CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

2021 California Federal Tax Update: LLC, S CORP & C CORP (Part 5)

Icon_Webcast
Webcast
Icon_Level
Update
Credits
CPE Credits
1 Credits: Taxes

Course Description

Combining the real-life experience of a practicing CPA/EA with essential down-to-earth tax
materials in a high-tech format, this in-depth self-study course will enable participants to
grasp recent Federal and California tax changes. You’ll receive the most complete and up-to-date
course materials, written by renowned tax experts, Sharon Kreider and Karen Brosi.

Topics include:

  • The Build Back Better Act, Consolidated Appropriations Act, American Rescue Plan Cares Act, TCJA,  & SECURE Act.
  • ACA applicable to taxpayers in the current year.
  • Identify the impact to IRAs and rollovers as a result of TCJA.

California indexing, deductions, and limitations. Conformity and non-conformity with IRS
Rules. Explanation of, Build Back Better Act, Consolidated Appropriations Act, American Rescue Plan Cares Act, TCJA,  & SECURE Act. Definition and guidelines of California residents vs non-residents. Taxable income other State Tax Credit.
Domestic vs. Foreign Businesses for Corporations, LLC’s, and other business entities.

COVID-19 changes to CA audits and administration.

  • Understand changes to collection actions and appeals.
  • Understand changes to Penalties and Administrative Issues.
  • Understand Workers Classification CA style.
  • Understand the new collection requirements due to the Wayfair decision.
  • Understand issues involving the Cannabis industry.

Highlights include:

2021 California Edition Federal Tax Update: LLC, S CORP & C CORP will Identify the timing and impact of key provisions new legislation including:

  • CAA2021 clarifies PPP loan forgiveness and basis
  • CARES and TCJA change some partnership tax law
  • IRS launches website for streamlined partnership audit process
  • IRS adds K-2 and K-3 for international reporting
  • IRS issues 3 new practice units on partnership interests
  • Small partnership abatement of late filing penalty not automatic
  • Minimal changes to S corporation tax in recent legislation
  • IRS releases new S corporation Form 7203 for comment
  • IRS targets S corporation SH basis and reasonable comp
  • Court cases illustrates IRS audit issues
  • Minimal changes to S corporation tax in recent legislation
  • IRS releases new S corporation Form 7203 for comment
  • IRS targets S corporation SH basis and reasonable comp
  • Court cases illustrates IRS audit issues
  • TCJA included only 3 small changes to S corporation tax provisions
  • Cash distributions after conversion explained
  • Expansion of qualifying beneficiary of an electing ESBT
  • Charitable deduction for ESBT follows individual rules
  • TCJA changed corporate taxes
    • Recent Covid Relief legislation did not
    • Biden proposals include changes
  • IRS audit rates continue to drop
  • Constructive dividend issue targeted by IRS agents
  • Two CPAs caught up in fraud
  • Transferee liability can be a surprise
  • Choice of entity considerations
  • Does 199A or COVID change our decision?
  • Year-end legislation affects nonprofit filings
  • CARES, CAA2021 and ARPA included many changes, but none that were specific to corporate tax law
  • TCJA made major changes
  • President Biden proposes changes to pay for infrastructure bill
  • Most attention focused on rate change

Learning Objectives

Upon successful completion of this course, participants will be able to identify the timing and impact of key provisions new legislation including:

  • Identify characteristics of new legislation passed to assist LLC’s, S Corporations & C Corporations
  • Identify clarifications for PPP loan forgiveness and basis
  • Understand CARES and TCJA change some partnership tax law
  • Review new IRS website for streamlined partnership audit process
  • Review IRS additions,  K-2 and K-3 for international reporting
  • Identify small partnership abatement changes
  • Identify changes to S corporation taxation
  • Review new IRS form 7203
  • Review court cases that illustrates IRS audit issues
  • Identify TCJA changes, including:
    • Cash distributions after conversion explained
    • Expansion of qualifying beneficiary of an electing ESBT
    • Charitable deduction for ESBT follows individual rules
  • Review recent TCJA changes to corporate taxes for C Corps including:
    • Recent Covid Relief legislation
    • Biden proposals include changes
  • Identify recent IRS audit rates
  • Review Constructive dividend
  • Understand Choice of entity
  • Identify 199A or COVID-19 updates
  • Review year-end legislation
  • Identify TCJA, CARES, CAA2021 and ARPA changes
  • Review President Biden’s proposals and the infrastructure bill

Course Specifics

Course ID
WC1821260228
Prerequisites

None

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-01947-21-O
IRS Federal Tax Update Credits: 1
CFP Provider Number: 3199
CFP Course Number: 297878
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1679
CTEC Federal Tax Update Credits: 1

Course Instructor

Sharon Kreider Headshot
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 …

Sharon Kreider, CPA Read More »

Karen Brosi Headshot
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 …

Karen Brosi, CFP, EA Read More »

2021 California Federal Tax Update: LLC, S CORP & C CORP (Part 5)

CPE CREDITS
1 Credits: Taxes

$45.00


Webcasts are available for viewing Monday – Saturday, 8am – 10pm ET.

