Professional Development and Event Catalog

When a purchaser buys an existing partner's partnership interest or the interest of a member of a limited liability corporation (LLC) taxed as a partnership, the amount paid becomes the basis for the purchaser's partnership interest (outside basis). If the partnership's assets have appreciated sufficiently, the difference between the new partner's inside and outside basis can be substantial. This disparity can deprive the new partner of depreciation deductions and inflate his or her share of the gain from subsequent property dispositions unless a Section 754 election is in effect. The Section 754 election can also apply when a partnership makes a distribution of property and the basis of the distributed property to the partnership and the basis the partner/distributee will take in the distributed property are not equal. In this case, a partnership can recover basis it would otherwise lose if the 754 election were not in effect.

Navigating the complexities of business transactions requires a deep understanding of tax and estate planning strategies. In this comprehensive course tailored for financial professionals, participants will explore the intricacies of creative approaches to buying, selling, or gifting a business. Through real-world scenarios and practical insights, attendees will gain invaluable expertise in identifying tax risks, minimizing liabilities, and safeguarding assets. From evaluating valuation methods to exploring the details of stock versus asset purchases, this course equips you with the essential tools to provide informed counsel to clients. Discover the potential for strategic success as you master topics including estate transfer and tax implications, gifting strategies, and the utilization of various trusts and partnerships. Whether you're a CPA, EA, attorney, or financial planner, this course offers indispensable knowledge to elevate your practice. With a recommended 8 credit hours of Continuing Professional Education (CPE), this intermediate-level course is designed for professionals with a foundational understanding of business tax and estate planning. Join us and immerse yourself in a journey towards mastery in the vibrant landscape of business transactions. **Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.

Each year brings its own set of tax planning challenges, and this year is no exception. This course aims to arm tax planners with planning strategies and ideas that all clients, but in particular, wealthy clients, middle-income clients, and closely held business owners need to consider right now to take advantage of present opportunities and plan for future tax advantages. Learn strategies that can really have an impact on client lives, while also bringing value to you and your firm. This material is continuously updated for recent legislation impacting individual taxpayers.

Answering clients' tax questions accurately and on time is a key challenge for tax practitioners. Through simple, plain language explanations and examples, this course will help practitioners perform tax research more efficiently by describing the structure of the primary sources, highlighting the differences between primary and secondary sources, and detailing the steps in the tax research process.

As financial and tax professionals well know, information overload is a constant struggle we face because things change quickly, and the sheer number of changes being made on a daily basis is enormous. Of great importance to small and medium tax and advisory firms is differentiating between changes that are relevant to our practice and our clients and changes that are new but totally irrelevant. Distinguishing between the two is difficult and time-consuming. Mike Tucker and a team of experts are pleased to present a weekly series designed to eliminate the clutter and get you what you need to stay up-to-date and perform for your clients. Mike and his co-presenters will dispense news on current events impacting taxes, finance, and industry. The subject matter will differ each week and intermittently include topics such as Social Security and Medicare. The panelists will discuss personal and corporate tax matters as well as other late-breaking news related to practitioners' personal finances and those of their clients. Every financial professional will benefit from this series. This is a cost-effective way for accountants to fulfill their compulsory continuing education because this weekly series will include almost 40 one-hour presentations. Sign up today - your clients and your bottom line will thank you.

As the digital asset market continues to mature, more taxpayers may be contemplating blessing their favorite charitable organizations with gifts of cryptocurrency. Beneficiaries unfamiliar with digital assets may find it challenging to properly report any of these types of donations. Likewise, taxpayers will need to ensure that they properly value and substantiate any contributions or potentially risk their charitable deductions being denied. This course will provide a brief overview of digital assets. This will be followed by a discussion of the rules regarding the documentation required when claiming a charitable contribution of digital assets. This course will also cover recent IRS publications and cases discussing taxpayers whose deductions of digital assets charitable gifts was scrutinized. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

This program provides an update to the latest tax developments, rules and regulations impacting and business taxpayers, with a review and integration of 2024/25 legislation.   *Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com

Are you ready to expand your practice and offer comprehensive retirement planning services? Look no further! Delve deeper into the realm of IRAs and qualified retirement plans with this comprehensive eight-hour course tailored for financial practitioners. Understanding the intricate tax implications, design options, and strategic considerations of these plans is essential for meeting your clients' diverse retirement needs effectively. By the end of the program, practitioners will emerge equipped to confidently advise clients on a myriad of retirement planning strategies, enhancing their expertise and credibility in the field. Explore the intricacies of different IRAs, ranging from traditional to Roth, and gain valuable insights into SEPs, qualified plans, and contribution plans. Navigate through the complexities of 401(k) plans, including Roth 401(k)s, and master the art of seamlessly navigating minimum distribution rules. Through practical highlights, case studies, and real-world scenarios, this course empowers practitioners to not only select the optimal retirement plans for their clients' unique financial goals but also to provide personalized retirement solutions tailored to individual needs. Don't miss out on this opportunity to elevate your practice and establish yourself as a trusted advisor in retirement planning. Enroll today and embark on a journey towards maximizing your clients' financial future! **Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.

