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Course Library

91 Courses Available

Ethics
Course
Credit Hours
Tax Return Preparer Ethical Issues
Tax Return Preparer Ethical Issues
CTEC:

2 hours

IRS:

2 hours

Course Description:

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.

This course will examine many of those rules, duties and restrictions as well as the sanctions imposed for their violation. In that examination of applicable rules, the course will discuss the requirements imposed on tax return preparers by them and will then present real-world scenarios focusing on specific ethical issues they may encounter in their professional activities. The preparer will be asked to analyze the scenario, identify the ethical issue or issues presented and determine an appropriate response.

Learning Objectives:

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

  • 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.

Field of Study: Ethics
Course Level: Basic
Prerequisite: None
Delivery Method: Self Study
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Disciplinary Actions for Circular 230 Violations
Disciplinary Actions for Circular 230 Violations
CTEC:

2 hours

IRS:

2 hours

Introduction to Course:

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.

Learning Objectives:

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

  • Identify the different sanctions the OPR may impose for violations of Circular 230
  • Determine party responsible for violations of Circular 230
  • Recognize the difference between frivolous arguments and reasonable basis
  • Define violations of Circular 230

Field of Study: Ethics
Course Level: Basic
Prerequisite: None
Delivery Method: Self Study
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Ethics for Tax Practitioners
Ethics for Tax Practitioners
CTEC:

2 hours

IRS:

2 hours

Introduction to Course:

Ethics are the values that govern our decisions and actions. Some companies have clearly defined written codes of principles for determining the difference between good and bad behavior. Good ethics boils down to knowing the difference between right and wrong and choosing to do what is right. This course will explore the definition of ethics in the eyes of the Internal Revenue Service, as well as the important covenants contained in Treasury Circular 230, which governs practice before the IRS. Additionally, this course will discuss the various penalties and sanctions available for violation of the rules by individuals allowed to practice.

Learning Objectives:

Upon completion of this course, you should 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.

Field of Study: Ethics
Course Level: Basic
Prerequisite: None
Delivery Method: Self Study
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Federal Tax Update: Ethics & Due Diligence Issues
Federal Tax Update: Ethics & Due Diligence Issues
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

This course is designed for all tax practitioners in public and private practice who need to identify and apply the basics and recent changes in the tax law and procedures.

Topics Covered:

  • Due diligence
  • Competence
  • Use of tax information
  • New clients with previous preparers
  • IRS enforcement and the E-File Program
  • Impact of the Taxpayer Bill of Rights
  • Tax planning issues
  • Use of tax information
  • Disclosure
  • Complaints against preparers

Learning Objectives:

  • Identify recent changes in tax practice enforcement by the IRS
  • Apply new guidelines regarding competence of tax practitioners
  • Exercise enhanced due diligence in the preparation of tax returns

Delivery Method: Self Study
Field of Study: Ethics
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Tax Law
Course
Credit Hours
1099 Dos and Don'ts
1099 Dos and Don'ts
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description:

Understanding information reporting using the 1099 series of returns is crucial for the practitioner. Not only are there penalties for failure to file and inaccurate filing, the IRS uses these information returns in its document matching program to identify problems on Form 1040 and other tax returns. Unfortunately, winding your way through the maze of 17 different 1099 varieties can be a challenging task.

This course is designed to provide needed guidance through the thicket. General rules involving the 1099 series of information returns are discussed, including due dates, penalties, and the proper procedure for correcting errors. In addition, each of the 17 Form 1099 types is reviewed, with special emphasis on Form 1099-MISC, the most common of the information returns.

Learning Objectives:

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

  • Identify the basic rules for preparing and filing Form 1099
  • Recognize the exceptions to the requirement to file Form 1099
  • Select the appropriate version of Form 1099 to file
  • Define the types of transactions that trigger Form 1099-MISC reporting
  • Identify the specific information that must be included on Form 1099-MISC and other 1099s
  • Identify the due date and penalty requirements associated with 1099 filing

Field of Study: Tax
Course Level: Intermediate
Prerequisite: None
Advance Preparation: None
Delivery Method: QAS / Self-Study
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Accuracy & Continuity on Tax Returns
Accuracy & Continuity on Tax Returns
CTEC:

2 hours

IRS:

2 hours

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.

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: Self Study
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Education Tax Benefits
Education Tax Benefits
CTEC:

4 hours

IRS:

4 hours

Course Description:

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 section 529;
  • Explain the tax benefits provided under an IRC section 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.

Field of Study: Tax
Course Level: Intermediate
Prerequisite: None
Delivery Method: QAS / Self Study
Duration: 200 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Estate Planning Overview
Estate Planning Overview
CTEC:

3 hours

IRS:

3 hours

NASBA:

3 hours

Course Description

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.

Learning Objectives:

  • 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

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: QAS / Self Study
Duration: 150 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Estate Tax Planning
Estate Tax Planning
CTEC:

3 hours

IRS:

3 hours

NASBA:

3 hours

Course Description:

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:

  • Identify the components of an estate for tax purposes and a probate estate;
  • Identify the assets that comprise the federal gross estate;
  • Recognize state inheritance taxes and estate taxes and the typical beneficiary classifications for state inheritance tax purposes;
  • Indicate how gifts are taxed under the federal gift tax system;
  • Recognize the deductions and credits allowed under the federal system of estate taxation;
  • Identify the common trusts employed in estate tax planning;
  • Select items to include or exempt to perform an estate tax calculation; and
  • Identify the methods of estate tax payment and their cost consequences.

Duration: 150 minutes
Field of Study: Tax
Course Level: Intermediate
Prerequisite: None
Duration: 150 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Fundamentals of Entity Selection
Fundamentals of Entity Selection
CTEC:

3 hours

IRS:

3 hours

NASBA:

3 hours

Course Description:

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.

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: QAS / Self Study
Duration: 150 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Healthcare Reform:  Tax Provisions of the Affordable Care Act
Healthcare Reform: Tax Provisions of the Affordable Care Act
CTEC:

4 hours

IRS:

4 hours

NASBA:

4 hours

Course Description:

The landmark legislation known as the Patient Protection and Affordable Care Act (PPACA), signed into law in 2010, is likely to affect virtually every person and institution in the United States in some way. It imposes healthcare-related requirements on health plans, health insurers, employers and individuals.

In addition to imposing various tax increases to increase revenue, the PPACA uses a carrot and stick approach to ensure compliance with its provisions, offering tax credits for compliance and imposing tax penalties for non-compliance. This course will review the principal provisions of the law and will examine its tax impact on individuals and businesses.

In so doing, it will consider the:

  • Coverage-related provisions of the PPACA addressing -
    • Plan grandfathering pursuant to which health coverage in force at the time of the law's passage may be continued,
    • The prohibition of pre-existing condition exclusions,
    • The proscription of lifetime and annual benefit limits,
    • The limitation of health coverage rescissions,
    • The requirement for certain patient protections,
    • The general requirement for universal health care coverage, and
    • The requirement that plans covering children extend child coverage until age 26;
  • Tax credits available to small businesses to encourage them to sponsor employee health plans;
  • Shared responsibility for certain large employers to provide employee health coverage and the tax penalties imposed for noncompliance;
  • Various personal income tax changes affecting taxpayers; and
  • Tax credits and tax penalties authorized to help enforce the PPACA requirement that individuals maintain minimum essential coverage.

Learning Objectives:

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

  • Describe the principal healthcare provisions of the PPACA;
  • Identify the tax credits for which small businesses may be eligible when sponsoring employee health plans;
  • Explain the shared responsibility requirements for employers regarding employee health coverage and the tax penalties imposed for the failure to meet them; and
  • Describe the tax credits and tax penalties designed to help ensure that individuals meet the requirement to maintain minimum essential coverage.

Field of Study: Tax
Course Level: Intermediate
Prerequisite: None
Delivery Method: QAS / Self Study
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Marital Status and the Adoption Credits, Moving Expenses and Gain on Sale of Main Home
Marital Status and the Adoption Credits, Moving Expenses and Gain on Sale of Main Home
CTEC:

2 hours

IRS:

2 hours

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).

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: Self Study
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Offers-In-Compromise:  Navigating the Process
Offers-In-Compromise: Navigating the Process
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description:

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.

Learning Objectives:

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:

  • Navigate the sometimes treacherous waters of the offer-in-compromise
  • Identify the basics of doubt as to liability and effective tax administration offers
  • Recognize the specific tools and references available for handling doubt as to collectability cases

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: QAS / Self Study
Duration: 100 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Passive Activity Loss Limitations
Passive Activity Loss Limitations
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description:

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.

Learning Obejectives:

Upon completion you will be able to:

  • Identify passive activities
  • Calculate hours spent in order to determine classification of participation in an activity
  • Recognize applicability of grouping activities
  • Name the tests associated with determination of material participation

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: QAS / Self Study
Duration: 100 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Preparing Returns with Multiple Income Sources
Preparing Returns with Multiple Income Sources
CTEC:

2 hours

IRS:

2 hours

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).
    • Field of Study: Tax
      Course Level: Basic
      Prerequisite: None
      Delivery Method: Self Study
      Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Reporting Foreign Income and Assets
Reporting Foreign Income and Assets
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

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.

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: QAS / Self Study
Duration: 100 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Representing Taxpayers before the IRS
Representing Taxpayers before the IRS
CTEC:

2 hours

IRS:

2 hours

Course Description:

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.

Learning Objectives:

The stated learning objectives for this course include:

  • Define various terms associated with taxpayer examinations and representation before the IRS
  • Recognize the role of the offices and divisions within the IRS who are tasked with performing audits and examinations
  • List the forms which a taxpayer may receive or use to respond to inquiries during an examination or audit
  • Identify the key IRS employees involved in the examination and audit processes and define their roles

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: Self Study
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Retirement Plans, Pensions and Annuities
Retirement Plans, Pensions and Annuities
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description:

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.

Field of Study: Tax
Course Level: Intermediate
Prerequisite: None
Delivery Method: QAS / Self Study
Duration: 100 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Self-Employment, Education Credits and Estimating Tax
Self-Employment, Education Credits and Estimating Tax
CTEC:

2 hours

IRS:

2 hours

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).

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: Self Study
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Single - With Dependents
Single - With Dependents
CTEC:

2 hours

IRS:

2 hours

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)).

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: Self Study
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Something Old Something New Some Divorce Tax Issues for You
Something Old Something New Some Divorce Tax Issues for You
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

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

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: QAS / Self Study
Duration: 100 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Tax Issues Related to Small Construction Contractors
Tax Issues Related to Small Construction Contractors
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

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

Field of Study: Tax
Course Level: Intermediate
Prerequisite: None
Delivery Method: QAS / Self Study
Duration: 100 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Tax Rules Related to Ministers and Clergy
Tax Rules Related to Ministers and Clergy
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description:

While practitioners may be familiar with the basic concepts related to tax exempt organizations, many fail to understand the various exceptions and special rules that apply to ministers. Although tax exemption only applies to organizations, a host of special rules, including certain exemptions from gross income, apply to the individuals that perform ministerial services for churches and religious orders. The issues can be tricky to spot, and a lack of knowledge about the special tax treatment afforded to ministers can result in an over- or under-payment of tax.

This course is designed to remedy any weaknesses the practitioner may have in his or her understanding of the tax rules applicable to ministers. The relevant definitions are explored, as well as the major issues of withholding, self-employment tax, and the parsonage allowance are covered, including other common income and expense issues.

Learning Objectives:

  • Determine the difference in classification of out-of-pocket costs as business expenses or charitable contributions
  • Identify all sources of income and determine which sources are included in gross income, and which sources are included in self-employment income
  • Understand the concepts of burden of proof and donative intent in determining whether a payment is a gift or compensation
  • Become familiar with the rules for payments to retired ministers, including the classification of payments received under a pension plan
  • Understand the rules pertaining to the treatment and classification of the parsonage allowance, fair rental value, and amounts spent on utilities
  • Calculate gross income for federal income tax purposes, as well as self-employment tax purposes
  • Define various clergy-related terms such as religious order, vestments, and vow of poverty

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: QAS / Self Study
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Tax Treatment of Individual Retirement Arrangements
Tax Treatment of Individual Retirement Arrangements
CTEC:

2 hours

IRS:

2 hours

Course Description:

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.

