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Phone:
(800) 822-4194
(406) 556-0115
Fax:
(206) 774-1285
E-mail: wcpe@westerncpe.com
243 Pegasus Drive
Bozeman, MT 59718
Office hours:
Monday - Friday
7 A.M. - 6 P.M. MST
2010-2011 Federal Tax Update
OnDemand Webcast Courses
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To view instructions for taking and completing the courses, click here
2011-2012 Schedule C/F & General Business Federal Tax Update
| Run Time: 2 h 55 min |
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In this course, Vern discusses the current Tax Codes, cases and rules affecting business taxation.
Highlights of this Chapter:
· Starting with a look at a number of general business items, including the multiple new changes to the business forms, the new method on reporting credit card sales, the new Form 1125-A for reporting cost of goods sold and even the new questions the IRS has slipped in to find the Form-1099 non-filers.
· Then we will be learning about the $500,000 §179 expensing allowance, a brand new $250,000 §179 for real property assets including leasehold improvements and restaurant property and the unexpected renewal and expansion of the 100% bonus depreciation.
· Studying the 2011 Federal mileage, lodging and meal per diem rates.
· Checking out the recordkeeping rules for travel, entertainment and something brand new on cell phones.
· Talking about how the hobby loss rules apply to both a memorabilia merchant and an Amway distributor.
· Reviewing the health reimbursement arrangements, and what recently changed.
· Looking at the big win Agri-Plan, Biz-Plan received this year... when a farmer hires his spouse and deducted his medical expenses above the line.
· Learning which Health Bill provision became effective in 2011 (and none become effective in 2012).
· Making sure we know who the new Simple Cafeteria Plan is great for.
· Reviewing the “away-from-home-overnight” requirement for travel expense deductions.
· Discussing how to handle the blizzard of Form-1099C’s our business clients are receiving and how this cancellation of debt income can be avoided or deferred.
· Examining the office-in-home limitation rules.
· Being introduced to the new NOL carryback provisions.
· Discussing the new depreciable lives on restaurant buildings.
· Glancing, at the 9% domestic production activity deduction, who qualifies, what qualifies and where to put it on the return.
· Taking a look at tax provisions affecting farmers and ranchers.
· Analyzing what’s happened under accounting methods and periods.
· And closing with a discussion of the business credits.
Learning Objectives:
Upon successful completion of this course, you should be able to:
· Recognize key tax changes effective in 2011, affecting business taxation.
· Identify numerous tax issues and provisions impacting your clients’ or employer’s tax returns.
· Apply various tax rates and computations to scenarios just like those you see in your office, to better prepare you for the upcoming tax season.
Prerequisites: A basic understanding of tax preparation.
Program Level: Update
Program Published to the Web: November 2011
No advance preparation required.
2011-2012 Real Estate & Investment Federal Tax Update
| Run Time: 1 h 26 min |
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In this course, Vern discusses the current Tax Codes, cases and rules affecting real estate taxation.
Highlights of this Chapter:
· Discussing what’s been happening with the sale of residence rules.
· Examining the new passive loss grouping rules and some nasty passive loss cases, including the real estate professional exception, and how to avoid these foul results.
· Analyzing a primer on the tax ramifications of a foreclosure or repossession including analyzing the cancellation of debt calculation and problems with short sales.
· Reviewing the dealer vs investor rules and how a contractor got capital gains on the sales of some lots.
· And closing with a discussion on two like-kind exchanges: one investor who touched the cash and was denied the exchange, and another investor who touched the cash and was allowed the exchange.
Learning Objectives:
Upon successful completion of this course, you should be able to:
· Recognize key tax changes effective in 2011, affecting real estate & investment taxation.
· Identify numerous tax issues and provisions impacting your clients’ or employer’s tax returns.
· Apply various tax rates and computations to scenarios just like those you see in your office, to better prepare you for the upcoming tax season.
Prerequisites: A basic understanding of tax preparation.
Program Level: Update
Program Published to the Web: November 2011
No advance preparation required.
