CPE & Event Catalog

Property distributions in liquidation of a partner's interest. Section 751 and its impact on property distributions from a partnership. Mechanics of completing Form 7217 - new for 2024. The Section 754 election and its role in partnership property distributions.

Key fraud risks impacting businesses today. Examples of fraud and the monetary impact on victims. How to create, implement, and assess technology-based internal controls to reduce the probability of becoming a fraud victim.

Detailed coverage of the passive activity rules under IRC Sect.469 (and related regulations), how the 3.8% net investment income tax under Sect.1411 and qualified business income (QBI) deduction under Sect.199A applies to rentals and passive activities, and what is a trade or business rental is under Sect.162. How the PAL rules apply to rental real estate activities and investments in S corporations and partnerships. Definition of an activity and the activity grouping and disclosure rules. Real estate professional exception to the PAL rules for investments in non-passive rentals. Special $25,000 loss allowance for rental real estate with active participation. Material participation safe harbor rules. Events that trigger suspended PALs. Limitations on tax credits generated by passive activities. Special rules that re-characterize passive income to non-passive income. What rentals are subject to self-employment tax under Sect. 1402.

Forensic data analytics. Fraud prevention and detection. Data validation and methodologies. COSO's Fraud Risk Management Guide principles. Innovations in anti-fraud technology.

The importance of correctly classifying property as capital gains property, inventory real estate, development real estate, and real estate used in trade or business and applicable cost recovery recapture rules. Preserving capital gains treatment for pre-development appreciation with a related party lot developer. Cost segregation studies for real estate and their tax consequences. Qualified nonrecourse debt under the at-risk rules. Distinguishing repairs from improvements and the tax consequences of the difference. Tax consequences of renting real estate. Common issues in ground leases, percentage leases and net leases. Classification as a real estate professional under the pal rules and interaction with the rental real estate rules and the aggregation election for rental real estate. Review of current actions by congress and the IRS affecting real estate.

How to identify a complex trust and the complications that arise with complex trusts. The importance of recognizing the tier system used by complex trusts. The advantages and requirements of the 65-day rule. Special issues related to the charitable contribution deduction. Use of a checklist for complex trusts.

Major financial statement frauds, including sales and other types of revenue, estimates, earnings management and cut-off. Major misappropriation of asset fraud schemes, including skimming, larceny, and additional schemes that occur in inventory, payables and other accounts. Review of cases involving common fraud schemes.

Persuasion. Executive buy-in. Communication. Leadership.

Calculating DNI and the distribution deduction. Determining types of distributions and whether a distribution "carries out" DNI. In-kind distributions and the impact on the distribution deduction. Depreciation and the distribution of in-kind property. Distributions that result in "Kenan gain." funding a pecuniary bequest with depreciated property. IRC Sec. 643(e).

Accounting standards updates. Auditing and accounting.

Recent tax legislation, rules and developments impacting travel and meals expense reporting. Adequate accounting rules for reimbursements, including accountable plans, going paperless, reimbursement for non-deductible expenses. Reporting travel expenses: travel status, simplified per diem. "Directly related to" and associated with" tests. Facility vs. activity expenses. 9 exceptions to Section 274. Business meals: IRS Notice 2018-76.

Installment sale treatment eligibility. When to elect out of installment sale treatment. Installment sales of business assets. Installment sale default and the rules for personal property vs real property. Depreciation recapture.

Extensive review of the partnership income tax laws with an emphasis on any new legislative changes. Comparison of partnerships, LLCs and LLPs. Overview the formation of a partnership/LLC and the Sect. 704(c) pre-contribution gain or loss rules. Schedule K analysis. How schedule K items get allocated to partners on schedule K-1s. Look at detailed Schedule K-1 information reporting to partners needed for the qualified business income (QBI) deduction, 3. 8% net investment income tax and business interest expense limitations. Learn the special tax treatment of fringe benefits paid on behalf of the partners and LLC members. Comparing the tax and Sect. 704(b) book capital account computations. Discuss partner guaranteed payments and self-employment tax issues. Schedule M-1. Schedule M-2. Review the importance and basics of calculating a partner's outside tax basis. Overview of the tax treatment of distributions, recourse and nonrecourse debt allocations. Sect. 754 election for optional basis adjustments. Sect. 743 and Sect. 734 mandatory basis adjustments.

Threats and safeguards to objectivity and independence.

The integrated planning model. The strategic plan. Linkage with Performance Based Management. Tracking success. Real world examples.

Planning opportunities in the tax formula. Different types of planning. Frequently used planning techniques. Qualitative and quantitative considerations. The connection between tax planning and other financial planning areas, such as retirement, investment, insurance, and estate planning. Looking to the past, present, and future as we plan.

Explanation of legislation enacted in 2025 along with reminders for 2024 from legislation of recent years. California tax law changes. Income inclusions, exclusions and deductions. Property transaction updates. Passive activities, hobbies and other losses. Guidance and planning on energy credits. Significant IRS developments affecting practice and compliance procedures. California's major developments for individuals and conformity to federal law changes for 2025. Filing status, credits and retirement plan developments. Expired and expiring provisions. Inflation adjustments for 2026. Due diligence and planning reminder.

The Numbers: Exemptions, exclusions and discounts. Portability and step-up in basis. Asset valuation. Deductions: Marital, charitable, transmission and administration. Retirement plan assets, annuities and life insurance. Trust funding and administration.

FASB Accounting Standards Codification disclosure requirements. An overview of the disclosure landscape. How materiality enters into disclosure decisions. Navigating the FASB Codification.

Types of damages or remedies that can be awarded or agreed upon pursuant to litigation. Review of the Internal Revenue Code and regulations governing the taxation of various types of litigation payments. Suggestions for drafting pleadings or settlement agreements.