This is a basic level course that describes the contexts in which the Internal Revenue Service (“IRS”) interacts with taxpayers in circumstances where representation of the taxpayer would be appropriate. The specific objectives of this course are to arm you with the necessary knowledge and skills to effectively represent taxpayers before the IRS with respect to both audits and collection activity. Using examples and illustrations, this course will familiarize you with the forums in which the IRS is encountered, the methods and procedures of each, and suitable responses to IRS communications. You will learn to distinguish “real” deadlines imposed by law from suggested response dates. Upon completion of this course you will have a better understanding of the options available to assist your clients at various stages of the controversy process, what to expect from IRS personnel, and what is expected of you as a taxpayer representative.

This course outlines the basic sanctions imposed under Circular 230 and the process for imposing them. More importantly, the material digests dozens of disciplinary cases instituted under Circular 230 and categorizes the specific types of conduct leading to sanctions. Upon completing this course the practitioner will have a firm grounding in the patterns of activities that are likely to result in disciplinary actions, those defenses that may be successful, and the excuses that do not work.

Course Description:

This general ethics course is designed to provide the tax preparer with an ethical framework that can guide preparers through potential ethical dilemmas. It provides detailed guidance on the specific laws, rules, and regulations that apply to tax return preparation.

Learning Objectives

After completing this course, you will be able to:

• Determine who is and is not allowed to practice before the IRS,
• Discuss the Internal Revenue Service requirements as outlined in Circular 230, and
• Understand possible preparer penalties associated with tax return preparation and conduct.

After completing this chapter, you will be able to:

• Explain the role of ethics in the tax preparation industry.
• Explain the IRS rules as outlined in Circular 230.
• Identify common ethical violations and penalties.
• Discuss procedures that promote compliance with ethical guidelines.

Introduction to Course:

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 registered 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. Circular 230 offers substantial guidance in:

• Setting forth rules relating to the authority to practice before the IRS;
• Identifying the duties and restrictions relating to practice before the IRS; and
• Prescribing sanctions for violating the regulations.

• Discuss the scope of registered tax return preparer responsibilities;
• Describe the best practices for tax advisors in preparing or assisting in the preparation of a submission to the Internal Revenue Service;
• Explain practitioner duties and restrictions with respect to –
• Information to be furnished to the IRS,
• The practice of law,
• Dealing with taxpayer omissions, errors and noncompliance with U.S. revenue laws,
• The requirement for preparer diligence as to accuracy,
• Return of client records,
• The existence of conflicts of interest, and
• Solicitation of business; and
• List the various sanctions that may be imposed for a preparer’s failure to comply with applicable conduct rules.

Introduction to Course:

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 registered 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. Circular 230 offers substantial guidance in:

• Setting forth rules relating to the authority to practice before the IRS;
• Identifying the duties and restrictions relating to practice before the IRS; and
• Prescribing sanctions for violating the regulations.

• Discuss the scope of registered tax return preparer responsibilities;
• Describe the best practices for tax advisors in preparing or assisting in the preparation of a submission to the Internal Revenue Service;
• Explain practitioner duties and restrictions with respect to –
• Information to be furnished to the IRS,
• The practice of law,
• Dealing with taxpayer omissions, errors and noncompliance with U.S. revenue laws,
• The requirement for preparer diligence as to accuracy,
• Return of client records,
• The existence of conflicts of interest, and
• Solicitation of business; and
• List the various sanctions that may be imposed for a preparer’s failure to comply with applicable conduct rules.

Course Description:

This federal tax law update course is designed for tax preparers who wish to keep up with current developments in tax law.

Learning Objectives:

After completing this course, you will be able to...

• Recognize areas of personal and small business taxes impacted by legislative changes in 2012
• Recognize the inflation adjusted deductions
• Identify eligibility for certain deductions

Course Description:

This federal tax law update course is designed for tax preparers who wish to keep up with current developments in tax law.

Learning Objectives:

After completing this course, you will be able to...

