This mini-course describes and compares sole proprietorships, partnerships, limited liability companies, C corporations, and S corporations. It examines their advantages and disadvantages, permitting the participant to properly select the right business entity for their tax and liability needs. 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:* Advantages and disadvantages of sole proprietorships* Taxes for self-employed individuals* Definition of partnership* Partnership tax return & year taxable* Contributed property, assets & services* Sales & exchanges of partnership interests* Limited liability companies* C corporations & PSC corporations* Inventories* S corporationsLearning ObjectivesAfter reading the materials, participants will be able to:1. Cite the central differences among business entities and the advantages and disadvantages associated with basic business entity types.2. Recognize the tax attributes of sole proprietorships, partnerships, LLCs, S corporations, and C corporations and how each entity can be used to enhance tax and financial purposes and objectives.3. Specify the unique (e.g., self-employment) and general taxes applicable to particular entities and the tax forms that may be required.4. Identify the basic deductions that are permissible for each entity type and the conditions under which they are allowed.5. Determine the tax years, accounting methods, and valuation methods that each entity type may use, and how the entities can be terminated.6. Specify for different entity types the basis and the tax effect of sales, exchanges, transfers, contributions, and distributions. | |
The various ideas, methods, and techniques to optimize the overall compensation package for key employees and principals are examined in this mini-course. Generally, businesses may deduct employees pay including wages, salaries, and other perks. Certain fringe benefits that can provide an unusually tax-favored manner of supplementing compensation are described and evaluated. In addition, equity participation is explored through stock sales, repurchase agreements, incentive stock options, ESOTs, stock options, and bonuses. Finally, deferred compensation arrangements are investigated. The goal of this mini-course is to provide participants with a working knowledge of the types of compensation necessary to structure a compensation package minimizing tax liabilities and cost. As a result of studying the assigned materials, you should be able to meet the objectives listed below.ASSIGNMENTAt the start of the material, participants should identify the following topics for study:* Wages, salary & pay* Tests for deducting pay to employees* Selected types of compensation* Payroll taxes* Selected fringe benefits* Interest-free & below-market loans* Equity participation* Advantages of nonqualified deferred compensation* Funded company account plans* Segregated asset plansLearning ObjectivesAfter reading the materials, participants will be able to:1. Identify the common-law rules used by the IRS to determine whether a person is an employee for purposes of FICA, FUTA, and federal income tax withholding.2. Recognize employee and officer compensation deductibility factors and the related employment taxes and reporting obligations to ensure compliance with regulations. 3. Identify fringe benefits specifying those that provide deductible incentive-based employee compensation.4. Specify the equity incentive opportunities available to employers showing the variety, tax treatment, and use of stock plans.5. Recognize the use of deferred compensation agreements to attain compensation and retirement objectives. | |
The Earned Income Credit (EIC) is a refundable tax credit that has a significant impact on United States revenue. It is also the source of a disproportionately large number of errors in tax returns in which a claim for it is made. In a recent year, 150.3 million individual federal tax returns were filed, and more than 27.4 million18.2% claimed the Earned Income Credit1. Based on that percentage, it would not be unexpected that, in the years ahead, approximately one taxpayer in every five will claim the EIC. Approximately 70% of federal income returns claiming the earned income credit are prepared by professional tax return preparers. This course briefly summarizes the earned income credit rules, examines the common errors committed when claiming the credit, discusses the EIC due diligence requirements imposed on professional tax return preparers, and identifies the sanctions to which preparers and their employers may be subject for a failure to meet expected due diligence requirements. | |
The Internal Revenue Service routinely processes more than 240 million tax returns each year, many of them prepared by tax professionals. Not surprisingly, as tax law becomes increasingly complex, taxpayers often seek the knowledgeable assistance of enrolled agents and other professionals in their preparation.
To help ensure enrolled agents and other professionals understand their ethical responsibilities in representing their clients before the IRS and in preparing tax returns, the IRS has published Treasury Department Circular 230. | |
The annual global cost of cybercrime is high and getting higher all the time. In fact, cyber criminals reap a windfall from their activities that is estimated to have been $450 billion in 2015 and is anticipated to climb to an annual $ 10.5 trillion average by 2025. In the United States alone, the FBI received reports of 847,376 complaints involving $6.9 billion in 2021. Almost all of that cybercrime began with and continues to start with a social engineering concept known as phishing.
Certain business organizations, among which are those referred to as financial institutions, are charged by the FTC with taking particular steps to protect their customers' financial information. Included in the category of financial institutions are professional tax preparers. Professional tax preparers normally maintain a significant amount of taxpayer information in various files electronic and paper that would be a treasure trove for cybercriminals.
