Self-Study
1
Update
Accounting
Experience preparing business and/or corporate tax returns

Course Description

Combining the real-life experience of a practicing CPA with essential down-to-earth tax materials in a high-tech format, this powerful presentation will enable participants to quickly grasp recent tax changes. You'll receive the most complete and up-to-date reference manual, written by renowned tax experts, Vern Hoven and Sharon Kreider. The digital PDF manual is hyperlinked to the Internal Revenue Code, tax court decisions, and other primary authorities, making it extremely convenient. Join us as our world-class tax instructors share cutting-edge tax planning strategies in a high energy, often humorous presentation style using real-life experiences, which make complicated tax topics easily understandable. Specific course topics will be announced and updated through year-end.

Highlights include:

  • Updates on the latest business tax reform developments
  • Planning ideas regarding business tax reform
  • ACA and 'Repeal and Replace' developments in large and small businesses
  • 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'




Instructor

Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.

Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).



Course Specifics

Accounting
Aug 6, 2018
Experience preparing business and/or corporate tax returns
WC18186496
None


Compliance Information

103220
IRS Provider #: 0MYXB
IRS Course ID: 0MYXB-U-01296-18-O
IRS Federal Tax Update Credits: 6
CTEC Provider #: 2071
CTEC Course ID: 2071-CE-1240
CTEC Federal Tax Update Credits: 6
Qualifies for CA Fraud: No


Learning Objectives

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

  • Discuss business tax reform developments.
  • Enumerate planning ideas for business tax reform.
  • Accurately prepare returns for business taxpayers.
  • Convey details of the Affordable Care Act (ACA) and current developments in 'Repeal and Replace.”
  • Recognize opportunities to use business credits.
  • Summarize the different types of business retirement plans, assessing contribution limits, elective deferral limitations, and prohibited transactions.
  • Compare and contrast qualified Roth contribution plans, SEPs, SIMPLE IRAs, and 401(k) plans, identifying the rules on loans to participants and hardship distribution rules to ensure compliance with tax regulations.
  • Discuss income subject to self-employment tax and withholding from wages, and assess the impact of various withholding and wages issues.
  • Determine the difference between an independent contractor and an employee and examine subsequent reporting requirements.
  • Review C corporation cases and rulings.
  • Review S corporation cases and rulings.
  • Understand federal changes and new rulings for individual tax returns.
  • Provide tax services for clients based on IRS practice and procedure provisions.
  • Describe new developments in IRS policies and procedures.



Table of Contents

Learning Objectives

Introduction

Soft Close Overview

Soft Close Advantages

Soft Close Disadvantages

Applicability of the Soft Close

Types of Activities Not Addressed

Deleted Step – Account Reconciliations

The Bank Reconciliation

Deleted Step - Accruals

Altered Step – Depreciation and Amortization Recognition

Deleted Step – Physical Inventory Counts

The Gross Profit Method

The Retail Inventory Method

Altered Step – Overhead Allocations

Deleted Step – Intercompany Eliminations

Altered Step – Reserve Account Updates

Deleted Step – Revenue Accruals

What to Include in the Soft Close

The Soft Close in Multiple Subsidiaries

The Risk Environment for a Soft Close

Soft Close Disclosures

Summary

Review Questions

Review Question Answers and Rationales

Glossary

Index

Final Examination

Answer Sheet

Course Evaluation

 

 



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.

hard copy


Back to top