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Intro to Fixed Assets & Intermediate NOL CPE Details

Introduction to Fixed Assets
4 CPE for AFSP, CFP®, CPA, CRTP, EA

This course is designed to introduce tax professionals to basic depreciation on Form 4562, including §179 and bonus depreciation. It reviews the special rules for listed property (e.g., passenger automobiles, etc.), it explains how to report the sale of business property on Form 4797 and explains the tax consequences of such sales.

Upon completion of this course, the tax professional will be able to:

  • Identify the depreciation methods for fixed assets.
  • Apply the listed property rules.
  • Outline the requirements for claiming §179.
  • Recognize when Form 4562 must be filed.
  • Complete the Form 4562 when required.
  • Report the disposition of business property in the appropriate section of Form 4797.
  • Calculate the gain or loss on sale.
  • Summarize the taxation of business gains or losses.
  • Define depreciation recapture, unrecaptured §1250 gain, and nonrecaptured §1231 losses.
  • Determine if a change in property is an improvement vs. a repair.
  • Determine when §280F recapture is necessary.

CPE Sponsor Information

Course Year: 2015
Course Level: Basic
Prerequisite: None
Advance Preparation: None
Delivery Method: Group-Live

CPE Credits Designation Field of Study
IRS4AFSPFederal Tax Law Topic
IRS4EAFederal Tax Law Topic
NASBA4CPATaxes
CTEC4CRTPFederal Tax Law Topic
CFP Board4CFP®N/A

 

Net Operating Losses
4 CPE for AFSP, CFP®, CPA, CRTP, EA

The goal of every business is to make a profit, but losses still occur. Tax professionals need to know the provisions under §172, Net Operating Loss Deduction, because tax professionals increasingly find themselves working with clients who are incurring net operating losses (NOLs). Without a basic understanding of NOLs, tax professionals cannot provide their clients with the best possible tax outcome. In addition to NOLs, the IRS analyzes an NOL under alternative minimum tax rules. This course is designed to enhance the tax professional’s understanding of NOLs and alternative minimum tax NOLs (ATNOL) and how to apply them effectively using Form 1045 or Form 1040X. This course is recommend for the tax professional who has a basic understanding of federal tax law and small businesses.

Upon completion of this course, the tax professional will be able to:

  • Determine if a business or individual has incurred an NOL.
  • Correctly calculate the amount of the NOL to maximize the amount to carryover or carryback.
  • Identify the elections of carrying back and carrying forward the NOL.
  • Identify the provisions of carrying back and carrying forward the NOL.
  • Distinguish between business and nonbusiness income and losses in order to correctly calculate the NOL.
  • Ensure the deadline for filing a carryback is met to provide the client the most flexibility in claiming an NOL on Form 1045 or Form 1040X.
  • Identify the consequences of failing to make the election to forgo the carryback. 
  • Correctly calculate an ATNOL using the regular NOL rules for modifications. 
  • Correctly calculate an ATNOL while considering AMT adjustments and preferences. 
  • Determine the remaining ATNOL after utilization in intervening years with accuracy and compliance with AMT rules. 
  • Compute the NOL for each taxpayer when their filing status changes.

CPE Sponsor Information

Course Year: 2015
Course Level: Intermediate
Prerequisite: General knowledge of federal tax law for individuals and businesses 
Advance Preparation: None
Delivery Method: Group-Live

CPE Credits Designation Field of Study
IRS4AFSPFederal Tax Law Topic
IRS4EAFederal Tax Law Topic
NASBA4CPATaxes
CTEC4CRTPFederal Tax Law Topic
CFP Board4CFP®N/A

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