In this course, tax preparers are introduced to the problem of cybercrime and its costs, offered methods that can be expected to reduce the chances of becoming a cybercrime victim, and informed of proper steps to take if they do become victims of cybercrime. Accordingly, it will examine cybercrime and will discuss: | |
Employer-sponsored retirement plans, generally referred to in the aggregate as qualified employee plans, constitute one of the important legs of the retirement stool that individuals look to for their income in retirement. The other two legs of that stool are personal saving through investment in securities, deferred annuities, savings accounts, etc., and Social Security retirement benefits. This course will examine qualified employee plans, their limits, and their tax treatment along with a discussion of annuities and their taxation.
Annuities offer their owners the opportunity to systematically liquidate a principal sum or save money for a long-term objective. For many annuity buyers, that objective is to provide income during retirement. As we will see in our examination of annuities, they provide owners with several advantages; the principal among them is their tax treatment. By purchasing and investing in an annuity, a contract owner can avoid current income taxation of earnings. By avoiding current income taxation, earnings that might have been used to pay current income taxes can be invested to produce additional income. | |
The Internal Revenue Service routinely processes more than 200 million tax returns each year, many of them prepared by tax professionals. Not surprisingly, as tax law becomes increasingly complex, taxpayers often seek for the knowledgeable assistance of attorneys, CPAs, enrolled agents and other qualified tax return preparers. To help ensure such professionals understand their ethical responsibilities in representing their clients before the IRS and in preparing their tax returns, the IRS has published Treasury Department Circular No. 230. | |
One of the important considerations in many financial transactions is the tax treatment the transaction is given. Often, the impact of taxation is a consideration in the purchase of life insurance every bit as much as it applies to stock purchases, bond purchases, and the establishment of qualified retirement plans.
In this course we will look at the tax treatment given proceeds from life insurance policies and will consider the taxation of death benefits, cash value withdrawals, loans, and surrenders. In addition, we will examine the differences in tax treatment caused by life insurance policies | |
Health insurance is so central to the health and well-being of people that it may be hard for many Americans to believe it could ever have been a less important factor in helping to promote good health than it is today. In fact, health insurance as it is recognized today is a relatively recent development. Since the early development of health insurance coverage, many changes have occurred in the manner in which health care services are delivered and paid for. Among those changes is the emergence of various tax-favored health plans. This course will examine many of those tax-favored health plans. | |
The Tax Cuts and Jobs Act of 2017 (TCJA) affects the tax planning and income tax liability for many taxpayers. Among those for whom the TCJA will have a more significant effect are business owners of pass-through trades or businesses who may be eligible for the TCJA pass-through deductions.
This course will examine the pass-through deduction authorized under 199A of the TCJA. The text is conceptually divided into three sections: First, calculation of the pass-through deduction for business owners whose taxable income does not exceed a threshold amount set by statute; second, calculation of the pass-through deduction for business owners whose taxable income is greater than the threshold; and finally, calculation of the pass-through deduction for business owners whose taxable income is greater than the threshold and whose businesses are considered specified service trades or businesses (SSTBs). The final chapter examines each of the business categories that are considered specified service trades or businesses and identifies those businesses that might appear to be placed in those categories but which would not be deemed SSTBs. | |
Auditing and assurance services are important services provided by CPAs. Auditing and Other Assurance Services is a course that will describe auditing and assurance services. This course will identify the different types of audits and the different types of assurance services. This course will define the importance of ethics in the CPA and auditing professions. This course will describe the different organizations that create and enforce ethical guidelines. Finally, this course will describe the importance of independence for auditors. | |
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. | |
Individual retirement accounts are investing tools that permit individuals to set aside money for retirement in a way that is preferential from a tax standpoint. This course will review the following types of IRA accounts: Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs. This course will describe who is allowed to open and contribute to an IRA account during the taxable year. This course will identify when contributions are deductible and when they are not deductible. This course will describe the time allowed to rollover distributions and the ramifications of not completing rollovers within the alloted time. Finally, this course will describe when taxpayers are permited to take distributions from an IRA account. | |
Vendor issues in an effective accounts payable function are often ignored. This is unfortunate because poor controls around the master vendor file, the way data is entered and the lack of rigid internal controls all play a key role in preventing fraud and duplicate payments. And, its not as easy as you might think. There are numerous details, which if ignored, can cause problems whose impact is felt directly in the bottom line. Industry expert Mary Schaeffer delves into this material revealing where the problems are and what every organization should be doing to minimize, if not eliminate, the impact of these issues. | |
