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.
- 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'
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
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
Review Question Answers and Rationales
Choose Your Preferred Format
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.
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.
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