General tax preparation for individuals, businesses, and California tax issues.

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Course Description

One tax seminar a year is a must, and this is the best in the nation! This comprehensive two-day course, presented by Sharon Kreider and Karen Brosi, is the first fully integrated tax program in the industry. We'll compare and contrast federal and California issues side-by-side while providing answers to all your tax questions. You'll receive the most complete and up-to-date printed manual, plus a digital reference manual conveniently hyperlinked to the Internal Revenue Code. You'll learn about recent and potential tax changes, individual and business return preparation, real estate, retirement plans, estate and gift taxation, passive losses, IRS audit issues, and federal payroll changes.

Highlights include:

  • Updates on the latest individual and business tax reform proposals
  • Updates on ACA and 'Repeal and Replace' developments
  • 20% capital gains tax +3.8% NII tax
  • Mortgage interest deductions cases and rulings
  • Charity audit issues
  • Credit rule changes
  • FBAR and FATCA reporting
  • IRA adjustments
  • Tax issues for online rentals
  • IRS clarification on who is and isn’t a real estate professional
  • Estate and gift thresholds updated
  • Corporate and pass-through entity updates
  • Cures Act implementation
  • Legal marijuana taxation
  • Identity scams hitting employers
  • IRS budget cut and its effects
  • Top 10 most litigated tax issues
  • Employee misclassification issues
  • S corporation basis tracking
  • Corporate reasonable compensation
  • Taxes for the 'sharing economy'
  • Federal and California conformity and nonconformity


Sharon Kreider, CPA

Sharon Kreider, CPA, has helped more than 15,000 California tax preparers annually get ready for tax season. She also presents regularly for the AICPA, the California Society of Enrolled Agents, CCH Audio, and Western CPE. You’ll benefit from the detailed, hands-on tax knowledge Sharon will share with you—knowledge she gained through her extremely busy, high-income tax practice in Silicon Valley. With her dynamic presentation style, Sharon will demystify complex individual and business tax legislation. She’s a national lecturer for business and professional groups and consistently receives outstanding evaluations. In 2014, she was awarded the prestigious AICPA 2014 Sidney Kess Award for Excellence in Continuing Education.

Karen Brosi, CFP, EA

Karen Brosi, CFP, EA, has an extensive California tax practice, advising clients in individual tax and family wealth planning, specializing in complex individual income tax matters and all types of securities transactions. Her background as a CFP and as a tax preparer for the wealthy makes her particularly effective in the tax and financial planning arenas. Karen teaches tax professionals how to avoid tax minefields with her extensive planning checklists and practical tips.

Besides being one of the most prominent California tax update instructors, she’s a favorite interviewee on radio, television, and in print media, such as Bloomberg Businessweek. Karen’s powerful real-life presentations pinpoint critical federal and state tax areas, teaching tax professionals what they need to know to optimally assist their clients. Karen was the recipient of the California CPA Education Foundation 2012-2013 Outstanding Webcast Instructor award.

Course Specifics

Nov 30, 2017
General tax preparation for individuals, businesses, and California tax issues.

Compliance Information

IRS Provider #: OMYXB
IRS Course ID: 0MYXB-U-01242-17-S
IRS Federal Tax Update Credits: 29
CTEC Provider #: 2071
CTEC Course ID: 2071-CE-1191
CTEC Federal Tax Update Credits: 29
Qualifies for CA Fraud: No

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify new and proposed tax law changes provided in court cases and in legislation.
  • Recognize important administrative tax issues related to filing status and personal and dependency exemptions.
  • Cite issues related to capital gains and dividends, social security payments, and other gross income items.
  • Identify the tax laws related to adjustments to gross income, health savings accounts, qualified state tuition programs, and divorce settlements.
  • Summarize the rules regarding the standard deduction and itemized deductions.
  • Identify net investment income for the 3.8% Medicare tax.
  • Recognize the requirements and calculations of the alternative minimum tax, the kiddie tax, and various tax credits.
  • Cite the framework and compliance issues required for individuals under the Affordable Care Act.

Chapter 2

  • Discuss the various types of tax systems, state the requirements for claiming the foreign earned income exclusion, and recognize the requirements for filing FinCEN Form 114.
  • Explain the filing requirements for Form 8938, the foreign financial institutions reporting requirements, and the voluntary disclosure program.