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: QAS / Self Study
Duration: 100 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Tax Treatment of Life Insurance Proceeds
Tax Treatment of Life Insurance Proceeds
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description:

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 section 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.

Field of Study: Tax
Course Level: Intermediate
Prerequisite: None
Delivery Method: QAS / Self Study
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Tax Treatment of Sickness and Injury Plans
Tax Treatment of Sickness and Injury Plans
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description:

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:

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

  • 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.

Field of Study: Tax
Course Level: Intermediate
Prerequisite: None
Delivery Method: QAS / Self Study
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Taxation of Daycare Providers
Taxation of Daycare Providers
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description:

It is estimated that over 130,000 daycare businesses employ almost one million workers in the U.S. Most of these businesses have five or fewer employees, and many are sole proprietorships run out of the owner's home. Many daycare providers are unaware of, or simply misapply, the somewhat confusing tax rules to which they are subject. This course guides the practitioner through the tax complexities, focusing on the proper determination of deductions, so that you may be better positioned to identify the issues and help your client minimize tax burden and the chance of noncompliance.

Learning Objectives:

  • Identify different types of daycare providers
  • Identify the standards by which an expense is classified as a business deduction
  • Understand which types of property qualify for depreciation deductions, as well as rules for determining basis
  • Determine sources of business expenses such as business related travel, payments for food and toys, start-up costs, and business use of home
  • Identify when a daycare provider can consider bad debt as an expense
  • Understand rules for paying wages and compensation to all levels of employees, including family members and independent contractors, as well as classification of payments made to the business owner

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: QAS / Self Study
Duration: 100 minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Taxation of Lawsuits, Awards, and Settlements
Taxation of Lawsuits, Awards, and Settlements
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Objectives:

This course describes the various tax consequences that arise when the taxpayer receives or pays a lawsuit judgment, award, or settlement. Both gross income inclusion rules and tax deduction issues are discussed and illustrated with examples from case law and IRS rulings. The payment of attorney's fees is also covered extensively. After taking this course you should be able to accurately assess the tax ramifications of damages and settlements received or paid by your clients and assist your client and counsel representing your client in structuring lawsuits and settlement agreements.

Learning Objectives:

Upon completion of this course you will be able to:

  • Identify damage awards and settlements that are taxable
  • Recognize which legal expenses are deductible
  • Choose appropriate approaches to settling legal disputes to achieve favorable tax consequences
  • Describe how to report attorney's fees with respect to legal disputes
  • Indentify the tax consequences of divorce, contract, and other types of legal cases

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: QAS / Self Study
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Earned Income Tax Credit and Preparer Responsibilities
Earned Income Tax Credit and Preparer Responsibilities
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description:

The recent economic downturn and expansion of the Earned Income Tax Credit ("EITC") means that more and more professional preparers will be encountering clients who may be eligible for the credit. While this might be welcomed news for taxpayers, it presents a minefield of dangers for preparers. Unlike other tax credits, the EITC imposes special compliance burdens on those who prepare the return, exposing tax professionals to potentially severe consequences for a lack of due diligence. In this environment there is no substitute for a thorough understanding of preparer obligations.

This course explores the general requirements for the EITC and focuses on the preparer's responsibilities when undertaking to prepare a return claiming the credit. The due diligence requirements are set forth in detail, with examples illustrating the application of the basic principles involved. After completion of this course you will be sufficiently acclimated to the EITC preparer rules to confidently prepare returns for lower income clients.

Learning Objectives:

  • Recognize key definitions and terms used when discussing the EITC, such as earned income, due diligence, and qualifying child
  • Calculate refunds using threshold numbers, and tax liability and payment data
  • Identify EITC error rates, frequency of fraudulent returns, and preparer penalties
  • Identify the various steps within the due diligence process, including requirement for Form 8867 and preparer obligation to evaluate information provided by the taxpayer
  • Recognize the eligibility requirements for the EITC
  • Identify record-keeping requirements associated with EITC credit documentation

Who Should Attend: All tax practitioners advising individual and business clients
Course Level: Intermediate
Prerequisite: None
Delivery Method: QAS / Self Study
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Whose Deduction is it Anyway? Tax Issues for Divorced and Separated Parents
Whose Deduction is it Anyway? Tax Issues for Divorced and Separated Parents
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

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:

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

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: QAS / Self Study
Duration: 100 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Determining the Deductibility of Business Expenses and Hobby Losses
Determining the Deductibility of Business Expenses and Hobby Losses
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Introduction to Course:

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. Furthermore, the Tax Court has increasingly used the “ordinary and necessary” restriction on business expenses to deny deductions with respect to sideline 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 expenses and 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.

This course reviews the general parameters for establishing entitlement to business expense deductions and the criteria for distinguishing between deductible business losses and nondeductible hobby losses. The purpose of this course is to provide the practitioner with an overview of the common factual elements found in the relevant cases so that they can be better prepared to help their clients navigate these difficult waters.

Learning Objectives:

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

  • Determine permissible deductibility of business expenses under Code §162.
  • Distinguish for-profit activities from hobby activities using the criteria in Code §183
  • Identify the required method for allocating expenses pursuant to Code §183.
  • Name the elements of the 10-part test under the hobby loss rules.
  • Recognize and determine the deductible expenses when an activity fails to meet the "profit motive" test.

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: Self Study
Duration: 100 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Qualified Small Business Stock Sales
Qualified Small Business Stock Sales
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Introduction to Course:

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 once again temporarily increased the exclusion on QSBS to 100% on purchases made after September 27, 2010 and before January 1, 2014. 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. This provision expired at the beginning of January 2014 and, unless reenacted retroactively, the exclusion returns to 50%.

Learning Objectives:

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

  • Identify what gains are eligible for exclusion under §1202.
  • Define current tax treatment of QSBS.
  • Calculate a five-year holding period.
  • Identify operating rules related to pass-through entities.
  • Determine how to offset short positions and application limitations of §1202.

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: Self Study
Duration: 100 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Debt Cancellation
Debt Cancellation
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Introduction to Course:

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; delving into each exclusion in some detail. 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.

Learning Objectives:

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

  • Recognize the COD income rules.
  • Identify circumstances in which COD income has to be included and those in which it may be excluded from your clients’ gross incomes.
  • Classify how to report both the income resulting from a cancellation of debt and the tax attribute reduction necessary when an exclusion applies.
  • Define key terms such as income and insolvency.

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: Self Study
Duration: 100 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

The Correct Approach to Deducting Travel and Lodging Expenses
The Correct Approach to Deducting Travel and Lodging Expenses
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Introduction to Course:

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 and lodging 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 and lodging expenses. The general requirements are set forth in detail, with specific attention given to travel and lodging 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.

Learning Objectives:

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

  • Identify non-deductible commuting expenses from the costs of deductible travel.
  • Determine when spousal or companion travel may be deductible.
  • Identify how to handle the travel expenses of taxpayers with multiple work locations.
  • Recognize when travel expenses have to be allocated between business and non-business activities.
  • Recognize the limitation on deductions for lavish or extravagant travel expenditures.
  • Differentiate deductible from nondeductible lodging expenses.

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: Self Study
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Applying the New Tangible Property Regulations
Applying the New Tangible Property Regulations
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Introduction to Course:

This course covers the application of the tangible personal property regulations that were finalized in 2013 and 2014. The concept of "unit of property" is addressed, as are the types of acquisition and production costs that must be capitalized. Of primary concern is distinguishing deductible repairs from improvements that must be capitalized, and to this end the capitalization categories of betterments, adaptations, and restorations are fully described.

The course also provides practical guidance on the procedures for making accounting method changes, especially those that are required to conform to the final regulations. A table indicating the most common accounting method changes, their assigned change numbers, and legal source will assist practitioners in preparing Form 3115, Application for Change in Accounting Method. In addition, each of the important elections that are available under the new rules is discussed in detail. Calculating the adjustments to income that may be required by an accounting method change is covered, as is the use of general asset accounts.

Learning Objectives:

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

  • Distinguish deductible repairs from improvement costs that must be capitalized.
  • Identify the accounting options available for materials and supplies and spare parts.
  • Determine what constitutes a unit of property under the final regulations.
  • Select the appropriate elections available under the final regulations.
  • Identify the various safe harbors provided by the final regulations.
  • Calculate Code section 481(a) adjustments.
  • Recognize circumstances in which general asset accounts may still be beneficial.

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: Self Study
Duration: 100 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Charitable Contribution Compliance
Charitable Contribution Compliance
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Introduction to Course:

Charitable contributions are subject to a wide variety of special requirements. Only certain types of contributions to certain types of organizations are deductible for tax purposes. Furthermore, special substantiation and other compliance rules apply. This course provides a description of these requirements and tips for making sure that an intended charitable contribution meets the standards for deductibility.

Learning Objectives:

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

  • Recognize the elements of a deductible charitable contribution.
  • Differentiate between the rules applicable for contributions to public charities and private foundations.
  • Calculate the charitable deduction when something is received in exchange for a contribution.
  • Distinguish the charitable deduction limits applicable to individuals and corporations.
  • Identify the special rules for vehicle donation.

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: Self Study
Duration: 100 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Taxpayer Penalties and Interest
Taxpayer Penalties and Interest
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Introduction to Course:

When a tax liability is assessed, the tax itself represents only a portion of the amount due to the IRS. In addition to the tax, taxpayers are subject to a variety of penalties and interest. This course reviews the most common penalties applicable to taxpayers, including both civil and criminal sanctions. The amount and circumstances under which each penalty may be imposed is addressed, as are the mechanisms by which a taxpayer may challenge the application of the penalty. The rules for calculating normal and restricted interest are covered and the criteria for interest abatement are outlined.

Learning Objectives:

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

  • Differentiate non-assessable, assessable, and accuracy-related penalties.
  • Recognize the circumstances in which a penalty may be automatically imposed.
  • Determine the circumstances under which the negligence and civil fraud penalties may be imposed.
  • Choose the appropriate arguments to successfully secure a penalty abatement.
  • Calculate the appropriate underpayment and overpayment interest amounts.
  • Identify the limited circumstances in which interest abatement may be obtained.

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: Self Study
Duration: 100 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Substantiation of Business Expenses
Substantiation of Business Expenses
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Introduction to Course:

While practitioners and taxpayers alike frequently focus on the substantive rules regarding the deductibility of an expense, an otherwise deductible amount may be disallowed if it is not properly substantiated. Adequate substantiation is by its nature dependent upon the facts and circumstances of each case. In this course we will review the basic rules of substantiation and look at the facts presented in several recent cases to gain insight into the level of substantiation necessary to support various types of business expenses.

Learning Objectives:

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

  • Identify the types of records necessary to support a business deduction.
  • Recognize the various methods of substantiation available.
  • Indicate when corroborating evidence is necessary to substantiate a deduction.
  • Define the substantiation requirements for various specific types of expenses.

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: Self Study
Duration: 100 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Primer on Retirement Plans for Small Business
Primer on Retirement Plans for Small Business
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Introduction to Course:

There are several retirement plan options available to business owners. Each plan comes with its own set of benefits and requirements. This course explores the advantages and incentives of creating a retirement plan, as well as discussing the differences and statutory requirements for each plan.

Learning Objectives:

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

  • Identify the various retirement plan options for small businesses.
  • Differentiate SEP, SIMPLE, and qualified plans.
  • Recognize the differences in SIMPLE IRA and SIMPLE 401(k) plans.
  • Identify the statutory requirements for operation of qualified plans, such as 401(k) plans.
  • Calculate the maximum amount of income that can be deferred through the use of various types of retirement plans available to small businesses.
  • Recognize the tax consequences of distributions from the various retirement plans.

