Individual Courses

This CPE course, which is the 11th in the series, covers types of tax credits, including refundable and nonrefundable tax credits; figuring each type of personal tax credit; which credits are reported directly on the return and which must first be reported on Schedule 3 of Form 1040 and 1040-SR; and business tax credits. The course reflects changes made by the Consolidated Appropriations Act, 2022, the Inflation Reduction Act of 2022, and other tax legislation, IRS pronouncements, and court decisions. This course brings the tax preparer "up-to-speed" in preparing 2022 tax returns for the 2023 filing season.

Topics Covered

• Overview of Tax Credits
• Premium Tax Credit
• Health Coverage Tax Credit (HCTC)
• Earned Income Credit
• Credit for Child and Dependent Care Expenses
• Child Tax Credit
• American Opportunity Credit and Lifetime Learning Credit
• Adoption Credit
• Retirement Savings Contributions Credit (Saver's Credit)
• Credit for Energy-Efficient Home Improvements
• Residential Clean Energy Credit
• Credit for Plug-In Electric Drive Vehicles
• Mortgage Interest Credit
• Minimum Tax Credit
• Credit for the Elderly or the Disabled
• Foreign Tax Credit
• General Business Credit
• Rehabilitation Credit
• Work Opportunity Credit
• Employer Credit for FICA on Tips
• Wage Differential Payment Credit
• Indian Employment Credit
• Tax Credit for Increasing Research Activities
• Low-Income Housing Credit
• Disabled Access Credit
• Credit for Construction of Energy-Efficient Homes
• Small Employer Pension Plan Startup Credit
• Auto-Enrollment Option in Retirement Plans Credit
• Employer-Provided Child Care Credit
• New Markets Tax Credit
• Business Energy Credits
• Small Employer Health Insurance Credit
• Family and Medical Leave Credit
• Empowerment Zone Employment Credit

Learning Objectives

• Distinguish between refundable and nonrefundable credits
• Figure each type of personal tax credit
• Determine where credits are reported on the tax return
• Identify business tax credits and understand the limitations under the general business credit
• Identify the tax credit that is claimed directly on Form 1040 or Form 1040-SR instead of Schedule 3
• Identify under what amount on a joint return the full Child Tax Credit can be claimed by those with modified AGI
• Identify what percent of the Adoption Credit may be claimed in the year the expenses are incurred if the adoption is not final by year-end when adopting a child who is a U.S. citizen or resident
• Identify the form used to figure the Minimum Tax Credit

This CPE course, which is the 12th and final course in the series, examines figuring tax liability and making tax payments. In addition to figuring taxable income, the course will walk through the computations for lump-sum distributions, figuring kiddie tax, and other tax computation issues. It also examines various ways in which tax liability is paid, through income tax withholding, estimated tax payments, and tax credits, as well as post-filing options. The course reflects changes made by the Consolidated Appropriations Act, 2022, the Inflation Reduction Act of 2022, and other tax legislation, IRS pronouncements, and court decisions. This course brings the tax preparer "up-to-speed" in preparing 2022 tax returns for the 2023 filing season.

Topics Covered

• Tax Computation
• Dividends and Capital Gain Tax Worksheet to Figure Tax
• Kiddie Tax
• Parent's Election to Report Child's Investment Income
• Rounding Off Whole-Dollar Amounts
• Paying Income Taxes
• Tax Payments
• Post-Filing Payment Options

Learning Objectives

• Figure taxable income
• Determine whether to use the Tax Table or Tax Computation Worksheet to figure the tax
• Determine whether Schedule D, a separate worksheet, or Schedule J is necessary to figure the tax
• Figure special tax computations for lump-sum distributions
• Figure the kiddie tax
• Determine the sources of income tax withholding
• Complete the schedule for estimated tax payments
• Figure estimated tax installments and when to make payments
• List tax credits treated as tax payments
• List post-filing options for paying outstanding taxes
• Identify through what year the deduction for the personal and dependency exemptions used to reduce taxable income were suspended
• Identify over how many years taxpayers who earn their income from farming or commercial fishing can elect to figure the tax on this portion of their income by using special averaging

This CPE course, the seventh in the series, covers various types of income not discussed in other courses in this 1040 Preparation and Planning series, as well as exclusions from gross income. The course reflects changes made by the Consolidated Appropriations Act, 2022, the Inflation Reduction Act of 2022, and other tax legislation, IRS pronouncements, and court decisions. This course brings the tax preparer "up-to-speed" in preparing 2022 tax returns for the 2023 filing season.

