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Auditing (Governmental)
Governmental Auditing Update: AICPA and Single Audit Update

Chris Pembrook, CPA,MBA,CGAP,CRFA
Webcast
Credits: 3 $147.00
$147.00
Auditing (Governmental)
Governmental Auditing Update: Procurement

Chris Pembrook, CPA,MBA,CGAP,CRFA
Webcast
Credits: 2 $98.00
$98.00
Auditing (Governmental)
General Cost Principles

Sefton Boyars& William T. Allen
QAS Self-Study Video
Credits: 2 $98.00
$98.00
Auditing (Governmental)
General Cost Principles

Sefton Boyars& William T. Allen
Webcast
Credits: 2 $98.00
$98.00
Taxes
The Cryptocurrency Update: A Q&A Roundtable

Shehan Chandrasekera, CPA& Sharon Kreider, CPA
Webcast
Credits: 1 $49.00
$49.00
Finance
Types of Business Insurance

Kelen Camehl, CPA, MBA& Steven M. Bragg, CPA
Webcast
Credits: 1 $98.00
Original price was: $98.00.Current price is: $70.00.
Finance
Overview of Business Insurance Management

Kelen Camehl, CPA, MBA& Steven M. Bragg, CPA
Webcast
Credits: 1 $98.00
Original price was: $98.00.Current price is: $70.00.
Personnel/Human Resources
Coaching and Mentoring

Steven M. Bragg, CPA
QAS Self-Study
Credits: 3 $87.00
$87.00 – $107.00
Taxes
Grantor Trusts: Uses and Benefits

Claudia Hill, EA, MBA
Webcast
Credits: 2 $98.00
$98.00
Accounting
Revenue Recognition – Contract Assessment

Kelen Camehl, CPA, MBA
QAS Self-Study
Credits: 1 $29.00
$29.00 – $49.00
Taxes
Partnership Basis: Inside and Out

Jane Ryder, EA, CPA
Webcast
Credits: 2 $98.00
$98.00
Accounting
Step by Step: Agreed Upon Procedures: (Self-Study Video)

Jeff Sailor, CPA
QAS Self-Study Video
Credits: 2 $98.00
$98.00
Personnel/Human Resources
The Office of Tomorrow

Frank Castillo, CPA
Webcast
Credits: 1 $49.00
$49.00
Personnel/Human Resources
Working Better Together

Frank Castillo, CPA
Webcast
Credits: 1 $49.00
$49.00
Personnel/Human Resources
Workplace Culture

Frank Castillo, CPA
Webcast
Credits: 1 $49.00
$49.00
Accounting
Step by Step: Agreed-Upon Procedures

Jeff Sailor, CPA
Webcast
Credits: 2 $98.00
$98.00
Business Management & Organization
Managing Projects and People Remotely

Ed Robinson, CPA, CSP
Webcast
Credits: 5 $245.00
$245.00
Personnel/Human Resources
Faster Disaster Recovery

Jennifer Elder, CPA, CFF, CIA, CMA
Webcast
Credits: 2 $98.00
$98.00
Personnel/Human Resources
Post COVID-19 Planning Strategies

Jennifer Elder, CPA, CFF, CIA, CMA
Webcast
Credits: 2 $98.00
$98.00
Taxes
2023 California Federal Tax Update (Complete Edition)

Webcast
Credits: 20 $659.00
Taxes
Hot Tax Topics from the InCite Tax Community

Brad D. Messner, MBA, EA& Matthew Metras, EA& Natalie Kolodij, EA, CRETS& Tom Gorczynski, EA, USTCP
Live Webcast
Credits: 1 $0.00
$0.00
Taxes
2023 California Federal Tax Update (Complete Edition)

QAS Self-Study
Credits: 24 $575.00
Taxes
2023 California Federal Tax Update (Complete Edition)

QAS Self-Study Video
Credits: 20 $645.00
Taxes
Tax at the Ballot Box: Part 1

Russell W. Sullivan& Sharon Kreider, CPA
Live Webcast
Credits: 2 $29.00
$29.00
Taxes
Tax at the Ballot Box: Part 2

Russell W. Sullivan& Sharon Kreider, CPA
Live Webcast
Credits: 2 $29.00
$29.00
Taxes
Virtual Currency Transactions and Form 1040

Paul J. Winn CLU ChFC
QAS Self-Study
Credits: 2 $58.00
$58.00 – $78.00
Taxes
Digital Assets Demystified

Josh Youngblood, EA, CTRS, NTPI
Live Webcast
Credits: 1 $0.00
$0.00
Taxes
Navigating an IRS Tax Audit

Paul J. Winn CLU ChFC
QAS Self-Study
Credits: $0.00
Taxes
Specialty Tax Incentives for the Life Sciences Industry

