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Today taxpayers must plan for their children's education. Touching on various topics such as qualified tuition 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. 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:* Work-related educational expenses* Educational expense credits* Education savings accounts* Deduction for student loan interest* Qualified tuition programs* Higher education expense deduction* IRA withdrawals for education expenses* Scholarships & fellowships* Educational savings bonds* Educational incentives & financial aidLearning ObjectivesAfter reading the materials, participants will be able to:1. Identify deductible education expenses and travel costs under the requirements of 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 221 student loan interest and recognize the permissible benefits of 529 qualified tuition programs. 4. Specify the tax-free benefits of 117 scholarships and fellowships and who is eligible for a 132 qualified tuition reduction.5. Identify educational incentives and financial aid requirements to meet college funding needs.

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. ASSIGNMENTAt 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* TrustsLearning ObjectivesAfter reading the materials, participants will be able to:1. Identify the key participants and their roles in a coordinated estate plan and recognize the probate process including trust administration.2. Determine specialized estate planning tools recognizing the use of trusts and identify how such tools save death taxes and transfer wealth while accentuating asset control.3. Specify recommended trust provisions and requirements identifying how these terms and rules impact estate and trust taxation.

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. 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:* Comparing goals and purposes* Investment goals and retirement planning* Building an estate* Section 1031 like-kind exchanges* Retirement plans* Tax credits and estimated taxes* Basic deductions* Income splitting* Elimination* Fringe benefitsLearning 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 into cash so that income-producing assets can be acquired and managed for an effective investment plan.3. Recognize the means of achieving tax deferral through 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.

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. 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. Identify changes made by the 2005 Bankruptcy Act, the common types of bankruptcy, and filing qualifications. 2. Determine the impact of an automatic stay, the treatment of preferential transfers, the priority of claims, and the discharge of debts. 3. Recognize the creation and taxation of an individual bankruptcy estate specifying partnership & corporate bankruptcy differences. 4. Identify the scope of and special rules for homesteading and garnishment.

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. 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:* Section 162* Expenses of not-for-profit activities* Rent expenses* Interest expense* Deductible taxes* Other selected deductible costs* Amortization* Depletion -613* Business bad debts* DepreciationLearning ObjectivesAfter 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.

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. 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:* 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* EmployersLearning ObjectivesAfter 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 specifying 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 274(e) exceptions to entertainment deduction disallowance, recognize the necessity of expense substantiation, and determine accountable and non-accountable plans stating the impact on deductions.

 

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 the apportionment of personal and business use, the actual cost method, 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. ASSIGNMENT At the start of the materials, participants should identify the following topics for study: * Apportionment of personal & business use * Deduction limitations using the 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 an employer-provided automobile Learning Objectives After reading the materials, participants will be able to: 1. Recognize tax vehicle depreciation (§168) and expensing (§179) methods and their limitations under MACRS recognizing basis, business use, and deduction computations. 2. Specify the predominate business use rule recognizing the result of less than 50% qualified business use, cite the pros and cons of auto leasing, and determine how to estimate monthly lease payments indicating what factors affect payments. 3. Identify items included under the standard mileage method listing items that may be separately deducted, determine the taxable fringe benefit value of an employer-provided automobile using the general and special valuation methods and specify several qualified nonpersonal use vehicles stating what reporting standards apply. To complete this course participants need to: Read the material provided and answer chapter review questions, successfully complete the qualified assessment with a minimum of 70% accuracy to receive your certificate. In Addition, no correct or incorrect feedback for any exam question will be provided. 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/

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. 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. Identify the impact of stepped-up basis as they affect survivors and heirs, and recognize the benefits of establishing even a simple will and its control over certain assets. 2. Specify the primary ways to dispose of assets using a variety of trust formats. 3. Recognize the impact and use of family documents such as powers of attorney and identify starting point used to value a business’s tangible assets citing the R.R. 59-60 business valuation factors. 4. Specify the ways to redeem a deceased shareholder’s stock through §303 and buy/sell agreements. 5. Recognize lifetime dispositions such as gifts in transferring business ownership and identify when to recommend the option of paying federal estate taxes in installments. To complete this course participants need to: Read the material provided and answer chapter review questions, successfully complete the qualified assessment with a minimum of 70% accuracy to receive your certificate. In Addition, no correct or incorrect feedback for any exam question will be provided. 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/

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 litigious 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. 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. Recognize the business law concepts of asset protection, bankruptcy, condemnation, and damages specifying their tax, economic, and legal impact on small business planning. 2. Determine the business relationships of principal, employee, and independent contractor including their legal and tax consequences of their relationship to a business, specified business and legal risks posed by these parties, including Disability Act provisions and identify proactive techniques such as buy-sell agreements and regulatory compliance procedures. 3. Recognize the variety of personal tax and legal issues such as  foreclosure, legal title, and income needs that can directly impact a client’s business and determine how investment, insurance, and government benefit planning can address these issues. To complete this course participants need to: Read the material provided and answer chapter review questions, successfully complete the qualified assessment with a minimum of 70% accuracy to receive your certificate. In Addition, no correct or incorrect feedback for any exam question will be provided. 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/