2011-2012 Payroll & Self-Employment Tax Federal Tax Update
| Run Time: 41 min |
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In this course, Vern discusses the current Tax Codes, cases and rules affecting payroll and self-employment taxation.
Highlights of this Chapter:
· Introducing the new $1,000 Hire credit when retaining the unemployed for a year.
· Examining, in-depth, the factors the IRS auditors are using to determine if a worker is an employee or an independent contractor.
· Followed by puzzling at the NRP payroll audits on Form 941s.
· And closing with a short discussion on the employee and self-employed Social Security rate decrease for 2011.
Learning Objectives:
Upon successful completion of this course, you should be able to:
· Recognize key tax changes effective in 2011, affecting the taxation of business pension plans.
· Identify numerous tax issues and provisions impacting your clients’ or employer’s tax returns.
· Apply various tax rates and computations to scenarios just like those you see in your office, to better prepare you for the upcoming tax season.
Prerequisites: A basic understanding of tax preparation.
Program Level: Update
Program Published to the Web: November 2011
No advance preparation required.
2011-2012 Limited Liability Company (LLC) & Partnership Federal Tax Update
| Run Time: 44 min |
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In this course, Vern discusses the current Tax Codes, cases and rules affecting partnership and LLC taxation.
Highlights of this Chapter:
· How choosing the “best” entity for your client is one of the five fastest ways of getting sued for malpractice.
· Reporting properly the husband and wife joint business.
· Discussing who has to file employment tax returns in a single member LLC.
· Analyzing how to make the §754 election, which is one of the top five malpractice issues.
· Emphasizing to our single-person LLCs that they may not have limited liability.
· Glancing at how – and why – LLC’s make an S election.
· Reviewing the basics of establishing an LLC, including the check-the-box regulations.
· Understanding when LLC members will be subject to self-employment tax.
· And closing with a discussion on abandoning a partnership interest.
Learning Objectives:
Upon successful completion of this course, you should be able to:
· Recognize key tax changes effective in 2011, affecting LLC and partnership taxation.
· Identify numerous tax issues and provisions impacting your clients’ or employer’s tax returns.
· Apply various tax rates and computations to scenarios just like those you see in your office, to better prepare you for the upcoming tax season.
Prerequisites: A basic understanding of tax preparation.
Program Level: Update
Program Published to the Web: November 2011
No advance preparation required.
2011-2012 IRS Practice & Procedures Federal Tax Update
| Run Time: 1h 10 min |
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In this course, Vern discusses the current cases and rules affecting the tax preparer’s relationship with the IRS.
Highlights of this Chapter:
· Understanding the new registration requirements imposed on ALL tax preparers in our office, not just the CPAs and EAs.
· Researching the changes in our ethics, Circular 230, and what impact the new solicitation rules have on paid tax preparers.
· Examining the new Form 1040X for amending a tax return.
· Catching up on what’s happening in the world of tax shelters, and when the huge new economic substance penalties apply.
· Seeing who is being audited – and who isn’t.
· What to do when the IRS demands the client’s QuickBook files.
· Discussing the numerous methods the IRS uses to reconstruct unreported income.
· Learning about the new W-2 reporting on health insurance benefits.
· Understanding all the new reporting requirements businesses face under the Health Bill.
· Understanding how careful tax preparers must be when releasing client’s tax returns and social security numbers to third parties.
· Discovering that the IRS is supposed to back off of some of their nasty collections practices in this time of financial stress (but many agents haven’t gotten the message), and what to do about it.
· Reviewing the rules on taxes in bankruptcy.
· Catching up on how Congress made offers-in-compromises even more unattractive.
· Marveling at the IRS’s program directed at fraudulent tax preparers.
· Discussing the new, and very aggressive, IRS tactics used against professional tax preparers.
· And closing with a recap of the innocent spouse relief provisions.
Learning Objectives:
Upon successful completion of this course, you should be able to:
· Recognize key tax changes effective in 2011, affecting tax preparers’ and taxpayers’ relationships with the IRS.
· Identify numerous tax issues and provisions impacting your own, your clients’ and/or your employer’s relationship with the IRS.
· Apply various tax rates and computations to scenarios just like those you see in your office, to better prepare you for the upcoming tax season.