A discussion of recent law changes that impact capitalization, depreciation, and disposition of assets. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

If there is a potential error, the IRS will assess a tax and add a hefty penalty, without even knowing the facts. As a tax professional, you will be exposed to the IRS and their methods of penalizing taxpayers for the smallest of violations. This presentation will focus on the rules and regulations that create the penalty, and the reasons that exist that the IRS will consider to remove those penalties. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

IRS Form 7217 is an IRS tax form required for partners receiving distributions of property from partnerships. Starting for tax years beginning in 2024, a partner who receives property from a partnership must file Form 7217 with his or her annual income tax return. Form 7217 is filed by any partner receiving a distribution of property from a partnership to report the basis of the distributed property, including any basis adjustment to such property as required by Section 732(a)(2) or (b). This new IRS form is part of the IRS's general concern regarding basis shifting in favor of high marginal tax rate related partners. Form 7217 is now required and details the types of property distributed, the aggregate basis, and the allocation of basis to the distributed property. Form 7203 is designed to assist in tracking an S corporation shareholder's stock and debt basis. Form 7203 is a significant improvement from the worksheets the IRS provided formerly and over time will serve to help partners and partnerships keep track of their stock and debt basis. The course covers the structure and organization of Form 7203 as well as how an S corporation shareholder's stock and debt basis are calculated.

This course explores the complex rules of installment sales, with a focus on their tax treatment and strategies to maximize the benefits. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

This program provides an update to the latest tax developments, rules and regulations impacting and individual taxpayers, with a review and integration of 2024/25 legislation.   *Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com

The new administration has proposed significant tax policy changes that may impact individual taxpayers and financial planning strategies. This course provides tax practitioners with essential updates on recent legislation, regulatory changes, and potential future reforms. Participants will explore the implications of proposed tax cuts, adjustments to Social Security and retirement taxation, and potential modifications to deductions and credits. The course also examines ongoing discussions about IRS restructuring and the expansion of tax incentives for American businesses and families. With a focus on practical strategies, this course equips tax professionals with the tools to help clients prepare for these changes before year-end. Whether addressing Form 1040 issues, capital gains planning, or income and estate tax considerations, participants will gain insights to help clients make informed decisions. *Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com

Partnership tax law is always difficult. However, when certain transactions come up, not knowing how to handle them can be costly to clients and practitioners. In this course, we discuss several of these types of situations. We will explore the tax impacts of a PTE election and how a 754 election affects the inside basis of partnership assets. We will then examine those tricky look-through provisions on the sale of a partnership interest in order to properly calculate the tax implications.

This comprehensive training is designed to get the accountant up to speed quickly with the different types of individual retirement accounts (IRAs). The cornerstone of the course is an in-depth coverage of the contribution and distribution rules to the Traditional, Roth, Simplified Employee Pension (SEP) and Savings Incentive Match Plan for Employees (SIMPLE) IRAs. The course will also discuss the basics of the health savings account (HSA) as well as any newly enacted tax legislation related to IRAs. **Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com

This comprehensive training is designed to get the accountant up to speed quickly with partnership and limited liability company (LLC) formation and preparation issues as well as a complete understanding of calculating a partner and LLC member’s basis. The cornerstone of this course is the in-depth line-by-line analysis of the Form 1065 Schedule K and K-1 and how these items affect the partner/member’s individual income tax return. **Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com

Tax planning strategies for new businesses considering electing S corporation status, and the pros and cons of switching from a C corporation to an S corporation.

Sometimes the vernacular of accounting seems more challenging than technical aspects. This session offers suggestions for translating the foreign language of taxation into tangible terms for non-accountants. We explore techniques for simplifying the complexity of taxation terminology. This course will equip you with tools for demystifying tax technicalities so you can help clients and other non-tax professionals grasp fundamental concepts. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Over the next decade, the area of “Advisory Services” has the greatest potential for growth in your practice.  Complexities within your clients’ financial, estate, and asset protection plans coupled with the ever-changing Internal Revenue Code has created an opportunity for the CPA, the EA, and other advisors to expand their client offerings. This course provides the practitioner with the framework for practice expansion as well as an understanding of a variety of necessary issues and techniques.