Topics Covered

• Commercial Annuities
• General Rule
• Expected Return
• Cashing in Annuities
• Partial Annuitization
• Penalties on Early Distributions
• Employee Annuities
• Employee Annuities Commencing Before November 19, 1996
• IRA Distributions
• Reporting IRA Distributions
• Required Minimum Distributions
• Figuring RMDs
• Beneficiary Distributions
• Determining the Beneficiary
• Owner Dies after 2019
• Owner Dies before 2020 and on or after the Required Beginning Date
• Distributions over Owner's Remaining Life for a pre-2020 Death
• Owner Dies before 2020 and before the Required Beginning Date
• Special Rule for Roth IRAs
• Qualified Charitable Distributions
• Annual Exclusion for QCDs
• Qualified HSA Funding Distribution
• Losses on IRAs
• Roth IRAs
• Withholding on Annuities, Retirement Plans, and IRAs
• Exclusions in General
• Exclusions
• Gifts and Inheritances
• Insurance Proceeds
• Life Insurance
• Pre-Death Distributions and Loans from Modified Endowment Contracts
• Rules
• Accelerated Death Benefits
• Limitations and Conditions
• Endowment Policies
• Surrender of Life Insurance Policy
• Death Benefits Paid by an Employer
• Death Benefits Paid to Military Personnel
• Proceeds from Accident and Health Insurance Policies
• Sickness and Accident Benefits
• Rebates Resulting from the Medical Loss Ratio
• Disability Policies
• Higher Education Emergency Relief Fund Payments
• Provider Relief Fund Payments
• Casualty Insurance and Other Reimbursements
• Taxation of Reimbursed Living Expenses
• Scholarships and Fellowships
• Workers' Compensation
• Medicare
• Damages for Injuries and Claims
• Miscellaneous Income
• Reporting Income and Exclusions
• Common Inclusions and Exclusions from Gross Income
• Coverdell Education Savings Accounts
• Contributions to Coverdell ESAs
• Qualified Education Expenses for Purposes of Coverdell ESAs
• Distributions
• Reporting for Coverdell Education Savings Accounts
• Qualified Tuition Plans
• Gift Tax Consequences for Contributions to 529 Plans
• ABLE Accounts
• ABLE Account Advantages
• Miscellaneous Exclusions
• Disaster Relief and Mitigation Payments
• Foster Care Payments
• Difficulty-of-Care Payments
• Public Assistance
• Qualified Medicaid Waiver Payments
• Union Benefits

Learning Objectives

• Report income from a commercial annuity
• Calculate required minimum distributions (RMDs)
• Explain distribution rules for Roth IRAs
• State the withholding rules for distributions from qualified retirement plans and IRAs
• Explain the concept of an exclusion
• Describe the tax treatment of gifts and inheritances
• Distinguish between taxable and tax-free damages
• List miscellaneous income that is tax free
• Identify the penalty percent that applies to the earnings portion of a distribution from a commercial annuity taken prior to age 59½
• Identify the maximum annual exclusion for QCDs for each spouse filing a joint return
• Identify at what percent insurance payments for property damage covered by an insurance policy are taxable
• Identify the maximum annual contribution to a Coverdell ESA per designated beneficiary

This course, which is ninth in the series, covers standard deduction amounts and itemized deductions. The course reflects changes made by the consolidated Appropriations Act, 2022, the Inflation Reduction Act of 2022, and other tax legislation, IRS pronouncements, and court decisions. This course brings the tax preparer "up-to-speed" in preparing 2022 tax returns for the 2023 filing season.

