Textbooks (No CPE)


Form 3115 Line-by-Line ($20 Text Only)

Have you ever had a client who was not depreciating their rental property? Or one who was depreciating the land as well as the building?  The Form 3115 is the way you must make corrections in these types of situations. Many preparers had their first exposure to Form 3115 when they filed them for clients who were affected by the new personal property regs. Most of those taxpayers were able to file a "Short Form 3115", but in other situations where filing a Form 3115 is beneficial to a client you must complete the entire 8 page form. We'll dissect this complex form line-by-line and determine what all that incomprehensible language means. More importantly, you’ll get some valuable templates and learn some amazing shortcuts that will help you complete this 8-page form in mere m

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Americans Abroad ($20)

  It’s a small world, and getting smaller every day, and as a result Americans are working abroad, retiring overseas, opening bank accounts in foreign countries, and buying real estate in foreign lands. All of these things present challenging tax situations. It is imperative that you understand the benefits that are available to reduce the double tax burden that would otherwise arise when foreign source income is taxed by both the US and the foreign country from which the income is derived. Learn how to determine if your client can pass the Physical Presence Test or Bona Fide Resident Test, and when and how to use the Foreign Earned Income & Housing exclusions or Form 1116 Foreign Tax Credit. Explore the impact of those decisions on IRA contributions. Also learn what reporting forms must be filed to disclose ownership of foreign assets to avoid potentially huge penalties, and much more...


Baby, Oh Baby! ($20)

  "From birth to college graduation the cost of raising a child is astronomical, but so are the possible tax benefits! In this fast-paced class we’ll follow a child from birth or adoption through preschool, daycare, the Little League years, camps, braces, private school, working in Mom and Dad’s business, contributing to their first IRA, buying their first car, college (including tax-benefits of different housing options), landing their first real job, paying off those student loans, all the while looking for possible planning opportunities to obtain maximum tax relief for their parents. We’ll find ways to help families of all income levels reduce their tax liabilities. With some creative planning, your clients may decide they don’t want those little tax deductions to leave the nest… 

(Changes resulting from tax reform will be included.)

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1031 Exchanges of Real Estate ($20)

 Is this you? You’ve taken classes about like-kind exchanges and think you know the concepts, but when it comes time to actually enter the transaction into your software you suddenly feel lost. It’s not your fault! To complete like-kind exchange calculations you really only need 6 numbers: 

*   FMV of the old and replacement property  

*   Basis of the old property 

*   Loan amounts on the old and replacement property 

*  Total expenses from the settlement statements. 

You know where to get all those numbers, right? So why does your software make it so hard?!? And when a client asks about the tax ramifications of doing a like-kind exchange does it take you hours to run all the possible scenarios? In this class, a simple worksheet and a checklist to lead you through the process will solve both of these problems for you, and you’ll gain a new understanding of the basic concepts, which will allow you to quickly provide your clients with accurate advice about the outcome of their planned exchanges.

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Net Operating Losses ($20)

The Tax Cuts and Jobs Act changed the rules for how NOLs are used, but before we can understand how an NOL is used we need to understand how it is created, so we’ll start at the beginning and work the problem all the way through to the end. We’ll also explore whether your software is calculating the NOL correctly. Understanding what assumptions your software makes and what simple entries you are overlooking will help you assure that these calculations are done correctly and learning which elections to choose will decrease your clients’ taxes! You’ll also become comfortable with Form 1045 so that your client can get their refund quicker and find out why using your 1040X software may be causing big mistakes in your NOL carryforward calculations.

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Rentals...Simple! Right? ($20)

Roommate… Rental to family member… Occasional rental… Vacation home… Bed and Breakfast… Less than 7 day average rental… Less than 14 days personal use… Extraordinary services provided… Foreign exchange student… Less than FMV rent… Passive loss limitations… 280A limitations… Joint ventures… The list of complications is endless. And now we also have to determine how the new §199A 20% business income deduction will apply to these activities! Learn how to handle all these glitches using an AMAZING flowchart that will lead you to the correct answer step-by-step.

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Repair or Improvement? ($20)

Now that we have 100% bonus depreciation, the repair regs are no longer important, Right? Wrong! 100% bonus depreciation is not available for residential real estate, so your clients who own residential rental properties still need to apply the repair regs. Can you expense a new kitchen in a rental property? Or a new furnace? Or new windows? Or a new fence? The answers may surprise you!!! New regulations recently issued by the IRS provide guidance to help answer the common and difficult question of whether expenses are deductible as maintenance or must be capitalized as improvements, and may make it possible to deduct many items you would have capitalized in the past! A handy flowchart will lead you through the required questions and tests, and will be a valuable resource back in your office. It is time to rethink how you approach these questions!

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The Sharing Economy ($20)

Airbnb. Uber. Zipcar. Ebay. These are just a few of the new business models that are a part of the “Sharing Economy”, an economic system in which assets or services are shared between private individuals, either free or for a fee, typically by means of the internet. This trend in business is extremely popular with the millennial generation, as is the “Gig Economy”, an environment in which temporary positions are common and organizations contract with independent workers for short-term engagements. And don’t forget about the “Digital Economy”, including Bitcoin, that those same millennials are using to pay for these services. In this class we’ll learn how to properly report all these “new” economies on a tax return, including determining whether they qualify for the new §199A 20% business income deduction.

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Taking Full Advantage of Tax Attributes at Death ($20)

When a taxpayer dies, their tax attributes die with them…or do they?!? Capital loss carryovers, net operating losses, suspended passive losses, charitable contribution carryovers, minimum tax credit, these are just a few of the tax attributes that may be lost because of a taxpayer’s death, but with proper application of the rules and some timely planning and advice for the surviving spouse, you may be able to take advantage of these attributes rather than losing them. Understanding the rules about use of tax attributes after death will allow you to advise your clients how to take full advantage of their tax attributes. 

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