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This years mid-year tax update we will look at the current tax law, and tax law that will sunset this December. We will also discuss legislation proposed by the house in the "Big Beautiful Bill" though these are not set and the senate will most likely make changes and send it back to the house, it is important to better understand the changes proposed by congress so that we can better protect our client's assets, and look at possible tax planning challenges coming on the horizon. To complete this course participants need to: Answer polling questions to meet NASBA / IRS / State Board of Accountancies requirements for attendance verification. Upon course completion A course evaluation form is provided for your feedback. Participants have 1 year from the date of purchase/enrollment to complete this course CPE Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.  State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.  Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:  www.nasbaregistry.org Our Refund policy can be found at: https://cpeprime.com/cancellation-and-refund/

The Generally Accepted Governmental Auditing Standards, also known as the Yellow Book, provides a comprehensive framework for conducting governmental audits with a focus on high quality, integrity, competence, independence, and objectivity. The Yellow Book is used by auditors of government organizations, entities that receive government awards, and any other audit organization performing Yellow Book audits. The Yellow Book outlines all requirements for governmental audit reports, professional qualifications for auditors, and audit organization quality control.

Travel expenses are, for many organizations, their second largest controllable expense. This is just one of the reasons why it is imperative that every organization have a strong policy that governs these expenditures. That being said, the number of problems that continue to plague many companies when it comes to expense reimbursements defies logic. There has to be a better way. In this course, industry expert Mary Schaeffer take a look some of the more common problems experienced by companies related to employees, expense reimbursement requests. She not only identifies the issues, but offers solution on how best-practice companies minimize these problems and, in some cases, eliminate them.

Although, as reported in the National Taxpayer Advocate blog, the IRS suspended the automatic mailing of collection notices routinely sent when a taxpayer owes federal tax on February 5, 2022, to give the IRS an opportunity to clear its processing backlogs, such automatic mailings are likely to recur and, meanwhile, other IRS delinquent collection activities continue unabated. Statistics for fiscal year 2021, show the IRS ending inventory with a balance of assessed tax, penalties, and interest exceeding $133.4 trillion, enforcement activity involving more than 500,000 taxpayers, and 3.8 million taxpayers paying tax liabilities under installment agreements. With IRS collection clearly continuing and likely to ramp up in the future, chances that any tax professional will need to be conversant with their collection activities and the methods available to challenge them is increasing. It is to that end this course addressing IRS collections is addressed.

Every business has both current and long-term liabilities that must be tracked and recorded. Accounting for Current and Long-Term Liabilities is a course that discusses important characteristics of liabilities and how liabilities are classified and reported in financial statements. This course will identify how to distinguish between current and long-term liabilities. This course will identify […]

This course describes the way auditors gather information to assess fraud risk in every audit and develop appropriate responses to identified fraud risks, after considering the effectiveness of management's antifraud programs and controls. This course focuses on the typical fraud techniques and highlights areas that are subject to greater risk of fraud. Once the auditor suspects fraud, it is their responsibility to gather additional evidence, often through inquiry. This course also describes the auditors responsible for making certain communications about suspected or detected fraud to senior management and the audit committee.

This course will describe when the Yellow Book standards must be applied. This course will identify the types of auditors and audit organizations that may employ GAGAS to conduct their work. This course will identify the categories of requirements that GAGAS uses to describe the degree of responsibility imposed on auditors and audit organizations.

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

Companies must collect outstanding accounts from customers as part of their business activities. A clear understanding of the key controls in a process can benefit internal auditors, business managers, and others who want to understand, improve, or audit the process. The course allows participants to become familiar with or brush up on, internal control definitions and concepts. The course also covers the collection process for outstanding accounts in detail.

This mini-course brings the practitioner information on tax issues affecting interest and debt. The various types of interest and their required allocation are explored and reviewed. For the economically troubled client, special attention is devoted to debt cancellation, repossession, discounts, and foreclosure. The program also discusses installment sales, taxable interest, and bad debts. As a result of studying the assigned materials, you should be able to meet the objectives listed below.ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:* Deductible interest & debt* Nondeductible interest* Below-market interest rate loans* Unstated or imputed interest on sales* Original issue discount (OID)* Allocation of deductible interest* Taxable interest * Installment sales* Debt cancellation & foreclosure* Bad debtsLearning ObjectivesAfter reading the materials, participants will be able to:1. Determine what constitutes interest specifying its key components, and identify whether the various types of interest are tax deductible or nondeductible.2. Recognize how to deduct interest that is paid or accrued during the tax year applying different methods of accounting, specify the applicable federal rate, recognize the effects of unstated interest on transactions, and cite the imputed interest rules in the context of debt instruments.3. Identify the interest allocation rules and the allocation period for a loan, recognize the difference between an allocation of loan proceeds that are deposited in an account and the allocation of loan proceeds received in cash, and cite loan repayments in the order they are deemed repaid.4. Determine when certain distributions commonly referred to as "dividends" are actually interest and the tax treatment of interest that is earned on such items as income on frozen deposits and U.S. Savings Bonds.5. Recognize an installment sale transaction, determine what constitutes the installment method, specify the parts of each payment on an installment sale, and cite the related party sales rules of 453.6. Identify exceptions to the general income inclusion rule and their effect on a taxpayer, and determine the different effects of nonrecourse indebtedness from the effects of recourse indebtedness on foreclosure.7. Specify bad debt categories specifying the impact of nonbusiness bad debt recovery, identify when a business deducts its bad debts from gross income, and recognize which accounting method to apply to business bad debts.