Chapter 3

  • Identify the various rules regarding IRAs and Roth IRAs and how these rules are used for retirement and tax planning.
  • Recognize how to advise your client on the qualified rollover rules and minimum distribution requirements.
  • Identify how to avoid the 10% early withdrawal penalty, discuss the rules for loans from retirement accounts, and identify prohibited transactions.

Chapter 4

  • Identify passive loss rules, noting the establishment of material participation, passive rental activity, the disposition of a passive activity, and the special rules for real estate professionals.
  • Recognize the rules, eligibility requirements, and applicable tax treatment associated with like-kind exchanges, delayed, or deferred exchanges, involuntary conversions, and the distinctions between dealers and investors.
  • Recognize the rules for debt forgiveness and cancellation and their applicable impact to the taxpayer, the tax treatment of gain on the sale of a residence, and the rules associated with reacquiring property after an installment sale.

Chapter 5

  • Identify changes in the law regarding reporting cost basis to beneficiaries, filing Form 8971 and Schedule A, determine the income tax rates for estates and trusts, and analyze the Form 706 and portability rules.
  • Analyze the new rules and various miscellaneous items affecting gift taxes, trusts, and estates, and family limited partnerships.

Chapter 6

  • Cite the current changes in IRS practice and procedures, including identity theft and phone scams, and procedures for dealing with the IRS.
  • Discuss examinations, taxpayer enforcement issues, and other IRS practice and procedure provisions.
  • Identify the innocent spouse relief provisions under §6015.

Chapter 7

  • Cite recent tax developments relating to businesses and identify the hobby rules under §183(b).
  • Recognize general business tax matters, including accounting periods and methods and gross income topics.
  • Identify other trade or business expense rules and changes, including automobile expenses and travel expenses.
  • Identify the office-in-home requirements.
  • Recall the final regulations for tangible property, materials and supplies, and repairs versus improvements, and partial dispositions.
  • Recognize the rules for depreciation, farms, NOLs, start-up expenses, the domestic production activities deduction, and business credits.
  • Cite the employer mandates under the Affordable Care Act, including the rules for determining full-time employee equivalents, and recognize the penalties for noncompliance with the ACA for large employers and the reporting requirements under the ACA.
  • Summarize the small business health care tax credit.

Chapter 8

  • Recall current issues affecting corporations.
  • Identify the rules regarding the S corporation election, and the determination of basis.
  • Analyze the rules affecting S corporation operations, including reasonable compensation issues.
  • State the rules affecting C corporations, including reasonable compensation issues, corporate distribution, and corporate redemptions.

Chapter 9

  • Cite recent legislative and judicial changes relating to LLCs and partnerships, including the new partnership audit rules.
  • Identify aspects of partnerships and LLCs and implement related tax plans and programs, and discuss partnership-operating rules.
  • Discuss the rules related to basis and loss limitations, determine how to calculate partnership inside basis and partner outside basis, identify transactions occurring between partners and the partnership that may give rise to a disguised sale, and recognize other current partnership and LLC issues.

Chapter 10

  • Identify income subject to self-employment tax and withholding from wages and the effect of various withholding and wages issues.
  • Recognize the difference between an independent contractor and an employee and subsequent reporting requirements and other tax-related issues.

Chapter CA-1

  • Recognize the new indexing and filing requirements for California and the e-filing and electronic payment requirements.
  • Discuss the MyFTB account, California tax payments, and other California filing issues.

Chapter CA-2

  • Identify areas of conformity and nonconformity between California tax law and the federal tax code.
  • Identify tax credits available to California taxpayers.

Chapter CA-3

  • Identify the difference between residents and nonresidents in relation to California income tax.
  • Discuss the taxation of domestic/foreign businesses under the corporate income tax laws, the taxation of limited liability companies, and other resident/nonresident business items.

Chapter CA-4

  • Analyze the audit and collection issues in California.
  • Identify the various California penalties and discuss the qualifications to apply to the Voluntary Disclosure Program (VDP).

Chapter CA-5

  • Identify relevant updates related to California payroll taxes.
  • Identify relevant updates to the rules affecting the cannabis industry in California, and discuss California sales taxes and property taxes.

Choose Your Preferred Format

Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

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