CPE Catalog & Events

How a partner's outside basis and capital account differ Reconciling Schedule M-2 Form 1065 with Partnership K-1 Schedule L IRS requirement to report partner tax basis on the transactional approach Implications if a capital account is negative Deficit restoration accounts and qualified income offsets Modified outside basis method and modified previously taxed capital method Determining a partner's beginning capital account Beginning capital account for partnerships and partners consistently reporting on the tax basis The two types of adjustments under 754 and how 743 and 734 require different capital account presentations

Classifying receipts between "income" and "corpus" under the Uniform Principal and Income Act Calculation of DNI utilizing three different methods, a "forms" method (Schedule B), a "code" method and a "shortcut" method, utilizing a worksheet of common income and expenses Proper W-2 preparation and procedures in the year of death Taxpayer passes before taking a required minimum distribution; what must be done? Forgetful fiduciaries of simple trusts Fluctuating trusts - Simple one year, complex the next Dividing income in the year of death Overview of Subchapter J Form preparation issues - Filing requirements and line-by-line explanations of Form 1041 Taxable income of estates and trusts and expense allocation issues Specific deductions and miscellaneous itemized deductions Income in respect of a decedent The income distribution deduction calculation Relation of principal and income law to DNI Understanding how to handle capital gains and losses Allocating tax items to beneficiaries: another K-1 Other considerations: excess deductions on termination Effects of the CARES and Tax Relief Acts on trusts: 461(l) Excess Business Loss Limitation, NOL, 163(j) modifications, new employer credits Comprehensive DNI case study, with principal (cost and FMV) and income reconciliation Comprehensive trust and estate case studies, with filled-in forms

Legal principles and definitions Trust accounting issues Working closely with legal counsel proactively in the best interest of the client Property law concepts Complex community property issues Filing special forms: Form SS-4, Form 56, Form 4810 and Form 5495 Executor checklist The basics of filing a Form 1041 for an estate or non-grantor trust Filing a final Form 709 The basics of filing Form 706 Understanding 706 elections Understanding Estate Valuations, including GST and portability Special considerations for IRAs and ERISA plans When to make Section 454 elections When to make Section 754 elections Understanding the fine points of basis S corp issues Partnership and LLC considerations Passive loss carryforwards and estates Fiscal year elections 65-day election for trusts and estates Tax aspects of pecuniary and specific bequests

Factors business owners should take into account when choosing a retirement plan SIMPLE plans Simplified employee pension plans 401(k) plans Defined benefit plans Ensuring eligible employees are covered Employees' impact on choice of plan Ongoing compliance requirements Establishing a plan after the tax year end Changes to safe harbor 401(k) plans Pooled employer plans

How does the IRC define an installment sale under IRC Sec 453? When can a taxpayer utilize the provisions of IRC Sec 453? When should a taxpayer utilize the provisions of an installment sale and when should it be avoided? How does the issue of a "dealer" vs. a "non-dealer" impact the use of the installment sale method? Reporting an installment sale when related parties are involved Calculating an installment sale How has the Tax Cuts and Jobs Act impacted the use of the installment sale method?

The importance of Business Intelligence in today's business climate Differentiating between Power BI licensing options A hands-on approach to creating effective Power BI reports and dashboards

Bonus depreciation for acquisitions and construction History of qualified property categories and QIP The CARES Act and related Rev. Procs. Section 179 expensing Energy incentives The tangible property regulations 1031 exchanges Strategic hierarchy

Tax code hierarchy Organization of an Internal Revenue Code section Special rules for IRC citation Citing other primary authority Private letter rulings Primary vs. secondary authority Secondary sources of authority Steps in the tax research process Research memoranda

