CPE Catalog & Events

Emphasize form 1040 and the accompanying reporting schedules for a basic individual income tax return Identify and be able to implement basic individual income tax planning ideas for clients Familiarity with several source documents utilized in the preparation of an individual income tax return Identify common errors made in the preparation of an individual income tax return and understand how to avoid the errors in the future

Detailed coverage of the passive activity rules under IRC 469 (and related regulations), how the 3.8% net investment income tax under 1411 and qualified business income (QBI) deduction under 199A applies to rentals and passive activities and what is a trade or business rental is under 162 How the PAL rules apply to rental real estate activities and investments in S corporations and partnerships Definition of activity and the activity grouping and disclosure rules Real estate professional exception to the PAL rules for investments in non-passive rentals Special $25,000 loss allowance for rental real estate with active participation Material participation safe harbor rules Events that trigger suspended PALs Limitations on tax credits generated by passive activities Special rules that re-characterize passive income to non-passive income What rentals are subject to self-employment tax under 1402

Cryptocurrency Capital gains and losses Evaluating IRS sub regulatory guidance

Identification of facts that could cause the imposition of the built-in gain tax The calculation of the tax on "net recognized built-in gain" during the "recognition period" The meaning of "current mandatory double tax" The aggregate limitation based on "net unrealized built-in gain" The limitation based on the "gain" that existed at conversion The importance of valuation analysis at conversion The taxable income limitation Using existing corporate net operating losses and tax credits Tax planning ideas and strategies to minimize or avoid the tax on the built-in gain

Definition of Data Analytics Assessing your organization's current status and establishing an environment for success Financial staff's core activities Common uses of analytics and current examples Behavioral forces that impact decisions Examples of inaccurate forecasts Identifying strategic measurements (KPIs) Improving budgeting and forecasting and addressing Black Swan events Collecting and using data from traditional and non-traditional data sources Statistical tools, including Median, Mode, Moving average, Ratio analysis, Pareto analysis, Rolling forecast, Mission-based budgeting, Trend analysis, Regression, Z-Score (public and private organizations) and Simulation Analytical techniques, including Brainstorming, Mind mapping and Delphi technique Software tools that are readily available and can assist in visually exploring data; expanding the scope of available data, as well as collecting, analyzing and presenting results (including Dashboards). Specific ideas for using Data Analytics, including immediate opportunities and areas for further consideration Expanded lists of readings and next level software for a participants' future reference

Creating Word and PowerPoint documents with greater ease and efficiency Enabling critical Outlook options for improved productivity Best practices for working with Word, Outlook and PowerPoint

The impact of recent tax legislation on the real estate industry Depreciation and recapture Determining the basis when acquiring real estate Passive activity losses Calculation of gain or loss on sale of real estate Rental operations Installment sales

Residency status for U.S. federal income tax purposes Key provisions of U.S. income tax treaties Overview of the taxation of income from foreign entities Understanding Foreign Tax Credit Identifying foreign-source and U.S.-source income Foreign earned income and housing exclusion Foreign informational form filing requirements

Understand how to approach and analyze the U.S. taxation of foreign corporations Using an example, calculate GILTI, Subpart F andPFIC income inclusions for an individual and C corporation Determine how much foreign tax credit can be claimed against such income inclusions Determine how subsequent dividend distributions from the foreign corporation are taxed Calculate capital gain on the disposition of the foreign corporation Discuss the impact of Section 962 election Compare different outcomes under GILTI, Subpart F andPFIC regimes for individuals and corporations Identify basic strategies for managing tax liabilities related to foreign corporations

Accounting for simple business entities Income tax, modified cash basis and other alternatives to GAAP Avoiding the pitfalls and costs of GAAP reporting and disclosure requirements Documenting accounting decisions to minimize potential liability

Minimum distribution requirement changes by the SECURE Act 2.0 Latest guidance issued by the IRS related to required minimum distributions The calculation of required minimum distributions using the Uniform Life Table Required minimum distributions from multiple accounts New 401(k) rules of SECURE Act 2.0 Inherited employer retirement accounts and IRAs: Changes to spousal and non-spousal beneficiary distribution options and stretch IRAs under the SECURE Act Required minimum distributions in the year of death Roth conversions for estate planning and avoiding required minimum distributions Timing of distributions for maximum tax-free compounding Section 529 rollovers to Roth accounts under SECURE Act 2.0 Qualified charitable distributions from IRAs and the relationship between deductible IRAs and QCDs under the new anti-abuse rules. Includes SECURE Act 2.0 rollovers to CRUTs and CRATs Taxation of distributions Penalties for missed required minimum distributions and reasonable cause for abatement of penalties. Includes SECURE Act 2.0 changes

