all of these and many other, critical legal issues for the tax practitioner in a quick and effective potpourri of legal topics and their tax impact. The emphasis is on the tax consequences of common legal issues in today's litigatious society. From the Americans with Disabilities Act to Social Security taxes, a generous sampling of key areas is examined and explored. Tax practitioners will be quickly surprised to find how often the "tax tail" can wag the legal dog.

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:

• Asset protection
• COBRA coverage
• Bankruptcy
• Divorce settlements & divisions
• Employment & Social Security
• Americans with Disabilities Act
• Entities and title
• Insurance & foreclosure
• Involuntary conversions
• Torts and personal injuries

Learning Objectives

After reading the materials, participants will be able to:

1. Identify and analyze the business law concepts of asset protection, bankruptcy, condemnation, and damages by evaluating their tax, economic, and legal impact on the small business planning.
2. Define the business relationships of principal, employee and independent contractor noting the legal and tax consequences of their relationship to a business, detect and solve business and legal risks posed by these parties, including co-ownership, employment, Worker's Compensation, COBRA and Disability Act provisions by developing proactive techniques such as buy sell agreements and regulatory compliance procedures.
3. Explain and advise small-business clients on the variety of personal tax and legal issues such as divorce, foreclosure, legal title, and income needs that can directly impact their business and how investment, insurance, and government benefit planning can address these issues.

Revision Date:  1/10/2024

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

Taxpayers are once again looking to CPAs for guidance and planning related to travel and entertainment expenses. This comprehensive mini-course examines and explains the practical aspects of business travel and entertainment deductions. To determine the expenses that taxpayers are able to deduct, fundamentals are reviewed and planning opportunities are identified. Practitioners will learn to master the proper administration of these complex and often cumbersome provisions.

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:

• Transportation & travel distinguished
• Definition of “tax home”
• Temporary & indefinite assignments
• Business purpose requirement for business travel
• Convention & meetings
• Statutory exceptions of ordinary & necessary requirement
• Entertainment facilities
• Employee expense reimbursement & reporting
• Self-employed persons
• Employers

Learning Objectives

After reading the materials, participants will be able to:

1. Recognize the “away from home” requirement and related deductions, determine what constitutes transportation and travel expenses noting the tests for tax home and recognize the differences between temporary and indefinite work assignments including their effect on a tax home.

2. Identify the business purpose requirement using the 51/49 percent test, determine deductible conventions and meetings, and specify the limitations applied to meals and lodging when traveling.

3. Determine what constitutes business entertainment and identify business entertainment activity deduction restrictions and disallowance.

4. Specify the Statute 274(e) exceptions to entertainment deduction disallowance, recognize the necessity of expense substantiation, and determine accountable and nonaccountable plans noting the impact on deductions.

Revision Date:  1/24/2024

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

Getting Cash Out Of Your Business

Mini-Course Description:

This mini-course examines the various ideas, methods, and techniques capable of optimizing the overall compensation package for key employees and principals in small to medium-sized businesses. Qualified and non-qualified deferred compensation, benefit targeting, insurance programs, statutory fringe benefits, interest-free loans, and investment planning are investigated. Consideration is given to indirect compensation in the form of business entertainment, expense accounts, auto use, travel, and transportation. The new field of professional services is probed to provide tax, financial, and estate planning to the key executive.

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 Objectives:
After reading the materials, participants will be able to:
1. Identify types of income, from a financial and tax perspective, to be budgeted into cash so that income-producing assets can be acquired and managed for an effective investment plan.
2. Determine compensation to maximize the net dollar return using strategies that involve all aspects of how the client relates to the company for which they may be an owner, employee, or both.
3. Specify the differences between qualified deferred compensation plans and nonqualified deferred compensation plans, and recognize defined contribution plans from defined benefit plans identifying the characteristics of each so that business owners may choose the most suitable plan to accomplish their financial and worker incentive objectives.
4. Recognize the scope and variety of excluded fringe benefits including tax treatment, operational details, and level of incentive-based compensation.
5. Identify the disallowance of entertainment expenses, determine the tax treatment of reimbursements paid under accountable and unaccountable plans, and recognize deductible travel expenses undertaken for business.
6. Specify types of insurance that a company can provide its employees, define the various types of equity participation available from which companies may choose, and identify the basic types of buy-sell agreements.
After studying the materials, answer exam questions 1 to 15.
Notice
This course and test have been adapted from materials and information contained in the above text and any supplemental material provided. This course is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional advice and assumes no liability whatsoever in connection with its use. Since laws are constantly changing, and are subject to differing interpretations, we urge you to do additional research and consult appropriate experts before relying on the information contained in this course to render professional advice.

