Navigating the complexities of small business partnerships requires a keen understanding of the financial dynamics at play. Small business owners often blur the lines between personal and company finances, leading to frequent distributions from these partnerships. As advisors, it's crucial for us to comprehend the tax implications of these distributions, distinguishing which ones are safe...

Determining dependency is normally straightforward in most situations. However, with the changing family dynamic in current times, practitioners are more often facing unique living and social situations from their clients. In these unique circumstances, determining who is a dependent and who isn't can be difficult. Through true to life discussion questions and plain English explanations...

This course provides an easy-to-understand guide for creating a Written Information Security Plan (WISP) as required by PUB 5708 and 4557. Participants will learn how to effectively address regulatory requirements, protect sensitive client information, and mitigate risks associated with data breaches. This course simplifies complex regulations into actionable steps for compliance. Enrolled Agent Approved

How debt is allocated to the partners in a partnership is important. It dictates how much money may be taken tax-free as a distribution, the losses that flow down to the partners, and the gain or loss on the sale of a partnership interest. However, the allocation of debt can differ depending on the type...

How to deal with an IRS audit Enrolled Agent Approved

True financial planning is a collaborative process between a client and advisor that encompasses all aspects of an individual's financial life. However, what does the financial planning process look like and what should the approach be? By examining academic theory and illustrative case examples, this course will explore how financial planning changes over a client's...

What is a penalty and what do you do when the IRS asserts a penalty? Enrolled Agent Approved