Dates & Locations
6/23/10 Pasadena (CANCELED)
Classes meet
9:00am-5:00pm
taught by
John Trapani
Only $250!
Lunch is included with 8-hour classes
8 CPE Hours
Update
No Prerequisites
No Advance Preparation
(NASBA: TX)
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When will the next "one" strike? Earthquakes, fires, floods, mudslides and more. Californians are faced with the possibility of multiple disasters each year. Proper reporting of events can bring big benefits to your clients. Misunderstanding of the requirements can cost thousands of dollars. "Cavalier" approaches using assumptions instead of knowledge can result in major tax penalties. Will your clients be properly advised and protected when it comes to their most cherished and valuable assets? Will your clients be properly advised of their reporting responsibilities and the benefits available to them?
California has Wildland fires all year. Cal Tech seismologists expect a major earthquake along the San Andreas Fault at any time. We see the reports of major earthquakes on the Pacific "Ring of Fire," as well as recent major earthquakes in Italy and Haiti.
This class prepares California CPA's to assist clients, before and after a disaster strikes. Clients' major assets are at risk, insurance may not be adequate. Often, homeowners are underinsured and unaware of the potential for loss.
This course includes these critical topics:
- What is a disaster?
- Critical reporting deadlines
- Documentation requirements & Lost records
- Reinvestment periods
- Realization vs. Recognition
- Appraisals
- Cost basis for destroyed and replacement properties
- Qualified replacement property
- Gain exclusions
- Extensions of time to replace lost property
- Deductions and limitations
- Insurance basics and more ?
The class includes extensive coverage of:
- IRC Section 165 (Casualties)
- IRC Section 1033 (Involuntary Conversions)
- Plus other Sections that will apply to your client's situation:
- IRC Section 121 (Exclusion of Gain on Sale or "other disposition" of a Primary Personal Residence)
- IRC Section 123 (Additional Living Expense),
- IRC Section 139 (Grants),
- IRC Section 104 (recoveries for bad faith, personal injury, legal fees paid and other torts).
Understand the differences between terms such as:
- "Similar or related in service or use"
- "Like kind," vs. "like kind and quality "
- "Tangible property of a type held for productive use in a trade or business"
California property tax adjustments:
- Property taxes; valuation reductions,
- "Prop 50" and "Prop 60" basis transfers
The importance of communicating important information to clients who are in a state of emotional distress will be discussed. Develop your skills to assist clients when they experience a casualty, involuntary conversion or disaster.
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Financial Education Resources is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have final authority on the acceptance of individual courses of CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Ave. North, Ste. 700, Nashville, TN 37219-2417 or by visiting the website