• Recognize areas of personal and small business taxes impacted by legislative changes in 2012
• Recognize the inflation adjusted deductions
• Identify eligibility for certain deductions

Course Description:

In Accuracy & Continuity the course content focuses on illustrating the steps necessary to comply with due diligence standards. The tax preparer must not only explore accuracy on a current year return, but review of a prior year return for figures related to carryovers and depreciation should also be performed. In addition, the course content touches on situations that involve interest and dividend income, RMDs, rental income, and short-and long-term capital gains. Finally, the course provides a brief discussion of basis determination and preparer contingency fees.

Learning Objectives:

• Review prior year’s return for accuracy, comparison, and carryovers for current year return.
• Recognize items that will affect future returns (e.g., carryovers, depreciation).
• Interest Income (taxable and non-taxable) (e.g., Schedule B and 1099-INT).
• Dividend Income (e.g., Schedule B and 1099-DIV).
• Rental income and expenses (e.g., Schedule E Supplemental Income and Loss).
• Required minimum distributions from retirement plans.
• Short-term and long-term capital gains and losses (e.g., Schedule D Capital Gains and Losses, Form 1099-B Proceeds From Broker and Barter Exchange Transactions).
• Determination of basis of assets (e.g., purchased, gifted, or inherited).
• Rules regarding fees, including contingent fees.

Objectives:

It is no longer uncommon for taxpayers to live and work in different metropolitan areas and for organizations to hold meetings and conventions in resort locations. When this is the case, some or all of the taxpayer’s travel expenses may be deductible. Tax professionals need to be aware of the myriad of rules surrounding the deductibility of travel expenses in order to adequately advise their clients.

This course explores the requirements and limits pertaining to deductions for travel expenses. The general requirements are set forth in detail, with specific attention given to travel related to temporary work locations and foreign travel. The concept of a taxpayer’s “tax home” is illustrated using numerous examples and explanations. Deduction of travel expenses for medical, charitable, and educational purposes is also addressed.

In this course you will learn to distinguish non-deductible commuting expenses from the costs of deductible travel, when spousal or companion travel may be deductible, and how to handle the travel expenses of taxpayers with multiple work locations. After completing this course you will understand when travel expenses have to be allocated between business and non-business activities and the limitation on deductions for lavish or extravagant travel expenditures.

Objectives:

Debt cancellation is an increasingly common occurrence, especially in times of a troubled economy. The forgiveness of a debt not only has economic and financial consequences, but also specific tax consequences and the rules regarding these tax consequences can be complicated. Taxpayers and their advisors attempting to navigate through these turbulent waters will need a compass; this course is designed to provide that compass.

Those who fail to abide by the complex requirements of recognizing and excluding cancellation of debt (“COD”) income may encounter unpleasant surprises. In this course we will explore the basic rules for both the inclusion of COD income in gross income and the circumstances in which COD income can be excluded. Using examples to illustrate the application of the rules to specific situations, we will address calculation of the inclusion amount, the consequence of tax attribute reduction following exclusion, and the complicated issues related to attribute reduction in the context of S corporation and partnership borrowers.

After completing this course you should have a firm grasp of the COD income rules and will be able to recognize circumstances in which COD income has to be included and those in which it may be excluded from your clients’ gross incomes. You will also learn how to report both the income resulting from a cancellation of debt and the tax attribute reduction necessary when exclusion applies.

This course offers tax professionals practical information on current law, principles, and practices of income taxation and the impact on financial planning for families.  The course objective is to review key principles of individual income tax planning as they relate to families.

• Children and Federal Income Taxes
• Special Taxation Issues and Considerations Involving Minor Children
• Approaches to Funding Education
• Transferring Assets to Minors
• Life Insurance in Planning for Minors
• Transferring Retirement Benefits
• Planning After Death for Care of Minor Children

Introduction:

Few advantages are as sought after by parents for their children than an education that will enable them to grow professionally and enjoy the benefits such an education can help bestow. The federal government supports and encourages their efforts to provide that education through various programs and income tax incentives.

