Congress and the Obama
administration are beginning a reform process that could produce the
most sweeping federal tax code changes in 25 years. How can this
process benefit your studies in accounting and tax? We'll discuss:
Explore the tax legislative process and how it
influences the work of accounting and tax professionals. 43
minutes.
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Capital Gains and
Losses Fundamental to Individual Income Tax
Planning
Kim Madere, Laura Pistro and Wolfe Tone (host)
Preferential tax treatment makes capital gains and
losses a popular area of tax planning for individuals and
businesses. What principles should you know? We'll discuss:
- What constitutes a capital asset, and how are different types
of capital gains and losses created?
- Calculations and reporting, including loss limitations and
tips for interpreting Forms 1099-B and 1099-DIV and preparing Form
1040.
- Specific tax basis situations and holding periods, including
what constitutes long-term versus short-term gains.
Understand how to use capital gains and losses in
tax planning and learn basic techniques for interpreting and
completing related tax forms. 48 minutes.
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Life! Death! Love! Hate! Greed!
Benevolence! Taxes! Welcome to the World of Estate
PlanningRecorded live at Michigan State
UniversityNancy Vella and
Debra Kiteley
Estate taxes can significantly affect the assets
passed from one generation to the next - a fact that brings into
sharp focus the importance of proper estate planning. How do tax
professionals assist families to achieve charitable goals, and other
estate planning objectives? We'll discuss:
- An overview of the integrated estate, gift, and
generation-skipping transfer tax system.
- Benefits of proper estate planning making sure the right
assets go to the right people in a tax efficient manner.
- Common planning strategies, including proper use of QTIPs,
ILITs, dynasty trusts, and credit shelter trusts.
Understand the tax professional's contribution to
effective estate planning and how you can benefit from it in your
career and your own family situation. 45
minutes.
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Tax Research Laying the
Foundation
Seth Goldstein and
Andrea Smith
Tax research is at the heart of what tax
professionals do to substantiate and support tax positions. What are
the critical concepts you should master? Using examples throughout,
we'll discuss:
- Defining, investigating, and drawing conclusions about the
facts surrounding tax issues.
- Leading practices in tax research - using sources of technical
information, discerning different levels of authority, citing
references, and building effective documentation.
- Why tax research is especially important in today's
legislative environment
Learn the critical role that tax research plays in
tax planning and compliance. 58 minutes.
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Individual
Taxation A First Look at Compliance and PlanningLois D. Bryan, Professor of Accounting, Robert
Morris University,
Carol Tambellini, and
Wolfe Tone (host)
Accounting majors embarking on their first tax
course can benefit from a basic understanding of U.S. requirements
for individual taxpayers. What's in store for you? We'll
discuss:
- Deciphering Form 1040 - Components of the tax formula from
gross income to the tax or refund due.
- Above-the-line adjustments to gross income and below-the-line
deductions such as exemptions and credits.
- Tax planning opportunities, such as offsetting gains and
losses from the sale of investment property and accelerating
deductions.
Learn basic concepts and practical issues
associated with individual taxation that can help you as you proceed
with your studies in taxation. 51 minutes.
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Book/Tax Differences Fundamentals
Every Accounting Major Should KnowMatt McGrath, Christina Yotz, and
Bob Kilinskis (host)
After graduation, first jobs for most tax
professionals usually include reconciling differences between a
company's U.S. GAAP accounting and tax accounting. What key concepts
should you understand? We'll discuss:
- Why book/tax differences occur and how they are reported to
the IRS.
- Key concepts such as permanent vs. temporary and favorable vs.
unfavorable differences.
- Types of adjustments, such as income recorded on books not
included on tax return and deductions on tax return not charged
against book income - plus an overview of typical adjustment
items.
Understand this foundational concept associated
with the reporting of corporate income. 49 minutes.
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Taxation of Subchapter C
Corporations Beyond the Tax Return Eric Gerstein, Jon Schwebach, and
Wolfe Tone (host)
While individuals own the stock of U.S.
corporations, the Internal Revenue Code treats individual and
corporate taxpayers very differently. What issues arise in corporate
taxation that tax professionals address? We'll discuss:
- What constitutes a C corporation, how it is taxed, and the
differences between corporate and individual taxation.
- Tax deductions unique to corporations, such as certain types
of interest, capital losses, and the Section 199 deduction.