BRAYN Consulting, LLC
Live Webcast
Credits: 1 $0.00
$0.00

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December 3, 2024

Nevada CPE Requirements for Accountants: Stay Compliant Before CPE Deadline

Introduction As an accounting or financial professional in Nevada, staying compliant with the state’s Continuing Professional Education (CPE) requirements is essential to maintaining your license and professional reputation. With the annual license renewal deadline on December 31, it’s important to act now to ensure you meet the state’s standards.This guide will break down Nevada’s CPE requirements, address common challenges accountants face, and help you navigate your reporting obligations confidently. Overview of Nevada Accounting CPE Requirements Here’s a clear overview of the key CPE requirements for Nevada: Important Dates CPA License Renewal Deadline: December 31 (annually).CPE Reporting Period: January 1 to December …

December 2, 2024

Indiana CPE Requirements: Your Guide to Staying Compliant

Introduction Meeting Indiana’s Continuing Professional Education (CPE) requirements is essential for accountants and financial professionals to maintain their licenses and stay ahead in their careers. With the upcoming reporting deadline for the 2021–2024 cycle just around the corner, now is the time to ensure you’re on track. This post will guide you through Indiana’s CPE requirements for CPAs and other designations, address common challenges, and highlight solutions to make compliance easier. Overview of Accounting CPE Requirements in Indiana Understanding Indiana’s CPE requirements is crucial to staying compliant and avoiding unnecessary stress. Here’s what you need to know: Indiana CPA License …

December 2, 2024

IRS Provides Transition Relief for Third-Party Settlement Organizations

On November 26th, the IRS issued Notice 2024-85, which provides transition relief for third-party settlement organizations (TPSOs) like PayPal, Venmo, and CashApp. The reporting threshold for 2024 will now be $5,000, dropping to $2,500 in 2025 and $600 in 2026 and beyond.Notice 2024-85 also specifies that for calendar year 2024, the IRS will not assert penalties under section 6651 or 6656 for TPSOs that fail to withhold and pay backup withholding tax during that year. The Background of 1099-K Reporting Threshold Changes These new reporting rules were first introduced as a part of the American Rescue Plan Act in 2021 …

November 27, 2024

California Corner: California’s 15-Day Rule for New Businesses

By: Karen Brosi, CFP, EA

As we approach the end of the year, it’s a good time to discuss the 15-day rule with your clients. Understanding the 15-day rule and realizing the rule only applies to short taxable years that are 15 days or fewer, is very important for your client’s decision about when to register their business entity with the California Secretary of State.The 15-day rule states that business entities (limited partnerships, limited liability partnerships, limited liability companies, and corporations) with a taxable year of 15 days or fewer are not required to file a tax return or pay the $800 annual/minimum tax, if …

November 26, 2024

Court Invalidates DOL Overtime Rule Nationwide

On November 15, 2024, the US District Court for the Eastern District of Texas retroactively invalidated a Final Rule from the Department of Labor (DOL) that had increased the minimum salary threshold for certain employees to be considered exempt from overtime pay under the Fair Labor Standards Act (FLSA). The rule was originally effective on July 1, 2024. An earlier ruling applied only to the State of Texas, but this decision affects all employers nationwide. The final rule provided staged increases to the standard salary level necessary for exemption from overtime pay for executive, administrative, and professional (EAP) employees. The …

November 19, 2024

DEA Considers Reclassification of Marijuana: A Potential Shift in Federal Tax Policy

By: Sharon Kreider, CPA

In a move that could significantly alter the landscape of cannabis regulation in the United States, the Drug Enforcement Administration is set to hold a public hearing on the potential rescheduling of medical marijuana from a Schedule I to a Schedule III controlled substance. This development marks a pivotal moment in the ongoing debate surrounding medical marijuana’s legal status and its implications for the medical marijuana industry, law enforcement, and taxes.The proposed rescheduling of marijuana does not apply to recreational marijuana, only to medical marijuana. The Hearing: Date, Time, and Place The DEA has scheduled the public hearing for December …

November 18, 2024

The Tax Professional’s 5-Step Guide to Succession Planning

Beginning Client succession planning Succession planning for your client is more complicated than simply choosing a successor. Institutional knowledge, client relationships, and technical expertise are all important characteristics of their unique business expertise — expertise that needs to be passed down and implemented for a smooth transition at any organizational level. Whether you’re planning your own transition or advising clients, understanding the full scope of succession planning is critical for maintaining a business’s success and ensuring that the business’s legacy endures. Here are 5 steps to follow when creating a successful succession plan. Step 1: Build a Solid Foundation with …