 

Revision Date:  1/24/2024

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 cancelation and record retention policies

This mini-course describes and compares sole proprietorships, partnerships, limited liability companies, “C” corporations and “S” corporations. It examines their advantages and disadvantages, permitting the participant to properly select the right business entity for their tax and liability needs.

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:

• Advantages and disadvantages of sole proprietorships
• Taxes for self-employed individuals
• Definition of partnership
• Partnership tax return & year taxable
• Contributed property, assets & services
• Sales & exchanges of partnership interests
• Limited liability companies
• C corporations & PSC corporations
• Inventories
• S corporations

Learning Objectives

After reading the materials, participants will be able to:

1. Compare and contrast the central differences among business entities and the advantages and disadvantages associated with five basic business entity types.
2. Explain the tax attributes sole proprietorships, partnerships, LLCs, S corporations and C corporations and how each entity can be used to enhance tax and financial purposes and objectives.
3. Direct clients about the unique (e.g., self employment) and general taxes applicable to particular entities and the tax forms that may be required.
4. Describe the basic deductions that are permissible for each entity type and the conditions under which they are allowed.
5. Summarize the tax years, accounting methods and valuation methods that each entity type may use, and how the entities can be terminated.
6. Determine for different entity types the basis and the tax effect of sales, exchanges, transfers, contributions and distributions.

Revision Date: 1/24/2024

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

Course Description:

The various ideas, methods, and techniques to optimize the overall compensation package for key employees and principals are examined in this mini-course. Generally, businesses may deduct employees’ pay including wages, salaries, and other perks. Certain fringe benefits that can provide an unusually tax favored manner of supplementing compensation are described and evaluated. In addition, equity participation is explored through stock sales, repurchase agreements, incentive stock options, ESOT’s, stock options, and bonuses. Finally, deferred compensation arrangements are investigated. The goal of this mini course is to provide participants with a working knowledge of types of compensation necessary to structure a compensation package minimizing tax liabilities and cost.

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 material, participants should identify the following topics for study:

• Wages, salary & pay
• Tests for deducting pay to employees
• Selected types of compensation
• Payroll taxes
• Selected fringe benefits
• Interest-free & below-market loans
• Equity participation
• Advantages of nonqualified deferred compensation
• Funded company account plans
• Segregated asset plans

Learning Objectives

After reading the materials, participants will be able to:

1. Identify the twenty common-law rules used by the IRS to determine whether a person is an employee for purposes of FICA, FUTA and federal income tax withholding.
2. Recognize employee and officer compensation deductibility factors and the related employment taxes and reporting obligations to ensure compliance with regulations.
3. Analyze and compare fringe benefits to provide deductible incentive based employee compensation.
4. Explain equity incentive opportunities available to employers emphasizing the variety, tax treatment, and use of stock plans.
5. Discuss using deferred compensation agreements to attain compensation and retirement objectives.

Revision Date:  1/24/2024

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 examines and explains the basics of corporate taxation. The focus is on regular or C corporations, their formation, and operation under tax law. The advantages and disadvantage of corporations are examined; incorporation and capitalization issues are discussed; and, basic tax rates and specialty taxes are reviewed. The tax treatment of operational expenses and deductions are outlined; and accounting periods and methods are explored. Finally, the dangers of multiple corporations and corporate distributions are highlighted.

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:

• Corporation defined
• PSC corporations
• Incorporation
• Small business stock exclusion
• Start-up & organizational expenses
• Alternative minimum tax
• Capital gains & losses
• Accumulated earnings
• Accounting periods & methods
• Inventories

Learning Objectives

After reading the materials, participants will be able to:

1. Recognize the key elements of regular corporations, explain their advantages and disadvantages, including tax treatment and tax advantages and disadvantages, and how to distinguish them from PSC corporations.
2. Direct clients on §351 requirements for tax free incorporation, explain the impact of the transfer of money, property or both by prospective shareholders pointing out the availability of §1244 for stock losses and §195 amortization of start-up expenditures.
3. Compute corporate alternative minimum tax recognizing the small corporation exemption, explain the corporate tax consequences of capital gains and losses, and describe several ways to avert the accumulated earnings trap noting the potential use of the accumulated earnings credit.
4. List accounting periods and methods available to corporations describing the tax consequences of liquidating property distributions.