- Tax planning techniques, including accounting periods and
methods - cash versus accrual, acceleration of expenses, and
deferral of income.
- Tax issues associated with the life of a corporation, from
formation to liquidation.
Discover the interesting and dynamic world of
corporate taxation. 58 minutes.
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The Role of Tax in Mergers and Acquisitions Why
Tax Structure Matters Wesley Chapman, Todd Videbeck, and
Wolfe Tone (host)
The tax structure of a business merger,
acquisition, or sale can enhance the value of a deal. What role do
tax professionals play in the process? We'll discuss:
- Tax issues in each stage of the M&A life cycle, from
strategy and due diligence, to deal structuring, closing, and
post-merger integration.
- Strategic versus financial buyers - key objectives each try to
achieve through transaction tax structures.
- Types of transaction structures, including mergers, stock
purchases, asset purchases, and joint ventures.
- Practical application of common transaction structures in
various deals.
Learn the knowledge and skills needed for tax
professionals to support successful M&A transactions. 49
minutes.
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International Financial Reporting Standards
The Road Ahead for Accounting and Tax Nathan Andrews and
Jodie Beining
The global trend toward the adoption of IFRS as
the global accounting standard continues. What should accounting
students and professionals expect on the road ahead? We'll
discuss:
- Differences between IFRS and U.S. GAAP and the status of
conversion in the U.S. and abroad.
- Implications of IFRS for tax accounting, planning, and
compliance in the U.S. and, on a wider scale, in a world where 120
countries are converting to IFRS.
- How corporations are preparing for conversion, including
organizational, process, and technology changes.
Learn how IFRS adoption presents opportunities and
challenges for U.S. accounting and tax professionals. 41
minutes.
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The Alternative Minimum Tax The Least
Understood Issue in Individual Taxation Today
Lynn Beegle, Jay Forkan, and
Craig DeLucia
Originally designed to tax the wealthy, the
Alternative Minimum Tax (AMT) now affects many middle-class
Americans. More tax professionals need to understand the
complexities of the AMT to help themselves and clients minimize
exposure to it. We'll discuss:
- What AMT is and why it was enacted, its unintended
consequences, and, in an era of changing tax rates, why its
structure hasn't changed.
- Factors that can drive individuals into the AMT, including
real estate taxes, state taxes, investment income, depreciation,
and miscellaneous itemized deductions.
- Planning strategies, including the timing of payments, review
of net operating loss deductions, and exercising stock options.
Learn why the AMT is one of the most important
issues in individual taxation and how tax professionals can deal
with it proactively. 53 minutes.
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Financial Reporting of Income
Taxes The Best of Both Worlds for Tax Practitioners
Vickie Carr, Kathleen McEligot, and
Neil Traubenberg, International President, Tax
Executives Institute
Tax practitioners today need to understand the
financial reporting rules for income taxes as well as the technical
tax rules. Knowing how to account for income taxes is one of the
most sought after skill sets in the marketplace. We'll discuss:
- U.S. Generally Accepted Accounting Principles (GAAP) for
income tax accounting, including required financial statement
disclosures (ASC 740).
- Accounting for income tax uncertainties and the two-step
process for recognizing uncertain tax benefits in financial
statements.
- What the investor community looks for in the financial
statement disclosures of income taxes.
- Best practices for tax departments on effective teaming with
the accounting and finance functions in the provision process.
Learn why it's important for tax practitioners to
keep current on accounting standards and to understand the roles
played by corporate tax departments and tax advisory firms in
accounting for income taxes. 54 minutes.
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The Four Cornerstones of International
Taxation
Tim Tuerff and
Brandon Bingham
Cross-border transactions open new markets for
U.S. and non-U.S. businesses of many sizes. What international tax
issues arise from cross-border flows? We'll discuss:
- Taxation of profits derived from a U.S. business by a non-U.S.
company.
- U.S. withholding tax imposed on payments made to non-U.S.
persons or foreign corporations by U.S. persons or corporations.
- A U.S. company's deferral of U.S. taxation on earnings derived
from foreign subsidiaries.
- Foreign tax credits claimed by a U.S. company based on foreign
income taxes it incurs, directly or indirectly, in a foreign
country.
Learn the four fundamental principles of
international taxation and ways tax professionals address them.