Field of Study: Tax
Course Level: Basic
Prerequisite: None
Delivery Method: Self Study
Duration: 100 Minutes
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Mastering the Art of Tax Planning
Mastering the Art of Tax Planning
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description:

Tax planning is fire prevention. Tax preparation is arson investigation. Tax professionals need to be more than “historians” of the past: they must be the “planners and facilitators” of the future. Instructor Stuart Sobel shares his 48 years of experience in this unique class that will provide practical ways to assist your clients as they navigate through the bottomless abyss called the American tax system.

Course topics:

  • Translating the financial or business plans of the client into tangible tax savings for the future
  • Anticipating the impact of the changing tax climate in the United States
    • Choosing the best tax “choices” for your client
    • Retirement plans
    • Forms of business organization
    • Hobby versus business
    • Charitable giving
    • Opportunities to convert realized income into non-recognized income
    • Understanding the differences between a tax shelter and an abusive tax shelter
    • Office in home, auto expenses, travel, and entertainment
    • Minimizing recordkeeping requirements without giving away tax savings
    • Teaching a client how to properly treat an aggressive tax position
    • Timing for tax savings
    • And more
  • Analyzing IRS data to compare your clients to other clients

Learning objectives:

  • Obtain improved knowledge of your client’s financial background and plans for the future
  • Analyze the impact of future tax law changes on specific clients
  • Secure skills to guide clients toward improving their future financial status
  • Acquire in-depth knowledge of the differences between realized and recognized income
  • Obtain skills of analyzing completed tax returns for recommendations for future planning
  • Discern the differences between legitimate and abusive tax shelters
  • Reduce future scrutiny by the IRS

Who will benefit:

  • This program will provide valuable assistance to all personnel in: For profit and nonprofit organizations dealing with taxation issues
  • Self employed businesses
  • Accounting and taxation firms and service providers serving clients in tax planning, preparation, and controversy issues
  • Faculty and students of taxation courses

Targeted mainly to:

  • Corporate leadership in closely held businesses
  • Payroll supervisors
  • Taxation and accounting staff
  • Independent contractors
  • CFO and controllers

Level: Basic
Prerequisite: None

Agriculture Tax Update
Agriculture Tax Update
CTEC:

1 hours

IRS:

1 hours

NASBA:

1 hours

Course Description

This course provides a basic overview of multiple topics facing individuals working in agricultural industries.

Topics Covered:

  • Cash method of accounting for farms
  • Tax issues associated with easement payments
  • CRP payments as self-employment income
  • Income deferral for agricultural producers
  • Sale of farm partnership interest
  • Meals and lodging
  • Qualified farm indebtedness
  • Post-death sale of livestock, unharvested crops, and land
  • New depreciation legislation
  • Review of basics
  • Depreciation transactions involving related parties
  • Depreciation after incorporating
  • Depreciation of assets acquired as a gift
  • Depreciation of assets acquired in like-kind exchanges
  • Home office
  • Recapture
  • Correcting depreciation

Learning Objectives:

  • Properly apply taxes to farm depreciation issues.
  • Avoid mistakes in the preparation of current year tax returns.
  • Identify ways of reducing tax liability through effective tax planning.

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Appeals, Penalty & Interest Abatement
Appeals, Penalty & Interest Abatement
CTEC:

1 hours

IRS:

1 hours

NASBA:

1 hours

Course Description

Tax practice and the resolution of tax problems with the Internal Revenue Service can be tedious and outright challenging. This course will show practitioners how to navigate through the confusing IRS system, help them save time, and enable them to avail their clients of all the rights to which they are entitled. The techniques and tools this course provides will make tax practice less “taxing.”

Appeals:

  • Preparing protests to the IRS 30-day letter
  • Working and resolving issues with the IRS Appeals Office
  • Negotiating settlement agreements and closing agreements

Technical assistance:

  • Requesting a private letter ruling or technical advice memorandum
  • Securing IRS §444 elections for S corporations
  • Exempt organization determinations

Penalties and interest:

  • Abating penalties — failure to file, pay, estimate, deposit, and others
  • Avoiding substantial underpayment of tax and valuation misstatement penalties
  • Avoiding return preparer penalties
  • Abatement of interest
  • Avoiding the filing of frivolous tax returns

Learning Objectives:

  • Gain a better understanding of IRS procedures
  • Understand how to avoid major mistakes in dealing with the Internal Revenue Service
  • Find out how to provide the best advice for clients
  • Delivery Method: Self Study

Field of Study: Other Federal Tax
Prerequisites: Experience in representing or advising clients before the IRS in tax compliance or controversy issues.
Advance preparation: None
Program Level: Intermediate
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Avoid Mistakes - Part I - Collection & Examination
Avoid Mistakes - Part I - Collection & Examination
CTEC:

1 hours

IRS:

1 hours

NASBA:

1 hours

Course Description

Tax practice and the resolution of tax problems with the Internal Revenue Service can be tedious and outright challenging. This course will show practitioners how to navigate through the confusing IRS system, help them save time, and enable them to avail their clients of all the rights to which they are entitled. The techniques and tools this course provides will make tax practice less “taxing.”

Collection:

  • Mistakes in handling IRS liens, levies, and installment agreements
  • Statutes of limitation on collection
  • Audit reconsideration after assessment
  • Innocent spouse relief
  • Offers in compromise
  • Preparing IRS financial statements for clients
  • Collection due process hearings
  • Claims for refund

Examination:

  • Return selection process for examination: how to avoid unnecessary audits
  • Burden of proof : substantiation and use of oral testimony to substantiate expenses
  • Setting the scope of examination with the IRS examiner: how to determine what the IRS is looking for
  • Dealing with IRS correspondence exams
  • Partnership/S corporation/LLC audits
  • Failure to file situations
  • IRS summonses and enforcement procedures
  • Statute of limitations issues
  • Circular 230 guidelines for practice before the Internal Revenue Service
  • Tax shelters: avoiding abusive tax shelters and pre-filing notification letters

Learning Objectives:

  • Gain a better understanding of IRS procedures
  • Understand how to avoid major mistakes in dealing with the Internal Revenue Service
  • Find out how to provide the best advice for clients

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: Experience in representing or advising clients before the IRS in tax compliance or controversy issues.
Advance preparation: None
Program Level: Intermediate
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Avoid Mistakes - Part II - Appeals, Penalties & Interest
Avoid Mistakes - Part II - Appeals, Penalties & Interest
CTEC:

3 hours

IRS:

3 hours

NASBA:

3 hours

Course Description

Tax practice and the resolution of tax problems with the Internal Revenue Service can be tedious and outright challenging. This course will show practitioners how to navigate through the confusing IRS system, help them save time, and enable them to avail their clients of all the rights to which they are entitled. The techniques and tools this course provides will make tax practice less “taxing.”

Appeals:

  • Preparing protests to the IRS 30-day letter
  • Working and resolving issues with the IRS Appeals Office
  • Negotiating settlement agreements and closing agreements

Technical assistance:

  • Requesting a private letter ruling or technical advice memorandum
  • Securing IRS §444 elections for S corporations
  • Exempt organization determinations

Penalties and interest:

  • Abating penalties — failure to file, pay, estimate, deposit, and others
  • Avoiding substantial underpayment of tax and valuation misstatement penalties
  • Avoiding return preparer penalties
  • Abatement of interest
  • Avoiding the filing of frivolous tax returns

Learning Objectives:

  • Gain a better understanding of IRS procedures
  • Understand how to avoid major mistakes in dealing with the Internal Revenue Service
  • Find out how to provide the best advice for clients

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: Experience in representing or advising clients before the IRS in tax compliance or controversy issues.
Advance preparation: Avoid Mistakes - Part 1 - Collection & Examination
Program Level: Intermediate
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Buy Low Donate High - Building Wealth Through Wise Charitable Giving
Buy Low Donate High - Building Wealth Through Wise Charitable Giving
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

It is not illegal, immoral, or unethical to make money from charitable activity. However, it does require planning and proper tax treatment to maximize tax savings from charitable giving. This unique course analyses techniques that donors/ taxpayers may use to obtain the largest legal tax deductions possible.

Topics Covered:

  • Donations of items in a tax-motivated transaction — differences between tax schemes and donative intent
  • Qualified appraisals and appraisers
  • Importance of the holding period for charitable donations
  • Donations at fair market value as opposed to cost or basis
  • Earmarked gifts — permissible and non-permissible
  • Charitable tax shelter schemes
  • Enhanced noncash property deductions for C corporations
  • Introduction to joint ventures and conversion of a for-profit entity to a nonprofit public charity

Learning Objectives:

  • Upon successful completion of this course, participants will be able to:
  • Enable taxpayers to obtain maximum tax deductions for their charitable contributions
  • Comply with the specific requirements of IRC §170 relating to contributions
  • Understand the differences between tax motivation and donative intent as they relate to charitable contributions

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Cancellation of Debt Income
Cancellation of Debt Income
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

The American economy is hurting and taxpayers are suffering. People are walking away from their homes and credit card debt. When creditors write off a debt, they are required by law to issue the taxpayer/debtor a Form 1099-C, Cancellation of Debt. According to Internal Revenue Code section 61, income is taxable from whatever source it is derived. This includes the discharge of debt.

It is unfortunate that many taxpayers and their representatives are unacquainted with IRC section 108 which excludes many of these discharges or cancellations of debt from taxable income. If their discharges or cancellations of debt are properly handled when their returns are filed (or even later), taxpayers can avoid paying tax at a time when they are least able to afford making such payments.

This is a confusing area of the tax law, and many tax preparers are unaware of the IRS relief provisions that are available. Often it is not too late to ask the IRS for abatement or refund even if the normal statute of limitations has expired. Because this course focuses on an area that affects thousands of taxpayers, this class is a must for every practitioner who wants to avoid the rampant mistakes that are occurring in the application of this area of the law.

Topics Covered:

  • Overview of code section 108
  • Discussion of write-offs, foreclosures, short sales, and other discharges of debt
  • Preparation of Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness
  • Correcting Form 990 errors
  • Bankruptcy update — discharging IRS debt through proper inclusion in a bankruptcy estate
  • IRS audit reconsideration process — requesting abatements of assessed tax without an IRS appeal
  • Exclusion for discharge of a mortgage on a personal residence
  • Tools for researching the Internal Revenue Manual

Learning Objectives:

  • Know how to determine if a taxpayer is insolvent under IRS definitions
  • Understand how to prepare Form 982 and request audit reconsideration
  • Determine actions necessary to negate erroneous information reporting by creditors

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Churches & Ministries
Churches & Ministries
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Churches and ministries / religious organizations are different in the eyes of the Internal Revenue Service. There are differences in the formation of the organization, annual reporting, and IRS examination techniques. This class provides in-depth coverage of a myriad of issues that distinguish the types of entities. It also provides guidance regarding the required and permissible actions of all of the entities.

Topics Covered:

  • Proper procedures for forming a church, ministry, or other religious organization
  • Cost saving benefits of obtaining a group ruling
  • Guidelines for establishing an organization with programs in a foreign country
  • Analysis of proper preparation techniques for the challenging IRS application for tax-exempt status
  • The 14 factor the test IRS uses to determine whether or not an organization is a church
  • Permissible and non-permissible political activities including lobbying and partisan politics
  • Impact of excess benefit transactions and the resulting large penalties
  • Unrelated business income — taxable and nontaxable income situations
  • Ministers — tax elections and parsonage allowances
  • IRS examinations of churches

Learning Objectives:

  • Recognize the differences between a church and other types of religious organizations
  • Avoid unrelated business income tax or excess benefit transactions
  • Grow an effective new religious organization through effective organization development and tax planning
  • Maintain compliance with ongoing reporting of nonprofit activities

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Construction Industry Tax Issues
Construction Industry Tax Issues
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

The depressed economy has had a devastating impact on the construction industry making it imperative for tax practitioners to assist their clients to obtain all of the tax benefits that are available to them. This program addresses many of the most relevant tax issues applicable to the construction industry. It will cover the basics of the tax law and will provide insight into tax planning tools that can produce real benefits for clients.