Prerequisites: A basic understanding of tax preparation.
Program Level: Update
Program Published to the Web: November 2011
No advance preparation required.
2011-2012 IRA & Individual Retirement Federal Tax Update
| Run Time: 57 min |
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In this course, Vern discusses the current Tax Codes, cases and rulings affecting IRA and individual retirement plans.
Highlights of this Chapter:
· Reviewing the rules affecting traditional and Roth IRAs.
· Identifying all the 2011 inflation adjustments that affect the amount that can be contributed into IRAs, Roth-IRAs and individual retirement plans like 401(k)s.
· Examining the stunning elimination of the income limits when rolling over into a Roth-IRA.
· Followed by the question “Should my client covert to a Roth?” which we will answer with a myriad of planning ideas and even access to a simple, but sophisticated, calculator.
· Planning how to get out of the Roth IRA if the value went down between rollover and paying the taxes.
· Marveling at the rule that allow qualified plans to transfer funds directly to a Roth-IRA.
· Analyzing the option permitting employees to contribute their elective deferrals into a Roth-IRA.
· Learning about the slick change allowing non-spouse beneficiaries to received inherited IRAs.
· Discussing excuses used by taxpayers to seek waiver of the 60-day IRA rollover requirement.
· And closing with an in-depth discussion on the exceptions to the 10% early withdrawal penalty.
Learning Objectives:
Upon successful completion of this course, you should be able to:
· Recognize key tax changes effective in 2011, affecting IRA and individual retirement taxation.
· Identify numerous tax issues and provisions impacting your clients’ or employer’s tax returns.
· Apply various tax rates and computations to scenarios just like those you see in your office, to better prepare you for the upcoming tax season.
Prerequisites: A basic understanding of tax preparation.
Program Level: Update
Program Published to the Web: November 2011
No advance preparation required.
2011-2012 Individual & Employee Federal Tax Update
| Run Time: 3 h 00 min |
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In this course, Vern discusses the current Tax Codes, cases and rulings affecting individual taxation.
Highlights of this Chapter:
· A short introduction of anticipated new tax legislation followed later by an in-depth discussion of each provision as it applies to each topic.
· Reviewing the extender bill provisions that stabilized income tax rates for another two years.
· Examining a time line on which health provisions included in the Health Bill begins to apply in 2011.
· Learning the new tax return filing requirements for Registered Domestic Partners and same-sex couples in community property states.
· Discussing personal exemptions including the stricter rules for qualifying a child as a dependent and who can claim the child after a divorce.
· Being reminded that we have the 0% and 15% tax rates on dividends and capital gains for two more years.
· Moving on to the new reporting forms and requirements for both foreign income and foreign assets.
· Looking at the new basis reporting on Form 1099-B starting in 2011.
· Discussing cancellation of debt (and how to avoid it).
· Followed by a myriad of adjustments to gross income such as health savings accounts and prepaid tuition accounts.
· Marveling at the ways divorce attorneys can screw up the alimony requirements.
· Reviewing itemized deductions including the new charitable contribution rules, the home mortgage rules and an extensive discussion of allowable medical expenses.
· Discussing, in-depth, the additional Medicare Tax on wages and unearned income that starts in 2013 and other Health Bill provisions affecting individuals.
· Reviewing the general rules on both casualty losses and theft losses.
· Learning what work clothes a well-known TV News anchor can’t deduct; and one more look at gambling losses.
· And closing with examining all the individual tax credits, including the AMT patch that was fixed only through 2011.
· We’ll even slip in a discussion on the different payment options available to the taxpayer.
Learning Objectives:
Upon successful completion of this course, you should be able to:
· Recognize key tax changes effective in 2011, affecting individual and employee taxation.
· Identify numerous tax issues and provisions impacting your clients’ or employer’s tax returns.
· Apply various tax rates and computations to scenarios just like those you see in your office, to better prepare you for the upcoming tax season.
Prerequisites: A basic understanding of tax preparation.
Program Level: Update
Program Published to the Web: November 2011
No advance preparation required.