This course will examine the programs, credits, deductions and federal income tax treatment of various items that affect saving for and financing an individual’s education. In so doing, it will consider:

• Qualified tuition programs;
• Coverdell education savings accounts;
• The education savings bond program;
• Federal tax credits for education;
• The federal tax treatment of scholarships, fellowships, grants and tuition reductions; and
• Deductions available for student loan interest, tuition and fees.

Learning Objectives:

Upon completion of this course, you should be able to:

• Describe the features of the types of qualified tuition programs available under IRC §529;
• Explain the tax benefits provided under an IRC §529 qualified tuition program;
• Identify the limits and tax treatment of contributions to and distributions from a Coverdell education savings account (ESA);
• Describe the tax treatment of interest earned under qualified U.S. savings bonds used to pay certain education expenses;
• Explain how the American opportunity and lifetime learning credits operate;
• Illustrate the tax treatment of scholarships, fellowships and other types of educational assistance; and
• Explain the federal income tax rules applicable to student loan interest, payment of tuition and fees, and student loan cancellations and repayment assistance.

Estate and end-of-life planning is a topic for which many people often seek the guidance of an experienced tax advisor. Issues such as preparing a will, incorporating a trust, or using life insurance as a means to reduce estate tax are generally hot topics. Professionals such as Attorneys, Financial Planners, and Tax Advisers commonly contribute to the process and work together to identify the best solution for the client. A Tax Adviser who is not authorized to practice law must rely on those duly qualified to prepare the appropriate planning documents. It is important that all professionals involved understand the fundamentals of estate planning in order to navigate their clients through the evolving regulations surrounding wealth transfer.

Objectives of this course:

• Understand estate planning basics
• Reduce transfer taxes using available credits and exemptions
• Transfer property outside of probate
• Effectively utilize life insurance and annuities in estate planning
• Develop an understanding of popular trust instruments

Introduction to the Course:

Estate Tax Planning examines the various aspects of planning for the estate tax liability. The course begins with a discussion of the genesis of estate taxation in English common law and continues with an examination of the estate and its administration.

The subjects discussed in the course are a) the estate and its administration, b) federal gift and estate taxes, c) common estate planning trusts, d) calculating federal estate taxes, e) state inheritance and estate taxation, and f) estate tax payment. The text serves as an introduction to the issues of estate settlement and includes a discussion of the probate estate and the federal gross estate.

The steps taken to calculate federal estate tax liability are discussed. In that discussion, the federal gross estate, tentative taxable estate, taxable estate and tentative tax are examined. The various estate tax credits and deductions are considered and their place in the federal estate tax calculation is explained.

The role of trusts in estate tax minimization is considered. The common trusts employed in estate tax planning are explained, and the uses of credit shelter trusts, QTIP trusts and irrevocable life insurance trusts are demonstrated. State death taxes are considered, and inheritance taxes are compared to estate taxes with respect to the party liable for payment and the role of decedent/beneficiary relationships in inheritance taxation. Finally, the traditional sources of estate tax payment are examined and compared.

Learning Objectives:

Upon completion of this course, you should be able to:

• Explain the differences between an estate for tax purposes and a probate estate;
• Identify the assets that comprise the federal gross estate;
• Compare state inheritance taxes and estate taxes and the typical beneficiary classifications for state inheritance tax purposes;
• Explain how gifts are taxed under the federal gift tax system;
• List the deductions and credits allowed under the federal system of estate taxation;
• Describe the common trusts employed in estate tax planning;
• Perform an estate tax calculation; and
• Identify the methods of estate tax payment and their cost consequences.

Assisting a client in choosing the best business structure is a challenging task that requires a combination of skills and knowledge. There is much riding on your ability as a tax professional to help entrepreneurs or existing business select the "perfect form." Not only will this decision affect their ability to achieve their specific business objectives, it will also determine how well their assets are protected.

Later, you will read about a small business owner, Deborah Williams, who receives insufficient help from her first accountant when incorporating her small computer business. It cost her dearly before she finally consulted a different tax professional, someone more knowledgeable in this arena.