56 minutes.
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Careers in Taxation
A World of Opportunity Beyond the 1040
Wolfe Tone (host), Maggie Zellers, and Mike Horina, Senior Director, Tax and Treasury,
DeVry Inc.
A tax professional's life is more than just
cranking out tax returns. As trusted advisors, tax professionals can
influence a company's bottom line or a family's financial goals. So
what's involved? We'll discuss:
- Starting a career in tax - comparisons between corporate and
public accounting roles, including expectations, responsibilities,
career progression, and personal development.
- A day in the life of a new tax consultant in a public and
private tax department.
- Career preparation - what it takes to be successful in this
dynamic yet challenging tax environment.
Learn about the many dimensions of a career in
taxation and what you can do to prepare. 56
minutes.
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The Art and Science of Entity
Choices
Wolfe Tone (host), Jim Calzaretta, and Jon Oleksyk
Business owners use different entity types to
achieve various business and tax objectives. What factors should be
considered in the decision-making process and what are the potential
consequences? We'll discuss:
- An overview of entity choices - C and S corporations,
partnerships, LLCs, and sole proprietorships - and how they are
taxed.
- Pros and cons of each entity type and issues that arise during
business formation, operation, and liquidation.
- How companies today incorporate multiple entity types into
their business strategies.
Learn about the pivotal role tax professionals
play in sorting out the business and tax implications of entity
choices. 55 minutes.
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Business Tax Credits Carrot or
Stick?Scott Dinwiddie (host),
Gary Hecimovich, and
Jim Watts
Governments often use tax credits as policy tools
to influence business and public behavior. How can businesses,
governments, and the public benefit from credits? We'll discuss:
- A historical perspective on tax credits and how they steer
issues such as job creation, energy usage, and the environment.
- Distinctions between tax credits and discretionary incentives
- their intent, application, and benefits.
- State audit and defense issues that impact the life expectancy
of credits and the calculation of their worth.
Learn about this niche area of the tax profession
and how current lawmakers may leverage tax credits to reshape public
policy and business decisions. 58 minutes.
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Effective Writing What, When,
and How to Say It Electronically
Scott Dinwiddie (host) and
Joan Millett
Email is now the predominate form of written
communication in business today. How do successful professionals use
email to communicate effectively? We'll discuss:
- Keys to effective writing, such as targeting your reader,
formulating persuasive and informative statements, using
appropriate tone, and making time to self-edit.
- Roles of electronic communication in the enterprise today,
including information, persuasion, and documentation.
- Considerations for incoming and outgoing messages, including
overall volume, confidentiality and privacy, etiquette, and
traceability.
Discover how effective email communication can
expand your professional skills and help you stand out from the
crowd. 59 minutes.
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Partnerships and LLCs Understanding a Popular but Complex
Entity Choice
Jim Calzaretta (host),
Boake Munsch, and
Wolfe Tone
Partnerships represent one of the last
opportunities for innovative planning. The more practitioners
understand the complex rules of partnership taxation, the more value
they can provide. We'll discuss:
- What partnerships are and their relevance in today's business
environment, including why they are an entity of choice for many
businesses and the benefits partnerships offer over other
entities.
- Practical considerations for structuring partnership deals,
including understanding the "deal," choosing the right partners,
and managing operational issues and exit strategies.
- Common uses of partnerships and LLCs, including hedge funds,
private equity, real estate, and corporate joint ventures.
Discover how tax professionals help establish,
maintain, and exit partnerships and learn how they deal with
real-world partnership issues. 43 minutes.
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Tax Basics What Every Accounting
Major Should Know Jim Schlesser (host),
Joanna Theis, and
Kate Mantzke, Keiso Professor of Accountancy,
Northern Illinois University
Virtually all business decisions have both
financial reporting and tax implications. So how do these two areas
of accounting relate and what does their interaction mean for
businesses? We'll discuss:
- The amazing variety of taxes, who makes and implements tax
laws, and the social and economic goals of tax policy.
- The foundational role of GAAP financial statements in tax
accounting.
- Taxation's surprising influence on how business activities are
structured and when deals are done.
- Why there's more to the practice of tax than preparing tax
forms.
Learn about the vital role taxation plays in the
conduct of business and explore this fascinating area of accounting.
46 minutes.
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