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CPE Self-Study

AICPA's Annual Federal Tax Update

  • $179.00-$229.00
    AICPA's Annual Federal Tax Update In Stock Product #: 731148
    AICPA Member: $179.00
    Non-Member: $229.00
  • $159.00-$199.00
    AICPA's Annual Federal Tax Update Online Access Product #: 163741
    AICPA Member: $159.00
    Non-Member: $199.00

Stay up-to-date on the latest tax developments! This comprehensive CPE course covers all legislative, judicial, and IRS developments of the past year with an emphasis on implementation and compliance. Determine how to effectively and confidently complete tax-planning and compliance engagements. Apply current developments affecting individuals (including those regarding income, deductions and losses, tax calculations, individual credits, filing matters), business entities (including those regarding S Corporations and their shareholders, C Corporations, partnerships), estates and trusts, retirement plans, and more.

Topics Discussed

Legislative developments, regulations issued, and recent IRS rulings and guidance for the following:

  • IRS rulings, procedures and notices for the last year
  • Court cases settled in the last year that provide tax return guidance
  • IRS administrative issues, compliance, and new forms
  • Individual Income, Deductions, and Business Activities
  • Pass-Through Entities and Passive Activities
  • Depreciation and Amortization
  • Retirement Plans and Fringe Benefits
  • Corporate Income, Deduction, Gains, and Losses
  • Accounting Methods and Periods
  • Estates, Gifts, and Trusts
  • Compliance

Learning Objectives

  • Recognize the requirements for establishing an ABLE account.
  • Identify the limitations related to contributions to an ABLE account.
  • Recall the definition of “damages” for purpose of the physical injury exclusion.
  • Identify the requirements for tip reporting.
  • Recognize the requirements for a tax home to establish travel expenses.
  • Distinguish deductible alimony from non-deductible child support.
  • Identify the substantiation requirements for charitable contributions.
  • Identify the extender legislation with respect to business activities.
  • Identify the nine criteria used to evaluate hobby loss deductions.
  • Recognize the requirements for substantiation of business deductions.
  • Identify the requirements for the bad debt deduction.
  • Identify the new tax filing deadlines related to partnerships.
  • Distinguish state law from Subchapter K characterizations of recourse debt.
  • Recognize the effect of community property law on S corporation stock ownership.
  • Determine when an investment constitutes a partnership for tax purposes.
  • Identify interests in real property that may be subject to 15-year cost recovery.
  • Calculate the corporate additional minimum tax credits in lieu of bonus depreciation.
  • Recognize the requirements for first-year bonus depreciation.
  • Identify the criteria for depreciating metals used in manufacturing.
  • Calculate the number of full-time equivalent employees for purposes of the employer mandate when veterans are employed.
  • Identify a qualified longevity annuity contract.
  • Recognize the exemption from the contraceptive mandate under the Affordable Care Act.
  • Determine the taxability of an HRA funded by sick leave.
  • Identify nonqualified deferred compensation for purposes of Section 409A.
  • Recognize the limitations on avoiding corporate gain through the use of partnerships.
  • Differentiate intangible property that may or may not be subject to tax-free exchange.
  • Determine the NOL reduction related to COD income of a consolidated group.
  • Recognize the restriction on deductions for the sale of controlled substances.
  • Identify the required accounting treatment for nonperiodic payments under notional principal contracts.
  • Distinguish “ratable service contracts” with respect to the economic performance rules.
  • Recognize when a Section 754 election results in an accounting method change.
  • Recognize the role of share-based compensation for purposes of cost sharing arrangements.
  • Recognize the basis consistency rule for inherited property.
  • Determine the criteria for deducting bundled fiduciary fees.
  • Recognize when the IRS will issue an estate tax closing letter.
  • Distinguish restrictions that will prevent a gift from being a present interest.
  • Calculate the new information return penalties.
  • Identify the refund claim procedures under the final regulations.
  • Identify those private delivery services that are acceptable to the IRS.
  • Indicate the status of taxpayer compliance as reported by the IRS.

System Requirements

About the Authors

Charles A. Borek, CPA, JD, MBA

Columbia, MD

Chuck Borek is a CPA and attorney with over 20 years of professional experience dealing with both business and nonprofit clients and has served in the capacity of officer and board member for several entities. He is also an award-winning speaker on a variety of accounting topics, having conducted over 300 live and web-based presentations across the country.

After serving for several years as a partner in a regional CPA firm in the Washington, DC area, Chuck founded The Borek Group, LLC, which develops professional education materials for both CPAs and lawyers. He concurrently acts as a consultant to the Columbia, Maryland firm of Davis, Agnor, Rapaport & Skalny, LLC.

In addition to his professional experience, Chuck has taught graduate students at American University and at the University of Baltimore and undergraduate students at Prince George's Community College in Maryland, where he held the position of Associate Professor of Accounting from 1998 to 2003. He is also a former Commissioner on the Howard County (Maryland) Pension Oversight Commission. Chuck has authored multiple books, articles, and professional publications for many organizations, including AICPA and BNA. He is currently working on several projects for a variety of publishers.



About the Publisher

AICPA

About the AICPA The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 412,000 members in 144 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.