Topics Covered

• Standard Deduction
• Standard Deduction - Examples
• Standard Deduction for Dependents
• Charitable Contributions by Nonitemizers
• Net Qualified Disaster Losses by Nonitemizers
• Qualified Business Income Deduction
• Overview of Itemized Deductions
• Medical Expenses
• Limitations on the Medical Expense Deduction
• Taxes
• Interest Payments
• Charitable Contributions
• Casualty and Theft Losses
• Limitations on Personal Casualty Losses
• Miscellaneous Deductions

Learning Objectives

• List the basic and additional standard deduction amounts
• List which items can be deducted as medical expenses
• Identify which type of interest is deductible
• Determine which taxes are deductible
• Figure charitable contribution deductions and comply with substantiation requirements
• Identify the rules for determining disaster losses
• Determine which miscellaneous itemized deductions are deductible in 2018 through 2025
• Identify the 2022 standard deduction for married filing jointly taxpayers
• Identify the item that does not qualify as a deductible medical expense
• Identify the charitable contribution deduction for joint filers
• Identify the AGI limit on medical expenses deducted on an estate tax return

Form 1099 Essentials is the course that will help you understand what 1099 reporting is, why it is important, and what could happen to your company if it is not done. In one information packed program, you’ll gain a broad understanding of Form 1099 reporting, with special focus on the Forms 1099-NEC and 1099-MISC. You’ll also learn the key elements needed to comply with IRS requirements and discover how best to respond to the IRS.

Topics Covered

• The key elements that make for successful 1099 reporting
• What you are required to report on Form 1099 and how to recognize when those payments are reportable
• An in depth-look at the Form 1099-NEC/MISC boxes, the most commonly used forms for 1099 reporting
• What information you need from your payee to properly report a payment
• How to use the W-9 to collect the correct information and when you are required to obtain a signed W-9
• How to use the IRS TIN Matching Program and how it can help ensure the information you have is correct

Learning Objectives

• Identify the key elements needed to comply with IRS requirements and discover how best to respond to the IRS
• Recognize what you are required to 1099 report and how to recognize when those payments are reportable
• Identify Form 1099-NEC/MISC boxes
• Describe what information you need from your payee to properly report a payment
• Recognize how to use the W-9 to collect the correct information and when you are required to obtain a signed W-9
• Identify how to use the IRS TIN Matching Program and how it can help ensure the information you have is correct
• Describe who is a U.S. or non-U.S. person is technical
• Differentiate IRC Sections and how they apply
• Recognize which information should be included in Box 6 of Form 1099-MISC
• Identify best practices for a second B-Notice

This one hour CPE course provides a refresher on the preparation of corporate income tax returns, an overview of the elements of form 1120, and key requirements and selections.

Topics Covered

• Introduction
• Corporate Information
• Schedule K

Learning Objectives

• Determine both the nature of the corporate tax return and the role of the preparer in the preparation of the return
• Recognize key filing requirements, including extension options
• Identify the information required on the top of page 1 of Form 1120 as well as on Schedule K, page 3 of Form 1120
• Determine the implications of being a personal service corporation
• Identify and assess the options for and limitations on selecting an accounting method and tax year for the corporation
• Identify the item in which either box 3 or 4 should be checked if you're filing Form 1120 and wish to indicate a name or address change
• Identify the form on which an accounting method change generally must be requested during the year in which the taxpayer wants to make the change

This course is the first in a series of classes authored by Sidney Kess and Barbara Weltman that cover everything you need to know about 1120S preparation and planning. This class offers an overview of Form 1120S, which is used to list income, deductions, credits, and other items from the operation of an S Corporation.

Topics Covered

• Introduction
• General Information
• Schedule B

Learning Objectives

• Describe the nature of the tax return for S corporations
• State when the return is due and how to obtain a filing extension
• Cite the requirements for S corporation status and how to make an S corporation election
• Complete the top of page 1 of Form 1120S
• Recognize and apply the accounting method and tax year limitations for S corporations
• Complete Schedule B, page 2 of Form 1120S
• Identify the monthly late filing penalty (per shareholder) for 2022 returns filed in 2023
• Identify the schedule used to report other information and is found on page 2 of Form 1120-S

This course reviews S corporation income tax return preparation. In this course, you’ll learn to correctly report trade or business deductions on Form 1120S, identify when an S corporation may be subject to income tax, describe estimated tax requirements, and more.

