CPE Catalog & Events

Rental income and expense calculation and reporting Deciphering Schedule E (Form 1040) Nuances of vacation home rules Passive activity loss rules: foundations and implications Active vs. material participation in rental activities Tax reporting: how to group passive activities Limitations on passive losses: at-risk rules and deductions Classifying rental real estate activities Navigating exceptions in rental real estate taxation

Discuss how productivity strategies may improve work-life balance Understand the state tax consequences that may arise when working from home Identify and discuss challenges unique to financial professionals Review how some organizations are providing support to improve work-life balance Explore the role of alternative work arrangements Examine challenges unique to auditors versus tax professionals A comparison of work-life balance between public and industry accountants How work-family conflict varies among financial professionals Recommendations for improving work-life balance

Review an error-prone "staff-prepared" Form 1040 from client-provided information. Where do you start? Get to know your client and ask the questions Several new reporting issues for the reviewer to consider, including the main credit provisions as enacted under the American Rescue Plan What are common errors preparers make and what are the areas generating malpractice claims? The importance of engagement letters, questionnaires and 7216 permission statement Initial administrative groundwork Identifying organizing issues in the tax return to be reviewed Avoiding "willful blindness." Handling ethical and moral dilemmas Efficient review of certain advanced issues for income, adjustments, deductions and credits Effective procedures for delinquent clients, filing past-due tax returns First-time client issues requiring extra scrutiny Multiple checklists of efficient procedures to identify potential issues on a 1040 return Listing of schedules for staff to prepare to make a review easier, including basis issues for 1040 clients Reconciling time pressure with thoroughness and quality control Professionals acting professionally

Preparation by hand of a reasonably complicated Form 1120 U.S. corporate income tax return from trial balance to completed return The importance of Schedule M-1, including many adjustments in reconciling book income to tax income and items preparation staff may look for on all business returns. Learn to self-review New tax-planning strategies for depreciation deductions, including changes to 179 and first-year depreciation (Section 168(k)) as a result of recent tax legislation Methods of accounting -- Application and choices In-depth analysis of Form 4797 dealing with depreciation recapture Deductible expenses -- including rules on meals and entertainment Section 163(j) Computation of tax liability Overview of many common business deductions; which are deductible and which are M-1 items? How to practically handle uniform capitalization and inventory accounting for a small manufacturing concern And much more

Identifying the acquirer and the acquisition date Recognition and measurement issues on the acquisition date Intangible assets Deferred income taxes Stock options

Private foundation excise taxes, generally Form 990-PF, including mandatory e-filing requirements The fair market value of the foundation's assets Income distribution requirements Self-dealing and transactions with disqualified persons Foreign grant-making and grant-making to private foundations and non-charitable entities in the US Excess business holdings Program-related investments Unrelated business income tax

How is fraud detected? The role of external auditors in finding fraud Revenue recognition issues Corrupt management Data mining Physical and biometric controls

FASB ASC 842, Leases All recently released updates to ASC 842, Leases

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

Notice 2020-75: PTE elections What is a 754 election? What if a 754 election is not in effect? Tax implications of a partnership interest sale on the seller Look-through provisions

Timely coverage of breaking tax legislation A tour of the most recent changes starting from gross income and ending with alternative minimum tax (AMT) and selected credits including the latest IRS guidance on recent tax legislation Hot, hidden, or miscellaneous developments affecting the upcoming tax season Review of new laws and changes in old forms to provide a familiarity for the upcoming tax season Key new tax and practice developments and how they impact the current-year tax forms for individuals

Business writing Planning writing projects Project management Proposal writing

S corporation earnings layers Observations on earnings layers S corporation basis calculation IRC 351 transactions Four loss tiers Appreciated property distributions

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

New issues for the current year tax return and 199A Installment sales; understanding the complicated issues Form 8582: Passive losses with carryovers; Complicated case with filled-in forms Puts, calls, straddling and unusual investments; Understanding the tax laws and reporting them correctly on the tax return Capital gain and loss issues; The problem with proper reporting of installment sales issues; capital gains and losses; when is a stock worthless; and much more At-risk rules: What a return preparer really needs to know Passive loss issues; You can't just trust your software. What to watch out for and the questions you need your clients to answer in order to do it right! Incentive and nonqualified stock options; Reporting; key strategies for planning; dealing with the alternative minimum tax Alternative minimum tax; Understanding it; planning strategies to avoid it; using the minimum tax credit; explaining it to a client Form 6251: Detailed calculation example

Recently issued FASB Accounting Standards Updates, PCC Update and items on the FASB's Technical Agenda Leases - Topic 842 ASC 326: CECL Review of SAS 142 - Focus on Audit Evidence Recently issued SASs and other AICPA activity SSARS No. 25 and other recently issued SSARS Detailed review of SAS 145 Other important A&A practice matters

SSARS No. 21, Clarification and Recodification and updates to SSARS No. 21 due to the issuance of SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services SSARS No. 22, Compilation of Pro Forma Financial Information SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services -- 2018 SSARS No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions SSARS No. 26, Quality Management for an Engagement Conducted in Accordance With Statements on Standards for Accounting and Review Services Sample comprehensive engagement work programs for preparation, compilation and review engagements Reporting and disclosure illustrations for each level of service, including attesting on personal financial statements, prescribed form, special purpose framework and other engagement variations Other communication requirements, such as sample engagement letters and management representation letters

Comprehensive coverage of the Inflation Reduction Act of 2022 and The SECURE Act 2.0 Preparation of various Form 1040 individual tax returns and schedules; provided answers include "filled-in" forms Coverage of Form 7203 Coverage of 199A qualified business income, its calculation, limitations and examples Dividends and interest - Ordinary, return of capital and capital gain distribution dividends; tax-exempt interest, original issue discount, etc. Security transactions - From Form 1099-B to Form 8949 to Schedule D, plus mutual fund sales and related basis issues Self-employed person issues Schedule C deductions including depreciation Sale and exchange of property - Understanding Form 4797 and depreciation recapture; capital gains A working understanding of passive losses - How to handle rental property and how the passive loss rules flow to the tax forms Itemized deductions - A thorough understanding of what's deductible and what's not Interest deductions - Limitations and timing problems Charitable contributions substituting for taxes, IRS says - No! Retirement contributions and education credits and deductions Tax computations - The Kiddie Tax, AMT, regular tax, tax credits Individual problems illustrated by form preparation for various items, with numerous "practice tips" Impact of recent legislation and forms changes on the 1040

Schedules K-2 and K-3 and filing exceptions Form 7203 IRS Tax Pro Account IRS modernization initiatives Information Returns Intake System (IRIS) Identity Theft warnings IRS guidance for the marijuana industry "Recycled" Form 1099-NEC to report nonemployee compensation Form 1065 steps for reporting capital Centralized audit regime; late filing penalties and small partnership relief "Substance over Form" argument of shareholder loans Advanced study of "At-Risk" loans Employer W-2 correction requests White House 2024 Budget Points Don't get caught watching the paint dry -- What is hot and new What is terminating S corporations today? Special allocation issues of 704 Final regulations for allocating depreciation recapture to partners and members of LLCs

Analysis of requirements for revenue recognition under ASC 606 Discussion of the requirements for auditing revenue transactions Analysis of internal control and fraud risk aspects Identification of high-risk areas of revenue recognition Suggested procedures for identified risks