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CIRAs: Tax Issues Facing CPAs in 2018 (WEBNAR56)

 
Date:Wednesday, February 21, 2018
Time:2:00pm - 4:00pm
(Registration at 1:30pm )
Facility:Webcast or Webinar, Online
CPE Credit:2.0 Accounting and Auditing
Instructor: Cecil Patterson Jr., CPA,MBA
Vendor:Florida Institute of CPAs
Course Level:Intermediate
Early Bird Price:$75.00 FICPA Members, $105.00 Non-Members

Description:

This course explains the varied and unusual details of the income and expense positions of the Common Interest Realty Associations and their federal income tax issues. There are specific Revenue Rulings which will be explained that deal with issues of income carryforward, capital contributions in reserves versus normal expenses, and what is income to a CIRA. “Should we file an 1120 or 1120H???” is one of the major issues that CPAs need to assist their clients with. The course also covers issues with property taxes and sales and use taxes for CIRAs. Some of the issues for the 2018 tax act will be explored.



Objectives:

On completion of the session, the CPA should be able to:

  • Identify the types of federal tax returns available to an association, such as, Form 1120, Form 1120H, or Form 1120C.
  • Discuss the mechanics of filing a CIRA’s tax return depending on the type of CIRA and the return needed.
  • Recognize the elections that CIRAs may make concerning revenue, capitalization issues, and deductions for the association.
  • Identify when an owner/member of an association may be effected by the CIRA’s tax implications.

 



Major Topics:
  • What to file, 1120 or 1120S?
  • Elections for Section 528 of the IRC and Section 277 of the IRC
  • Revenue Rulings specifically for CIRAs
  • Differences between associations like HOAs, Condos (both residential and commercial), Timeshares, and Coops (both residential and commercial) as required.
  • How the differences effect the filing of federal and state tax returns.
  • Is depreciation any different in a CIRA compared to another entity?


Who Should Attend:

The course is designed for CPAs and other accounting and auditing professionals working in the areas of CIRAs as public accountants performing A & A services, owners of a CIRA, serving on the Board of Directors of a CIRA as an owner, handling CIRA issues for clients, or working with property management entities.



Prerequisite:
The participants should be familiar with the basics of CIRA accounting, auditing, review engagements, compilation engagements, and preparation services. Some knowledge of state statutes and FACs are considered essential.

Advanced Preparation:
None


Note:

Information on how to log-on to the webinar, troubleshooting, and contact information will be included with your registration confirmation.


Session/Options

If listed below, select the appropriate sessions or options to continue with your purchase.

Registration Status: CLOSED - Online registration for this course is now closed. Please contact the Member Service Center at (800) 342-3197 if you wish to inquire about registering.