Topics Covered:

  • Accounting methods and proper tax reporting
  • Procedures for changes in accounting methods
  • Capitalization of indirect costs for long-term contracts
  • Independent contractor versus employee classification
  • Tax credits
  • Accumulated Earnings Tax
  • Potential upcoming tax legislation impacting the construction industry
  • Bankruptcy issues
  • Insolvency issues
  • Qualified real property indebtedness
  • Miscellaneous
    • Industry codes
    • IRS sources of assistance

Learning Objectives:

  • Identify significant tax issues and apply them to the construction industry
  • Assist clients with tax planning issues
  • Determine whether workers are employees or independent contractors
  • Advise clients with bankruptcy or insolvency issues about tax avoidance

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Contest IRS Penalties & Interest Determinations
Contest IRS Penalties & Interest Determinations
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Tax practice and the resolution of tax problems with the IRS can be tedious and challenging. This course will show practitioners how to navigate through the confusing IRS system and enable them to ensure that their clients receive all of the rights to which they are entitled.

Topics Covered:

  • Abating penalties — failure to file ,to pay, to estimate, to deposit, and others
  • Avoiding the understatement of tax penalty
  • Abatement of interest
  • Preparing protests to 30 day letters
  • Negotiating settlement agreements with appeals

Learning Objectives:

  • Understand how to avoid making major mistakes in dealing with the Internal Revenue Service
  • Learn how to provide clients with the best advice
  • Learn how to legally reduce clients' tax, penalty, and interest liabilities
  • Who will benefit:
  • This webinar will provide valuable assistance to all personnel in:
    • For profit and nonprofit organizations dealing with taxation issues
    • Self employed businesses
    • Accounting and taxation firms and service providers serving clients in tax planning, preparation, and controversy issues
    • Faculty and students of taxation courses

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Create an IRS Compliant Foreign Nonprofit Organization
Create an IRS Compliant Foreign Nonprofit Organization
CTEC:

1 hours

IRS:

1 hours

NASBA:

1 hours

Course Description

America is blessed with a wealth of compassionate individuals who aspire to help suffering people throughout the world. Developing nations need the philanthropic assistance of the Western world. If the programs are conducted properly, the U.S. government and the Internal Revenue Service allow U. S. taxpayers to support foreign causes through tax-deductible contributions. Our government never wants to see foreign entities improperly use U.S. humanitarian support for personal inurement or, even worse, the funding of terrorism.

This course will cover the strict IRS guidelines for establishing a U.S. entity that supports or actually conducts programs overseas. The course will analyze individual case studies to show the differences between properly and improperly handled programs. The course also includes a description of how a foreign entity can be approved as an IRS 501(c)(3) public charity.

Learning Objectives:

  • Identify the IRS requirements for establishing a U.S. entity serving a foreign country
  • Identify the IRS requirements for a foreign entity to be approved as an IRS 501(c)(3) public charity
  • Establish internal control procedures to ensure that funds for a foreign program are used properly
  • Avoid situations of unrelated business income tax
  • Use fundraising techniques to fund programs
  • Understand the annual reporting requirements for organizations that have foreign programs
  • Recognize the impact of “founder's syndrome”
  • Establish a joint-venture program that will lead the organization from charity to empowerment

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Critical Tax Update
Critical Tax Update
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

A substantial tax development affecting millions of individuals, businesses, nonprofits, farmers, and every tax professional in the United States occurred in December 2015. For many years Congress had done nothing more than to extend prior tax provisions on an annual basis, but the Protecting Americans from Tax Hikes Act of 2015 (PROA) changes that. Now many tax provisions that were temporary have become permanent. Tax professionals and nonprofits will now be held to many new standards.

Topics Covered:

  • Permanent and extended tax provisions including
    • Child tax credit
    • EITC
    • K-12 teacher expenses
    • State and local general sales tax
  • Charitable giving
    • Distributions from retirement plans for charity
    • Donations of food inventory
  • Credits for jobs, investments, and innovation
    • Energy credits — business and personal
    • Depreciation — bonus and additional first-year
  • Discharge of indebtedness
  • Education expenses including 529 plans
  • IRS practice changes
    • Revised penalties and new tolerances
    • New claim for refund requirements
    • Taxpayer Bill of Rights
    • Social welfare organizations
    • Partnership audit rules
    • Interest abatement cases

Learning Objectives:

  • Understand important tax legislation affecting the filing of 2015 and later tax returns
  • Be able to assist clients in identifying tax planning strategies
  • Gain greater knowledge of IRS practice and procedure guidelines

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Defend a Client before IRS Examination & Collection
Defend a Client before IRS Examination & Collection
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Many practitioners have little experience representing clients before the IRS examination and collection functions. The IRS is not as secretive as many would believe. This unique course will make the IRS more open and transparent. Practitioners will learn skills and references that will aid them in their tax practices.

Topics Covered:

  • Mistakes made in handling IRS liens, levies, and installment agreements
  • Innocent spouse relief
  • Claims for refund
  • Failure to file situations
  • Statute of limitation issues
  • Partnership, corporation, and LLC audits
  • Tax shelter issues

Learning Objectives:

  • Understand how to avoid major mistakes when dealing with the IRS
  • Improve knowledge of compliance with IRS Circular 230 guidelines
  • Learn how to utilize the Internal Revenue Manual to protect clients

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Education Tax Issues
Education Tax Issues
CTEC:

1 hours

IRS:

1 hours

NASBA:

1 hours

Course Description

A comprehensive discussion of qualified education expenses, available credits and general eligibility requirements.

Topics Covered:

  • Education credits
  • Tuition and fees deduction
  • Qualified tuition programs
  • U.S. savings bonds
  • Coverdell Education Savings Account
  • Form 1098-T
  • Student loans
  • Scholarships, fellowships, and tuition reductions
  • Other types of educational assistance
  • Business-related education expense deductions
  • Employer-provided educational assistance

Learning Objectives:

  • Understand significant issues affecting education deductions and income.
  • Avoid mistakes during the filing season.

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Employment Tax Update
Employment Tax Update
CTEC:

1 hours

IRS:

1 hours

NASBA:

1 hours

Course Description

This course will cover the resulting impact in depth by providing expert insight into recent court cases and IRS rulings that affect employment taxes and fringe benefits. It provides vital information for tax practitioners who are involved in employment tax planning and preparation.

Topics Covered:

  • Myths of W-2 and 1099 reporting
  • Changes to tax thresholds for social security and retirement plan contributions
  • Foreign Earned Income Exclusion - Changes and explanation
  • Disputing 1099 penalties and IRS employee determinations
  • Self Employment Taxes - Contesting the assertion in 2015 - Groetzinger Case
  • IRS voluntary classification settlement program
  • Problems with third party payroll agents
  • Accounting firm liability for client's payroll taxes
  • Severance pay — Supreme Court case
  • IRS following up on employee determinations
  • Recent Employment tax Cases
  • IRS Taxpayer Bill of Rights - Impact on employment taxes for 2016
  • Solving your own employment tax problems by mastering the Internal Revenue Manual
  • Court Cases and Rulings

Learning Objectives:

  • Describe key changes, factors, and thresholds affecting the filing of employment tax returns and the Form 1099 series of information documents
  • Discuss recent court cases concerning employment tax
  • Determine the employment status of various types of workers

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Entitlements Review & Update
Entitlements Review & Update
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Clients believe that their accountants and tax preparers are walking encyclopedias of knowledge. Although most tax professionals have mastered tax issues, they may be confused by some of the more challenging provisions of Social Security, Medicare, and Medicaid. This unique course was designed to provide a working knowledge of the basics, planning strategies, and recent developments in these three critical government entitlements.

This course explains provisions that were changed and provides updates of new information. It shares reference sites that will allow tax professionals to interpret the information and provide meaningful advice for their clients. It makes an excellent supplement to other coursework regarding the ACA (Affordable Care Act) that has become a challenge for tax professionals, taxpayers, and insurance companies alike.

Topics Covered:

  • Changes in eligibility requirements
  • Disability criteria and recent decisions
  • Explanations of Medicare Parts A, B, C, and D with new developments
  • New tools available on federal entitlements websites
  • Coverage of recent court decisions
  • Tips for individuals covered by a retirement plan and possessing retiree hospitalization — Part B advice
  • Tax planning tips for SECA

Learning Objectives:

  • Acquire knowledge of recent changes to the three entitlement programs
  • Understand the factors that clients approaching the age thresholds should consider
  • Understand how to correlate tax planning decisions to entitlement elections
  • Expand awareness of various government tools available to aid decision-making

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Federal Tax Update: Rulings & Cases
Federal Tax Update: Rulings & Cases
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

This course is a collection of selected cases, revenue rulings, revenue procedures, regulations, announcements, and letter rulings issued during the past year that are of interest to tax professionals.

Topics Covered:

  • Substantial authority
  • Judicial system for tax disputes
  • Bankruptcy and discharge of indebtedness
  • Business expenses
  • Capital gains and losses
  • Clergy
  • Corporations
  • Dependent issues
  • Divorce issues
  • Employment tax issues
  • Gross income
  • IRS procedures – miscellaneous
  • Itemized deductions
  • Learning Objectives
  • Be aware of recent events in tax practice.
  • Understand the hierarchy of tax authority.
  • Reduce mistakes in the preparation of 2015 tax returns.

Learning Objectives:

  • Understand significant court cases and rulings effecting 2016 tax filing
  • Understand the hierarchy of tax authority
  • Secure information on how to research new tax developments

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Form a Nonprofit and Obtain IRS Approval
Form a Nonprofit and Obtain IRS Approval
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Creating a nonprofit organization that meets the strict IRS guidelines is a challenging task. This course focuses on the major issues that must be resolved by the organization and provides insight into the successful preparation of the IRS application for tax- exempt status.

Topics Covered:

  • Establishing a board of directors that meets governmental requirements
  • Formation of organizational bylaws
  • Forms of business organization for a nonprofit organization
  • Preparing IRS Forms 1023 and 1024 — applications for tax-exempt status
  • Tax and governance issues discussed in depth

Learning Objectives:

  • Identify the steps for the formation of a successful organization
  • Discover tips for preparing a complete IRS Form 1023 or 1024

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance Preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

How the IRS Determines Unreported Income
How the IRS Determines Unreported Income
CTEC:

1 hours

IRS:

1 hours

NASBA:

1 hours

Course Description

The IRS is not limited reviewing only a taxpayer's books and records to verify income. IRS examiners are allowed to use specific income approaches and alternative methods to propose adjustments. This class will help practitioners to understand the approaches the IRS uses and provide them with adequate defenses for their clients.

Topics Covered:

  • Return selection process: how to avoid unnecessary examination
  • Setting the scope of examination with the IRS examiner
  • In-depth analysis of the source and application of funds method, cash transaction analysis, and the net worth method used to determine unreported income

Learning Objectives:

  • Learn how to provide the best advice for clients
  • Identify the most common errors the IRS makes in verifying income
  • Prepare adequately for an IRS examination of reported income

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance Preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

International Tax Issues for Businesses
International Tax Issues for Businesses
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Businesses are becoming much more involved in international transactions. Many corporations, both large and small, are either opening offices or establishing formal relationships with related entities offshore. The purpose of this course is to provide an overview of the major tax issues that affect small businesses conducting business in foreign countries.