Revision Date:1/24/2024

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

Participants will learn how to apply, implement, and evaluate the strategic tax aspects of marital dissolutions and living together arrangements. Current perspectives on property transfers and asset divisions are examined with an emphasis on planning considerations. This mini-course reviews property settlements and other transfers incident to divorce. Basis allocation, third party transfers and purchases between spouses are also examined. Common pitfalls for the unwary such as transfers in trust, installment notes, and purchases between spouses are analyzed. Application of these tax principles is exampled in selected asset divisions of the residence, business interests, insurance, and pension benefits.

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:

• Property rights
• Premarital agreements
• Application of §1031
• Incident to divorce
• Property basis
• Purchases of residence between spouses
• Purchases of business interests between spouses
• Selected asset divisions of residence & business interests
• Real & personal property
• Pension benefits

Learning Objectives

After reading the materials, participants will be able to:

1. Inform clients on the various forms of marital property and how to proceed with a tax structured property settlement pointing out the benefits of premarital agreements to avoid potential divorce problems.
2. Demonstrate a working knowledge of property settlements under §1041 by explaining:
   a. its application to interspousal and third party transfers,
   b. the factors that determine whether or not a property transfer is incident to divorce under §1041,
   c. property basis for the transferor and transferee spouse under §1041.
3. Discuss and suggest remedies for the deferred tax pitfall of §1041 by:
   a. describing the deferred tax liability of interspousal purchases,
   b. explaining the tax deferral of §1031 exchanges,
   c. listing the key elements of the home sale exclusion and how to apply it;
   d. pointing out benefit distribution problems and the tax advantages of QDROs.

Revision Date: 1/30/24

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

Course Description:

Today taxpayers must plan for their children's education. Touching on various topics such as qualified tution programs (QTPs), scholarships and fellowships, this mini-course examines the tax treatment of costs related to education.  Practitioners will learn the ins and outs of the tax benefits concerning education and will be able to identify those educational expenses that are deductible.  Additionally, financial planning strategies and techniques are outlined to better prepare taxpayers for future educational costs. 

Learning Objectives:

After reading the materials, participants will be able to:

1.  Identify deductible education expenses and travel costs under the requirements of Section 162.
2. Determine the qualified credit amounts under the HOPE ("American Opportunity") Credit and the requirements of Coverdell education savings accounts.
3. Identify the deductible amount to claim for Section 221 student loan interest and recognize the permissible benefits of Section 529 qualified tuition programs.
4. Specify the tax free benefits of Section 117 scholarships and fellowships and who is eligible for a  Section132 qualified tuition reduction.
5. Identify educational incentives and financial aid requirements to meet college funding needs.

Course Description:

Before launching into an estate planning program, it’s important to know who owns what and exactly for whom you are planning. This requires that methods of holding title must be analyzed, considered, and selected. Sole proprietorships, S corporations, C corporations, partnerships, and limited liability companies are analyzed as to formation, operation, and ultimate disposition. Since who or what holds title imposes its own unique tax and legal consequences on the estate plan, emphasis is given to the maximization of tax benefits in each business format. While each has its own separate characteristics, several may be used together in more sophisticated planning.

Learning  Objectives

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

Distinguish between the various types of corporations, clarify S corporation rules and their tax advantages and disadvantages, contrast the advantages and disadvantages of corporations relative to other types of entities, and explain how leasebacks to corporations work;

Differentiate between the types of joint ownership, describe how to use the benefits of partnerships, trusts and limited liability companies to hold property;

List the various retirement plans and how they can be used to provide substantial lifetime benefits to a business owner and to employees.