Topics Covered

• Business Income
• Trade or Business Deductions
• Tax and Payments

Learning Objectives

• Correctly report gross receipts and inventory (including the cost of goods sold) on Form 1120S
• Recognize what other income is included in trade or business income
• Correctly report trade or business deductions on Form 1120S
• Describe built-in gains tax issues
• Identify when an S corporation may be subject to Income tax
• Describe estimated tax requirements
• Identify when income becomes taxable
• Identify on what line compensation of officers is reported on
• Identify an example of a deductible tax for an S Corporation
• Identify what percent of the dividends-received deduction is allowed to be claimed by an S corporation
• Identify the deduction that is not claimed on the corporate level but passes through to shareholders

Are you interested in how cryptocurrencies were developed and how they work? Does blockchain technology provide sufficient security for cryptocurrencies? What are the advantages and disadvantages of using cryptocurrencies? What are the tax consequences of investing in cryptocurrencies or using them for personal or business transactions?

This course is designed for individuals who would like to obtain a basic understanding of crypto currency. The course will cover the history of virtual currencies and explain how they work. We will review some of the legal issues involved with virtual currencies. The course will cover the advantages and disadvantages of using virtual currencies. We will review the IRS rules for tracking and reporting crypto currency transactions for tax purposes.

This course has been updated for new developments including new laws, regulations, and tax forms.

Topics Covered

• What Is Virtual Currency?
• History of virtual currencies and explain how they work
• Pros and Cons for Using Cryptocurrency
• Blockchain
• History of Bitcoin
• History of Ethereum
• Initial Coin Offerings
• Other Digital Currencies
• Cryptocurrency Scammers
• Initial Coin Offerings
• Virtual Currency Frauds
• Virtual Currency Wallets
• Accounting & Audit Guidance
• Virtual Currencies & Taxes
• Reporting Cryptocurrencies
• Capital Gains Tax

Learning Objectives

• Describe cryptocurrency
• Recognize the tax implications of using or investing in cryptocurrency
• Identify which type of virtual currency is similar to coupons such as frequent flyer miles with airlines and Amazon coin
• Identify one of the disadvantages of cryptocurrency
• Describe what year Bitcoin was first released
• Describe the situation when scammers use your computer or smartphone's processing power to "mine" cryptocurrency for their own benefit, and without your permission
• Recognize how virtual currency is treated for federal tax purposes

This course will cover the rules for filing amended income tax returns for C corporations, S corporations, and partnerships. It provides you with an overview of why, when, where, and how to file an amended tax return for businesses.

Topics Covered

• Details for completing Form 1120X
• Information about amending Form 1120-S
• Clarify whether to file Form 1065 or 1065X when amending partnership returns

Learning Objectives

• Identify various situations for filing or not filing amended returns
• Explain how to complete Form 1120X
• Describe whether to file Form 1065 or 1065X when amending partnership returns
• Identify within how many years after the date the business' original return was filed, including extensions, an amended return must be filed
• Identify the form a C Corporation uses to amend a tax return and the form that is filed to request a change in accounting method for a C Corporation

With the 2020 pandemic many organizations have employees working from home for the first time. This creates additional cyber security risks for the employees and their organizations.

This course is designed for employees who are working from home, who would like to obtain an understanding of data and cybersecurity. You have probably heard of some of the more common types of cyber crimes such as ransomware, spyware, computer viruses, phishing, vishing, spoofing, data breaches, denial of service attacks, hacking, etc.

This course is also designed to familiarize accounting, auditing, consulting, and tax professionals who are not information technology (IT) experts on data breach and cybersecurity risks and internal controls. We will cover the material in a plain language, nontechnical manner. We will cover what you need to know, but not how to write the computer programs or code.

Topics Covered

• Cyber Fraud Statistics
• Cybersecurity Risks
• Legal Issues
• Cybersecurity Terminology
• Introduction to the Darknet
• Introduction to Cybersecurity
• Basic Internal Controls

Learning Objectives

• Describe cybersecurity
• Identify various types of cyber fraud risks
• Recognize cybersecurity risk for an organization
• Recognize IT system cybersecurity risks
• Recognize how to prevent and detect cyber frauds
• Describe what would use facial recognition to log you onto a computer
• Identify how to anonymously surf the web
• Recognize what is used in conjunction with the COSO framework
• Describe where you would most likely find online banking websites

The IRS has made important changes to the 2022 Form 1065. We’ll present a comprehensive course on preparing Form 1065, including in-depth treatment of the important new changes.

