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EA SEE Test Prep Part II Businesses

Course Price: $1,269.00
CPE Credits
October 20, 2021
Course Time
8:00 AM
Advanced Preparation
Course Level
1-2 Years of Tax Experience
Nina Tross MBA, EA; Isaac McRae EA, NTPI Fellow, MST

Course Description

EA SEE Test Prep Part II Businesses 5 CPE

CTEC: Tax Law 5 CPE

Topics will include:

Business Entities, Business Financial Information, Specialized Returns, and Taxpayers

• This course is based on the new 2019 Tax Rules

Learning Objectives

  • Distinguish accounting periods and methods for businesses, and apply special tax rules related to farm income, prepaid income, inventories, and bad debts

  • Identify asset classifications, recovery methods, and recovery periods under the MACRS system, and apply special rules related to bonus depreciation and Sec. 179 deductions

  • Recognize the key requirements and components of amortization and depletion deductions

  • Identify special deduction limits applicable to such business expenses as travel and entertainment, net operating losses, casualty losses, and business retirement plans

  • Recognize potential business credits, self-employment tax issues, and excise taxes

  • Calculate gain or loss on the sale or exchange of business properties, with special emphasis on Sec. 1231 transactions and depreciation recaptures

  • Identify tax and basis issues in forming a partnership and selecting the partnership tax year and accounting method

  • Calculate partnership ordinary income, specially allocated items, guaranteed payments, and allocate these items to partners

  • Describe the tax consequences of non-liquidating and liquidating distributions of partnership cash and property, as well as sales of a partnership interest

  • Identify the basic requirements of Sec. 351 controlled transfers to corporations, and calculate recognized gain and basis for such contributions

  • Recognize special issues related to the calculation of corporate capital gains and losses, charitable contributions, and dividends received deductions

  • Understand Schedules M-1 and M-3, and reconcile book and taxable income for a corporation

  • Determine a corporation’s earnings and profits, and calculate the tax effects to the corporation and shareholders of liquidating and non-liquidating distributions

  • Describe the requirements for electing S Corporation status, and identify special taxes and possible issues related to terminating the S election

  • Calculate S corporation income and loss allocations to shareholders, distribution issues, and basis rules

  • Identify key issues related to filing a decedent’s final income tax return

  • Describe estate and trust income tax entities, and determine the taxable income of such entities and allocation of such income between the entity and the beneficiaries

Administration Policies: NSTP follows strict administrative policies
Late Registration
  • Registrations must be received no later than 7 days prior to the seminar date.
  • Registrations received after this date will be subject to a $35 late fee.
  • NSTP provides refunds to registrants up to 7 days prior to the date of the course. For those registrants canceling within 14 days prior to the date of the course NSTP will allow attendance at another seminar site. If there are extraordinary circumstances NSTP will allow the participant to attend a future education course. An administrative charge of $25 will be assessed if canceled. For more information regarding refund, cancellation and complaint policies, please contact our offices at 800-367-8130
  • NSTP reserves the right to cancel any program or course for circumstances that are not under direct control of NSTP. If a course or program is canceled, participants will be refunded 100% of their registration fee.
  • We do not accept walk-in attendees. Payment must be received in advance of the class. Classes may not be retaken without payment.
  • Seminar materials and seminar presentations are intended to stimulate thought and discussion and to provide attendees the useful ideas and guidance in the areas of federal taxation and administration. These materials as well as the comments of the instructors do not constitute and should not be treated as tax advice regarding the use of any particular tax procedure, tax planning technique or device or suggestion or any of the tax consequences associated with them.
  • Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author, the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual's reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials and during the seminar presentation before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any particular device, technique or suggestion before recommending the same to a client or implementing the same on a client's or on his or her own behalf.
Attendance Policy
  • Only paid registrants are able to attend seminars. In consideration of your fellow attendees, guests will need to depart before the session begins. The seminar lunch is for paid registrants only and is included in the registration fee.