Welcome to Kian Finance Authority: Your Trusted IRS-Approved CE Provider for Online CE Courses

Nonresidents taxes: 2 CE

The Report of Foreign Bank and Financial Accounts TD Form 90-221.1 or FBAR is required of all U.S. persons having a financial interest in, or authority over, a financial account located in a foreign country if the aggregate value of the account(s) exceeds $10,000 at any time during the calendar year. In this seminar you will learn from your instructor about recent changes/revisions made to the FBAR form and instructions for the

2024 filing year, definition of a U.S. person, foreign financial accounts, and FBAR filing exceptions. The course will cover in detail:

• Terms used in nonresident (s)’ taxes.
• Who is exempt from taxes?
• Forms often associated with Foreign Income
• Major differences between 1040 and 1040 NR
• Where to report various types of income and expenses on a Form 1040-NR
• How to complete a 1040NR in a comprehensive example

courtesy of Seth MacFarlane

Expats’ taxes (2 CE)

This course will cover expats’ filing requirements and in detail reviews:

• Foreign Earned Income Exclusion.
• Residency Test to Use the Foreign Earned Income Exclusion.
• The Foreign Tax Credit
• Tax Treaties Help Prevent Double Taxation for US Expats
• Streamlined Foreign Offshore Procedures

Foreign Accounts (2 CE)

Schedule B of 1040 asks for Interest and Dividends but once your Interest income or Dividends income exceeds $1,500, taxpayer is required to declare their ownership or authority to control of Foreign Accounts. Here are the major topics for this course.

• FinCEN 114 and FBAR Limits and Reporting procedures.
• Form 8938 Limits and Reporting
• How to complete Forms 1116 and 2555
• Tax Home in a Foreign County
• Foreign Income Exclusion

Corporate Taxation (2 CE)

This course examines and explains the basics of corporate taxation. It focuses on: regular and C corporations, their formation and operation under tax law; the advantages and disadvantages of corporations; incorporation and capitalization issues; basic tax rates and specialty taxes; the tax treatment of operational expenses and deduction; accounting periods and methods; and the dangers of multiple corporations and corporate distributions. The course covers various business entities, advantage and disadvantage of each and how to avoid mistakes in preparing taxes. In general:

• How IRS classifies business entities
• Funding Sources
• Tax Forms for each business entities
• Business Activity Codes (NAICS)
• Qualified income, Deductions and Credits
• Closing the business and Exit Strategies

Appeals – Our Role in Resolving Examination Disputes (2 CE)

This presentation will explore the Appeals process as it relates to tax disputes originating in the Examination function of the IRS. It will offer an insider’s tour of the process beginning with the request for Appeals consideration (in response to Examination issuing a notice such as 30-day letter or Formal Notice of Claim Disallowance) and ending with the case closing from Appeals. The presenter will focus on providing the audience with the knowledge and tools to successfully understand and participate in all stages of the Appeal process.

Individual tax preparation and 1040 highlights (6CE)

Examine the world of the 1040 and the issues that make for complex tax return preparation. This instructor-led, four-day conference can be taken separately or as part of a two-day presentation. The tax professional will discover, in a real-world environment, what they know and what they don’t know about preparing a Form 1040 from the all-important interview with the client to the actual preparation utilizing issues such as:

• Who qualifies as a dependent?
• ITIN, PTIN, EFIN
• When to use Standard Deductions and Itemized Deductions
• Tax credits
• Business entity and related deductions;
• Sale of assets and proper reporting of gains or losses; and
• Self Employment and Schedule C.
• Renters and how to report proper income from rental.

Introduction to the Decedent’s Final Form 1040 (2 CE)

This course introduces the tax professional to unique issues when preparing and planning the Final Form 1040 for the taxpayer who has died. It discusses the importance of how to allocate the income and deductions, and the issues that face the estate and the surviving beneficiaries. You will learn which taxpayer is responsible for the inclusion of the income and the deductions that are associated with death and succession. This course, including examination, must be completed within one year of the date of purchase. Upon completion of this course, you will be able to:

• Given the facts and circumstances related to a taxpayer’s financial situation following his or her death, determine the tax return forms that must be filed for the taxpayer;
• Recognize the impact of the legalization in 2015 of same-sex marriage in relation to handling the financial affairs of same-sex couples following the death of one spouse;
• Given the relevant details of ownership, correctly determine which of a taxpayer’s assets are required to go through probate following his or her death;
• Correctly calculate the gross value of an estate for the purpose of determining whether or not an estate tax return is required;
• Identify the main characteristics of grantor, revocable and irrevocable trusts; and
• Given the details of a gift made from one individual to another, calculate any taxable amount and determine whether or not a gift tax return is required.