The essential internal control concepts applied in a single audit How the auditor obtains an understanding of controls over compliance and then tests the effectiveness of those controls in a single audit How the auditor plans and performs tests of compliance in a single audit The identification and reporting of control and compliance findings

Proper planning of benefit plan audit engagements and developing audit strategy while improving overall efficiency Common pitfalls in planning and detailed audit procedures Changes affecting 401(k) plans, including SAS 136 implementation Common mistakes as noted in peer reviews and DOL inspections

Timely coverage of breaking tax legislation Applicable coverage of any basis considerations within any recent tax legislation Passthrough basis calculations required as attachments to certain individual returns Executor's form for disclosing basis in certain distributed property; what about the basis of a property distribution from a trust? How 179 limitations affect basis and how tax-benefit rule is applied Basis implications of personal assets converted to business use How to calculate basis of inherited qualified and joint tenancy property Tax basis capital account reporting requirements S corporations: Beware of final IRS regulations regarding "open debt"; determine how to calculate basis; worksheets are included; understand the effect of stock basis and debt basis and IRS's recent focus on "at-risk basis" for shareholders; recognize how AAA applies or doesn't apply to S corporations; learn to apply the complex basis ordering rules and special elections that can have a big tax result; discuss loss limitation rules in depth; when you can have a taxable dividend in an S corporation; understand distributions of cash and property; understand the post-termination transition rules and temporary post-termination rules for eligible corporations, which will be important for S corps returning to C corps LLCs and partnerships: Learn the detailed rules of 704 for preventing the shifting of tax consequences among partners or members; learn to calculate basis under 704 & for "at-risk" under 465; recognize how recourse, nonrecourse and qualified nonrecourse debt can create significantly different tax results; learn the difference between basis and "at-risk basis"; review 754 step-up in basis rules; the economic effect equivalence test or "dumb-but-lucky" rule; learn to apply the complex rules of distribution of cash vs. property and the basis treatment of charitable contributions and foreign taxes paid

Comprehensive coverage of the Inflation Reduction Act, including: The Clean Vehicle Credit, Credit for Previously Owned Clean Vehicles, Credit for Qualified Commercial Clean Vehicles, Residential Clean Energy Credit, Energy Efficient Home Improvement Credit and Premium Tax Credit Comprehensive coverage of the SECURE 2.0 Act, including: Expanding Enrollment in Retirement Plans, Increase in Age for Required Beginning Date for Mandatory Distributions and New Exceptions to Penalty-Free Withdrawal from Retirement Plans Timely coverage of breaking tax legislation New Form 1099-K reporting requirements Detailed analysis and examples of Sale of Passthrough Entity Interest and Net Investment Income Tax Residency and Domicile Selling a principal residence, including tax planning strategies Real Estate professional requirements Virtual currency, including recent developments regarding NFTs Review of pertinent cases and rulings affecting taxpayers Practice aids, including all the numbers applicable for the current year -- inflation-adjusted amounts, mileage rates, retirement contributions and more Advanced practice, reporting and other issues intertwined with advanced planning and discussion ideas

The major topics covered in this seminar include: A review of the latest new law provisions affecting 2024 returns including developments relating to SECURE 2.0 and the Inflation Reduction Act. A review of any tax legislation enacted in 2024. FinCEN’s beneficial ownership information reporting rules. Regulations modifying the required minimum distribution (RMD) rules for 2024, An analysis of 2024 developments relating to energy credits, including energy efficient improvements to residences and developments concerning electric vehicles. Employee Retention Credit Developments. 1099-K reporting rules for 2024. Digital asset developments. New tax cases, rulings, and regulations expected to have the most significant impact on individuals and businesses. The presentation will emphasize tax planning opportunities resulting from these recent developments.   COURSE MATERIAL The course material includes: A checklist of expiring individual income tax provisions. Suggested planning ideas for businesses and individuals. An updated listing of items indexed for inflation.

Will Social Security be there for me? How is my benefit calculated? Can I claim my benefit and work too? When do I stop paying Social Security taxes? Why does my government pension cause my benefits to be reduced? Can I claim spousal benefits now and my own later? What is my breakeven? Can I claim benefits from my ex-spouse? What do you mean I may pay taxes on my income benefits? and more!

Sample Schedule M calculations Sample work papers for deferred tax computations Comprehensive two-year example and computations Review and analysis of recurring temporary differences Identification of the sources to compute "cumulative temporary differences" Sample workpapers for analysis of tax positions

What is a method of accounting and why is the answer important? How to select and adopt a method of accounting When can income be reported for both cash and accrual method businesses? When are expenses to be reported for cash and accrual method businesses? How and when to account for inventory How and when to change a method of accounting Avoiding accounting method problems California-Federal timing differences Relevance of timing rules to the income tax provision for financial reporting