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

May 2024: Foreign-Owned Real Estate Holding Structures: Corporate Structures In Depth June 2024: Foreign-Owned Real Estate Holding Structures: Trust Structures in Depth July 2024: Foreign-Owned Real Estate Holding Structures: Fixing Problems August 2024: Foreign-Owned Real Estate, the Ownership Phase: Income Taxation September 2024: Real Estate Disposition Case Study: Sale of a California Personal Residence -- Taxation, Withholding, Tax Returns October 2024: Preparing an Expatriation Income Tax Return and Form 8854 November 2024: What Kind of Trust is This? Foreign/Domestic, Grantor/Non-grantor, Simple/Complex January 2025: Foreign Grantor Trusts: Taxation, Tax Compliance and Use Cases February 2025: Foreign Non-grantor Trusts: Taxation, Tax Compliance and Use Cases March 2025: Foreign Non-grantor Trust Distributions to U.S. Beneficiaries

Discussion of the law relevant to deferring gain using the installment method (IRC 453 and 453B(h)) Description and analysis of the installment sale of the stock of both an S corporation and a C corporation The use of an installment obligation related to the sale of the assets of both an S corporation and a C corporation, including consideration of when to liquidate the corporation Evaluation of the tax consequences of a note with a contingent amount Tax planning opportunities and strategies

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

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

Complying with the beneficial ownership information reporting requirements The current status of the Employee Retention Credit Voluntary Disclosure Program Using the newly expanded access to business tax accounts for partners and shareholders of S corporations IRS guidance allowing car dealers to provide electric vehicle tax rebates upfront to qualified auto buyers Monetizing energy credits Amortization of research and experimental expenditures Dealing with the taxpayer loss in the Tax Court in Soroban Capital Partners requiring managers to pay self-employment tax on certain payments to limited partners Contributions to Roth "catch-up" plans Roth contributions to a SEP and Simple IRA Employer matching contributions to a Roth account Section 179 and bonus depreciation Roth 401(k) contributions no longer subject to RMDs during the owner's lifetime

IRS foreign information returns and Civil Penalties Information Chart Report of Foreign Bank and Financial Accounts: Form Fin CEN Form 114 FBAR penalty mitigation rules Statement of Specified Foreign Financial Assets: Form 8938 Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Gifts: Form 3520 Annual Information Return of Foreign Trust With a US Owner: Form 3520-A Information Return of U.S. Persons concerning Certain Foreign Corporations: Form 5471 Information Return of a 25% Foreign-Owned or a Foreign Corporation Engaging in a US Trade or Business: Form 5472 Return by a US Transfer of Property to a Foreign Corporation: Form 926 Return of U.S. Persons concerning Certain Foreign Partnerships: Form 8865 Information Return of U.S. Persons concerning Foreign Disregarded Entities: Form 8858 Return by Shareholder of a Passive Investment Company or Qualified Electing Fund: Form 8621 Current procedures for participation in the IRS Offshore Voluntary Disclosure Program (OVDP)

Fraud and its impact on our clients Fraud prevention Internal controls Fraud risks Fraud prevention tips

Tips for improving efficiency with QuickBooks and QuickBooks Online Better reporting when working in QuickBooks environments Tips for cleaning up QuickBooks and QuickBooks Online instances Managing inventory more effectively when working with QuickBooks and QuickBooks Online

Understand CPA Confidentiality Requirements in Tax Practice Distinguish Between Confidentiality Requirements and Taxpayer Privileges that apply to the CPA

Benefits of an HSA How an employer sets up an HSA How individuals qualify to set up an HSA High deductible health plans and how they relate to an HSA Eligible medical expenditures Annual contributions to an HSA Importance of enrollment in Medicare Qualified HSA funding distribution

Taxpayers who do not file gift tax returns but should The annual exclusion rules for gifts to trusts including required Crummey notices What should be disclosed on the return for purposes of running the statute of limitations The reporting of installment sales and split-interest Valuations and valuation discounts for gifts of closely held businesses The utilization of Generation Skipping Transfer Tax and the related automatic allocation rules Reporting the use of a deceased spouse's unused exclusion exemption amount (DSUEA) A line-by-line explanation of Form 709