Disregarded entities and their taxes (2 CE)

• Do you have an income producing gig?
• Did you receive a 1099 NEC, 1099-Misc, or 1099 K?
• Are you a partner in a partnership or a Member of and LLC?
• Do you feel overwhelmed when your client hands you a Partnership K-1? Where do you start, what questions do you ask, and what do you need to know?
• What qualifies for the 20% QBI deduction?

With the increasing popularity of pass through entities, it is more likely that you may be dealing with a K-1 from a partnership on your client’s tax return. We will discuss how to take the K-1 items to the 1040 Tax Return and practice points on issues such as passive and active participation, basis issues, and unreimbursed partner expenses. Included in this session are real life examples, potential hazards, and resources to keep you in compliance and help you report the K-1 correctly.

S Corporation Hot Spots (2 CE)

For the last several years, S-Corporations have been the most popular entity for a small business. In this session we’ll contrast this type of business with other passthrough entities and particularly look at the reasonable compensation, health insurance, cash vs. accrual basis, shareholder loans and distributions, depreciation, fringe benefits, accountable plans, and revoking the S-election. It is more important than ever to understand the “hazard” areas of S-Corporations and what to watch out for!

Cost Recovery System: Depreciation in general and Pros and Cons of Full Expensing (2 CE)

The Great Depreciation

• The limitations placed on expensing depending on when assets are placed into service
• What property qualifies for the new limitations
• The pros and cons of electing the full expensing or Section 179 options
• Consequences of later property disposals after full expensing has been elected and the
• Impact of new like kind exchange rule changes.

Ethics (2 CE)

Practicing before the IRS – Circular 230 and the violations you can void. By end of this course you would rather go to hell than to prison.

• Due Diligence obligations of tax professionals. Overview of other key Circular 230 provisions. Practitioner responsibilities to their clients and to the Tax Administration System. Best Practices for all tax professionals. Office of Professional Responsibility Policies and Procedures.
• Professional Tax Practice Responsibilities Conflicts of Interest
• Ethical Issues Arising in Day to Day Practice
• Circular 230 topics such as questions involving conflicts of interests, giving advice to clients in controversy matters, protecting confidentiality when communicating with third or related parties, addressing internal ethical barriers, and other problems can arise without warning. Panelists will address a series of such issues and discuss the day to day resolution of these and similar problems.
• Ethical and Penalty Issues in Tax Practice
• How does the IRS police the accuracy of tax returns?
• What are the tax practitioner’s duties with respect to the accuracy of the taxpayer’s tax return?
• When can a taxpayer rely on a practitioner for advice and when can the practitioner rely on information from the taxpayer?

The lecturer will discuss real-world Circular 230 hypothetical situations to illustrate the ethical and penalty standards that apply to taxpayers and tax return preparers in every day practice.

Section 1031 Exchange (2 CEs)

By end of this session, you will be able to articulate:

• The benefits of Like Exchanges
• What properties are qualified and which are not qualified for Section 1031
• Who is a Qualified Intermediary
• The value of Boot in gainful exchanges
• The impact of time and analysis of the basis of exchange properties

Schedule B, and schedule D (2 CE)

After successfully completing this course you will be able to recognize:

• Interest received from a seller-financed mortgage and the buyer uses the property as a personal residence
• Accrued interest from a bond
• Original issue discount (OID)
• Interest income on a bond
• Interest being excluded from series EE or I U.S. savings bonds issued after 1989
• Financial interest in a foreign country
• Why Schedule B and/or Schedule D is filed
• Sources of interest and dividends
• Tax rates that on ordinary and qualified dividend income;
• Foreign accounts and assets,
• Determine whether an obligation to file Form 8938 and/or FinCEN Form 114 exists.
• Calculate basis for gain or loss on the sale of a home and other capital assets; and
• Identify taxpayers who are subject to the Net Investment Income Tax and correctly determine their liability.

Fundamentals of Partnership (2 CE)

After successfully completing this course you will be able to

• How partnership starts
• Correctly identify the forms used to report the partnership’s annual activities to the IRS and to its partners
• Types of Partners
• The partners’ basis
• Guaranteed payment and distributive share agreements
• How to complete Schedules K-1, K-2, K-3
  
• Foreign Partners and foreign partnership
• Departure from partnership