This course is designed to provide you with the information you need to be of similar value to your clients. In particular, it focuses on the tax advantages and disadvantages of S & C Corporations, LLCs, LLPs and Sole Proprietorships. It will target and explore many of the major factors that drive the initial decision of entity selection, as well as special circumstances that arise during the course of doing business.

Course Description:

The tax incentives under I.R.C. §1202 provide taxpayers with an opportunity to maximize potential tax savings, while making investment in small businesses more attractive. Historically, §1202 has allowed for a 50% exclusion for gains recognized with respect to the stock of qualified small business corporations that are not S corporations.

Legislation enacted in late 2010 has once again temporarily increased the exclusion on QSBS to 100% on purchases in 2011. However, in order to realize the benefits afforded under this provision, careful navigation of the many complex rules related to the acquisition and subsequent sale of qualified small business stocks is needed.

Course Objectives:

In this course, you will learn:

• What gains are eligible for exclusion under §1202
• Current tax treatment of QSBS
• Pre-issuer limitation on eligible gains
• Five-year holding period
• Operating rules related to pass-through entities
• Offsetting short positions and application limitations of §1202

Course Description:

The IRS routinely targets activities engaged in by taxpayers for analysis under Internal Revenue Code §183, the so-called “hobby loss” rules. While taxpayers are allowed to deduct losses from business activities against other income, losses subject to Code section 183 are disallowed, and deductions are limited to the income generated from such activities. Dozens of cases involving this issue are decided by the Tax Court every year underlining the need for practitioners to be aware of what to look for (and look out for) when advising their clients about the deductibility of business activity losses. The problem is that these rules are really nothing more than a series of factors and the resolution of any case is fact-specific.

The purpose of this course is to provide the practitioner with an overview of the common factual elements found in these cases so that they can be better prepared to help their clients navigate these difficult waters.

Learning Objectives:

• Understand the required method for allocating expenses pursuant to Code §183
• Understand the elements of the 10-part test under the hobby loss rules
• Recognize a "for-profit" activity
• Recognize and determine the deductible expenses when an activity fails to meet the "profit motive" test

Scope: This course will cover how health insurance, including medical insurance and accident insurance, should be handled for S corporations and S corporation shareholder-employees.  In particular, the course will focus on IRS Notice 2008-1, Special Rules for Health Insurance Costs of 2-Percent Shareholder-Employees.

Learning Objectives:

• Review the employment status of shareholders in an S corporation
• Review how to treat medical insurance premiums in an S corporation
• Understand which rules apply to two-percent shareholder-employees in S corporations
• Understand how IRS Notice 2008-1, Special Rules for Health Insurance Costs of 2-Percent Shareholder-Employees, affects deductions
• Review how to report medical insurance premiums on both shareholder-employee 1040 and W-2 forms

Course Description:

In Marital Status, the goal is to identify which acts constitute consideration of marriage, as well as the benefits and consequences of obtaining married status. For the most part, the ability to file married-joint creates the most beneficial situation for taxpayers. In certain circumstances, like adoption of a spouse’s child, marital status can create adverse effects. In addition, this course identifies instances which qualify for deduction of expenses in the process of a move and in relation to the sale of a primary residence.

Learning Objectives:

• Understand tax payments (e.g., withholding, estimated payments).
• Understand due dates, including extensions.
• Taxability of wages, salaries, tips, and other earnings (e.g., W-2 Wage and Tax Statement, cash).
• Sale of a principal residence (e.g., IRC 121 exclusions, 1099S Proceeds From Real Estate Transactions).
• Eligible Moving expenses – (e.g., Form 3903 Moving Expenses).
• Penalties to be assessed by the IRS against a preparer for negligent or intentional disregard of rules and regulations, and for a willful understatement of liability (e.g., IRC 6694(a), IRC 6694(b)).
• 6.8. Safeguarding taxpayer information – (e.g., Publication 4600 Safeguarding Taxpayer Information, Quick Reference Guide for Business, IRC 7216).

