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Ethics for Enrolled Agents

 

 

Welcome to the Ethics for Enrolled Agents  course from CPE Publications, Inc.. This study guide is designed to assist you with the course materials and to improve your overall cpe experience.

For the best results, we recommend you:

(1) Complete the reading assignment.

(2) Complete the related review questions within the study document. Each review question offers interactive feedback for all questions. We recommend that you view all feedback to each question.

(3) Complete the final exam. Review any incorrect answers.

Prerequisite - None

Program Level - Basic

Advanced preparation: None

Content: See list below

Lesson and Objectives Reading
Assignment
1. Rules governing authority to practice Subpart A

The learning objectives for this lesson are to gain an understanding of:

  • Who is the Director of Practice
  • Definitions
  • Who may practice
  • Eligibility for enrollment
  • Application for enrollment
  • Representing oneself, participating in rulemaking, limited practice, special appearances and return preparation
 
2. Duties and restrictions relating to practice before the IRS Subpart B

The learning objectives for this lesson are to gain an understanding of:

  • Information to be furnished
  • Knowledge of client's omission
  • Diligence as to accuracy
  • Prompt disposition of pending mattersssistance from or to disbarred or suspended persons and former IRS employees
  • Practice by former government employees, their partners and their associates
  • Notaries
  • Fees
  • Return of client's records
  • Conflicting interests
  • Solicitation
  • Negotiation of taxpayer checks
  • Practice of law
  • Standards for advising with respect to tax return positions and for preparing or signing returns
 
3. Sanctions for violation of the regulations Subpart C

The learning objectives for this lesson are to gain an understanding of:

  • Sanctions
  • Incompetence and disreputable conduct
  • Violation of regulations
  • Receipt of information concerning practitioner
 
4. Rules applicable to disciplinary proceedings Subpart D

The learning objectives for this lesson are to gain an understanding of:

  • Institution of proceeding
  • Conferences
  • Contents of complaint
  • Service of complaint; service and filing of other papers
  • Answer; default
  • Supplemental charges
  • Reply to answer
  • Proof; variance; amendment of pleadings
  • Motions and requests
  • Representation; ex parte communication
  • Administrative law judge
  • Hearings
  • Evidence
  • Depositions
  • Transcript
  • Proposed findings and conclusions
  • Decision of administrative law judge
  • Appeal of decision of administrative law judge
  • Decision on appeal
  • Effect of disbarment, suspension or censure
  • Notice of disbarment, suspension, censure or disqualification
  • Petition of reinstatement
  • Expedited suspension upon criminal conviction or loss of license for cause
 
5. General provisions Subpart E

The learning objectives for this lesson are to gain an understanding of:

  • Records
  • Saving clause
  • Special orders
  • Effective date
 

 

Study Guide - Tax Treatment of Life Insurance Proceeds

The study guide is provided to guide you through the course material in a step by step format.

Introduction

One of the important considerations in many financial transactions is the tax treatment the transaction is given. Often, the impact of taxation is a consideration in the purchase of life insurance every bit as much as it applies to stock purchases, bond purchases and the establishment of qualified retirement plans.

In this course we will look at the tax treatment given proceeds from life insurance policies and will consider the taxation of death benefits, cash value withdrawals, loans and surrenders. In addition, we will examine the differences in tax treatment caused by a life insurance policies.

Learning Objectives

When you have completed this course, you should be able to:

  • Calculate the gain to be recognized as a result of various life insurance policy transactions, including –
    • withdrawals,
    • loans,
    • surrenders, and
    • payment of death benefits;
  • Identify the changes to the customary tax treatment of life insurance policy living proceeds resulting from the policy being deemed a modified endowment contract (MEC);
  • Calculate the reportable gain upon receipt of life insurance policy death benefits when the life insurance policy –
    • has been transferred for a valuable consideration, or
    • was included in a qualified plan;
  • Recognize the types of life insurance exchanges that are tax-free under IRC §1035;
  • Define the terms “terminally-ill” and “chronically-ill” as used in the Health Insurance Portability and Accountability Act; and
  • Identify the income tax treatment of accelerated death benefits, viatical settlements and life settlements.

Course material is an online PDF document available immediately upon purchase.

