CPE Catalog & Events

Clarify the importance of partnership capital accounts and partnerships debt on partner's tax basis; Impact of contributed property Explain the use of both "inside" and "outside” basis determination Explain the importance of shareholder loans to the entity Discuss how basis is impacted by distributions of corporation property and the sale/or liquidation of the S corporation interest Comprehensive examples illustrate the mechanics of the basis determination process

The major topics covered in this course include: Overview of the Bookings app functionalityStep by step demonstration of how to setup your private Bookings web pageDefining your meeting types / servicesConfiguring text message reminder notificationsSetting your scheduling policiesCustomize your Bookings page form to capture important information while booking an appointment.Integrate with Microsoft Teams Meetings

Communication Teamwork Collaboration

Performance target design Target testing  

KPIs Performance measures Metrics

Communicaiton Performance Reviews Feedback Management Leadership

Disassociating yourself and your employer from discriminatory comments. Scripts for addressing potential and actual sexual harassment situations. Consensual relationships between leaders and their subordinates. Effective violence prevention measures Survival tactics in active violence situations.

Risk Assessment Internal Controls COSO

Occupancy costs Depreciation Utilities Supervision Maintenance Quality Control Material Handling Process Engineering Design Engineering Procurement Human Resources Information Systems Selling Costs Accounting Cost of Money Excess Capacity

10 Principles of Tax Accounting for Trust Income Entity accounting income and Form 1041 Uniform Principal and Income Act Discretionary Power to Adjust Allocations between principal and income Trust accounting issues

The major topics covered in this class include:Examine and walk through the primary considerations that any company seeking to implement a crypto payment system will need to keep in mindSpecific steps, the opportunities, and the challenges connected with implementing a crypto payment systemDocumenting accounting implicationsExternal resources will be provided in order additional context and information

The major topics that will be covered in this class include:Introduction: What is the IRS "Plain Talk" Document?Office of Government Ethics (OGE) StandardsKey Principles of Ethical ConductGifts from Outside SourcesGifts from Within the AgencyWhen Gifts Cannot be Accepted from Outside SourcesConflicts of InterestOutside Activities and EmploymentMisuse Of PositionUsing and Accounting for Office TimeUsing Government PropertyMatters Concerning Personal ActivitiesRules Concerning Employee Conduct and Official ActivitiesWho Can Help Within IRS

Tax code hierarchy Organization of an Internal Revenue Code section Special rules for IRC citation  Citing other primary authority Private letter rulings  Primary vs. secondary authority  Secondary sources of authority Steps in the tax research process Research memoranda

Applicability of the use of ASC 820 The “exit price” approach Examples of market, cost and income approaches to estimating fair value Use of Level 1, 2 and 3 inputs in determining fair value

What are ethics? Why study ethics? Ethical responsibilities of CPAs Professional code of ethics and conduct AICPA Codification – updated Ethical dilemmas CPA vision Real disciplinary cases to illustrate critical points

How does a partner compute his or her basis in a partnership? What is the difference between a partner’s inside and outside basis? What is the difference between a partner’s capital account and partner’s outside basis? How does Section 732(d) impact the buyer of a partnership interest? How does a partnership report a Section 754 election on the partnership’s tax return? How does a partnership make a Section 754 election? How does a partnership make a Section 743(b) adjustment? How does a partnership make a Section 734(b) adjustment? How is a Section 743(b) adjustment or Section 734(b) adjustment allocated to the assets of a partnership? How is a Section 743(b) adjustment allocated within the class of ordinary income property and capital gain property?

We introduce new case selections to this seminar every year. Past cases have included these issues:Can you protect the public interest without violating our profession's confidentiality rules?How can a corporate world CPA get in trouble with their board of accountancy?Is a culture of fear and intimidation particularly susceptible to corporate fraud?How can using the CPA credential get a corporate accountant in trouble?Is exaggerating your CPE hours a violation of our professional codes of conduct?What are your options when your employer is clearly breaking the law?Does any legislation provide effective Whistleblower protection?

Review of recent federal legislation and administrative rulings Review of recent modifications to tax forms Review of small business tax law and administrative update changes Review of retirement plan changes Overall review of tax practice and procedures

Compare and contrast the tax consequences, opportunities, and pitfalls of operating a business as a partnership, LLC, or S corporation  Reporting Requirements for Schedules K-2 and K-3  Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations  Gain a comprehensive understanding of income tax laws for S corporations from eligibility and election to tax return preparation, stock basis, and loss limitation issues  Recognize and properly handle special pass-through items of income and expense  Accurately prepare S corporation returns and reconcile book income to taxable income  Accurately prepare partnership returns and reconcile book income to taxable income  What the transactional method entails and how to report partners’ capital accounts under this method  Properly handle the tax treatment of distributions to shareholders, partners, or members  Understand the special restrictions and sanctions for tax year-end selection  Review the basics of partnership and LLC formation and basis calculation  Self-employment tax or NOT, for each entity  Filling in K-1s correctly for S corporations, partnerships, and LLCs. Major changes in K-1 reporting on both partnership and S corporation forms and content  The most frequently used forms and schedules, including some form “oddities” 

What’s NEW for this year – Items all practitioners must know  Form 1040 and Schedules 1 – 3 1099-K reporting requirements  Qualified Business Income -- Coverage of §199A including the real estate safe harbor  A tour of the most recent forms changes, starting from gross income and ending with selected credits, including the latest IRS guidance on significant recent tax legislation  How will clients (and practitioners) interact with IRS in the future and how the pandemic is steering the IRS to ramp up with digital communication efforts  Hot developments and current areas of interest  Virtual Currency and Digital Asset Taxation  Advanced practice, reporting, and other issues intertwined with advanced planning and discussion ideas  Form 6198 -- At-risk basis: Detailed case study and discussion of how this form is to be used and when it needs to be filed; learn how basis and at-risk basis are different, and why this is significant  Form 6252 -- Installment sale income: A common tax area; however, a case study and discussion of this topic includes advanced issues such as gain on reacquisition of installment sale property, including worksheets on calculating gain & tax basis of reacquired property  Form 5329 -- Additional taxes on qualified plans: Advanced study of how to avoid penalties