While Congress has given the IRS the authority to compromise tax liabilities for less than the full amount due, the law never compels the IRS to accept an offer-in-compromise. Thus the key to representing taxpayers in offer-in-compromise situations is to be fully aware of the internal procedures and ground rules that the IRS has established for itself. By reviewing these procedures and showing you how to intelligently utilize the IRS rules for the benefit of your clients, this course will equip you to successfully navigate the sometimes treacherous waters of the offer-in-compromise. The objectives of this course include familiarizing you with the basics of doubt as to liability and effective tax administration offers, while providing you will specific tools and references for handling doubt as to collectability cases.

Course Objectives

A common mistake made in tax preparation is the deduction of losses from passive activities without regard to the limits applicable to those losses. While rental real estate activities often generate passive losses, the passive loss limitation rules apply to a broad range of activities and are of particular concern to S corporation shareholders, partners, and members of limited liability companies. Furthermore, until further guidance is issued, the rules may be particularly tricky to apply with respect to LLC membership interests. The objectives of this course are to provide the practitioner with a sound understanding of the basic rules related to passive activity loss limitations and their application in common scenarios. The course covers the relevant definitions and exceptions regarding passive loss limitations with which every tax practitioner should be familiar.

Course Category: Other Federal Tax Law

Practicing before the IRS can be both rewarding and frustrating. A big part of limiting that frustration is obtaining a thorough understanding of the mechanisms in place regulating the authorization to practice before the IRS and disciplinary proceedings instituted by the IRS Office of Professional Responsibility. What does and does not constitute “practice before the IRS” is a somewhat elusive concept, and through this course you will obtain a solid understanding of what it means. You will also learn the basic requirements for being an authorized practitioner, including the rules regulating appraisers, enrolled retirement plan agents, and the new category of registered tax return preparers. Finally, this course will walk you through the steps of a disciplinary proceeding, giving you valuable tips and insights to help you achieve the most favorable result possible should you ever have to face allegations of Circular 230 violations.

Course Description:

This illustrative course is designed to provide a more tangible experience to understanding tax preparation. The course content will identify possible sources of taxable income, examine self-employment income and the necessity to make estimated payments, and generally explains the initial steps taken at the beginning of the return process.

Learning Objectives:

• Determine all sources of taxable and non-taxable income (e.g., wages, interest, business, sale of property, dividends, rental income, income from flow-through entities, alimony, government payments, and pension distributions).
• Self-employment income and expenses (e.g., Schedule C Profit or Loss from Business and Form 1099-MISC Miscellaneous Income, cash).
• Other income (e.g., alimony, barter income, hobby income, non taxable combat pay, state income tax refund from prior years, prizes).
• Sale of non-business assets (gains or losses).
• Self-employment tax (e.g., Schedule SE Self-Employment Tax).
• Understand payment options (e.g., check, direct debit, EFTPS, credit card, installment agreement-Form 9465).

Course Description:

Reporting of foreign assets, accounts, and income are now high on the agenda for the IRS, and severe penalties may be imposed, even for innocent missteps. The complex nature of the requirements, coupled with a lack of familiarity shared by many taxpayers and practitioners makes these issues particularly important today. This course is designed to provide you with the tools necessary to tackle these issues effectively and efficiently.

Learning Objectives:

In this course you will learn about the various requirements for reporting foreign income and assets.

• Recognize the basic rules for income tax reporting of foreign earned income.
• Learn about the new foreign financial asset reporting requirements on IRS Form 8938
• Understand the newly-emphasized “FBAR” filing requirements for foreign financial accounts.

This is a basic level course that describes the contexts in which the Internal Revenue Service (“IRS”) interacts with taxpayers in circumstances where representation of the taxpayer would be appropriate. The specific objectives of this course are to arm you with the necessary knowledge and skills to effectively represent taxpayers before the IRS with respect to both audits and collection activity. Using examples and illustrations, this course will familiarize you with the forums in which the IRS is encountered, the methods and procedures of each, and suitable responses to IRS communications. You will learn to distinguish “real” deadlines imposed by law from suggested response dates. Upon completion of this course you will have a better understanding of the options available to assist your clients at various stages of the controversy process, what to expect from IRS personnel, and what is expected of you as a taxpayer representative.

