USCPA-NOW Comprehensive IQEX Program

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Course Content

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Course Introduction Sample Lesson

BUSINESS LAW

Introduction to Business Law

Section 1 Contracts

Section 1 Contracts 17 Topics | 1 Quiz Sample Lesson

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Introduction to Contracts

1.1.1 Types of Contracts

1.2.2 Essential Elements of a Contract

1.2.7 Promissory Estoppel

1.2.8 Legal Capacity to Contract

1.2.9 Legality of Purpose

1.3 How Contracts May Be Voided

1.4 The Statute of Frauds

1.5 The Parol Evidence Rule

1.6 Assignment of Contracts/Delegation

1.7 The Doctrine of Substantial Performance

1.8 Remedies for Breach of Contract

Section 1 Quiz

Section 1 Complete

Section 2 Federal Securities Acts

Section 2 Federal Securities Acts 10 Topics | 1 Quiz

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Introduction to Federal Securities Acts

2.1. An Overview of the 1933 Securities Act (1933 Act)

2.2 Important Definitions

2.3 Registration Statements and Prospectuses

2.4 Exempt Transactions

2.5 Anti-fraud Provisions

2.6 An Overview of the 1934 Securities Act (1934 Act)

2.7 Registration and Disclosure Requirements

2.8 Filings and Miscellaneous Matters

Section 2 Quiz

Section 2 Complete

Section 3 Secured Transactions

Section 3 Secured Transactions 6 Topics | 1 Quiz

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Introduction to Secured Transactions

3.1 Attachment of Security Interests

3.2 Perfection of Security Interests

3.3 Priorities of Claims

3.4 Rights of Parties on Default

Section 3 Quiz

Section 3 Complete

Section 4 Bankruptcy

Section 4 Bankruptcy 9 Topics | 1 Quiz

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Introduction to Bankruptcy

4.1 Chapter 7 Voluntary Bankruptcy Petitions

4.2 Chapter 7 Involuntary Bankruptcy Petitions

4.3 Bankruptcy Proceedings/Role of Trustee/Preferential Transfers

4.4 Priority of Claims

4.5 Discharge of a Bankrupt

4.6 Debts not Discharged by Bankruptcy

4.7 Business Reorganizations under Chapter 11

Section 4 Quiz

Section 4 Complete

Section 5 Debtor-Creditor Relationships

Section 5 Debtor-Creditor Relationships 8 Topics | 1 Quiz

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Introduction to Debtor-Creditor Relationships

5.1 Most Common Kinds of Liens

5.2 Nature of Suretyship and Guaranty

5.3. Creditor’s Rights and Remedies

5.4 Surety’s and Guarantor’s Rights and Remedies

5.5 Surety’s and Guarantor’s Defenses

5.6 Cosureties

Section 5 Quiz

Section 5 Complete

Section 6 Agency

Section 6 Agency 6 Topics | 1 Quiz

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Introduction to Agency

6.1 Characteristics of an Agency Agreement

6.2 Authority/Capacity of Principals and Agents

6.3 Obligations and Rights of Principals and Agents

6.4 Termination of an Agency Relationship

Section 6 Quiz

Section 6 Complete

Section 7 Regulation of Employment

Section 7 Regulation of Employment 7 Topics | 1 Quiz

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Introduction to Regulation of Employment

7.1 Independent Contractor (Self-Employed) or Employee?

7.2 Federal Insurance Contributions Act (FICA)

7.3 Federal Unemployment Tax Act (FUTA)

7.4 Workers’ Compensation Act

7.5 The Affordable Care Act

Section 7 Quiz

Section 7 Complete

Section 8 Business Structure

Section 8 Business Structure 13 Topics | 1 Quiz

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Introduction to Business Structure

8.1 Characteristics of a Partnership

8.2 The Rights, Duties, and Liabilities of a Partner

8.3 Limited Partnerships and Joint Ventures

8.4 Limited Liability Companies (LLC)

8.5 Limited Liability Partnerships (LLP)

8.6 The Characteristics of a Corporation/Advantages and Disadvantages

8.7 Corporate Financial Structure/Powers and Liabilities of a Corporation

8.8. The Rights and Responsibilities of Directors, Officers and Stockholders

8.9 Changes in Corporate Structure (Mergers and Consolidations)/Dissolution

8.10 Subchapter S Corporations

Notes on Section 8 Business Structure Questions.

Section 8 Quiz

Section 8 Complete

ETHICS

Introduction to Ethics

Section 9 Professional and Legal Responsibilities

Section 9 Professional and Legal Responsibilities 8 Topics | 1 Quiz

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Introduction to Professional and Legal Responsibilities

9.1 Licensing and Disciplinary Systems

9.2 Accountant’s Legal Liabilities

9.3 Responsibilities of Tax Return Preparers

9.4 Audits, Appeals and Judicial Process

9.5 Treasury Department Circular 230

9.6 U.S. Federal Tax Law Hierarchy Quick Reference Chart

Section 9 Quiz

Section 9 Complete

FEDERAL TAXATION

Introduction to Federal Taxation

Section 10 Individual taxation

Section 10 Individual Taxation 52 Topics | 1 Quiz

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Individual Taxation - Introduction

