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We are all (including tax practitioners) getting older, and the need for effective retirement planning has never been greater. This mini-course is essential for participants who wish to attain a comfortable retirement for themselves and their clients by maximizing tax saving strategies. Retirement income needs are analyzed; Social Security benefits are determined, and distribution options from IRAs and retirement plans are explored. ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:* Popular retirement myths* Defining retirement & determining retirement income needs* Savings* Assets* Social Security* Retirement plans* Distributions from retirement plans* Nonqualified deferred compensation* Life insurance* Estate planningLearning ObjectivesAfter reading the materials, participants will be able to:1. Identify the basic guidelines of retirement planning recognizing the ten misconceptions of retirement, and specify retirement based on key questions.2. Determine retirement costs and income needs of clients based on their current budget, select tax savings strategies, and identify basic guidelines to use when purchasing assets to attain financial independence.3. Recall the qualifications for Social Security retirement & disability benefits, specify a clients retirement benefits, and determine the difference between Medicare Part A and Medicare Part B.4. Identify basic types of qualified corporate plans and other sources of retirement income such as SIMPLE plans and individual retirement accounts.5. Determine the difference between annuity payments and lump-sum distributions, specify key components of rollovers, premature distributions & required distributions, and identify nonqualified deferred compensation.6. Cite the benefits, uses, and types of life insurance, and specify how three basic estate planning tools can be incorporated into tax practice.

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.

This mini-course examines the various ideas, methods, and techniques capable of optimizing the overall compensation package for key employees and principals in small to medium-sized businesses. Qualified and non-qualified deferred compensation, benefit targeting, insurance programs, statutory fringe benefits, interest-free loans, and investment planning are investigated. Consideration is given to indirect compensation in the form of business entertainment, expense accounts, auto use, travel, and transportation. The new field of professional services is probed to provide tax, financial, and estate planning to the key executive. ASSIGNMENT At the start of the materials, participants should identify the following topics for study: * Deferral of income * Avoiding taxable income * Unreasonable compensation * Nonqualified deferred compensation * Basic types of corporate retirement plans * Individual plans * Fringe benefits * Employer-provided automobile * Business entertainment * Business travel & transportation Learning Objectives After reading the materials, participants will be able to: 1. Identify types of income, from a financial and tax perspective, to be budgeted into cash so that income-producing assets can be acquired and managed for an effective investment plan. 2. Determine strategies compensation to maximize the net dollar return, specify the differences between qualified deferred compensation plans and nonqualified deferred compensation plans, and recognize defined contribution plans from defined benefit plans identifying the characteristics of each. 3. Recognize the scope and variety of excluded fringe benefits including tax treatment, operational details, and level of incentive-based compensation. 4. Identify the disallowance of entertainment expenses, determine the tax treatment of reimbursements paid under accountable and unaccountable plans, and recognize deductible travel expenses undertaken for business. 5. Specify types of insurance that a company can provide its employees, define the various types of equity participation available from which companies may choose, and identify the basic types of buy-sell agreements. 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/

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. ASSIGNMENT At 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 debts Learning Objectives After reading the materials, participants will be able to: 1. Determine whether the various types of interest are tax deductible or nondeductible and cite the imputed interest rules in the context of debt instruments. 2. Identify the interest allocation rules and the allocation period for a loan and, recognize the allocation of loan proceeds that are deposited in an account. 3. Determine the tax treatment of interest that is earned on such items as income on frozen deposits and U.S. Savings Bonds. 4. Recognize what constitutes the installment method, specify the parts of each payment on an installment sale, and cite the consequences of pledging installment obligations. 5. Identify exceptions to the general income inclusion rule and specify bad debt categories specifying the impact of nonbusiness bad debt recovery. 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/

We may all confront issues that directly impact how much we can deduct. This course is designed for participants who want to explore and examine the tax consequences of medical costs, charitable contributions, and casualty and theft losses, especially in relation to their deductibility. The emphasis is examining a wide variety of situations related to these items and the extent to which they may or may not result in a deduction and what limitations on deductibility may be imposed. Assignment At the start of the materials, participants should identify the following topics for study: * Deductions for medical costs * Health Savings Accounts * Health insurance for the self-employed * Limitations on charitable contributions * Contributions of cash * Contributions of property * Contributions of services * Substantiation * Casualty and theft losses * Disaster area losses *Losses on Deposits Learning Objectives After reading the chapter, participants will be able to: 1. Identify the deductibility of medical costs by a. Recognizing the percentage limitation, timing of payments, medically-related home improvements, and IRA withdrawals; and b. Specifying the basic characteristics of Health Savings Accounts (HSAs) and the tax consequences of HSA withdrawal and determining deductibility of self-employed health insurance. 2. Recognize the charitable contribution provisions and identify how contributions of cash, property, and services affect deductibility of contributions of the different types of charitable contributions. 3. Determine what constitutes casualty losses, theft losses, and losses on deposits and recognize the issues related to the deductibility of these losses. 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/