Prerequisite: None

Course level: Basic

Advanced preparation: None

Teaching method: Online study and exam

Chapter 1 - Life Insurance Death Benefits

The learning objectives for this lesson are to gain an understanding of:

  • Compare the customary income tax treatment given to life insurance policy death benefits with the income tax treatment given to such benefits under a life insurance policy transferred for a valuable consideration;
  • Calculate the taxable portion of life insurance death benefits under a policy included in a qualified plan;
  • Identify the tax treatment of death benefits received as periodic payments under a supplementary contract;
  • Define the terms “terminally-ill ” and “chronically-ill” as used in the Health Insurance Portability and Accountability Act; and
  • Identify the income tax treatment of accelerated death benefits and viatical settlements.

Chapter 2 - Life Insurance Policy Living Proceeds

The learning objectives for this lesson are to gain an understanding of:

  • Recognize the customary income tax treatment given to life insurance policy withdrawals, loans and surrender proceeds;
  • Identify the changes to the tax treatment of life insurance policy living proceeds resulting from the policy being deemed a modified endowment contract ;
  • Identify the types of life insurance exchanges that are tax-free under IRC §1035; and
  • Recognize the income tax treatment of life settlements.

 

Study Guide - The Corporate Controller

The study guide is provided to guide you through the course material in a step by step format.

Course material is The Corporate Controller.  The cost of the text and free shipping is included in the price.

Prerequisite: None

Course level: Basic

Advanced preparation: None

Teaching method: Text and exam

 

Chapter 1 - The Controller's Job

The learning objectives for this lesson are to gain an understanding of:

  • History of the controller's function
  • Main job functions
  • Job description
  • Job Qualifications
  • Organizational structure of the accounting department
  • Ethics

Chapter 2 - Internal Control

The learning objectives for this lesson are to gain an understanding of:

  • Basic elements
  • Controls to use in your business
  • Elements of internal accounting control
  • Levels of controls
  • Responsibility for proper internal controls
  • Fraud
  • Auditing for fraud

Chapter 3 - Planning and the Strategic Pla

The learning objectives for this lesson are to gain an understanding of:

  • Strategic plan overview
  • System of plans
  • Planning cycle
  • Planning roles
  • Planning timing and planning period
  • Business mission
  • Developing long-range objectives
  • Developing long-range strategies

Chapter 4 - Long-Range Financial Plan

The learning objectives for this lesson are to gain an understanding of:

  • System of plans
  • Annual planning cycle
  • Role of the controller
  • Sales planning
  • Steps in developing the near-term sales plan
  • Methods for determining the sales forecast
  • Useful sources for forecasting information
  • Break-even chart
  • Changes in the sales mixture, sales price, and the cost

Chapter 5 - Annual Plan

The learning objectives for this lesson are to gain an understanding of:

  • System of plans
  • Annual planning cycle
  • Role of the controller
  • Sales planning
  • Steps in developing the near-term sales plan
  • Methods for determining the sales forecast
  • Useful sources for forecasting information
  • Break-even chart
  • Changes in the sales mixture, sales price, and the cost

Chapter 6 - Sales

The learning objectives for this lesson are to gain an understanding of:

  • Role of the controller
  • Sales analysis
  • Sales standards
  • Sales reports
  • Product pricing

Chapter 7 - Distribution Expenses

The learning objectives for this lesson are to gain an understanding of:

  • Role of the sales manager
  • Analyzing distribution costs
  • Analyzing by application
  • Setting the distribution budget

Chapter 8 - Direct Materials and Labor

The learning objectives for this lesson are to gain an understanding of:

  • Objectives
  • Role of the controller
  • Types of cost systems
  • Measuring and controlling direct material costs
  • Controlling direct material quantities
  • Measuring and controlling direct labor costs
  • Target costing

Chapter 9 - Overhead

The learning objectives for this lesson are to gain an understanding of:

  • Need for overhead controls
  • Responsibilities of the controller
  • Account classifications
  • Fixed and variable costs
  • Cost allocation
  • Controlling overhead
  • Production reports

Chapter 10 - General and Administrative Expenses

The learning objectives for this lesson are to gain an understanding of:

  • Functions involved
  • Accounting for and allocating administrative expenses
  • "Unique" expenses
  • Controlling costs

Chapter 11 - Cash and Investments

The learning objectives for this lesson are to gain an understanding of:

  • Objectives of cash management
  • Role of the controller
  • Cash collections
  • Cash disbursements
  • Investment of short-term funds
  • Accounting for records of investment
  • Cash and investment controls

Chapter 12 - Receivables

The learning objectives for this lesson are to gain an understanding of:

  • Functions of the credit department
  • Shortening the receivables cycle
  • Reserve for doubtful accounts
  • Receivables fraud and control

Chapter 13 - Inventory

The learning objectives for this lesson are to gain an understanding of:

  • Inventory management systems
  • Inventory tracking
  • Physical inventory procedure
  • Inventory valuation
  • Inventory fraud and controls

Chapter 14 - Property, Plant, and Equipment

The learning objectives for this lesson are to gain an understanding of:

  • Role of the controller
  • Capital budgeting\
  • Postproject appraisals
  • Other aspects fo fixed assets

Chapter 15 - Liabilities

The learning objectives for this lesson are to gain an understanding of:

  • Objectives
  • Controls
  • Credit agreement provisions
  • Debt capacity
  • Bond ratings
  • Leverage

Chapter 16 - Equity

The learning objectives for this lesson are to gain an understanding of:

  • Role of the controller
  • Cost of Capital
  • Dividend policy
  • Long-term equity planning
  • Repurchasing common shares
  • Capital stock records

Chapter 17 - Operational Accounting

The learning objectives for this lesson are to gain an understanding of:

  • Creating departmental job descriptions
  • Creating a departmental training program
  • Clearing out excess documentation
  • Documenting all major processes
  • Scheduling the department
  • Correcting the underlying cause of errorsUse of best practices
  • Outsourcing selected accounting functions

Chapter 18 - Closing Procedures

The learning objectives for this lesson are to gain an understanding of:

  • Selecting the fiscal year
  • Selecting interim reporting periods
  • Quick close

Chapter 19 - Performance Measurements and Trends

The learning objectives for this lesson are to gain an understanding of:

  • Performance measurements
  • Trends
  • Interrelationship of ratios
  • Just-in-time ratios

Chapter 20 - Financial Analysis

The learning objectives for this lesson are to gain an understanding of:

  • Analyzing financial statements
  • Analyzing working capital
  • Analyzing capital investments
  • Analyzing capacity utilization
  • Analyzing financing options

Chapter 21 - Taxes

The learning objectives for this lesson are to gain an understanding of:

  • Tax strategy
  • Tax organization
  • Role of the tax manager
  • Tax records
  • Tax versus book accounting
  • Proper classification of accounts

Chapter 22 - Selecting a Financial Information System

The learning objectives for this lesson are to gain an understanding of:

  • Reasons to purchase software
  • Defining systems requirements
  • Existing system documentation
  • Joint sessions
  • Preparing the request for proposal
  • Distribution of the request for proposal
  • Review of the vendor's completed proposal
  • Reference calls
  • Demonstration
  • Site visits
  • Cost of the system
  • Final selection
  • Contract negotiations
  • Postimplementation review

Chapter 23 - Project Risk Management

The learning objectives for this lesson are to gain an understanding of:

  • Project risk categories
  • Project risk management approach

Chapter 24 - Implementing a Successful CRM Solution

The learning objectives for this lesson are to gain an understanding of:

  • Defining a business case to drive shareholder value
  • Clearly communicating the change imperative
  • Building a winning team
  • Preparing for the worst

Chapter 25 - Organizations Large and Small Embrace Shared Services

The learning objectives for this lesson are to gain an understanding of:

  • Executive summary
  • About the survey
  • Business case
  • Implementation
  • Operations
  • Customer relations
  • Next steps

Chapter 26 - Information Technology Offshore and Outsourcing

The learning objectives for this lesson are to gain an understanding of:

  • What offshoring is
  • Providers' approach to outsourcing and offshoring
  • Variants: Build, buy, rent
  • Popular start-up options
  • How offshoring is different from engaging a local service provider
  • Ensuring that risks and rewards are balanced
  • Deciding if offshoring is good for a company

Chapter 27 - Change Management

The learning objectives for this lesson are to gain an understanding of:

  • Implementation history
  • Competing projects
  • Degree of disruption
  • Cost of failure
  • Risks

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