10.1.1 Form 1040 Identification, Filing Status and Dependents-an overview

10.2.1 Major Components of Gross Income and Exclusions

10.2.2 Employment Income

10.2.3 Employment Benefits

10.2.4 Incentive Stock Options

10.2.5 Interest

10.2.6 Dividends

10.2.7 Taxable Refund

10.2.8 Alimony

10.2.9 Business income (See Schedule C)

10.2.10 Business expenses

10.2.11 Depreciation - (Very Important for IQEX)

10.2.12 The Section 179 Deduction (Very important for IQEX)

10.2.13 Bonus Depreciation (Also very important for IQEX)

10.2.14 Other Deductions

10.2.15 Capital gains and losses

10.2.16 Installment Sales Taxation

10.2.17 Interest considerations

10.2.19 Definition of Related Parties

10.2.20 Sale of a Business

10.2.21 Applicable Federal Rate – AFR

10.2.22 Rental Income

10.2.23 Rental Losses

10.2.24 Suspended Losses

10.2.25 Unemployment Compensation and Social Security Benefits

10.2.26 Other income

10.2.27 Exclusions

10.3.1 Introduction to Adjusted Gross Income

10.3.2 Interest on education loans and tuition fees

10.3.3 The “Pass-Through” Rules for Business Income Earned by Taxpayers Other Than Corporations (Section 199A)

10.4.1 Deductions in Arriving at Taxable Income including Itemized Deductions and Exemptions

10.4.2 Medical and Dental Expenses

10.4.3 Taxes Paid

10.4.4 Interest Paid

10.4.5 Charitable Contributions

10.4.6 Personal Casualty and Theft Losses

10.4.7 Job Expenses and Certain Miscellaneous Deductions

10.4.8 Exemptions

10.5.1 Filing Status and Calculation of Tax

10.5.2 Alternative Minimum Tax (AMT)

10.6.1 Tax Credits

10.6.2 The Child Tax Credit

10.7.1 Estimated Tax Payments (Instalments)

10.7.2 Filing Requirements

10.7.3 Penalties

10.7.4 IRS Assessments/Audit and Appeal Procedures

10.7.5 Claims for Refunds

10.7.6 Procedural Matters

Section 10 Simulations

Section 10 All Questions

Section 10 Complete

Section 11 Corporate Taxation

Section 11 Corporate Taxation 20 Topics | 1 Quiz

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Corporate Taxation Introduction

11.1 Filing and Payment of Tax

11.2.1 Income and Deductions/ Amortization of Intangibles/Intercorporate Dividends/Losses

11.2.2 Amortization of Intangibles

11.2.3 Intercorporate Dividends (VERY IMPORTANT!!!)

11.3 Reconciliation Between Accounting Income and Taxable Income

11.4 Permanent and Temporary Timing Differences Between Book Income and Taxable Income for Partnerships and Corporations

11.5.1 Transfers of Property to and from Corporations

11.5.2 Transfer of property from a corporation to an individual

11.6 Affiliated and Controlled Corporations/Consolidated Tax Returns

11.7 Dividend Distributions

11.8.1 Stock Redemptions and Liquidations

11.8.2 Liquidation of a subsidiary

11.9 Personal Holding Companies and Accumulated Earnings Taxes

11.10.1 S Corporations part I

11.10.2 S Corporations part II

11.11 Corporate Reorganizations

11.12 Losses on Small Business Corporation Stock

Section 11 Simulations

Section 11 Corporate Taxation

Section 11 Complete

Section 12 Partnership Taxation

Section 12 Partnership Taxation 15 Topics | 1 Quiz

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Introduction

12.1 Types of Partnerships

12.2 Transfers of Property to a Partnership

12.3 Partnership Interests Acquired in Exchange for Services

12.4 Partnership Income and Losses/Guaranteed Payments to Partners

12.5 Calculation of a Partner’s Basis in a Partnership

12.6 Transactions with Controlled Partnerships

12.7 Partnership Year-End Selection

12.8 Termination or Continuation of a Partnership

12.9 Sale of a Partnership Interest

12.10 Non-Liquidating (Current) and Liquidating Distributions from a Partnership

12.11 The Section 754 Election

12.12 Tax Classification Options for Limited Liability Companies (LLCs)

Section 12 Simulations

Section 12 Quiz

Section 12 Complete

Section 13 Transactions in Property

Section 13 Transactions in Property 13 Topics | 1 Quiz

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Introduction

13.1 Capital Gains and Losses

13.2 Special Rules for the Computation of Basis

13.3 Like Kind Exchanges of Investment Property

13.4 Involuntary Conversions

13.5 Sale of a Principal Residence

13.6 Sales of Securities/Wash Sales/Worthless Securities

13.7 Transactions Between Spouses and Related Taxpayers

13.8 Short-Term and Long-Term Gains, Losses and Carryovers

13.9 Gains and Losses on Business Property (Sections 1231, 1245 and 1250)

13.10 Ideas to Absorb Net Operating Losses (NOL) or Capital Loss Carryforwards of a C Corporation

Section 13 Simulations

Section 13 Quiz

Section 13 Complete

Section 14 Gift and Estate Tax, Trusts And Exempt Organizations, Other Taxation Topics

Section 14 Gift and Estate Tax, Trusts And Exempt Organizations, Other Taxation Topics 13 Topics | 1 Quiz

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Introduction

14.2 The Estate Tax

14.1 The Gift Tax

14.3 Generation-Skipping Tax (GST)

14.4 Income Taxation of Estates and Trusts

14.5 Exempt Organizations (Section 501 (c) (3) Requirements)

14.6 Multijurisdictional Taxation

14.7 International Taxation (Foreign Branches vs. Foreign Subsidiaries)

14.8 Federal Tax Legislative Process

14.9 Structure of the Internal Revenue Code

14.10 CARES Act: Highlights of Tax Provisions

Section 14 Simulations

Section 14 Quiz

Section 14 Complete