Revision Date: 2/7/2024

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

Course Description:

Everyone needs to do estate planning. It is more than just planning for death. Estate planning is designing a program for effective wealth building, preservation, and disposition of property at the minimum possible tax cost. This exceptional mini-course surveys wills, living trusts, gifts, marital property, and probate avoidance. Designed to eliminate estate problems and death taxes, the emphasis is on practical solutions that are cost effective. The text reviews and explains both federal gift and estate tax systems giving practice pointers and planning observations.

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:

• Build, preserve & distribute
• Legal documents
• Estate planning team
• Estate administration
• Estate planning techniques & devices
• Trusts

Learning Objectives

After reading the materials, participants will be able to:

       dentify the key participants and their roles in a coordinated estate plan and explain probate process including trust administration;

Compare and contrast specialized estate planning tools emphasizing the use of trusts and demonstrating how such tools save death taxes and transfer wealth while accentuating asset control;

Summarize recommended trust provisions and requirements pointing out how these terms and rules impact estate and trust taxation.       

Revision Date:2/7/2024

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

Course Description:

While the nuclear family remains the center point of society, today it is under tremendous economic and social pressure. This mini-course is designed to cover "hot" topics having a direct impact on the practitioner who represents any client with family issues. The emphasis is on using tax solutions to ease family economic concerns permitting the practitioner to be a real tax hero.

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:

Filing status & exemptions

Divorce costs

Child, dependent care & adoption credits

Education expenses, credits & deductions

Medical costs

Charitable contributions

Casualty & theft losses

Home sales & mortgage interest

Property rights

Elderly, disabled & estate planning

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

Revision Date:  2/14/2024

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

Mini-Course Description & Study Guide

We are all (including tax practitioners) getting older, and the need for effective retirement planning has never been greater. This mini-course is essential for participants who wish to attain a comfortable retirement for themselves and their clients by maximizing tax saving strategies. Retirement income needs are analyzed; Social Security benefits are determined, and distribution options from IRAs and retirement plans are explored.

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

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

Installment Sales

Mini-Course Description

An installment sale is a sale of property where one or more payments are received after the close of the tax year. This mini-course discusses the particulars of installment sales, including requirements, calculations, and pitfalls. Cross issues such as a combined installment sale and like-kind exchange, the impact of related parties, pledging, repossession and contingent payments are reviewed. Also, the importance of recognizing the dangers of dealer status, inventory, purchase price allocation, and installment note disposition are emphasized.

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:

* Installment method

* Installment income

* Imputed interest & OID

* Related party sales

* Like-kind exchanges

* Contingent payments or price

* Sale of a business

* Dealer dispositions

* Installment notes in excess of $5 million

* Dispositions of installment obligations

Learning Objectives

After reading the materials, participants will be able to:

1. Recognize the importance, particularly in tax deferral, of the installment method and, identify §453 requirements and installment method terminology.

2. Specify the imputed interest, OID, and §1038 repossession rules affecting installment sales and subsequent repossessions.

3. Identify the following §453 pitfalls and complexities:  the related party limitation, the regulations governing the use of the installment sale method in like-kind exchanges, and the contingent payment sale rules.

4. Determine how to allocate and report installment payments among identified asset classes using R.R. 76-110 and the residual method recognizing §453 prohibitions on certain assets regarding dealer dispositions and inventory.

5. Identify the amount of interest payable on tax-deferred income when §453 dispositions exceed $5 million and circumstances considered taxable dispositions of installment obligations to determine when any gain or loss is recognized.

After studying the materials, answer exam questions 1 to 10.

Revision Date:  2/28/2024

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 cancelation and record retention policies

Estate planning is when tomorrow becomes today! As a result of recent legislation, estate planning has been made surprisingly simple. This mini-course surveys wills, living trusts, gifts, insurance, marital property and probate avoidance. The will and trust forms are explored along with living wills, durable powers of attorney and nominations of conservator.

Learning Objectives
At the start of the materials, participants should identify the following topics for
study:
* Estate planning team & administration
* Unlimited marital deduction & applicable exclusion amount
* Primary dispositive plans
* Trusts
* Annual gift tax exclusion
* Annuities & installment sales to family members
* Charitable remainder trusts
* Family limited partnerships
* Buy-sell agreements
* Family documents
After reading the materials, participants will be able to:
1. Recognize members of the estate planning team including their role in the
estate administration process, specify the unlimited marital deduction
requirements, cite the applicable exclusion amount and identify the effects of
stepped-up basis particularly, the repealed of modified carryover basis.
2. Determine the limits of a simple will and the advantages and disadvantages
of living trusts.
3. Identify specialized estate planning tools and how they permit clients to
pass more wealth and save death taxes, cite the uses of a durable power of
attorney, and specify instances when a conservatorship is appropriate.

