CPE Catalog & Events

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

Detailed rules governing basis in the shareholder’s debt and stock AAA Built-in gains incurred from the sale of assets Redemptions and liquidations Compensation planning for shareholders, including planning strategies under the SECURE Act Tax Cuts and Jobs Act of 2017 and the various stimulus acts, as applicable

Audit requirements for ERISA §103(a)(3)(C) audits An annual update of the changes affecting 401(k) plans Compliance issues associated with eligibility and enrollments, remittances, lack of oversight, compensation, vesting, and other topics Best practices for engagement planning, internal controls, risk assessment, and detailed testing Avoiding common mistakes while performing audit procedures Plan mergers and acquisitions Common audit reporting and disclosure issues

Classifying receipts between “income” and “corpus” under the Uniform Principal and Income Act Calculation of DNI utilizing three different methods, a “forms” method (Schedule B), a “code” method, and a “shortcut” method, utilizing a worksheet of common income and expenses Proper W-2 preparation and procedures in the year of death Taxpayer passes before taking a required minimum distribution; what must be done?  Forgetful fiduciaries of simple trusts Fluctuating trusts – Simple one year, complex the next Dividing income in the year of death Overview of Subchapter J Form preparation issues – Filing requirements and line-by-line explanations of Form 1041 Taxable income of estates and trusts and expense allocation issues Specific deductions and miscellaneous itemized deductions Income in respect of a decedent The income distribution deduction calculation Relation of principal and income law to DNI Understanding how to handle capital gains and losses Allocating tax items to beneficiaries: another K-1 Other considerations: excess deductions on termination Comprehensive DNI case study, with principal (cost and FMV) and income reconciliation Comprehensive trust and estate case studies, with filled-in forms

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

Communicating financial results The role of the accountant in communication The challenges accountants face in communication Creating better awareness of a company’s financials Behavioral biases of stakeholders Tips for staying on-point in communication Case study

Complying with the beneficial ownership information reporting requirements The current status of the Employee Retention Credit Voluntary Disclosure Program Using the newly expanded access to business tax accounts for partners and shareholders of S corporations IRS guidance allowing car dealers to provide electric vehicle tax rebates upfront to qualified auto buyers Monetizing energy credits Amortization of research and experimental expenditures Dealing with the taxpayer loss in the Tax Court in Soroban Capital Partners requiring managers to pay self-employment tax on certain payments to limited partners Contributions to Roth “catch-up” plans Roth contributions to a SEP and Simple IRA Employer matching contributions to a Roth account Section 179 and bonus depreciation Roth 401(k) contributions no longer subject to RMDs during the owner’s lifetime

Research & Development Tax Credit Work Opportunity Tax Credit COVID-19 Tax Credits Opportunity Zones GO-Biz Incentives Employment Training Panel

Nonqualified deferred compensation (NQDC) Nonqualified stock options (NQSOs) Incentive stock options (ISOs) Restricted stock/restricted stock units (RSUs) Stock appreciation rights (SARs) and phantom stock Employee stock purchase plans (ESPPs) Applicable tax forms and schedules Stock sale reporting Estimated taxes Filing deadlines and extensions State taxation

Reasonable compensation Fringe benefits for S corporation shareholders Built-in gains tax Excess passive income tax Notice 2020-75: PTE elections

AICPA’s Enhancing Audit Quality initiative Recent revisions to Quality Management standards Feedback from peer reviews, including areas driving deficiencies in audit Elements of an effective risk assessment and how to link to audit procedures performed Understanding internal controls and making the decision whether or not to test them Best practices in documentation

An overview of the beginning of the process and documents for preliminary tax planning Recognizing the need for due diligence in acquisitions, including checklists of important points Deemed asset sales – §338 and §338(h)(10) The impact of the §197 amortizable intangibles regulations on the acquisition and disposition of a business Allocating purchase price for tax advantage Planning to avoid double taxation under the repeal of the General Utilities doctrine Special problems and opportunities when an S corporation is the buyer or seller Installment sale and interest issues Avoiding tax pitfalls and recognizing tax planning opportunities Unique issues in buying and selling LLC/partnership interests Impact of the net investment income tax (NIIT) and the §199A pass-through deduction on the tax due on the sale of a pass-through entity Individually owned goodwill

ASU No. 2016-02, Leases (Topic 842) Overall lease accounting guidance Lessor Accounting 101 Lessee Accounting 101 Detailed review of accounting by lessees and lessors Sale and leaseback transactions Transition guidance Other operational issues Recently issued updates to the lease accounting guidance FASB guidance on accounting for COVID-19-related rent concessions Feedback from the public company adoption of Topic 842

How to calculate a partner or S corporation shareholder’s basis Form 7203 and an S corporation shareholder’s basis The at risk basis rules and Form 6198 The passive activity loss limits The Section 461(l) loss rule The net operating loss limitation rules The Section 163(j) business interest limitation

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

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 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 Real Estate professional requirements Review of pertinent cases and rulings affecting taxpayers 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

Types of partnership distributions Liquidating partnership distributions Basis of property distributed by a partnership Special basis adjustments under Section 732(d) Abandoned and worthless partnership interests Section 751(a) exchange Transactions between partners and their partnerships Disguised sales Section 736(a) and (b) payments

Statutory framework for 1031 exchanges Business and investment property characterization Deferred exchange rules and techniques Exchange mathematics: boot, gain and basis Reporting for failed exchanges (over two tax periods) Improvement, reverse and non-safe harbor exchanges Partnership and TIC issues: IRC Sec. 761

Update on latest cases, rulings, and regulations including the final regs Provisions of Revenue Procedure 2022-19: Relief for S corporations Legislative update on retirement plan changes of the SECURE Act 2.0 How to handle liabilities of LLCs Planning opportunities and pitfalls in determining basis and amounts at risk -- recourse and nonrecourse debt issues for LLCs, and much more Section 199A pass-through deduction planning Partnership planning -- Structuring partnership distributions and transfers of interests Optional basis adjustments -- §§754 and 732(d) Planning for the utilization of §179 and for the scheduled phase out of bonus depreciation  Basis, distribution, redemption, and liquidation issues of S corporations Compensation in S corporations Sale of a partnership -- the best planning concepts What you need to know about family pass-throughs -- Estate planning, family income splitting, and compensation planning Partnership and LLC allocations A brief look at possible future changes to the taxation of pass-through entities The who, what, when, where, and how of the new FinCEN BOI reporting requirements