Join expert Greg White, CPA, as he walks you through how to complete Form 1065 and apply new rules that are crucial to preparing partnership tax returns.

Topics Covered

• 2022 changes on Schedule K
• Schedules K-2 and K-3
• When does a business involving spouses require a partnership return?
• How to eliminate late-filing penalties for partnership returns
• When must a partnership return be filed?
• How to apply the bonus depreciation rules to partnership step-ups under §743
• Answering Form 1065 questions on passive activity grouping
• When should real estate partnerships elect out of the 30% interest expense limit under §163(j)?
  • Including new changes in the depreciable period used for real estate businesses that elect out of §163(j)

Learning Objectives

• Identify circumstances under which a business involving only two spouses requires a partnership return
• Identify strategies to eliminate late-filing penalties for partnership returns
• Recognize how to compute bonus depreciation on partnership step-ups under §743
• Identify circumstances where a partnership can revoke a section 754 election
• Recognize how to determine how to answer Form 1065 questions on passive activity grouping

The IRS has made important changes to the 2022 Form 1065. We’ll present a comprehensive course on preparing Form 1065, including in-depth treatment of the important new changes.

In the second part of a two-part Form 1065, experienced tax practitioner and instructor Greg White, CPA, will provide a detailed discussion on how to complete Form 1065 and apply new rules that are crucial to preparing partnership tax returns.

Topics Covered

• When should self-employment earnings be reported for an LLC member?
• Important new clarification on Schedule M-2 reporting
• How to complete Schedule K-1
  • Including §704(c) requirements
• Completing Form 8825
• Electing out of the dangerous new IRS audit rules for partnerships (CPAR)
• When must a partnership complete Form M-3?

Learning Objectives

• Identify partnerships that are able to elect out of the CPAR (centralized partnership audit regime)
• Recognize how to report self-employment earnings for LLC members
• Identify partnership clients that are eligible to elect out of the dangerous new IRS audit rules for partnerships (CPAR)
• Identify how to streamline Form M-3 reporting for some partnerships

Many self-employed or sole proprietors find themselves having to navigate Schedule C in reporting business income. While this attachment to Form 1040 seems straightforward on the surface, there are many traps for the unwary.

Topics Covered

• Who Files Schedule C?
• Cash vs. Accrual Methods
• Deductions
• Special Issues for Self-Employed
• Depreciation & SEC. 179 Deduction
• Net Operating Losses
• Excess Business Losses

Learning Objectives

• Identify the appropriate taxpayers who should be filing Schedule C
• Recognize how to differentiate between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions
• Recognize how to develop a working knowledge of related issues; such as reporting the deduction of self-employed health insurance, employment taxes, home office deductions, and proper reporting of employee/independent contractor salaries, and retirement contributions
• Describe types of typical deductions, such as advertising, utilities, supplies, etc.
• Recognize how to determine the methods of deducting the cost of a company car
• Identify how to apply the rules, such as Section 179 or bonus depreciation, which permit the immediate expensing of some or all of the cost of certain assets

Learn the latest updates on Form W-4 and Form W-2 wage and withholding reporting. This course will prepare your staff for this filing year, improve your employee reporting set-up and maintenance practices, and reduce your risk of complaints from the IRS. Experienced CGMA and businessman Miles Hutchinson will review the current law and regulations regarding the filing of Forms W-2 and will provide practical guidance in these areas that have become the subject of increasing IRS scrutiny.

Experienced CGMA and businessman Miles Hutchinson will review the current law and regulations regarding the filing of Forms W-2 and W-4 and will provide practical guidance in these areas that have become the subject of increasing IRS scrutiny.

Topics Covered

• Law Update - Impacts
• Form Update
• W-4 Name/# Verification Methods
• Penalty Update
• Electronic Distribution of W-2s
• Year-End Reconciliation
• Effecting Corrections to W-2s
• Best Practices

Learning Objectives

• Identify the latest updates on Form W-2 and Form W-2 wage and withholding reporting
• Recognize how to prepare your staff for this filing year, improve your employee reporting set-up and maintenance practices, and reduce your risk of complaints from the IRS

Two bills with tax provisions made their way through Congress to the President’s signature pen in August! The first one - the CHIPS and Science Act, is a bipartisan bill to address the chip shortage and supply chain concerns via R&D funding including a new Advanced Manufacturing Investment Credit. The second bill - the Inflation Reduction Act (IRA) of 2022 has provisions pertinent to most taxpayers.