October 17, 2024

No Taxes on Tips: What Tax Pros and Accountants Need to Know

Recent campaign proposals from both sides of the aisle have suggested eliminating taxes on tips. While this idea may sound appealing to constituents, the reality is more complex — especially for tax professionals advising service industry clients. Here’s what you need to know. (We’ll be discussing this topic even more in-depth in our two-part livestream special, Tax at the Ballot Box, taking place October 22nd and December 10th.) The Current Landscape for TIP TAXATION The service industry comprises approximately 4 million tipped workers, representing 2.5% of the U.S. workforce, according to Yale University’s Budget Lab. These workers tend to be younger …

October 10, 2024

IRS Issues Relief for Victims of Hurricane Helene

The Internal Revenue Service has announced comprehensive tax relief for individuals and businesses affected by Hurricane Helene. The IRS has extended tax deadlines for the entire states of Alabama, Georgia, North Carolina, and South Carolina, as well as designated counties in Florida, Tennessee, and Virginia. All taxpayers in these areas now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments.This extension applies to:2024 individual and business returns normally due in March and April 20252023 individual and corporate returns with valid extensionsQuarterly estimated tax payments due on Jan. 15, 2025, and April …

October 1, 2024

Storm Damage Loss Swamped and Sunk for Lack of Appraisals or Other Proof of Loss (Thomas Richey and Maureen Cleary v. Comm., TCM 2023-43)

Thomas Richey and Maureen Cleary owned a home and a boat in March 2017, when Winter Storm Stella hit Stone Harbor and flooded the city’s streets. Richey and Cleary claimed that the storm damaged the waterside portion of their property and their 40-foot boat, The Celtic Dream. On their 2017 tax return, they claimed total casualty losses of more than $820,000 and a deduction—after considering the income limitation—of nearly $740,000. Calculating the Deduction: There are three rules for determining a casualty loss deduction. The first rule is that only physical damage can be counted as a casualty loss and decreases …

August 27, 2024

California Corner: The California Department of Tax and Fee Administration Tax Guides

This summer, the California Department of Tax and Fee Administration (CDTFA) posted a new comprehensive Tax Guide for Event Planners to help them (and tax practitioners) understand their tax obligations. Here’s a summary of the key points: Tax Guide for Event Planners – Key Topics Sales and Use Tax Application: Event planners may be subject to sales tax on certain services and products they provide. Consultation Services and Planning: Mandatory charges for professional planning or coordination are taxable if connected to sales of tangible personal property. Tips and Gratuities: Optional tips are generally not taxable, but mandatory service charges are …

August 22, 2024

California Corner: The California Supreme Court Upholds Proposition 22

On July 25, 2024, the California Supreme Court delivered a landmark ruling upholding Proposition 22, a measure passed by California voters in November 2020. The Court’s decision in People v. Uber Technologies, Inc. allows companies such as Uber, Lyft, and DoorDash to classify their drivers as independent contractors rather than employees. The Court’s ruling maintains that drivers for these app-based services are not employees but independent contractors. This classification exempts them from traditional employee benefits while ensuring they receive certain specific benefits under Proposition 22. Compliance Requirements for App-Based Companies: To comply with Proposition 22, app-based companies must adhere to …

August 7, 2024

The Supreme Court Overrules the Forty-year-old Chevron Doctrine

On June 28, 2024, the Supreme Court delivered a landmark decision in Loper Bright Enterprises v. Raimondo fundamentally altering the role of federal agencies in interpreting the laws they enforce. In a 6-3 ruling, the Court overruled the Chevron doctrine, a principle established in Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc. (1984). Under Chevron, courts were required to defer to federal agencies’ interpretations of ambiguous statutes if the agency’s interpretation was deemed reasonable, provided Congress had not directly addressed the issue.The recent decision in Loper Bright shifts this paradigm. The Supreme Court ruled that judges should no longer …

July 23, 2024

DOL Updates Exemptions For Executive, Administrative, Professional, Outside Sales, And Computer Employees

The Department of Labor final rule Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Employees took effect on July 1, 2024. The final rule updated and revised the regulations issued under §13(a)(1) of the Fair Labor Standards Act implementing the exemption from minimum wage and overtime pay requirements for executive, administrative, and professional (EAP) employees. Revisions include increases to the standard salary level and the highly compensated employee total annual compensation threshold, as well as a mechanism that provides for the timely and efficient updating of these earnings thresholds to reflect current earnings data. Specific …

July 18, 2024

CPE Credit Packages vs. Subscriptions: Which is Right for Your Professional Development?

