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:
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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. | |
Description: Please join us for a discussion on like-kind exchanges (LKE), known as one of the last great tax legal “shelters” available to those buying and selling real property. We will be covering the basic structure of a LKE, and ways a taxpayer can utilize qualified third party intermediaries (QI), tenancy-in-common structures including Delaware Statutory Trusts (DST). We will also explore creative solutions to sticky situations a taxpayer may find itself in obtaining replacement property. This course is ideal for CPAs, EAs, lawyers, real estate professionals, accountants or other tax professionals. Learning Objectives: By the end of the course, the participant will be able to: 1. Determine whether a LKE can be used to defer taxes upon the sale of real property. 2. Know when it is appropriate to use a QI in effecting a LKE. 3. Define a DST and how it can be used in obtaining replacement property on a timely basis. 4. Become knowledgeable about ways to appropriately use the LKE structure in unusual situations. | |
Non-fungible Tokens (NFTs), unique, identifiable digital assets based on blockchain technologies, have become a fast-growing industry. This course will provide a background on how NFTs came into the mainstream marketplace. These materials will assist the practitioner to understand the tax implications of the creation, purchase and sale of these assets. 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:
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This seminar will review situations in which a CPA or accounting professional may have be in danger of being sued. We will cover common law causes of action, such as negligence, and the relevant standards and case law defining what constitutes reasonable practitioner behavior. This course is ideal for lawyers, CPAs, EAs, tax preparers, accountants and insurance personnel. | |
Description: The well-informed tax practitioner will want to attend this two hour program in order to stay current on recent updates on partnership tax! Content includes recent court decisions on partnership tax issues as well as current updates to the new Forms K-2 and K-3. 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: · Court decisions covering partnership issues such as TEFRA, Statute of Limitations, Economic Substance, and Sec. 754 Elections. · IRS updates on Form K-2 and K-3. · Criteria for using the Domestic Filing Exception. Learning Objectives: · Become familiar with court cases on partnership tax issues. · Learn about recent changes to Forms K-2 and K-3. · Understand the elements of the Domestic Filing Exception. · Know when there are items international relevance which will require the taxpayer to provide Form K-2 and K-3 to the owners. | |
Penalty abatement is a technique that tax practitioners can utilize to help their clients reduce penalties and interest they owe to the IRS if the taxpayer can prove “reasonable cause.” This informative and insightful webinar will provide you with some insider tips, practical steps and effective strategies to help your client manage IRS tax penalties and interest. Learn about various types of penalties that you may face and the various forms and procedures used for requesting penalty and interest abatement, including First Time and Reasonable Cause abatement. Plus, learn about the procedure to follow when requesting refund of paid penalties. Who should attend: CPAs, Enrolled agents, Attorneys, Finance professionals, Financial planners, Tax Professionals Learning objectives:
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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. All in-house and public practice professionals involved with tax compliance and who want up-to-date information on partnership and S corporation taxation. Program Content: Schedules K-2 and K-3 are promulgated by the IRS in order to standardize the reporting of foreign-related tax information for pass-through entities. Even pass-through entities that have no foreign activities, investments, or partners may have a reporting requirement. This course will present an introduction to Schedules K-2 and K-3, review the filing requirements, and discuss the different parts of the schedules and what needs to be included. · Purpose of K-2s and K-3s · IRS Guidance for Preparers and Taxpayers · Domestic Filing Exception · Other Considerations Learning objectives: By the end of the course, the participant should be able to: 1. Understand the purpose of Schedule K-2 and Schedule K-3 2. Review components of each form and the areas which will need to be completed. 3. Learn about these new forms that affect partnerships and S Corporations. 4. Find out when they must be filed. 5. Determine which taxpayers need to complete these forms. | |
Description: Many self-employed or sole proprietors find themselves having to navigate Schedule C in reporting business income. While this attachment to Form 1040 seems straightforward on the surface, there are many traps for the unwary. This course is ideal for CPAs, EAs, or other tax professionals. Program Content: · When Schedule C applies · Cash v. Accrual method · Typical business deductions · Business vehicle expenses · Section 179 and bonus depreciation Learning objectives: By the end of the course, the participant should be able to: 1. Identify the appropriate taxpayers who should be filing Schedule C. 2. Discuss the difference between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions. 3. Develop a working knowledge of related issues, such as reporting the deduction of self-employed health insurance, employment taxes, home office deductions, and proper reporting of employee/independent contractor salaries. and retirement contributions. 4. Discuss types of typical deductions, such as advertising, utilities, supplies, etc. 5. Determine the methods of deducting the cost of a company car. 6. Be able to apply the rules, such as Section 179 or bonus depreciation, which permit the immediate expensing of some or all of the cost of certain assets. | |
Description: This seminar will introduce the process from filing a tax return to the IRS audit, IRS Appeals, Collections and litigation at courts of original jurisdiction. We will discuss the options taxpayers have at any point in the process with reference to real-life stories from the trenches. This course is ideal for CPAs, EAs, or other tax professionals. Program Content · Selection for Audit · Audit Process · Revenue Agents Report (30 day letter) · Collections · Preparer Penalties · Statute of Limitations Learning Objectives: By the end of the seminar, the participant will be able to: 1. Describe the audit process from the initial filing of the return to collections. 2. Determine the options available to taxpayers at each stage of the audit process. 3. Ascertain risk factors to consider in determining the best course of action for the client. 4. Apply the soft skills needed when interfacing with the IRS audit team to achieve the best possible result. | |