Revision Date: 2/29/2024

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

Course Description:

This mini-course will teach participants how to apply, implement, and evaluate the strategic tax aspects of marital and financial setbacks. Property transfers, asset divisions, alimony, filing status, exemptions, and child support are examined.

The cancellation of indebtedness income inclusion rules are discussed in the context of debt forgiveness and property foreclosure. Emphasis is given to the exceptions from income inclusion contained in Statute 108. The tax treatment of property repossession under Statute 1038 and bad debt treatment under Statute 166 is reviewed.

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:

* Marital tax liability

* Transfers incident to divorce

* Alimony & child support

* Debt cancellation & income inclusion rule

* Reduction of tax benefits

* Foreclosure

* Repossession of personal property

* Repossession of real property

* Non-business bad debts

* Business bad debts

Learning Objectives

After reading the materials, participants will be able to:

1. Recognize tax considerations and tax guidance for marital breakdowns and, identify marital status specifying the effect marital status has on filing status and federal income tax obligations. 

2. Identify state marital property provisions, cite the elements of  Statute 1041 identifying at least two tax traps for the unaware, and specify variables that determine whether a payment is alimony.

3. Determine the exceptions to the general income inclusion rule specifying their tax impact, and recognize the various issues related to calculating gain or loss resulting from foreclosure or repossession including the differences between personal and real property repossession, amount realized on sale, or other distribution of property in a foreclosure, and basis calculation on repossession of property.

4. Identify nonbusiness and business bad debts under Statute 166 determining their differences in Code requirements and amount allowed.

Revision Date: 3/19/2024

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

In this mini-course, initial marital tax matters such as living together, property rights, premarital agreements, filing status, exemptions, and dependents are explored. The detailed support test for children of divorced or separated parents, the tax treatment of back child support, the deduction of divorce costs, and estimated tax payments are reviewed. Emphasis is given to marital property rules, married versus unmarried tax rate comparison, head of household status, and treatment of refunds and deficiencies.

Learning Objectives
At the start of the materials, participants should identify the following topics for study:
* Marital status
* Joint return
* Separate returns
* Head of household
* Exemptions
* Divorce costs
* Withholding & estimated tax
* Community property states
* Ending the community
* Living together

After reading the materials, participants will be able to:
1. Identify marital status and the effect marital status has on filing status, cite the tax advantages and disadvantages of a filing status and, specify the requirements for filing as head of household and the exemptions associated with spouses and dependents.
2. Recognize the differences between custodial and non-custodial parents including how the status affects dependency, identify the application of special support rules, and specify the dependent child income standards.
3. Determine common law and community property specifying their effect on marital and divorce planning, and identify the circumstances when payments qualify as Statute 71 alimony.

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

Revision Date: 3/19/2024

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

Course Description:

We may all confront issues that directly impact how much we can deduct. This course is designed for participants who want to explore and examine the tax consequences of medical costs, charitable contributions, and casualty and theft losses, especially in relation to their deductibility. The emphasis is examining a wide variety of situations related to these items and the extent to which they may or may not result in a deduction and what limitations on deductibility may be imposed.

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:

* Deductions for medical costs

* Health Savings Accounts

* Health insurance for the self-employed

* Limitations on charitable contributions

* Contributions of cash

* Contributions of property

* Contributions of services

* Substantiation

* Casualty and theft losses

* Disaster area losses

*Losses on Deposits

Learning Objectives

After reading the chapter, participants will be able to:

1. Identify the various deductions related to medical costs by

a. Recognizing the differences between deductible and nondeductible items including the types of deductions for dependents; and

b. Specifying the basic characteristics of Health Savings Accounts (HSAs) and the tax consequences of withdrawals from HSAs and determining self-employed health insurance.

2. Recognize the charitable contribution provisions, identify how contributions of cash, property, and services affect deductibility of contributions of the different types of charitable contributions, and specify the requirements related to substantiation. 

3. Determine what constitutes casualty losses, theft losses, and losses on deposits and recognize the issues related to the deductibility of these losses.