Introduction:

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 savings—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 a number of advantages; 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.

Annuities’ tax advantages aren’t limited to tax deferral, however; annuities offer additional tax advantages. For example, an investor purchasing a variable annuity can change his or her investment allocation in the contract’s variable subaccounts whenever desired. Typically, such changes are made in order to implement new objectives or to modify the level of risk assumed. From a tax point of view, the important issue is that the contract owner can make these changes without being required to recognize income as would be required if, for example, the investor liquidated his or her stock portfolio in order to purchase bonds. In addition to these tax benefits, a contract owner that elects to annuitize his annuity contract, i.e. to take a periodic income from it, will find that part of each periodic income payment may be tax free as a return of his or her investment in the annuity contract.

Learning Objectives:

Upon completion of this course, you should be able to:

• Describe the types and characteristics of qualified employee plans;
• Explain the limits imposed on qualified employee plan contributions and benefits;
• Describe the requirements applicable to qualified employee plan loans and their tax treatment;
• Explain the rules governing rollovers to and from qualified employee plans;
• Apply the federal tax laws to qualified employee plan contributions and distributions;
• List the principal types of annuities and their characteristics; and
• Describe how annuity contributions and distributions are taxed.

Course Description:

This course will cover material pertinent to the setup of a Roth IRA. It will provide overviews of the Roth eligibility, contribution limits and rules regarding distributions, as well as information about conversions. This course will also discuss beneficiary selection and other ways of receiving/designating Roth IRA funds.

Learning Objectives:

• Understand the various rules related to creation of a Roth IRA
• The eligibility requirements, contribution limits and distribution regulations
• Address issues encountered during conversions
• Inform of retirement strategies
• Handling beneficiary issues

Course Description:

This course was designed to expose the tax professional to a more complex level of tax return preparation. In addition to discussing adjustments to gross income, the course content will cover what constitutes self-employment income, the items which qualify as education in order to claim education credits, and guidelines for paying estimated tax payments. In addition, the course will briefly discuss deductible expenses related to work related travel and entertainment.

Learning Objectives:

• Determine applicable adjustments to gross income (e.g., self-employed health insurance, self employment tax, student loan interest deduction, alimony paid, tuition, and fees deduction).
• Determine filing requirements (including extensions and amended returns).
• Identification of forgiveness of debt as income (including Form 1099-C Cancellation of Debt).
• Self-employment tax adjustment to income (e.g., Schedule SE Self-Employment Tax).
• Tuition and fees – (e.g., Form 8917 Tuition and Fees Deduction, Form 1098T Tuition Statement).
• Education credits – (e.g., Form 8863 Education Credits (American Opportunity and Lifetime Learning Credits), Form 1098T Tuition Statement).
• Employee travel, transportation, education, and entertainment expenses – (e.g., Form 2106-EZ and Form 2106 Unreimbursed Employee Business Expenses).
• Understand estimated tax payment requirements (e.g., potential for penalties, Form 1040-ES Estimated Tax).

Course Description:

In this illustrative course the goal is to address the various credits and exemptions available to single parents. In addition to the child tax credit and the child care credits, many single parents qualify for the Earned Income Tax Credit. This credit is not only available to taxpayers with children, and this course strives to review the key determining factors in evaluating a taxpayer for qualification. Unreported social security and Medicare is also addressed, particularly as it relates to the receipt of tip income.

Learning Objectives:

• Determine applicable credits (e.g., earned income tax credit, child tax credit, education, retirement savings, and dependent and child care credit).
• Determine special filing requirements (e.g., presidentially declared disaster areas).
• Determine qualifying child/relative tests for Earned Income Credit.
• Earned Income Tax Credit (EITC) (e.g., Schedule EIC Earned Income Credit, Form 8867 Paid Preparer’s Earned Income Credit Checklist).
• Unreported Social Security and Medicare tax – (e.g., Form 4137 Social Security and Medicare Tax on Unreported Tip Income).
• Appropriate use of Form 8867 Paid Preparer’s Earned Income Credit Checklist and related penalty for failure to exercise due diligence (e.g., IRC 6695(g)).