This course focuses on the IRA tax provisions most relevant to individuals and small businesses including energy credits for homes and vehicles, expanded availability of the Premium Tax Credit for health insurance, and increased research credit for start-up businesses. Comparisons to the Build Back Better Act passed in the House in November 2021 and the President's tax proposals are also noted along with what additional tax changes we might see this year from Congress.

Topics Covered

• Key tax provision of the CHIPS and Science Act
• Key tax provisions of the Inflation Reduction Act applicable to individuals and small businesses
• Rationale for these Acts, what BBB items were omitted and what tax provisions might still be considered for 2022

Learning Objectives

• Identify the key tax provisions of the Inflation Reduction Act of 2022 applicable to individuals and small businesses
• Describe the rationale, cost and key tax provision of the CHIPS Act of 2022
• Recognize how to explain the rationale for these Acts, what BBB items were omitted, and what tax provisions might still be considered for 2022
• Describe which Subtitle of the Inflation Reduction Act of 2022 relates to prescription drug pricing reform
• Identify the amount to enforcement the new $80 billion in IRS funding allocates
• Recognize what amount for vans, SUVs, and pickup trucks the Clean Vehicle Credit includes as an MSRP credit limitation

This course provides basic information to help you prepare your clients’ 2022 tax returns – and to start doing tax planning for 2023. Along the way, you will get some tips and tax strategies to help reduce your clients’ taxes. You will learn about often overlooked credits and deductions. You will get the tools to make you a hero to your clients and perhaps their bosses.

Part 1 of a 2 part series on a variety of tax tips and updates.

Topics Covered

• Major Tax Legislation, helpful resources, filing deadline and important renewal or updates
• Standard deductions, capital gains, Social Security and Federal Pandemic Unemployment Compensation (FPUC)
• Form 1040 Forms updates
• Miscellaneous Income and Adjustment to Income
• Key Credits and other taxes
• Itemized Deductions
• Employee Benefits, Dependent Care, Student Loan discharge
• Required Minimum Distributions
• Gifts, Estates and Trust
• Kiddie Tax

Learning Objectives

• Recognize how to implement tax breaks that impact the Federal 1040 return
• Identify the characteristics of the Child and Dependent Care Credit
• Identify deductible medical expenses, even if the taxpayer didn't pay them directly
• Recognize how to evaluate itemized deductions that are subject to limitations
• Identify the 2022 standard deduction for single taxpayers
• Identify the 2022 Social Security rates
• Identify a Part 1 additional income item included within Schedule 1 of Form 1040
• Identify the 2022 adoption credit amount

This course covers the gig economy, Schedule C tips and traps, alimony updates, employer amnesty, and more. Learn how to how to implement tax breaks that impact the Federal 1040 return – and to start doing tax planning for 2022.

Part 2 of a 2 part series on a variety of tax tips and updates.

Topics Covered

• Major Tax Legislation, Helpful resources, Filing Deadlines and penalties — and New Legislation
• Retirement Contributions Overview
• Schedule C and Expenses
• State taxes, Nexus and Gig Income
• Vehicle Updates
• Depreciation
• Sec 199A (20% QBI Deductions)
• Energy Credits
• Foreign Tax Issues
• Taxpayer Relief Initiative and Penalty relief
• IRS Operations and Collections updates

Learning Objectives

• Recognize how to implement tax breaks that impact the Federal 1040 return
• Identify the maximum contribution amount allowed to a 401(k) and Roth IRA
• Recognize the changes to filing deadlines and the new form due dates
• Identify the maximum earning subject to social security tax
• Describe the standard per diem rates and how they work
• Recognize and apply the new rules for depreciation
• Identify the new alimony rules and dispel myths
• Identify how to avoid taxes on cancellation of debt income
• Identify and apply gift and estate tax rates
• Identify how Nexus describes individuals or businesses who have a specific connection or agency relationship to a merchant outside their state