Description: This course presents an overview of tax treaties and how they are used in structuring transactions and determining the tax impact of cross-border transactions. It discusses the ordering rules for local laws versus treaty laws, and the purpose of the tax treaties in avoiding and eliminating double taxation to promote trade and investment. The participant will learn about planning opportunities to contemplate when structuring foreign operations. Program Content: · Territorial vs. Extraterritorial taxation. · Purpose of treaties · Permanent establishment · Interpreting treaties Learning objectives: By the end of the course, the participant should be able to: 1. Be able to discuss common treaty provisions in the US Model Treaty. 2. Understand typical reduced withholding rates on dividends, interest and royalties. 3. Describe the purpose of income tax treaties in the tax regimes of countries. 4. Acquire a better understanding of the international tax environment. 5. Recognize qualifications for a permanent establishment 6. Describe the rules by which a taxpayer must disclose a tax position to the IRS for claimed treaty benefits that is in conflict with the IRC. 7. Ascertain mutual agreement procedures between the taxing authorities of two treaty countries in cases of double taxation. 8. Recognize when a company/citizen would need to file Form W8-BEN with the IRS in order to claim treaty benefits for US tax withholding. | |
Description: This course will introduce you the different types of business entities and the tax implications of contributions, distributions and earnings, among other topics. 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 business entities (Sole proprietorship, Partnership, Corporation, Limited Liability Company and Limited Liability Partnership) · Considerations in choosing a business entity, including taxes, limited liability protection, management & control, funding options & opportunities, tax consequences for the owners and the business. · Future tax considerations that will impact various business entities. Learning Objectives: · Be able to differentiate between the different types of business entities · Be able to determine if a business client is using the most tax efficient entity structure based on its business goals. | |
This course is an overview of basic fringe benefits and examines their mechanics, compensation methods, valuation, withholding, and accounting. Achievement awards, term life insurance, medical reimbursement, meals & lodging, educational assistance, dependent care, employer-provided automobiles, interest-free loans, etc. are identified. Employer and employee economic and tax considerations are recognized. Fringe benefit requirements and limits are specified, and ERISA compliance requirements are determined. ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:* Benefit mechanics* Employee achievement awards* Group term life insurance* Self-insured medical reimbursement plans* Medical insurance* Meals & lodging* Cafeteria plans* Employer-provided automobile* Adoption assistance program* Interest-free & below-market loansLearning ObjectivesAfter reading the materials, participants will be able to:1. Recognize basic fringe benefit planning by determining income under 61 and identify the differences between former non-statutory and current statutory fringe benefits created by recent cases, rulings, and tax law changes.2. Specify the mechanics of typical fringe benefits, determine the fair market value of a fringe benefit under the general valuation rule or the special valuation rules, and identify the general accounting rule and the special two-month pour-over accounting rule.3. Identify an employee achievement award under 274 and recognize the rules for group term life insurance under 79 stating how to implement proper coverage.4. Determine the mechanics of self-insured medical reimbursement plans under 105 and specify the requirements of medical insurance under 106 identifying differences.5. Identify the rules for excluding the value of meals and lodging under 119, and cafeteria plans and how they operate.6. Recognize the requirements and limits of employee educational assistance programs and dependent care assistance specifying how to obtain each type of assistance.7. Identify no-additional-cost services and determine what property or services are excludable from income as qualified employee discounts under 132(c) and specify exceptions to working condition fringes and de minimis fringes.8. Determine the requirements for qualified transportation fringe benefits under 132(f), specify valuation methods for employer-provided automobiles, and identify the qualifications for the popular physical fitness exclusion, and the requirements and benefits of adoption assistance programs.9. Recognize planning services available under 132, 212, and 67, determine interest-free and below-market loans, identify child care benefits and corporate-funded educational savings accounts, specify S corporation fringe benefits, and identify ERISA compliance requirements. | |
This basic course covers the preparation for investing by determining goals and objectives, learning the vehicles and indexes that may be used, and determining your loss tolerance. The different facets of the securities markets are covered as well as the various risks involved in investing and the tools used to measure those risks. One can only loan money or purchase an ownership interest in a firm. These two basic investments are examined as to the various vehicles used within each.
The decisions that are to be made are discussed. These include the risks to be taken, diversification of assets, asset allocation, whether to attempt to time the market, and whether to do all of the investing based on your own knowledge or to seek the assistance of a financial advisor. After your portfolio has been finalized and implemented do you want to periodically review it?
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This basic course covers the preparation for personal risk management in order for you to do your financial planning to achieve your goals without fear that it will be all negated with a single occurrence. The different facets of risk management are covered as well as the various types of insurance policies that may be used for the transferring of risks.
Challenges addressed are: The amount, if any, of property, liability, and life insurance needed to assure achievement of personal plans and goals in spite of the occurrence of an event of which you were at risk. Choosing between the various types of insurance policies as they relate to the protection of your needs and goals. The special contracts and clauses that are present in life insurance policies.
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The Earned Income Credit (EIC) is a refundable tax credit that has a significant impact on United States revenue and, in the 2020 tax year, amounted to about $60 billion claimed by more than 25 million tax filers. In a recent year, 153.8 million individual federal tax returns were filed, and 19.6 million12.7% of individual taxpayers claimed the Earned Income Credit. Based on that percentage, it would not be unexpected that any tax return preparer will prepare the tax returns for many EIC claimants. | |
Each year the U.S. Census Bureau publishes what it refers to as nonemployer statistics that may provide information about the increased importance of the business use of taxpayers' homes. A nonemployer, for purposes of the statistics, is defined as a business that has no paid employees, has annual business receipts of at least $1,000, and is subject to federal income taxes. These nonemployers may be organized as corporations, partnerships, or sole proprietorships. Because they have no paid employees, nonemployers are more likely than others to operate their businesses from their homes and seek a home office tax deduction. |
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