Topics Covered:

  • Establishing a foreign operation
  • Classification for U.S. tax purposes
  • Introduction to competent authority and tax treaties
  • Overview of transfer pricing issues
  • Tax withholding issues
  • IRS enforcement of foreign tax shelter schemes
  • Foreign tax credit issues
  • Update on recent international tax developments
  • Tools and techniques for staying current with foreign tax issues
  • IRC section 482 and Subpart F income issues

Learning Objectives:

  • Indentify the tax requirements for the establishment of a foreign operation
  • Understand the most significant transfer pricing issues
  • Comply with IRS withholding requirements for offshore U.S. employers
  • Identify tax-saving tools to legally reduce foreign-based income
  • Identify recent major tax changes affecting international corporate taxpayers

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance Preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

International Tax Issues for Individuals
International Tax Issues for Individuals
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Our world has become a lot smaller. From the comfort of our offices we can transact business with major financial centers located on other continents.

Taxpayers want to reduce their tax liability as much as possible. If they have to pay foreign taxes, they want to maximize any foreign tax credits that they are entitled to receive. The United States tax law allows exclusions for certain types of income earned abroad. The criteria, however, is very strict, and mistakes can wreak havoc on a client's tax bill. Because the Internal Revenue Service wants to ensure that voluntary compliance is maintained, it has instituted a significant amount of investigation and information reporting of foreign activities by individuals.

This short course will provide an introduction to the major tax issues affecting U.S. citizens living or transacting business abroad. It will include recent changes relating to international tax issues.

Topics Covered:

  • Although income from abroad is taxable, certain items may be excluded.
  • Taxation of nonresident aliens
  • Introduction to tax treaties
  • Filing requirements
  • Withholding and Social Security tax issues
  • Foreign earned income and housing exclusions
  • Foreign tax credit computations
  • Obtaining international tax assistance
  • Impact of bank secrecy laws and currency transaction requirements
  • Contributions to foreign charitable organizations
  • Taxation of dual-status aliens
  • New developments in international taxation

Learning Objectives:

  • Compute a foreign income exclusion
  • Understand the significance of a tax treaty
  • Recognize the differences between a U.S. citizen, resident alien, non-resident alien, and dual-status alien
  • Explain tax planning tools to clients who are moving or residing abroad
  • Identify recent tax changes impacting U.S. taxpayers involved with international activities

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

International Tax Update
International Tax Update
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Our world has become much smaller. From the comfort of our offices we are now able to transact business with major financial centers located on other continents. Taxpayers want to reduce their tax liability as much as possible. If they have to pay foreign taxes, they want to maximize any foreign tax credits that they are entitled to receive. As businesses are becoming more involved in international transactions, companies of all sizes are opening offices or establishing formal relationships with related entities offshore.

The United States tax laws allow exclusions for certain types of income earned abroad. However, the criteria is very strict, and mistakes can wreak havoc on a clients' or business's tax bill. This course, which provides an overview of the major international tax issues that affect individuals and small businesses.

Topics Covered:

  • International tax case review
  • House Ways and Means tax reform — international tax
  • IRS commissioner's emphasis on offshore tax evasion
  • IRS tax enforcement international initiatives
  • FATCA and FBAR 2014 developments
  • Tax havens — impact
  • Tax treaty developments
  • Foreign earned income exclusion
  • Corporate international tax evasion
  • Foreign tax rates — How does the U.S. compare?
  • New IRS John Doe summons — more banks
  • G-20 Exchange of Information
  • IRS No Rulings List
  • More

Learning Objectives:

  • Upon completion of this course, participants will be able to:
  • Compute foreign income exclusion
  • Understand the significance of a tax treaty
  • Recognize what the differences are between a U.S. citizen, resident alien, non- resident alien, and dual-status alien
  • Explain tax-planning tools to clients who are moving or reside abroad
  • Identify recent tax changes impacting U.S. taxpayers involved in international activities
  • Identify tax requirements for the establishment of a foreign operation
  • Identify tax-saving tools that legally reduce foreign-based income
  • Identify recent major tax changes affecting international corporate taxpayers

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

International Tax Update & Review
International Tax Update & Review
CTEC:

1 hours

IRS:

1 hours

NASBA:

1 hours

Course Description

Our world has become much smaller. From the comfort of our offices we are now able to transact business with major financial centers located on other continents. Taxpayers want to reduce their tax liability as much as possible. If they have to pay foreign taxes, they want to maximize any foreign tax credits that they are entitled to receive. As businesses are becoming more involved in international transactions, companies of all sizes are opening offices or establishing formal relationships with related entities offshore.

The United States tax laws allow exclusions for certain types of income earned abroad. However, the criteria is very strict, and mistakes can wreak havoc on a clients' or business's tax bill. This course, which provides an overview of the major international tax issues that affect individuals and small businesses.

Topics Covered:

  • International tax case review
  • IRS commissioner's emphasis on offshore tax evasion
  • IRS tax enforcement international initiatives
  • FATCA and FBAR recent developments
  • Tax havens — impact
  • Tax treaty developments
  • Foreign earned income exclusion
  • Corporate international tax evasion
  • Foreign tax rates — How does the U.S. compare?
  • Competent Authority Update

Learning Objectives:

  • Understand the significance of a tax treaty
  • Recognize what the differences are between a U.S. citizen, resident alien, non-resident alien, and dual-status alien
  • Explain tax-planning tools to clients who are moving or reside abroad
  • Identify recent tax changes impacting U.S. taxpayers involved in international activities
  • Identify tax requirements for the establishment of a foreign operation
  • Comply with IRS withholding requirements for offshore U.S. employers
  • Identify tax-saving tools that legally reduce foreign-based income
  • Identify recent major tax changes affecting international corporate taxpayers
  • Awareness of IRS Competent Authority procedures
  • Understand recent FBAR and FATCA changes

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

IRS Collection & Review
IRS Collection & Review
CTEC:

1 hours

IRS:

1 hours

NASBA:

1 hours

Course Description

This course offers students a unique opportunity to learn from two tax professionals as they share their expertise in a myriad of IRS practice and procedure subjects. Both Stuart Sobel and Steven Mopsick retired from high-level positions with the Internal Revenue Service. Since their retirement, they have practiced extensively in the private sector.

Topics Covered:

  • Explanation of IRS assessments
  • Statutes of limitation on assessments
  • Abating assessments
  • Dealing with the automated collection system
  • Representation before a revenue officer
  • Explanation of general and special tax liens
  • Priority of IRS liens
  • Filing, discharge, and withdrawal of a lien
  • IRS levy — exemptions and defense of liens
  • Seizures of property
  • Collection due process hearings — IRS appeals and tax court procedures
  • Spousal defenses
  • IRS summons

Learning Objectives:

  • Understand representation of a client before an IRS collection official
  • Define the IRS terminology relating to levies, liens, seizures, collection, etc.
  • Have improved knowledge of IRS assessments and statutes of limitations
  • Avoid tax malpractice mistakes in client representation

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance Preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

IRS Correspondence & Matching Programs
IRS Correspondence & Matching Programs
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Seventy-five percent of all IRS audits are conducted through correspondence rather than in face-to-face confrontation. The audits, which are automated and centralized, are conducted using standardized and extremely inflexible procedures. Although it would seem that this type of audit would be less burdensome, in a majority of situations it amounts to trying to establish a pen pal relationship with a pre-programmed computer.

Topics Covered:

  • In-depth analysis of IRS audit selection process – which issues generate an IRS correspondence audit?
  • The IRS return classification process
  • Identification of the types of tax returns (i.e., 1040, 1120, 1065) selected for correspondence examination
  • Tips to avoid a return being selected unnecessarily
  • Proper techniques for answering inquiries by mail or telephone
  • How to save time unless you enjoy listening to the IRS's music while you wait for someone to answer
  • How to request a field examination
  • Delays of tax refunds
  • Earned income credit inquiries
  • Appealing a correspondence audit's negative findings
  • How to avoid penalties
  • Overview of 1099 reporting
  • Researching the IRS Manual

Learning Objectives:

  • Understand the IRS audit selection criteria.
  • Understand the IRS audit selection criteria.
  • Learn how to eliminate unagreed cases that require resolution by the IRS appeals function.

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance Preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

IRS Defined Abusive Tax Shelters
IRS Defined Abusive Tax Shelters
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Over the years abusive tax shelters have evolved from simple transactions into very sophisticated strategies that now often border on tax evasion schemes. There is nothing wrong with sheltering tax through legal tax shelters. This class takes an in-depth look at violations of the Internal Revenue Code and the techniques the IRS utilizes to counteract these schemes. The class focuses on legitimate techniques for reducing a client's tax liability. The student will be able to discern the differences between bogus and legitimate shelters. The course will include in-depth discussion of IRS enforcement practices with special emphasis on penalty and sanction issues that can arise from practitioner or taxpayer involvement in abusive tax schemes.

If it sounds too good to be true, it probably is not true!

Topics Covered:

  • Criteria that can be used to determine whether a particular offering is an abusive tax shelter
  • Techniques to determine the economic reality of a shelter investment versus a tax sham
  • Overvaluation issues relating to depreciation, interest, and credits
  • History of tax legislation impacting tax shelter investment
  • Examples of individual and corporate tax shelters
  • Pitfalls of being a promoter of abusive tax shelter schemes and the possibility of IRS sanctions
  • Techniques for avoiding substantial understatement of income penalty and overvaluation penalties
  • IRS examination techniques used during audits of purported tax shelters
  • Identification of IRS-identified abusive foreign tax schemes with emphasis on the UBS Bank debacle
  • 2014IRS industry tax shelter targets
  • Value of disclosing a questionable position
  • Appeals of tax shelter investigations

Learning Objectives:

  • Identify what the IRS defines as an abusive tax shelter scheme
  • Understand the IRS approach to counteracting abusive tax shelter schemes
  • Effectively advise and represent clients
  • Understand techniques for avoiding penalties and possible sanctions for improper tax practice
  • Determine whether actions taken as a client's representative are in compliance with IRS Circular 230
  • Help clients understand the economic realities of a marketed tax shelter

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: A basic understanding of the difference between tax avoidance (legal) and tax evasion (illegal)
Advance Preparation: None
Program Level: Intermediate
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

IRS Examination Review & Update
IRS Examination Review & Update
CTEC:

1 hours

IRS:

1 hours

NASBA:

1 hours

Course Description

This course offers students a unique opportunity to learn from two tax professionals as they share their expertise in a myriad of IRS practice and procedure subjects. Both Stuart Sobel and Steven Mopsick retired from high-level positions with the Internal Revenue Service. Since their retirement, they have practiced extensively in the private sector.

This course focuses on the challenging subject of IRS examination procedures. Stuart and Steven's wisdom can help you find answers to tax dilemmas when you are dealing with IRS collection.

Topics Covered:

  • IRS examination rates
  • Large corporate examination de-emphasis — Issues not considered
  • Development of IRS examination plan
  • IRS examination selection process
  • Representation before a revenue agent
  • IRS exam techniques
  • How to protect a client from improper IRS actions
  • Techniques IRS uses to determine unreported income
  • C Corporation income issues — preferential dividends, expansion of investigations
  • IRS improper use of evidence to sustain a position
  • IRS document requests and summons

Learning Objectives:

  • Understand representation of a client before an IRS examination official
  • Attain improved knowledge of IRS areas of emphasis
  • Have improved knowledge of IRS examination and return selection techniques
  • Avoid tax malpractice mistakes in client representation

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance Preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

IRS Examination Selection Process
IRS Examination Selection Process
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

There are some lotteries you want to win, but the IRS “audit lottery” is not one of them. Although to many tax practitioners the IRS seems to be a clandestine organization, the vast majority of its practices and procedures are public information. The IRS could do a much better job of educating its customers (tax practitioners) about the intricacies of the tax system.

Once the Internal Revenue receives a filed tax return for processing, many actions occur. First refunds are generated and balances due are processed. This course will unravel and demystify what happens next.

Computers, classifiers, referrals, informants, and many other sources generate IRS examinations. The IRS is selective in determining which tax returns it will examine, but many examinations could have been avoided if the tax returns themselves had provided a bit more information and clarification. This course is a must for practitioners who need more knowledge about the IRS's ever-changing methods of audit selection.

Topics Covered:

  • IRS initial processing of a tax return
  • How to research in the Internal Revenue Manual
  • DIF — Discriminate Information Function — overview of the IRS computer selection process
  • IRS planning process — formation of the IRS examination plan and its impact on determining which returns are selected for examination
  • IRS statistics relating to return selection
  • IRS policy statements — determining the substantially correct amount of tax
  • IRS classification process — what happens after the computer selects a return and what the (human being) classifier looks for when determining which returns are selected for audit
  • Overview of IRS special programs — tax shelters, tax protesters, S corporation compensation issues, EITC, itemized deductions, exemptions, T and E, unreported income, and many others
  • IRS confidential informant program and rewards
  • Correspondence, office, or field audit — criteria for selection
  • Examination manager and Revenue Agent/Tax Auditor/Estate Tax Attorney authority to terminate an examination

Learning Objectives:

  • Understand the audit selection process
  • Learn how to reduce the chances of the IRS selecting returns for examination
  • Have improved comprehension of IRS terminology

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance Preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

IRS Practice & Procedure Update
IRS Practice & Procedure Update
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

While most practitioners stay current on developments in rulings and regulations, it can be more difficult to find useful information that covers new IRS pronouncements on procedures and ethical guidelines.

This course is here to help. Stuart Sobel, an IRS expert with 49 years of unique tax experience, will help you to stay current, reduce wasted time, and diminish stress in your tax practice.

Topics Covered:

  • How to research the Internal Revenue Manual
  • Significant changes to IRS Circular 230 and the status of legislation dealing with mandating all preparers be governed by IRS Circular 230 — Wyden/Hatch Bill
  • IRS Examination program new developments — changes in examination targets
  • Offers in compromise, installment agreements, and other collection actions
  • IRS reductions in taxpayer service
  • IRS penalties — preparing Forms 8275 and avoiding penalties
  • Major IRS problems identified by IRS advisory group and the Treasury Inspector General for Tax Administration
  • Offshore voluntary initiative and hot international tax issues
  • New IRS tools and resources that save valuable time

Learning Objectives:

  • Acquire new information about recent developments in IRS practice and procedures
  • Research the Internal Revenue Manual
  • Implement new techniques that will reduce their clients' tax liabilities
  • Properly advocate for their clients

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance Preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

IRS Revenue Code Section 280 - A Tax Potpourri
IRS Revenue Code Section 280 - A Tax Potpourri
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Webster's Dictionary defines the word potpourri as a collection of different, unrelated things. The U.S. Congress and the Internal Revenue Service have made code section 280 into a potpourri by using it not only as a repository for a myriad of very significant tax provisions, but also as a dumping ground for many trivial ones.

These provisions impact millions of taxpayers. Wealthy and poor individuals, corporations, partnerships, families, personal care corporations, and even illegal drug dealers can get into deep tax trouble if they do not abide by certain provisions.

Topics Covered:

  • Business usage of the home
  • Commuting expenses
  • Day care services
  • Rental from an employee
  • Rentals to family members
  • Demolition of structures
  • Disallowance of deductions when credits are available
  • Expenditures in connection with the illegal sale of drugs-
  • Luxury automobile limitations
  • Limitations on property used for personal purposes
  • Golden parachutes
  • Limitations on amounts paid by personal service corporations electing alternative taxable years

Learning Objectives:

  • Understand the home office deduction
  • Avoid disallowances of commuting expenses
  • Discover proper treatment of family rentals
  • Understand tax planning techniques for golden parachutes

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

IRS Section 1031 - Understanding Like Kind Exchanges
IRS Section 1031 - Understanding Like Kind Exchanges
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

IRC section 1031 represents the ultimate in tax planning: realize income without having it recognized for tax purposes. However, if tax planning is improper, the consequences can be significant, as the taxes may leave insufficient cash to buy the replacement property.

Creating a like-kind exchange requires tax planning and proper execution. To ensure that clients receive favorable tax treatment, it is vital that the practitioner act as the focal point in the transaction with taxpayers, realtors, attorneys, and escrow agents.

Topics Covered:

  • History of section 1031
  • Tax consequences of sale and exchange of property
  • Realized and recognized gain
  • Advantages and disadvantages of like-kind exchanges
  • Applicability of section 1031 to
    • Trade, business, or investment property
    • Personal residence or vacation home
  • Like-kind property
  • Planning issues:
    • Timing
    • Identification rules
    • Same taxpayer requirement
    • Exchanges between related parties
    • Impact of boot
  • Depreciation recapture
  • Disallowed exchanges
  • Types of tax-deferred exchanges
    • Deferred exchanges
    • Reverse exchanges
    • Multiple property exchanges
  • Proper reporting of like-kind exchanges
  • Depreciation of property acquired in like-kind exchanges
  • Estate planning tips

Learning Objectives:

  • Be able to identify qualifying like-kind property
  • Know how to avoid unplanned tax consequences of improperly executed exchanges
  • Know how to calculate the tax basis of property involved in an exchange
  • Know how to report a like-kind exchange on a tax return
  • Delivery Method: Self Study

Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Joint Ventures That Meet IRS Criteria: Nonprofits and For Profits
Joint Ventures That Meet IRS Criteria: Nonprofits and For Profits
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Our challenging economy has forced nonprofit organizations to become more creative. They can no longer rely on the paradigms of the past to create meaningful programs and secure adequate funding. This course will provide insight and techniques, which meet the strict requirements of the IRS and other governmental authorities, for growing and sustaining organizations. The course provides the student with real examples of how organizations established programs that were unique and non-traditional to grow and sustain there operations. The challenging subject of unrelated business income will be clarified for programs of this type.

Topics Covered:

  • Programs that can be conducted through joint ventures
  • Forms of business organization
  • Activities conducted with disqualified persons
  • Securing IRS permission for new activities
  • Reporting activity on Form 990
  • Unrelated Business Taxable Income

Learning Objectives:

  • Identify techniques for establishing a joint venture
  • Understand how to comply with IRS guidelines relating to joint ventures

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: An understanding of the basic rules or entity formation
Advance preparation: None
Program Level: Intermediate
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Negotiating an IRS Appeals Settlement
Negotiating an IRS Appeals Settlement
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Tax practice and the resolution of tax problems with the IRS can be tedious and challenging. This course will show practitioners how to navigate through the confusing IRS Appeals system and resolve cases. IRS Appeals Officers can consider hazards of litigation and settle cases in the bst interests of the taxpayer and IRS. Stu Sobel shares his 50 years of tax wisdom inside and outside of the IRS.

Topics Covered:

  • Hierarchy of tax authority
  • Preparing a meaningful IRS Protest Letter
  • Understand the different types of IRS case closure
  • Negotiating settlement agreements with appeals
  • How to utilize oral testimony, circumstantial evidence, and hearsay to sustain positions
  • How to contest an adverse employee/independent contractor determination
  • Abating penalties
  • More

Learning Objectives:

  • Recognize how to avoid making major mistakes in dealing with the Internal Revenue Service
  • Identify how to provide clients with the best advice
  • Identify how to legally reduce clients' tax, penalty, and interest liabilities

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Net Operating Losses - Making the Right Choice
Net Operating Losses - Making the Right Choice
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Our economy is in dire straits. Businesses are failing. For the first time after years of profit; individuals, flow-through entities, and corporations are experiencing loss years.

The computing and reporting of net operating losses can be very complex. Taxpayers can make elections to either carry back their losses or to carry them forward to future years. Before they decide, they need answers to some questions:

  • What is the carryback period, and will there be a tax savings?
  • Is there a tax benefit to carrying the losses forward to more profitable future years?
  • Should losses be claimed on a Form 1045 or an amended return?
  • What adjustments must be made in order to calculate the allowable tax refunds?
  • Does the taxpayer know about all of the choices?

This program will provide an excellent overview of net operating loss (NOL) requirements and pitfalls.

Topics covered:

  • History of the NOL
  • Carryback or carryforward — making the correct election
  • Form 1045 or amended return
  • Net operating losses for individuals
  • Non-business deductions
  • Non-business income
  • Non-business capital losses
  • Impact on IRA deductions, Social Security taxation, educational deductions, casualty losses, and medical expenses
  • Exceptions to 2-year carryback requirements
  • Disasters
  • Farm losses
  • How to claim and compute the deduction
  • Deducting a carryback
  • Deducting a carryforward
  • Change in marital status
  • Change in filing status
  • Flow-through entities — limitation of losses
  • IRC section 382 limitation — ownership changes
  • Impact of debt forgiveness on NOLs
  • Form 1138 — extensions for filing
  • Form 1139 — Trusts, estates, and corporations — the “quick refund”

Learning Objectives:

  • Understand how to compute both net operating loss carrybacks and carryforwards.
  • Avoid costly mistakes in tax planning.
  • Prepare the various forms that are required to claim a net operating loss.

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Off Shore Compliance - FBAR, FATCA and OVD
Off Shore Compliance - FBAR, FATCA and OVD
CTEC:

1 hours

IRS:

1 hours

NASBA:

1 hours

Course Description

The United States taxes its people on the basis of its citizenship as opposed to residence based taxation which is the system in place in the rest of the civilized world. From this arises all the issues with withholding, foreign tax credits, tax treaties, international information gathering. The goal of FATCA , enacted five years ago, is to establish a virtual international, financial and banking data base of both US persons, as well as FATCA partners, which can be accessed at will by the US and its FATCA partners. FATCA requires every bank in the world whose business involves, even indirectly, the movement of U.S. source income, to register electronically with either the IRS itself or its own government which has already agreed to turn over to the IRS, report the names of all their depositors which show some signs of being American.

Topics Covered:

  • How FATCA works
  • IRS filing requirements
  • Avoiding withholding requirements
  • Non-financial foreign entities
  • Bank Secrecy Act — not part of Internal Revenue Code
  • Overview of new IRS Manual provisions
  • Foreign bank reporting
  • Introduction to FBAR
  • Who is a US person
  • Determining values of accounts
  • Signature authority
  • Filing exceptions
  • Penalties
  • Options available for non-disclosed foreign assets by US taxpayers

Learning Objectives:

  • Understand IRS Offshore compliance techniques
  • Provide clients with improved representation
  • Avoid or appeal IRS pennaltiew
  • Reduce chances of IRS malpractice claims by clients

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

OIC and the IRS Audit Reconsideration Process
OIC and the IRS Audit Reconsideration Process
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

There are firms that promote themselves as tax magicians who can make taxpayers' IRS debts just simply disappear. They claim that they have had almost total success securing IRS offers in compromise.

This class is a realistic approach to resolving substantial IRS tax debts. While the tax magicians provide dubious claims of success, students in this class will learn about the IRS approach to accepting offer in compromise submissions and how they can make judicious use of the offer in compromise process. The class delves deeply into several techniques including the offer in compromise, audit request for reconsideration, bankruptcy tax debt elimination, and penalty abatement.

Topics Covered:

  • Criteria for submitting a valid offer in compromise application
  • The IRS screening and approval process for offers
  • Comparisons of the different types of offers: cash, short-term deferred, and long- tem-deferred
  • Mistakes in the preparation of a taxpayer's financial statement
  • Tax relief for an insolvent not bankrupt non-bankrupt taxpayer
  • How to request abatement of an IRC examination assessment due to doubt as to liability
  • Proper filing of a bankruptcy estate to eliminate IRS debt

Learning Objectives:

  • Properly advise clients about the chances of successfully obtaining an offer in compromise from the IRS
  • Prepare the challenging offer in compromise application and its accompanying financial statements
  • Identify the potential of relief available to taxpayers through the IRS audit reconsideration process
  • Understand how to get federal income taxes discharged in a bankruptcy filing

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Payroll Tax Planning
Payroll Tax Planning
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Payroll taxes have become a huge burden for the average business, and penalties for noncompliance can be devastating. This course provides an in-depth analysis of the major crises taxpayers can encounter in the area of payroll taxes and provides guidance for resolving the problems in clients' best interest.