Accountants and business decision makers who wants to understand concepts related to measuring and tracking company performance could benefit from this course. The course allows participants to become familiar with tracking performance of a decentralized organization as well as understanding the benefits and key pieces of both a Master budget and a Flexible budget. Below is a listing of the items covered within the course. | |
Description: This seminar examines recent events involving the theft of company or public money and the circumstances that allowed the fraud to occur. We will be looking at a variety of case studies to illustrate these points. This course is ideal for CPAs, government finance personnel, all Internal Auditors, lawyers, governance professionals, accountants and human resource personnel. · Reasons why fraud occurs. · Case studies of situations where embezzlement occurred. · Red flags indicating that an organization is at risk of defalcation. · Steps to prevent fraud. Learning objectives: By the end of this course, the participant should be able to: 1. Understand the factors that create an environment for fraud to easily occur. 2. Identify areas where there could be an inadvertent failure to separate duties. 3. Ascertain the proper role of an external auditor and identify areas where independence can be compromised. | |
Description: Please join us for an introductory course in international cross border transactions. We will discuss typical situations in which a cross-border transaction arises, and how a taxpayer can utilize the rules to potentially decrease an entities effective tax rate. Other issues, such as documentation and IRS audit risk will also be covered. These rules will be illustrated by a hypothetical US- Canada transaction. Ideal for CPAs, EAs and other tax preparers. Learning objectives: By the end of the course, the participant should be able to: 1. Identify a cross border transaction and be able to discuss potential implications. 2. Determine potential audit risks involved with cross border transactions. 3. Explain the role of competent authority, advanced pricing agreements and other alternative methods in reducing audit risk. 4. Understand the types of contemporaneous documentation needed. 5. Apply these principles in order to decrease and entity’s effective tax rate. | |
This course presents an overview of blockchain and the tax implication of cryptocurrency transactions. The IRS has provided some recent guidance, but potentially conflicting pronouncements by other regulatory agencies have created uncertainty on reporting issues. This course will help the practitioner understand when a taxable transaction has occurred, what reports to file to satisfy IRS requirements, and identify tax traps for the unwary. Who should Attend : This course is suitable for Corporate tax and finance executives, directors, managers and staff, CPAs, Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise individuals or businesses that use or invest in cryptocurrency. All in-house and public practice professionals involved with tax compliance and planning will benefit from this timely and insightful seminar. Program Content:
Learning objectives:
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Description: Please join us for a introductory course on the fundamentals of preparing and filing an individual federal income tax return. We will cover topics such as what the federal income tax is and how it is computed. This course is ideal for CPAs, CFPs, EAs and other tax preparers. Program Content · Defining Federal Income Taxes · Computing federal income tax liability. · Calculating adjusted gross income · Defining Qualifying Child · Determining filing status, · Calculating the Kiddie Tax · Standard deduction · Tax Rates for ordinary income, capital gains, and qualified dividend income. · Cash v. Accrual Method · Filing deadlines and obtaining extensions Learning objectives: By the end of this course, the participant should be able to: 1. Identify how the federal income tax differs from other types of federal taxes. 2. Determine the steps in computing a taxpayer's federal income tax liability. 3. Differentiate tax consequences for terms commonly used for the federal income tax, such as "adjusted gross income," “qualifying child,” “tax credits,” “filing status,” and “kiddie tax.” 4. Recognize how an individual's standard deduction is determined. 5. Explain differences in the tax for ordinary income, capital gains, and qualified dividend income. 6. Discuss the difference between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions. 7. Identify deadlines for filing income tax returns and estimated taxes and how to obtain an extension of time for filing a return. | |
Description: In the course of legal actions, payments may be made pursuant to a final disposition of a court case or a mutually agreed-upon settlement. This course will cover the tax implications for payments made for personal injury, emotional distress, lost wages, punitive awards, pre- and post-judgement interest, contract claims, among other damages. Who should Attend: This course is suitable for Corporate tax and finance executives, directors, managers and staff, CPAs, CAs Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise businesses that have tax implications. All in-house and public practice tax professionals will benefit from this timely and insightful seminar. Program Content: · Types of damages or remedies that can be awarded or agreed upon pursuant to litigation. · Review of the Internal Revenue Code and regulations governing the taxation of various types of litigation payments. · Suggestions for drafting pleadings or settlement agreements.
Learning Objectives – After attending this course, the participant should: · Obtain a working knowledge of the IRC, Treasury Regulations and case law governing the taxation of litigation payments. · Be able to differentiate between the different types of damage payments and whether they are taxable to the recipient or deductible by the payor. · Be able to draft pleadings and agreements to order to allocate the payments among the different categories of damages. · Have an ability to advise clients on the most advantageous manner of categorizing settlement payments. |
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