In the world of continuing professional education (CPE), staying up-to-date with your credits is crucial. But with various options available, how do you choose between traditional CPE subscriptions and a Western CPE Credit Package? Let’s dive into the key differences and help you make an informed decision for your professional development. Understanding CPE Credit Packages CPE Credit Packages are a flexible alternative to the traditional CPE subscription model. Instead of paying for unlimited access, you purchase a specific number of credits that you can use across our entire course catalog. This model allows professionals to: Pay only for the credits …

July 18, 2024

The Fact and Fiction of the “Self Employment Tax Credit”

Move over, ERC: there’s another social media craze gaining steam. The IRS has issued an alert regarding misleading information on social media telling people they can cash in on the “Self Employment Tax Credit” (sometimes abbreviated as “the SETC”) as a way for self-employed individuals and gig workers to qualify for payments of up to $32,000 (with some sources claiming as high as $36,200) related to the COVID-19 pandemic period. The actual credit being referred to is the Credits for Sick Leave and Family Leave, and while it is certainly real, there are important details some social media influencers are not …

July 15, 2024

A&A Alert: The Final Chapter of the FASB Conceptual Framework

It’s funny how these things work out. A few days ago, I was at Disney’s Four Seasons Resort for Western CPE’s Orlando conference, speaking about the exposure draft for the final chapter of the FASB’s Conceptual Framework. At the time, I indicated it was still an exposure draft but that I expected a final issuance any day now. Low and behold, when I checked my emails later, the announcement from the FASB was in my inbox. For several years, the FASB has been working on a complete conceptual framework to serve as a basis for any and all future GAAP …

July 9, 2024

GPS Tracker Doesn’t Work Alone to Get Deduction for Tax Preparer (Patricia Chappell v. Comm., TCS 2024-2)

Patricia Chappell used MileIQ to track her location from March 23 to December 15, 2015. From the app, she entered whether trips were business or personal. MileIQ summarized Ms. Chappell’s tracking information and provided a log that could be used to help substantiate her business miles driven during the year. Ms. Chappell’s driver’s license was suspended for about six months in the middle of 2015. During that time, she used a driver. In a close examination of her records, there were inconsistencies in dates and purchases. There were several days on which gas was purchased multiple times, but no excessive …

July 2, 2024

Used Car Salesman Sells Judge on Cohan Rule (Jesse Alvarado and Estate of Maria De Lourdes Velasques v. Comm., TCM 2024-1)

After 25 years as a commercial lender at Comerica Bank, Mr. Alvarado opened South Bay Autos, a used car business, preparing a few tax returns on the side. South Bay relied heavily on credit, both for the acquisition of inventory and for the sale of vehicles to customers. South Bay purchased vehicles at car auctions using credit with terms that required repayment in 45 days before having to pay high interest charges. Vehicles were generally sold on credit, with the contracts sold to financing companies. The finance companies would pay the face amount of a contract less a reserve and …

May 21, 2024

Unreported Income, Unsubstantiated Deductions, Late Filing – Three Strikes and Taxpayer Loses (Paulette Thompson and Johnnie Thompson v. Comm., TCM 2024-14)

By: Mark Seid, EA, CPA, USTCP

The Thompsons earned income from farming operations raising and selling cattle, chickens, eggs, and turkeys. Mrs. Thompson also earned income from a tax preparation business (which earned her a space in this tax update manual). IRS prepared SFRs for 2014, 2015, and 2016. Mrs. Thompson mailed a 2014 tax return to the IRS on April 16, 2018. She provided her 2015 and 2016 returns to an Appeals officer in February 2019. IRS did not process the returns for 2014 – 2016. Income from her tax preparation business was reported on Schedule F as “Custom Hire (Machine Work) Income.”Gross income from …

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Customer Experience

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Firms & Groups

Western CPE LLC

Governmental Auditing Update: AICPA and Single Audit Update

Governmental Auditing Update: Procurement

General Cost Principles

General Cost Principles

The Cryptocurrency Update: A Q&A Roundtable

Types of Business Insurance

Overview of Business Insurance Management

Coaching and Mentoring

Grantor Trusts: Uses and Benefits

Revenue Recognition – Contract Assessment

Partnership Basis: Inside and Out

Step by Step: Agreed Upon Procedures: (Self-Study Video)

The Office of Tomorrow

Working Better Together

Workplace Culture

Step by Step: Agreed-Upon Procedures

Managing Projects and People Remotely

Faster Disaster Recovery

Post COVID-19 Planning Strategies

2023 California Federal Tax Update (Complete Edition)

Hot Tax Topics from the InCite Tax Community

2023 California Federal Tax Update (Complete Edition)

2023 California Federal Tax Update (Complete Edition)

Tax at the Ballot Box: Part 1

Tax at the Ballot Box: Part 2

Virtual Currency Transactions and Form 1040

Digital Assets Demystified

Navigating an IRS Tax Audit

Specialty Tax Incentives for the Life Sciences Industry