Lambers, Inc. has added two new Continuing Education Courses to kick off 2016! These two courses are eligible for IRS and CPE Credit. Each self-study video course is presented by Professor Arthur Reed, MBA, CPA, MST and is worth 2 credit hours. Lambers adds courses to its Continuing Education Library every quarter. Check back to see more new Lambers offerings.
The two new courses and descriptions are listed below:
Cancellation of Debt
There is an excellent chance that one or more of your clients will receive a Form 1099C for the cancellation of debt this tax season. Whether it be from a loan modification on their principal residence or the elimination of credit card debt, this cancellation of debt may or may not be taxable income.
Do you know what qualifies as the insolvency exception? Or did you know that you may have to adjust the basis of the property for the exclusion amount? Or that some of your principal resident debt may not qualify?
In this 2 hour CE course, Professor Reed will walk through Form 982 and explain how to determine if these exceptions apply to your clients.
Auditing the ERO
Did you know that the IRS conducts their ERO audits right during tax season? Will you be ready for an ERO audit if they call to schedule an appointment the following week or even worse, show up unannounced because of a referral from a disgruntled client or an upset fellow practitioner?
This 2 hour CE course looks at the IRS procedures and reviews the actual Internal Revenue Manual in depth. Professor Reed will provide additional insight as to actual audits of practitioners.