Revision Date: 3/19/2024

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

Course Description:

With the adoption of the passive loss limitation rules, taxpayers are looking to CPAs for guidance related to what deductions are allowed, disallowed, or suspended. Updating practitioners on the practical aspects of Statute 469, this course addresses the needed skill to handle these pragmatic issues. Fundamentals are reviewed, planning opportunities are identified, and creative strategies are discussed and evaluated along with remaining traditional approaches. The goal of this instructive course is to understand and solve client problems under Statute 469, with emphasis on tax savings ideas. Participants will learn to master the proper administration of these complex and often cumbersome provisions.

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:

* Passive loss rules

* Material participation

* Activity definition

* Passive & nonpassive activities

* Passive activity loss

* Rental activities

* Recharacterization of passive income

* Passive activity credits

* Passive activity audit guide

* At-risk limits

Learning Objectives

After reading the materials, participants will be able to:

1. Identify affected taxpayers, categories of income and loss, and passive losses under Statute 469 and necessary Statute 469 calculation steps and specify the Statute 469 & Statute 1211 limits and the ordering and suspension of any disallowed losses.

2. Recognize a taxpayer’s material participation in an activity by:

a. Identifying the material participation tests and their application to entities such as partnerships and corporations;

b. Specifying the activity grouping rules and exempt activities;

c. Determining passive activity particularly, the treatment of rental activity as passive; and

d. Identifying “nested” activities.

3. Identify special passive loss rules and calculations by:

a. Determining alternating use affects on amount realized and adjusted basis and citing additional loss limitations outside of Statute 469;

b. Recognizing requirements for the special $25,000 allowance; and

c. Specifying recharacterization rules and their purpose.

4. Recognize the passive activity audit guidelines identifying audit issues, determine the real estate rental activity credit exception, and cite the at-risk limit rules as they relate to Statute 469.

 Revision Date: 3/26/24

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

Course Description:

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.

 Revision Date: 3/29/2024

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

Course Description:

We are all (including tax practitioners) getting older, and the need for effective retirement planning has never been greater. This course is essential for participants who wish to attain a comfortable retirement for themselves and their clients by maximizing tax-saving strategies. Designed to improve the quality of services to clients and the profitability of engagements, this presentation integrates federal taxation with retirement planning. The emphasis is on practical simplicity in dealing with the self-employed and highly compensated individual. Distribution options from IRAs and other retirement plans are explored.

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.

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:

Qualified deferred compensation

Basic requirements of a qualified pension plan

Basic types of corporate plans

Types of defined contribution plans

Self-employed plans - Keogh

Distribution & settlement options of IRAs

Tax-free rollovers for IRAs

Roth IRAs

Simplified employee pension plans (SEPs)

SIMPLE plans

Revision Date: 3/29/2024

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

In this course, the intricacies of setting up and terminating an S corporation are detailed and taxation is discussed. The numerous advantages and disadvantages of this entity are identified to help practitioners determine whether the S corporation is most suitable for their clients. Eligible domestic corporations can avoid double taxation by electing to be treated as an S corporation under the rules of Subchapter S. Subchapter S provides an optional method of corporate taxation and allows small business corporations to elect unusual tax treatment. The S corporation is taxed like a partnership, but in other respects, S corporations are taxed like C corporations.

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:

* Advantages & disadvantages

* S corporation status

* Termination

* Income & expense

* Built-in gain

* Passive income

* Basis of stocks & debts

* Distributions

* Form 1120S

* Fringe benefits

Learning Objectives

After reading the materials, participants will able to:

1. Recognize a client's potential use of the S corporation format and its tax advantages and disadvantages by citing the requirements for an S corporation election, identifying eligible S corporation shareholders, specifying the one-class-of-stock regulations, and determining the ways an S corporation election can be terminated.

2. Identify the concepts of S corporation taxation by:

a. Recognizing the application of passive income taxation, accumulated adjustments accounts, built-in gains, net operating losses, tax preference items, and potential capital gains taxes,

b. Determining a shareholder’s stock basis from capitalization and loan activity,

c. Specifying the related party rules including their impact on deductions, available fringe benefits, and tax forms to use when filing as an S corporation.

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

Revision Date: 3/29/2024

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence<