CPE Catalog & Events

Timely coverage of breaking tax legislation Applicable coverage of any basis considerations within any recent tax legislation   Passthrough basis calculations required as attachments to certain individual returns  Executor’s form for disclosing basis in certain distributed property; what about the basis of a property distribution from a trust?  How §179 limitations affect basis and how tax-benefit rule is applied  Basis implications of personal assets converted to business use  How to calculate basis of inherited qualified and joint tenancy property  Tax basis capital account reporting requirements  S corporations: Beware of final IRS regulations regarding “open debt”; determine how to calculate basis; worksheets are included; understand the effect of stock basis and debt basis and IRS’s recent focus on “at-risk basis” for shareholders; recognize how AAA applies or doesn’t apply to S corporations; learn to apply the complex basis ordering rules and special elections that can have a big tax result; discuss loss limitation rules in depth; when you can have a taxable dividend in an S corporation; understand distributions of cash and property; understand the post-termination transition rules, and temporary post-termination rules for eligible corporations, which will be important for S corps returning to C corps  LLCs and partnerships: Learn the detailed rules of §704 for preventing the shifting of tax consequences among partners or members; learn to calculate basis under §704 & for “at-risk” under §465; recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; learn the difference between basis and “at-risk basis”; review §754 step-up in basis rules; the economic effect equivalence test or “dumb-but-lucky” rule; learn to apply the complex rules of distribution of cash vs. property, and the basis treatment of charitable contributions and foreign taxes paid 

Overview of the four loss limitation rules and how the PAL rules interact with the other limitations Definition of a PAL including a detailed review of the 7 determining factors contained in the Treasury Regulations with a review of several recent court decisions that interpret this regulation Impact of PAL rules on real estate ownership Learn the six Nonshelterable Passive Activity (NOPA) rules that act as anti-abuse rules to the PAL rules Discuss how the PAL rules impact tax credits Discuss tax elections and planning techniques associated with PALs

Divorce and ongoing payment issues dealing with alimony and child support Documents protecting a client going forward, including pre-nuptials, cohabitation agreements, post-nuptials and many others Advanced income tax issues, including like-kind exchanges, filing status issues, credits and asset sales Advanced retirement issues, including dissecting qualified, personal retirement, and nonqualified plans, QDROs, past and defunct plans and using retirement assets to equalize assets High-level valuation issues, including closely held business, stock redemptions, partnership redemptions and stock options

The downside of traditional retirement asset accumulation strategies Threats to a successful retirement Holistic retirement planning: how personal goals integrate with tax, estate, risk and investment management principles Matching investment assets with the appropriate retirement plan and distribution strategy Review the provisions of the SECURE Acts and how they will impact retirement planning

ERISA compliance: employee welfare plans and qualified plans Fringe benefit issues: COBRA, Family and Medical Leave Act, and new developments in health care Health care plans: HRAs, HSAs, and other employer-sponsored plans Qualified plan requirements: eligibility, coverage, and vesting

Each week’s topics will change based on the most critical issues affecting financial professionals

Ethics Major Subjects Final Circular 230 rules for CPAs who prepare returns or provide tax opinions. State law governing the practice of accounting. - State Board of Accountancy rules. AICPA Code of Professional Conduct. AICPA Statements on Standards for Tax Services. Preparer penalties. Professional liability in tax practice. Current practice and ethics issues.

SSARS No. 21, Clarification and Recodification, and updates to SSARS No. 21 due to the issuance of SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services SSARS No. 22, Compilation of Pro Forma Financial Information SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services -- 2018 SSARS No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions  SSARS No. 26, Quality Management for an Engagement Conducted in Accordance With Statements on Standards for Accounting and Review Services Sample comprehensive engagement work programs for preparation, compilation and review engagements Reporting and disclosure illustrations for each level of service, including attesting on personal financial statements, prescribed form, special purpose framework and other engagement variations Other communication requirements, such as sample engagement letters and management representation letters

Legislative developments A full chapter devoted to determining the best planning options for maximizing joint Social Security benefits Retirement benefits: Amount of benefits in various circumstances; how the amounts are distributed within the family unit Qualification: Has the client retired? How business entities may be used for Social Security advantage Income taxation of Social Security: avoidance tactics Spousal benefits: Should a spouse return to work? What benefits does a spouse have and when and how do they relate to benefits decisions by the client? When can hiring the spouse increase overall benefits?  Why should both spouses qualify for survivor benefits? Disability benefits When to start Social Security benefits: Advantages and disadvantages at ages 62, full retirement age, and 70 Coordinating benefits: Should you take Social Security first and higher-balance IRA distributions later, or take IRA balances first and enhanced Social Security benefits later? Pensions: Distribution strategies; how to use the minimum distribution rules in concert with Social Security benefits IRAs: Is it time to convert to a Roth? Medicare, Part D prescription drugs: what retirees need to know

Schedules K-2 and K-3 and filing exceptions Form 7203  IRS Tax Pro Account  IRS modernization initiatives Information Returns Intake System (IRIS) Identity Theft warnings   IRS guidance for the marijuana industry  “Recycled” Form 1099-NEC to report nonemployee compensation  Form 1065 steps for reporting capital  Centralized audit regime; late filing penalties and small partnership relief  “Substance over Form” argument of shareholder loans  Advanced study of “At-Risk” loans  Employer W-2 correction requests  White House 2025 Budget Points  Don't get caught watching the paint dry -- What is hot and new  What is terminating S corporations today?  Special allocation issues of §704  Final regulations for allocating depreciation recapture to partners and members of LLCs 

Congressional Budget Reconciliation Process - explore how this powerful legislative tool allows Congress to fast track tax law changes and how it could be used to enact significant tax reforms in the current political climate President Trump's tax proposals - review key components of President Trump's tax agenda, including a tip income exemption, overtime pay relief, Social Security tax exemption, auto loan interest deductibility, SALT deduction modifications, a lower corporate tax rate, restoration of 100% bonus depreciation, immediate R&D expensing, and permanent extension of select TCJA provisions Potential expiration of select TCJA provisions - understand the implications for individual and business taxpayers as key provisions of the TCJA approach sunset dates Tariff policy and implementation - analyze the use of tariffs as a fiscal and trade policy tool Digital assets and tax implications - understand the new Form 1099-DA for reporting digital asset transactions, along with updated IRS guidance on cryptocurrencies, NFTs, and broker responsibilities Artificial intelligence - discover how AI and generative tools are transforming tax practices, as well as how the IRS is leveraging AI to enhance audit selection Form 1099-K reporting requirements - understand the evolving IRS thresholds and rules for third-party payment platforms Sale of Passthrough Entity Interests and Net Investment Income Tax - analyze the tax implications of selling interests in passthrough entities, including relevant examples, and how the Net Investment Income Tax (NIIT) applies to these transactions  The Gig Economy - examine key tax implications for gig workers, including Independent Contractor vs. Employee classification challenges, reporting responsibilities, and the impact of the 2024 Department of Labor Final Rule on worker status Timely coverage of breaking tax legislation Practice aids, including all the numbers applicable for the current year -- inflation-adjusted amounts, mileage rates, retirement contributions, and more Advanced practice, reporting, and other issues intertwined with advanced planning and discussion ideas

Characteristics of a gig economy Who is an employee and who is an independent contractor? Form 1099-NEC and reporting of non-employee compensation Reporting on Form 1099-K Gig workers and the requirement to pay self-employment tax throughout the year State tax implications of remote work for the business owner and workers How remote work creates state tax nexus Tax implications of employee telecommuting for the employer The “convenience of the employer” rule Drivers of both people and of meals or other products Section 199A deduction Implications of the Vizcaino case

The basics of nonqualified deferred compensation (NQDC) NQDC compliance Taxation of NQDC plans Types of NQDC plans Financing/funding NQDC plans Planning strategies

What stock options are and why they are growing in popularity How stock options work, including the process of conveyance and vesting How to exercise stock options and the implications from doing so The risks associated with stock options and how to manage exposure Tax consequences and updates regarding stock options Strategies for selecting the best time to exercise stock options The difference between the two types of stock options: non-qualified and incentive The basic terminology relevant to owning and exercising options

Determining when filing a Tax Court case can be a strategic benefit Learn how to file the case Understand the steps and deadlines in the Tax Court process Review the settlement process Know when the case gets to the point where you need help

How and why a partnership makes a 754 election The effect of the 754 election when an interest in a partnership is sold or inherited How the 754 election applies when a partnership makes a distribution of property to one or more of its partners How to make the 754 basis adjustment

Learn the power of flexibility and adaptability Manage daily changes and stressors Avoid burnout and achieve work-life balance

Unconscious bias, including the five defining characteristics of unconscious bias The real-world impacts of unconscious biases, including impacts on racial minorities, women, and older workers The concept of microaggressions, with examples An effective strategy for adult learning that can be applied to change unconscious biases, which can also be used to learn other skills A framework for handling mistakes and using them to build trust and respect in the workplace. We call this the “oops, did I just say that?” section.

Rental activities and passive activities Material participation Real estate professional status Active participation status Depreciation recapture – Sections 1245, 1250, and 291 Vacation homes rented out QBI deduction and rental properties Section 1237 safe harbor for divided parcel sales Practitioner considerations

529 to Roth: who, what, when, and how SECURE Act 1.0 and the 10-year rule Roth IRA beneficiary options Where the stretch IRA really ends The new limitations for spouse IRA beneficiaries The new spouse options for spouse beneficiaries New RMD rules for Roth 401(k)s Overriding the 10-year rule for an eligible designated beneficiary How the age of death affects beneficiary options The new early distribution penalty exceptions Rollovers vs. transfers for spouse beneficiaries Qualified charitable distributions (QCDs) for owners and beneficiaries The “at least as rapidly” (ALAR) rule New reduced rate for excess accumulation penalty on RMD failures How to avoid unlimited accrual of the 6% excise tax How to avoid unlimited accrual of the 25% excise tax Clarifying the definition of disability for an exception to the 10% additional tax The new starting ages for RMDs Designated vs. eligible designated beneficiaries and their options Catch-up contributions for ages 50 and over Catch-up contributions for ages 60 to 63 When the 60-day deadline is missed When the one-per-year rollover limit is about to be broken Retaining qualifications for exceptions to the 10% additional tax