Introduction:

Retirement plans offer benefits to both business owners and employees alike. For owners, it provides a way to control costs while creating an attractive package to lure perspective employees, or even reward existing employees. In turn, employees, craving financial security, are presented with an opportunity to set something aside for the later years.

Tax-advantaged retirement plans offer small businesses one of the best ways to save. Not only do they allow business owners the opportunity to save money, tax-free, in investment accounts, but the contributions are exempt from federal taxes and, depending on the location, state taxes as well.

This course explores the advantages and incentives of creating a retirement plan, as well as the retirement plan options available to small business owners. Several types of plans are available, and fall into two broad categories, Defined Contribution (DC) and Defined Benefit (DB) plans. An overview of the more commonly utilized plans is provided.

Course Description:

This federal tax law course is designed to provide the tax preparer with necessary information to assist taxpayers in the process of divorce or who have recently completed divorce. The course provides information on how to elect filing status, how to deal with separation of property following divorce, and circumstances involved in common law or same sex marriages.

Learning Objectives:

After completing this course, you will be able to...

• Understand the rules of transfers of property incident to divorce
• Determine appropriate filing status for divorcing and divorced couples
• Identify eligibility for deductions in situations of community property
• Understand rules for same sex unions

Scope: This course will cover the tax implications of Chapter 7, Chapter 11, and Chapter 13 bankruptcies for individuals and businesses.

It will provide overviews of the different types of bankruptcies available to consumers and businesses, the bankruptcy process, and the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

This course will also discuss tax compliance requirements under the Bankruptcy Code.

Learning Objectives:

• Recognize the different types of bankruptcies available to debtors
• Understand a debtor's tax liability
• Review the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA of 2005)
• Understand the tax implications of each type of bankruptcy
• Recognize the circumstances in which debts can be cancelled
• Understand the difference between secured and unsecured tax claims
• Understand the tax compliance requirements under the Bankruptcy Code
• Review circumstances which can result in a debt being discharged under the Bankruptcy Code

Course Description:

The construction industry presents a variety of tax complexities for preparers. Among the difficulties is the generally required use of the percentage of completion method of accounting for construction contracts and the application of the look-back interest rules. Fortunately, there are exemptions for some of these complexities for the smaller construction contractor.

Learning Objectives:

• Understand the concept of the percentage of completion method of accounting
• Recognize the general rules for selecting an appropriate accounting method
• Compare and contrast cash method and accrual method of accounting
• Understand the Completed Contract Method and Exempt-Contract Percentage-of-Completion Method (EPCM)
• Learn about AMT and its effect on long-term contract adjustment, S corporations, partnerships and look-back
• Study the pros and cons of long-term accounting methods

For most people tax is nothing more than a three-letter word. How many people willingly part with their hard-earned money for taxes? Not many! Mention paying taxes and all those age-old arguments about "why do we pay taxes anyways" and "what do I get?" come gushing back to the surface. While that is no doubt a topic that will continue to be debated for eons, precious few would dispute the benefits that tax planning can offer. Well, at least not after the tax professionals with whom they are working do bit of prodding, gently extolling the virtues of early and concentrated year-round tax planning.

This is the de facto mission of all professional tax planners. With this in mind, the following course describes practical and effective tax-planning techniques in several individual taxpayer areas, and across many income levels, that can be used throughout the year.

Introduction:

Federal tax policy is designed to accomplish numerous goals, from funding government to encouraging socially-beneficial actions such as saving for retirement. ERISA, the Employee Retirement Income Security Act, was created principally to meet the latter objective.

ERISA created an individual retirement arrangement—usually referred to simply as an IRA—to encourage taxpayers who were not participants in an employer-sponsored qualified retirement plan to save money to fund their future retirement needs. That was the initial legislative action. In order to participate, you needed to be employed and not a part of a pension, profit-sharing or other qualified plan.