Topics Covered:

  • Employee vs. independent contractor determinations
  • Responsible officer determinations — IRC section 6672
  • Negotiating with the IRS Appeals Office
  • Section 530 employees
  • Proper handling of fringe benefits

Learning Objectives:

  • Distinguish an employee from an independent contractor and understand the available relief
  • Comply with the various reporting requirements
  • Understand how to abate penalties

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Preparing IRS Letter Rulings
Preparing IRS Letter Rulings
CTEC:

1 hours

IRS:

1 hours

NASBA:

1 hours

Course Description

Tax planning is “fire prevention” and tax preparation is “arson investigation”. The typical tax practitioner focuses on the preparation of last year's tax returns. They are more reactive than proactive. Taxpayers worry about how the IRS will react to their handling of transactions and the related tax reporting. The IRS can assert egregious penalties for improper tax filings. Is it possible to find out what the IRS position is on a proposed transaction? Can you go forth with an event and feel comfortable to know that the IRS will accept your interpretation of the law and not subject you or your client to an examination or long challenging tax controversy events?

The answer is yes to all the questions above. The IRS has procedures that expedite action and secure concurrence with your interpretations of the law. This unique course will go into detail into the methods that can be utilized by taxpayers and their representatives.

The course will go into detail into very challenging techniques to defend and support clients. If you wish to master a very sophisticated way of planning for the future and avoiding chaos later on, this course is for you.

Topics Covered:

  • Preparing a binding letter ruling request for future transactions
  • How to ask the IRS their technical interpretation of the tax ramifications of some action in writing
  • Preparing a request for a change of accounting method or finding out when one is not necessary
  • Understanding the differences in preparing different types of opinions for taxpayers in accordance with IRS Circular 230
  • Navigating the IRS website for relevant information
  • How to contest an adversarial response from the IRS

Learning Objectives:

  • Understand proactive approaches to gain IRS insight in transactions
  • Utilize varying techniques to defend a client
  • Learn how to comply with Circular 230 guidelines relating to writing tax opinions

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: Experience in representing clients in tax controvery matters
Advance preparation: None
Program Level: Intermediate
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Preparing the Challenging Form 990
Preparing the Challenging Form 990
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

The object of this course is to train both new and experienced staff accountants and other preparers to deal with the challenges of filing the Form 990 series of tax returns. You'll learn strategies to expedite the preparation of the return, electronic filing requirements, and how to navigate complex nonprofit taxation issues.

Topics Covered:

  • Preparation of the required summary of the organization's mission, activities, and financial results
  • Statement of program service accomplishments
  • Statements regarding other IRS filings and tax compliance
  • Governance, management, and disclosure information regarding governing bodies
  • Compensation schedules for officers, directors, and key employees
  • Supplemental financial statements
  • Schedule of activities outside of U.S.
  • Supplemental information relating to fundraising or gaming activities
  • Grants or other assistance to organizations, governments, and individuals
  • Transactions with interested persons that engage in certain relationships or transactions
  • Noncash contributions
  • Political expenditures and lobbying restrictions
  • Reconciliations between book and tax returns

Learning Objectives:

  • Develop strategies to expedite the preparation of the return
  • Effectively market the organization through the creation of strong narratives which are positively read by foundations, donors, government agencies, media, and others
  • Discuss complex issues related to nonprofit taxation issues which are reported on the Form 990
  • Describe IRS and state issues, including penalties, dissolution, examinations, and improper classification of tax exempt status

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Resident and Nonresident Aliens - Tax and Immigration Issues
Resident and Nonresident Aliens - Tax and Immigration Issues
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

The United States has many classifications of people living within its boundaries. Terms like resident aliens, nonresident aliens, dual-status aliens, expatriates, visas, special immigrants, and undocumented aliens are not merely confusing. They also have a significant impact on the filing of Forms 1040 and 1040NR.

This unique class will discuss not only the preparation of the various tax forms, but it will also provide an improved understanding of the concepts of U.S. immigration and its impact on tax compliance.

Topics Covered:

  • Classification of taxpayers for tax purposes — U.S. and foreign
  • Coming to America
    • Immigration update
    • Immigrant visas — overview of types
    • Immigration application process
    • Impact of the Dream Act
  • Green card test
  • Substantial presence test
  • Closer connection to foreign country test
  • Form 1040NR
    • Who must file?
    • Election to be taxed as a resident alien
    • How to claim refunds
    • Dual-status aliens
    • How to report income on Form 1040NR
    • Election to treat income as effectively connected with a U.S. trade or business
    • Recent changes in 1040NR filing
  • Withholding and Social Security tax issues

Learning Objectives

  • Recognize the difference between a U.S. citizen, resident alien, nonresident alien, and a dual-status alien
  • Secure a basic knowledge of U.S. immigration law, visas, and other nontax issues affecting the tax liability of noncitizens residing in the United States
  • Understand the filing requirements for Form 1040NR
  • Be able to explain tax planning tools to clients currently residing in the United States

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Self Employment Tax Reduction Strategies
Self Employment Tax Reduction Strategies
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

It is neither immoral nor unethical to look for ways to reduce one's tax liability. The 15.3% self-employment tax asserted against sole proprietors, farmers, partners, and others is an enormous burden for the typical taxpayer. This unique class provides strategies to reduce self-employment taxes by implementing effective tax planning techniques.

Topics Covered:

  • What is self-employment tax?
  • Self-employment tax planning issues for partners
  • Trade or business? — impact of the Groetzinger case
  • Contesting a Form 1099-MISC — line 21 or Schedule C?
  • Disclosing a questionable position — avoiding penalties
  • Deducting spouse's insurance on a Schedule C
  • Husband and wife joint venture — reducing self-employment tax for one spouse
  • Request for employment tax ruling — eliminating self-employment tax and substituting FICA tax
  • LLC guaranteed payments or one-time payment?
  • Reducing Schedule C income through home office and auto expense allowances
  • Become an expatriate and pay less self-employment tax
  • Create an S corporation and pay reasonable salaries
  • Retirement strategies for the older taxpayer that reduce self-employment tax for a person currently receiving social security
  • Trader, investor, and market-to-market election — Schedule C with no self- employment tax

Learning Objectives:

  • Understand self-employment tax requirements
  • Determine whether an activity is a trade or business
  • Develop techniques to reduce self-employment tax liability through effective tax planning
  • Structure businesses that will reduce their clients' tax liability

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Statutes of Limitations and Successful Mitigation
Statutes of Limitations and Successful Mitigation
CTEC:

1 hours

IRS:

1 hours

NASBA:

1 hours

Course Description

This unique course covers a very confusing area of tax compliance. There are many situations where the statute of limitations differs from the 3-year period. Additionally there are relief provisions for both the taxpayer and the IRS if the statute has expired and it results in inconsistent treatment for either party.

Due to its budgetary crisis, it is difficult to get guidance from the Internal Revenue Service. Taxpayers and tax professionals alike must now fend for themselves by researching the IRS website for information.

How long can the IRS pursue an examination or collection action? Is it possible to advise the IRS that it does not have the legal authority to assess a tax and to ask it to please refrain from action against you, your business, or your client?

This class will cover the impact of a net operating loss and the impact of a carry back on normally closed years. It will also cover IRS policies relating to extended failure to file situations and Internal Revenue Code sections 1311, 1312, and others that provide relief to taxpayers.

Topics Covered:

  • Statutes of limitations for many different types of tax situations
  • Advice on whether or not to extend the statute of limitations in a tax controversy situation
  • Impact of a net operating loss on the statute of limitations
  • How to advise the IRS that a statute of limitations has expired and that the IRS is prohibited from assessing tax
  • Filing protective claims for refund in order to protect the statute of limitations in the taxpayer's favor
  • Utilizing the mitigation of statute of limitations provisions to protect the taxpayer from inconsistent IRS treatment

Learning Objectives:

  • Understand the different statutes of limitations for assessment and collection
  • Acquire techniques that can be used to avoid inconsistent treatment by the IRS
  • Learn how to use the IRS website to research solutions to complicated statute of limitations questions

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Strategic Planning for Nonprofit Organizations
Strategic Planning for Nonprofit Organizations
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Although a nonprofit organization may have admirable goals and dreams, many organizations do not achieve their potential and some fail completely. While the board of directors has the responsibility to lead the entity to success, many boards fail because the board lacks the knowledge, time, resources, or commitment that are needed to make an organization successful.

Many organizations wander aimlessly; they raise money, but never conduct meaningful programs. Other organizations seem themselves as winners, but the community and their clients perceive them as failures.

This course provides insight into the workings of a nonprofit organization. It will help the participant understand the organization's need for a strategic plan. It will show the participant how to create a clear vision that is both measurable and achievable. Additionally it will explain how to prioritize goals and how to create actions or strategies that will enable the organization to meet its goals.

Topics Covered:

  • Why organizations fail
  • Creating measurable standards to monitor actions and achievements
  • Developing a nonprofit business plan
  • SWOT Analysis — Strengths, Weaknesses, Opportunities, and Threats
  • Creating a clearly defined exempt purpose
  • Training board members to be leaders
  • Importance and methods of establishing a meaningful budget
  • Developing a marketing plan
  • Techniques for making the IRS a partner rather than an adversary in establishing and sustaining the organization
  • Creating a central organization/affiliate structure
  • Reducing administration and fundraising expenses to increase the funds for program services
  • Impact of state nonprofit tax regulation
  • Avoiding unrelated business income tax

Learning Objectives:

  • Recognize the importance of a board that is capable of achieving the organization's goals
  • Maximize program service expenses while reducing administration and fundraising expenses
  • Create an effective marketing plan
  • Avoid the unrelated business income tax
  • Develop measurable standards to monitor the achievement of goals

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Tax Issues for Americans Living Abroad
Tax Issues for Americans Living Abroad
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Our world has become a lot smaller. From the comfort of our offices we can transact business with major financial centers located on other continents. People are leaving the USA and taking residency in other countries. Their reasons for leaving are varied. Even though they reside in another country, they still have US tax obligations.

Taxpayers want to reduce their tax liability as much as possible. If they have to pay foreign taxes, they want to maximize any foreign tax credits that they are entitled to receive. The United States tax law allows exclusions for certain types of income earned abroad. The criteria, however, is very strict, and mistakes can wreak havoc on a client's tax bill.

Because the Internal Revenue Service wants to ensure that voluntary compliance is maintained, it has instituted a significant amount of investigation and information reporting of foreign activities by individuals. This short course will provide an introduction to the major tax issues affecting U.S. citizens living or transacting business abroad. It will include recent changes relating to international tax issues.

Topics Covered:

  • Although income from abroad is taxable, certain items may be excluded.
  • Taxation of nonresident aliens
  • Introduction to tax treaties
  • Filing requirements
  • Withholding and Social Security tax issues
  • Foreign earned income and housing exclusions
  • Foreign tax credit computations
  • Obtaining international tax assistance
  • Impact of bank secrecy laws and currency transaction requirements
  • Contributions to foreign charitable organizations
  • Taxation of dual-status aliens
  • New developments in international taxation

Learning Objectives:

  • Compute a foreign income exclusion
  • Understand the significance of a tax treaty
  • Recognize the differences between a U.S. citizen, resident alien, non-resident alien, and dual-status alien
  • Explain tax planning tools to clients who are moving or residing abroad
  • Identify recent tax changes impacting U.S. taxpayers involved with international activities

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Tax Litigation Review & Update
Tax Litigation Review & Update
CTEC:

1 hours

IRS:

1 hours

NASBA:

1 hours

Course Description

This course offers students a unique opportunity to learn from two tax professionals as they share their expertise in a myriad of IRS practice and procedure subjects. Both Stuart Sobel and Steven Mopsick retired from high-level positions with the Internal Revenue Service. Since their retirement, they have practiced extensively in the private sector.

