PART VI: Special Topics, Legislative Updates & Exam Strategies

In this section

• Chapter 20: Recent Legislative Developments & Sunset Provisions
  • Temporary Rate Changes, Inflation Adjustments & Phaseouts
    Explore the intricacies of temporary tax rate changes, annual inflation adjustments, and phaseout thresholds, along with scheduled ‘sunset’ provisions critical for CPA exam success.
  • Major Acts (e.g., CARES Act, TCJA) & Rolling Modifications
    Explore how the Tax Cuts and Jobs Act (TCJA) and the CARES Act shape modern U.S. tax compliance, highlighting key provisions, transitional rules, and ongoing legislative amendments relevant to CPA exam readiness.
• Chapter 21: Practice & Procedure
  • Examination by IRS: Statute of Limitations, Appeals & Court System
    This comprehensive guide covers essential procedures, deadlines, and strategies related to IRS examinations, including the 3-year and 6-year statute of limitations rules, administrative appeals, and navigating the U.S. Tax Court system. Perfect for CPA exam candidates.
  • Penalties & Compliance Triggers for Entities & Individuals
    A thorough exploration of common IRS penalties, including accuracy-related, underpayment, and fraudulent failure to file, with real-world examples, penalty rates, and practical strategies to maintain compliance for both entities and individuals.
  • Ethical Considerations for CPAs (Circular 230 & AICPA Standards)
    Explore the in-depth ethical requirements under Circular 230 and AICPA Standards, focusing on conflicts of interest, diligence, and confidentiality. Includes practical scenarios and detailed compliance guidance for tax professionals.
  • Preparing for Real-World Tax Season vs. Exam Day
    Discover key strategies for navigating contrasting expectations in exam solutions versus real client deliverables, and learn how to bridge the gap between textbook scenarios and the complexities of tax season.
• Chapter 22: Integrative Planning Case Studies
  • Multi-Entity Family Business Transitions
    Explore comprehensive strategies for passing down multi-entity family businesses across generations involving S corporations, partnerships, and trusts.
  • Real Estate Partnerships with Multiple Like-Kind Exchanges
    Explore advanced 1031 layering, partial condemnation scenarios, and stepped-up basis strategies in real estate partnerships, including practical examples and visual diagrams for deeper CPA exam preparation.
  • Cross-Border Operations & Permanent Establishment Issues
    Explore how cross-border activities can trigger permanent establishment status, the nuances of FDII, GILTI, and Subpart F, and tax treaty provisions that limit withholdings for multinational businesses.
  • Estate & Gift Integration with Corporate Ownership
    Explore advanced strategies for integrating estate and gift planning with corporate ownership, including QSB stock, trusts, lifetime gifting, and synergistic techniques for tax efficiency.