These early ERISA provisions offering tax benefits to individuals funding IRAs have been extended in subsequent legislative actions to:

• Unemployed spouses;
• Qualified retirement plan participants; and
• Taxpayers preferring tax-free distributions instead of deductible contributions.

Early expansion of the IRA provisions added a spousal IRA that is designed to provide retirement assistance to uncompensated homemakers. It was also expanded to allow employees who are covered under an employer-sponsored qualified pension or profit-sharing plan to contribute to an IRA.

Since that earlier ERISA expansion related to IRAs, new IRAs have been added, including Roth IRAs that offer tax-free qualified distributions rather than deductible contributions. In order to differentiate the newer Roth IRA from its earlier cousin, the original IRA is now referred to as a “traditional” IRA.

Learning Objectives:

Upon completion of this course, you should be able to:

• Discuss the rules governing eligibility and permitted contribution levels applicable to traditional and Roth IRAs;
• Identify the requirements and benefits related to a spousal IRA;
• Explain the tax treatment of contributions to and distributions from traditional and Roth IRAs;
• Describe the benefits of tax-deferred accumulation; and
• Discuss traditional and Roth IRA distribution rules.

Introduction:

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 a life insurance policy’s:

• Failure to meet the statutory definition of life insurance;
• Being deemed a modified endowment contract;
• Transfer of ownership to another person for a valuable consideration;
• Sale in a viatical or life settlement transaction;
• Ownership by an employer; and
• Use in a qualified retirement plan.

Learning Objectives:

When you have completed this course, you should be able to:

• Explain the customary income tax treatment given to life insurance policy withdrawals, loans, surrender proceeds and death benefits;
• Explain how a life insurance contract’s failure to meet the statutory definition of life insurance changes its income tax treatment of death benefits and cash values;
• Describe the changes to the tax treatment of life insurance policy living proceeds resulting from the policy being deemed a modified endowment contract;
• Discuss the income tax treatment given to life insurance policy death benefits when the life insurance policy has been transferred for a valuable consideration;
• Compare the tax treatment of life insurance death benefits under a policy included in a qualified plan with the tax treatment of nonqualified life insurance death benefits;
• Identify the types of life insurance exchanges that are tax-free under IRC §1035;
• Define the terms “terminally-ill” and “chronically-ill” as used in the Health Insurance Portability and Accountability Act; and
• Describe the income tax treatment of accelerated death benefits, viatical settlements and life settlements.

Introduction:

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.

Learning Objectives:

• Describe the tax treatment of premiums for and benefits from health insurance policies;
• Explain the rules governing health savings accounts and Archer medical savings accounts, including their requirements and limits relative to –
• Eligibility,
• Contributions,
• Distributions,
• Transfers, and
• Rollovers;
• Clarify the elements of a health reimbursement account and its tax treatment;
• Compare the tax treatment of employer-paid and individually-paid disability income insurance policies;
• Describe the tax treatment of business-related disability coverage, including –
• Disability overhead expense policies,
• Disability buyout policies, and
• Keyperson disability policies; and
• Explain the tax treatment of long term care insurance.

Course Description:

This course explains the definition of a traditional IRA, and the distributions,contribution limits and age restrictions associated therewith. The course will address transfers and rollovers, recharacterizationsand information regarding beneficiary selection.

Learning Objectives:

• Understand the various rules related to creation of a traditional IRA
• The eligibility requirements and contribution limits
• Requirement Minimum Distribution (RMD) regulations
• Address prohibited transactions
• Inform of retirement strategies including gifting to charities
• Handle beneficiary issues

Course Description:

This course is not intended as a comprehensive analysis of all the tax issues that arise in the context of divorce or separation. Many of the tax issues that may arise need to be dealt with in a planning context, before a divorce or separation agreement is finalized. Rather, the objective of this course is to review the issues that are most likely to confront the return preparer whose clients are already divorced, separated, or otherwise not married to the other parent of their children.

Learning Objectives:

• Understand the difference in classification between alimony and child support
• Gain familiarity of the dependency exemption allowances in cases of divorce and separation
• Determine the eligibility of qualifying relatives
• Explore the various credits available to taxpayers with children