2011-2012 Estates, Trusts & Beneficiaries Federal Tax Update
| Run Time: 1 h 12 min |
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In this course, Vern discusses the current Tax Codes, cases and rules affecting gift, estate and trust taxation.
Highlights of this Chapter:
· Examining how the estate and gift tax rules along with the generation-skipping transfer tax has been completely revised for 2010, 2011 and 2012.
· Learning about the new 2010 Form 8939 for modified carryover basis, when it is to be filed and the election associated with it.
· Dissecting the top estate tax planning ideas for 2011 and 2012.
· Analyzing wealth transfer and succession planning alternatives.
· Looking at the built-in capital gains tax liability discount available to estates.
· Reviewing how the low asset values and low applicable Federal interest rates impact estate tax planning.
· Discussing family limited partnership planning and current good fact, bad fact cases.
· Introducing two more cutting edge tax planning techniques, SCINS and grantor trusts.
· Studying the numerous valuation methods used to establish an estate or gift’s fair market value.
· And closing with a look at trusts, including the Supreme Court limitation on deducting investment management fees.
Learning Objectives:
Upon successful completion of this course, you should be able to:
· Recognize key tax changes effective in 2011, affecting the taxation of estates, trusts and beneficiaries.
· Identify numerous tax issues and provisions impacting your clients’ or employer’s tax returns.
· Apply various tax rates and computations to scenarios just like those you see in your office, to better prepare you for the upcoming tax season.
Prerequisites: A basic understanding of tax preparation.
Program Level: Update
Program Published to the Web: November 2011
No advance preparation required.
2011-2012 C & S Corporate Federal Tax Update
| Run Time: 1 h |
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In this course, Vern discusses the current Tax Codes, cases and rules affecting corporate taxation.
Highlights of this Chapter:
· Alerting you to the IRS’s new National Research Program Audits (the audit from hell) on C corporations.
· Marveling at the reduction to five years of the S corporation built-in gains recognition period.
· Smiling that the Form 1099 rules for payments to corporations for all goods and services were repealed.
· Frowning at the requirement that all corporations must report credit card income separately and verify it with new Form 1099-K.
· Analyzing the IRS’s first S corporation more reasonable compensation case — and against a CPA of all things!
· Determining when personal expenses paid by a corporation creates constructive dividends.
· Analyzing a myriad of exempt organization cases and ruling.
· Examining the 100% exclusion for qualified small business stock gain.
· And, lastly, glancing at the ability of rolling over the gain on Qualified Small Business Stock and currently deducting small business stock losses.
Learning Objectives:
Upon successful completion of this course, you should be able to:
· Recognize key tax changes effective in 2011, affecting the taxation of C corporations and S corporations.
· Identify numerous tax issues and provisions impacting your clients’ or employer’s tax returns.
· Apply various tax rates and computations to scenarios just like those you see in your office, to better prepare you for the upcoming tax season.
Prerequisites: A basic understanding of tax preparation.
Program Level: Update
Program Published to the Web: November 2011
No advance preparation required.
2011-2012 Business Pension Plan & Issues Federal Tax Update
| Run Time: 26 min |
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In this course, Vern discusses the current Tax Codes, cases and rules affecting pension and IRA contributions and distributions.
Highlights of this Chapter:
· Introducing the new qualified Roth contribution plan.
· Reviewing all the inflation adjustments on the amount that can be contributed into all the retirement plan options, including the age-50 catch-up contribution rules.
· Looking one more time at the single-person 401(k) plan.
· Examining the rules on loans to participants.
· Discussing the hardship distributions rules.
· And closing with a review of some miscellaneous pension developments.
Learning Objectives:
Upon successful completion of this course, you should be able to:
· Recognize key tax changes effective in 2011, affecting payroll and self-employment taxation.
· Identify numerous tax issues and provisions impacting your clients’ or employer’s tax returns.
· Apply various tax rates and computations to scenarios just like those you see in your office, to better prepare you for the upcoming tax season.
Prerequisites: A basic understanding of tax preparation.
Program Level: Update
Program Published to the Web: November 2011
No advance preparation required.
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