In this course, the intricacies of setting up and terminating an S corporation are detailed and taxation is discussed. The numerous advantages and disadvantages of this entity are identified to help practitioners determine whether the S corporation is most suitable for their clients. Eligible domestic corporations can avoid double taxation by electing to be treated as an S corporation under the rules of Subchapter S. Subchapter S provides an optional method of corporate taxation and allows small business corporations to elect unusual tax treatment. The S corporation is taxed like a partnership, but in other respects, S corporations are taxed like C corporations. Assignment At the start of the materials, participants should identify the following topics for study: * Advantages & disadvantages * S corporation status * Termination * Income & expense * Built-in gain * Passive income * Basis of stocks & debts * Distributions * Form 1120S * Fringe benefits Learning Objectives After reading the materials, participants will be able to: 1. Recognize S corporation tax advantages and disadvantages, cite the requirements for an S corporation election, identify eligible S corporation shareholders, specifying the one-class-of-stock regulations, and determining the ways an S corporation election can be terminated. 2. Identify the concepts of S corporation taxation by: a. Recognizing separately stated pass through items the application of passive income taxation, §1374 built-in gains, net operating losses, potential estimated taxes, and §465 at-risk provision, and b. Specifying the related party rules including their impact on deductions, available fringe benefits, and Form 1120S filing requirements. 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/

Designed to make the practitioner comfortable with “high traffic” issues, this program enables participants to discuss and handle business/personal tax essentials. The course examines and explains the practical aspects of individual & corporate planning, bridging the gap between theory and application. Significant new developments are summarized with an emphasis on tax savings ideas. This course examines and explains the practical aspects of using a closely held corporation to maximize after-tax return on business operations. Recent developments giving corporations a competitive edge over other entities are explored and detailed. Practitioners are alerted to often missed fringe benefits, retirement planning opportunities, corporate business deductions, income splitting possibilities, and little-known estate planning techniques. 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/

This course will help financial professionals to support the career development of themselves and others. People who complete this course will be better able to attract and retain talent in their organization by better understanding how to identify and support the career development of others, especially interns and new hires. Course Outline 1. The Foundations of Career Development 2. The Benefits of Career Development 3. The Practice of Career Development Course Objectives After course completion, the participant will be able to: 1. Define key terms and theories associated with vocational psychology 2. Describe the history of the professional career development services 3. Describe the benefits of career development for individuals and organizations 4. Use specific guidelines for facilitating career development of others Target Audience This course is designed for financial and accounting professionals wishing to increase their understanding of vocational psychology for their personal benefit, the benefit of others, and for the benefit of their organization. This presentation is most especially tailored to anyone who wants to increase their ability to attract and retain high quality employees, or increase their ability to support interns or mentees. Course Summary This course will provide accountants with the knowledge, awareness, and skills to support the career development of the self and others. Career development is an essential skill for any financial professional, but most especially those overseeing the work of new hires and interns. Specific practice considerations are outlined to offer career development to others. 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

Top Trends Impacting the Accounts Payable Function In the complex world of finance and accounting, the significance of mastering accounts Change, and radical change at that, is coming to accounting and finance space. It is coming faster than anyone thought just a few short years ago. The accounts payable function is likely to be the first casualty ̶ or success, depending on your reaction. By identifying the trends that are apt to make the biggest impact and addressing them quickly, you can position both yourself and your department to emerge as a true winner. But what are those trends, you ask? We asked industry thought leader to identify these trends and share insights on how you can prepare for what’s shaping up to be a very interesting, but different, future for those who work in, manage or have responsibility for the accounts payable function. Learning Objectives: After this session you will be able to: • Identify the trends most likely to impact your position and department • Take full advantage of those tactics most likely to have a positive impact • Identify the trends most probable to appeal to management and prepare • Acquire new skills that will make you desirable to both your current and future employers • Develop strategies to adjust to the expected changes 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

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.