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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Objectives:
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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.
Objectives
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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.
ASSIGNMENT
At 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 corporations
Learning Objectives
After 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 they can be used to enhance tax and financial 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.
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 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.
Assignment
At 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 loans
Learning Objectives
After reading the materials, participants will be able to:
1. Recognize basic fringe benefit planning by determining “income” under §61, identify the unusual tax-favored compensation advantage of qualified fringe benefits, and determine the fair market value of a fringe benefit under the general valuation rule and the special two-month pour-over accounting rule.
2. Identify the rules for group term life insurance under §79 stating how to implement proper coverage and determine the mechanics of self-insured medical reimbursement plans under §105.
3. Identify the rules for excluding the value of meals and lodging under §119, and “cafeteria plans” and recognize the requirements and limits of employee educational assistance programs and dependent care assistance.
4. 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.
5. Determine the requirements for qualified transportation fringe benefits under §132(f), specify valuation methods for employer-provided automobiles, and identify the requirements and benefits of adoption assistance programs.
6. Recognize the income inclusion of moving expense reimbursement and below market loans and identify ERISA compliance 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/ | |
We are all (including tax practitioners) getting older, and the need for effective retirement planning has never been greater. This course is essential for participants who wish to attain a comfortable retirement for themselves and their clients by maximizing tax-saving strategies. Designed to improve the quality of services to clients and the profitability of engagements, this presentation integrates federal taxation with retirement planning. The emphasis is on practical simplicity in dealing with the self-employed and highly compensated individual. Distribution options from IRAs and other retirement plans are explored.
Assignment
At the start of the materials, participants should identify the following topics for study:
* Qualified deferred compensation
* Basic requirements of a qualified pension plan
* Basic types of corporate plans
* Types of defined contribution plans
* Self-employed plans - Keogh
* Distribution & settlement options of IRAs
* Tax-free rollovers for IRAs
* Roth IRAs
* Simplified employee pension plans (SEPs)
* SIMPLE plans
Learning Objectives
After reading the materials, participants will be able to:
1. Determined the differences between qualified and nonqualified deferred compensation plans identifying the tax advantages and disadvantages of each, specify the requirements of a qualified pension plan, and recognize how the basic ERISA provisions define the elements of qualified plans.
2. Identify the types of defined contribution and defined benefit plans and their effect on retirement benefits.
3. Recognize the elements of Roth IRAs and traditional IRAs by specifying how distributions work, how to set up the various IRAs, utilize tax-free rollovers, designate beneficiaries, and make distributions to beneficiaries, cite contribution limits for various IRAs, and determine how to recharacterize Roth IRA contributions.
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/ | |
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. | |
The Tax Cuts and Jobs Act of 2017 (TCJA), signed into law during the closing days of 2017, significantly affects tax planning and the income tax liability for many taxpayers. This course will examine the principal changes affecting individual taxpayers made by the TCJA and the current limits applicable to them. It examines the provisions of the TCJA with increased potential to affect the taxation of individuals | |
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. | |
The American Rescue Plan Act of 2021, also called the COVID-19 Stimulus Package, is a $1.9 trillion economic stimulus bill passed by the 117th United States Congress and signed into law by President Joe Biden on March 11, 2021. This act was passed to speed up the United States' recovery from the economic and health effects of the COVID-19 pandemic and the ongoing recession. This legislation was first proposed on January 14, 2021, the package builds upon many of the measures in the CARES Act from March and in the Consolidated Appropriations Act, 2021, from December. | |
Seismic changes in tax legislation is currently taking place, and the well-informed tax practitioner will want to attend this eight hour program in order to stay abreast of these developments. This program will cover new court decisions, recent IRS publications, and the latest tax legislation that will impact businesses and individuals. The remaining time will be spent on IRS procedure and other issues. This course will provide a concise look at the hottest topics affecting every tax practitioner. 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:
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Seismic changes in tax legislation is currently taking place, and the well-informed tax practitioner will want to attend this eight hour program in order to stay abreast of these developments. This program will cover new court decisions, recent IRS publications, and the latest tax legislation that will impact businesses and individuals. The remaining time will be spent on IRS procedure and other issues. This course will provide a concise look at the hottest topics affecting every tax practitioner. 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:
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Seismic changes in tax legislation is currently taking place, and the well-informed tax practitioner will want to attend this eight hour program in order to stay abreast of these developments. This program will cover new court decisions, recent IRS publications, and the latest tax legislation that will impact individuals. The remaining time will be spent on IRS procedure and other issues. This course will provide a concise look at the hottest topics affecting every tax practitioner. Who should Attend: This course is suitable for tax and finance executives, directors, managers and staff, CPAs, CAs Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise individuals that have tax implications. All public practice tax professionals will benefit from this timely and insightful seminar. Learning Objectives:
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