This course focuses on the challenging subject of IRS tax litigation procedures.

Topics Covered:

  • Understanding the relationship between IRS Appeals and the District Counsel
  • How to keep a case off of the tax court calendar
  • Defaulter statutory notices and IRS requests for reconsideration
  • Navigating the US Tax Court
  • How to insure that IRS reads a tax practitioner's documentation
  • Filing motions with the fax court
  • IRS staffing — litigation
  • More

Learning Objectives:

  • Advise clients about appeal procedures beyond the informal appeals process
  • Understand the differences between cases taken to tax court and those taken to district court
  • Avoid tax malpractice mistakes in client representation

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Tax Shelter Update
Tax Shelter Update
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Over the years abusive tax shelters have evolved from simple transactions into very sophisticated strategies that often border on tax evasion schemes. There is nothing wrong with sheltering tax through legal tax shelters.

This class takes an in-depth look at recent developments in one of the Internal Revenue Service's most targeted areas. IRS is constantly shifting its resources to counteract what it perceives to be abuses in tax compliance. Congress has initiated new penalties against taxpayers, tax professionals, appraisers, and promoters of transactions, which in the eyes of the IRS, have no economic substance. The vast majority of cases that the United States Tax Court hears are those dealing with tax shelter issues.

If your practice includes high-income taxpayers, AMT filers, or people who believe that in America tax avoidance (not tax evasion) is permissible, then this class is a must for you. It will help you to stay current and to understand new developments in this important area of taxation. If it sounds too good to be true, it probably is not true!

Topics Covered:

  • Recent tax shelter court case rulings, and more
  • Techniques to determine the economic reality of a shelter investment versus a tax sham
  • Recent developments including court cases, rulings, and other IRS pronouncements
  • Examples of individual and corporate tax shelters
  • Pitfalls of being a promoter of abusive tax shelter schemes and the possibility of IRS sanctions — recent developments in IRS 6700, 6701, and 7408 enforcement
  • Techniques for avoiding substantial understatement of income penalty and overvaluation penalties — update of recent court cases
  • IRS examination techniques used during audits of purported tax shelters
  • Identification of IRS-identified abusive foreign tax schemes with emphasis on the UBS bank debacle
  • IRS industry tax shelter targets
  • Value of disclosing a questionable position
  • IRS real estate project — material participation

Learning Objectives

  • Identify what the IRS defines as an abusive tax shelter scheme
  • Understand the IRS approach to counteracting abusive tax shelter schemes
  • Effectively advise and represent clients
  • Understand techniques for avoiding penalties and possible sanctions for improper tax practice
  • Determine whether actions taken as a client's representative are in compliance with IRS Circular 230
  • Help clients understand the economic realities of a marketed tax shelter
  • Understand recent tax shelter changes

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: Basic understanding of tax preparation
Advance preparation: None
Program Level: Intermediate
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Tax Treaties: Impact on Doing Business Abroad
Tax Treaties: Impact on Doing Business Abroad
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Times have changed! Technological innovations have greatly simplified doing business abroad, but there is a problem. The countries of the world do not administer their tax systems in a unified manner, and the United States has tax treaties with 69 of the world's 195 recognized countries. Wise choices must be made when determining in which countries to do business and how to transact that business. This class will provide insight into the tax treaty process and its impact on doing business abroad.

Topics Covered:

  • Overview of the international tax environment and a fundamental look at the impact of our distressed economies
  • How tax treaties are developed
  • United States income tax treaties A to Z
  • How to research tax treaties
  • In-depth discussion of the United States' treaties with Canada, Mexico, Israel, and the United Kingdom
  • Discussion of double tax relief
  • How to claim treaty benefits
  • Expatriate U.S. citizens — deciding where to reside based on tax treaty issues
  • Treaty assistance and IRS competent authority resolution of problems

Learning Objectives:

  • Acquire a better understanding of the international tax environment
  • Determine the tax impact of choosing to do business in specific countries
  • Avoid problems by researching tax treaties for specific types of business transactions
  • Improve researching skills for treaty interpretation
  • Avoid some double taxation situations

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Tax Update Barter, Income, Exclusions and More
Tax Update Barter, Income, Exclusions and More
CTEC:

1 hours

IRS:

1 hours

NASBA:

1 hours

Course Description

What if money did not exist? How would you secure a livelihood? How could the IRS tax you on a business? Can a business with no cash secure the products and services it needs to become profitable? What types of income does the IRS exclude from income? Is it wrong to use tax shelters to purposely avoid paying taxes?

This unique program answers these challenging questions. Barter and trade have existed for thousands of years. It is neither illegal nor immoral to use ingenuity to grow a business or to save money on taxes. By properly engaging in planning and understanding the differences between realized and recognized income for tax purposes, a business taxpayer can save tax dollars.

This 1-hour course explains the tax aspects of barter and trade in very understandable terms. It also provides money-saving tools through the use of effective tax planning and explains the differences between realized income and recognized income, which is not currently subject to taxation.

Topics Covered:

  • IRS definition of a business — hobby versus business
  • Benefits of utilizing barter in a business
  • Recognition of barter income for tax purposes
  • Analysis of barter transactions and taxability issues
  • Donations of barter balances from a trade exchange as opposed to in-kind donations to a charity
  • Barter exchanges — tax requirements
  • Recent IRS overview
  • Definitions of realized and recognized income
  • Explanation of nontaxable fringe benefits
  • Analysis of the exclusion sections of the Internal Revenue Code - IRC 101-139

Learning Objectives:

  • Understand how the concept of barter and trade can benefit a business
  • Learn the tax consequences of various types of barter or trade transactions
  • Recognize the requirements of a barter or trade exchange for tax reporting
  • Understand the differences between realized and recognized income
  • Improve tax planning skills through more effective use of Internal Revenue Code sections 101-139

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

The IRM - Research Tax Issues and Avoid Practice Mistakes
The IRM - Research Tax Issues and Avoid Practice Mistakes
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

The Internal Revenue Service is perceived as a clandestine, secretive organization. This class was created to reduce ignorance of the tax system, improve knowledge of IRS processes, save valuable time representing clients, and reduce the grief associated with resolving tax dilemmas.

Topics Covered:

  • Techniques for accessing and researching in the Internal Revenue Manual
  • How to provide relief for a delinquent taxpayer
  • Tools and techniques for dealing with IRS Service Center processing problems
  • Overview of what transpires during an IRS examination by a revenue agent and how the IRS evaluates the examiner
  • How to negotiate an offer in compromise
  • Techniques for working with the IRS appeals function
  • Analysis of the IRS privacy, disclosure, and informant programs
  • Utilizing the IRS Taxpayer Advocate's Office to protect clients
  • Resolving IRS penalty and interest assertions in the best interests of the client
  • Overview of the IRS litigation process and client rights

Learning Objectives:

  • Avoid future problems by researching the IRS Manual
  • Effectively negotiate on behalf of a client when the IRS fails to follow its own procedures

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

The Unrelated Business Income Tax
The Unrelated Business Income Tax
CTEC:

2 hours

IRS:

2 hours

NASBA:

2 hours

Course Description

Nonprofits have a fear. Nonprofits have a misunderstanding. Nonprofits need guidance.

In 1950 Congress created the unrelated business income tax (UBIT), because it did not want nonprofits to have advantages over taxable entities that conduct the same activities. The tax was used to penalize nonprofits for engaging in excessive unrelated business activities.

The law is confusing and is often misinterpreted by organizations and their tax professionals. Most organizations have unrelated business income (UBI), but not all of the UBI is considered unrelated business taxable income (UBTI). Many organizations that have UBTI will not have to pay unrelated business income tax (UBIT), because they have related deductions that offset the income.

Topics Covered:

  • What constitutes a trade or business
  • Analysis of specific forms of UBI and UBTI
  • Case studies regarding advertising revenue
  • Statutory exclusions from UBTI
  • Religious organizations and UBTI issues
  • Unrelated debt finance income
  • Preparation of Form 990-T — overview of the form by lines and schedules

Learning Objectives:

  • Understand the differences between UBI, UBTI, and UBIT
  • Effectively plan for activities and advise clients
  • Determine recent tax law developments that impact on unrelated business taxable income
  • Understand Internal Revenue Service policies and practices as they relate to enforcement of the UBIT

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Tax Updates
Course
Credit Hours
2016 Federal Tax Law Updates
2016 Federal Tax Law Updates
CTEC:

3 hours

IRS:

3 hours

NASBA:

3 hours

Course Description

Stay ahead of the curve in a competitive tax preparation environment with this course covering the essential developments impacting individual tax returns during the upcoming 2017 filing season (2016 tax law). This course includes a review of basic individual tax preparation information needed to prepare 2016 returns and tackles some of the most challenging areas for preparers, such as the increase in repair regulations safe harbor amount, a summary of the PATH Act of 2015, and a review of tax-related and non-tax related identity theft information. Practices, procedures, and professional responsibility requirements mandated by Circular 230 are covered to equip the practitioner with the relevant information needed to complete a successful 2017 filing season. The course content is provided in a lively fashion focusing on real-world solutions to common tax preparation problems and is replete with examples and illustrations demonstrating how to apply the relevant rules.

Learning Objectives

Upon completion of this course the reader will be able to:

  • Recognize the relevant changes affecting 2016 individual tax returns
  • Identify the applicable inflation adjustments and filing thresholds
  • Identify the repair regulations safe harbor amount
  • Distinguish potential sources of taxable income and deductible expenses
  • Review the rules of professional responsibility applicable to preparers

Learn More About Continuing Education

  • Hour Requirements
  • Frequently Asked Questions
  • Our Guarantees
  • Our Policies

How many hours do you need?

Tax Professional

The IRS still accepts CPE for tax preparers, but it is no longer a requirement. Consider participating in the new IRS Annual Filing Season Program (AFSP).

Enrolled Agent

The IRS requires EAs to complete a minimum of 16 hours of CE annually, with 72 hours completed in a 3 year period. We suggest taking 24 hours annually to avoid a large deficit in year 3.

Annual Filing Season Program

To receive a record of completion, a non-exempt preparer will complete a 6 hour AFTR course, 3 hours of federal tax law topics, and 2 hours of ethics.

View our AFSP Course options

Frequently Asked Questions

How long do I have access to my courses?

You have one year from the purchase date to complete all courses with the exception of the AFTR course, which expires December 31.

Do these courses count for CPA credit?

Many of the courses in our library have NASBA and QAS approval. We do not register our courses with individual state boards of accountancy so please ensure your state accepts NASBA registered courses. IRS Tax Ethics courses do not qualify for CPA ethics credit, as they do not cover accounting topics.

Do you have a California State Tax Law course for CTEC?

We do not have the 5-hour course on CA tax law. All other courses qualify for CTEC federal tax and ethics. Please let us know if you are interested in a CA tax law course.

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30-Day Money Back Guarantee

If you purchase educational materials directly from us, or on the fastforwardacademy.com website, your purchase is covered by our 30-day return policy. If for any reason you are unsatisfied with your purchase, you may request a refund of any item(s) purchased within the eligible return period. We may deny any return or exchange if it fails to meet our return policy criteria.

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Return Policy

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Return Policy

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Contact us to obtain an RMA form.

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Depending on your country, please expect 2-4 weeks as an estimate of delivery for international orders. Keep in mind, that you can access the electronic textbook immediately after purchase, along with all of our other online tools. You can view our international shipping rates in your shopping cart.

Our international rate for standard service is $40.90 for most countries. The standard rate for a shipment to Canada or Mexico is $16.90.

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