Icon_Webcast
Webcast
Icon_Level
Update
Credits
CPE Credits
1 Credits: Taxes

Course Description

Combining the real-life experience of a practicing CPA/EA with essential down-to-earth tax
materials in a high-tech format, this in-depth self-study course will enable participants to
grasp recent Federal and California tax changes. You’ll receive the most complete and up-to-date
course materials, written by renowned tax experts, Sharon Kreider and Karen Brosi.

Topics include:

  • The Build Back Better Act, Consolidated Appropriations Act, American Rescue Plan Cares Act, TCJA,  & SECURE Act.
  • ACA applicable to taxpayers in the current year.
  • Identify the impact to IRAs and rollovers as a result of TCJA.

California indexing, deductions, and limitations. Conformity and non-conformity with IRS
Rules. Explanation of, Build Back Better Act, Consolidated Appropriations Act, American Rescue Plan Cares Act, TCJA,  & SECURE Act. Definition and guidelines of California residents vs non-residents. Taxable income other State Tax Credit.
Domestic vs. Foreign Businesses for Corporations, LLC’s, and other business entities.

COVID-19 changes to CA audits and administration.

  • Understand changes to collection actions and appeals.
  • Understand changes to Penalties and Administrative Issues.
  • Understand Workers Classification CA style.
  • Understand the new collection requirements due to the Wayfair decision.
  • Understand issues involving the Cannabis industry.

Highlights include:

2021 California Edition Federal Tax Update: LLC, S CORP & C CORP will Identify the timing and impact of key provisions new legislation including:

  • CAA2021 clarifies PPP loan forgiveness and basis
  • CARES and TCJA change some partnership tax law
  • IRS launches website for streamlined partnership audit process
  • IRS adds K-2 and K-3 for international reporting
  • IRS issues 3 new practice units on partnership interests
  • Small partnership abatement of late filing penalty not automatic
  • Minimal changes to S corporation tax in recent legislation
  • IRS releases new S corporation Form 7203 for comment
  • IRS targets S corporation SH basis and reasonable comp
  • Court cases illustrates IRS audit issues
  • Minimal changes to S corporation tax in recent legislation
  • IRS releases new S corporation Form 7203 for comment
  • IRS targets S corporation SH basis and reasonable comp
  • Court cases illustrates IRS audit issues
  • TCJA included only 3 small changes to S corporation tax provisions
  • Cash distributions after conversion explained
  • Expansion of qualifying beneficiary of an electing ESBT
  • Charitable deduction for ESBT follows individual rules
  • TCJA changed corporate taxes
    • Recent Covid Relief legislation did not
    • Biden proposals include changes
  • IRS audit rates continue to drop
  • Constructive dividend issue targeted by IRS agents
  • Two CPAs caught up in fraud
  • Transferee liability can be a surprise
  • Choice of entity considerations
  • Does 199A or COVID change our decision?
  • Year-end legislation affects nonprofit filings
  • CARES, CAA2021 and ARPA included many changes, but none that were specific to corporate tax law
  • TCJA made major changes
  • President Biden proposes changes to pay for infrastructure bill
  • Most attention focused on rate change

Learning Objectives

Upon successful completion of this course, participants will be able to identify the timing and impact of key provisions new legislation including:

  • Identify characteristics of new legislation passed to assist LLC’s, S Corporations & C Corporations
  • Identify clarifications for PPP loan forgiveness and basis
  • Understand CARES and TCJA change some partnership tax law
  • Review new IRS website for streamlined partnership audit process
  • Review IRS additions,  K-2 and K-3 for international reporting
  • Identify small partnership abatement changes
  • Identify changes to S corporation taxation
  • Review new IRS form 7203
  • Review court cases that illustrates IRS audit issues
  • Identify TCJA changes, including:
    • Cash distributions after conversion explained
    • Expansion of qualifying beneficiary of an electing ESBT
    • Charitable deduction for ESBT follows individual rules
  • Review recent TCJA changes to corporate taxes for C Corps including:
    • Recent Covid Relief legislation
    • Biden proposals include changes
  • Identify recent IRS audit rates
  • Review Constructive dividend
  • Understand Choice of entity
  • Identify 199A or COVID-19 updates
  • Review year-end legislation
  • Identify TCJA, CARES, CAA2021 and ARPA changes
  • Review President Biden’s proposals and the infrastructure bill

Course Specifics

Course ID
WC1821260228
Prerequisites

None

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-01947-21-O
IRS Federal Tax Update Credits: 1
CFP Provider Number: 3199
CFP Course Number: 297878
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1679
CTEC Federal Tax Update Credits: 1

Course Instructor

Sharon Kreider Headshot
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 …

Sharon Kreider, CPA Read More »

Karen Brosi Headshot
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 …

Karen Brosi, CFP, EA Read More »

2021 California Federal Tax Update: LLC, S CORP & C CORP (Part 5)

CPE CREDITS
1 Credits: Taxes

Webcasts are available for viewing Monday – Saturday, 8am – 10pm ET.

$45.00