December 2006

Dear CCH Learning Center Subscriber,

Welcome to the December 2006 issue of Focus on Learning, the monthly newsletter for the CCH Learning Center that provides insights on how to use the Learning Center to your full advantage and updates on new courses and features available to you. In each issue we highlight a course (or series of courses) on a timely topic, and let you know about new courses released in the CCH Learning Center. We also inform you of new useful features, provide helpful tips on existing features, and help you use the CCH Learning Center to meet your professional development and CPE needs.

Specialty Library: U.S. International Taxation Now Available!
CCH has added a new library to its growing line of Specialty Libraries. The CCH Learning Center Specialty Libraries are practice area focused and cover a broad range of levels in the key topics of accounting and auditing, sales and use taxation, state taxation, tax return preparation and wealth management. The newest CCH Specialty Library covering U.S. international taxation issues was released on December 1, 2006. Read more about this new Library here. 

CCH Specialty Library: U.S. International Taxation Library – This new Library covers the basic concepts and issues surrounding U.S. taxation of international transactions, with an emphasis on essential areas that businesses and their financial advisors need to understand. The courses in the library provide the guidance you need to understand and stay ahead of important international tax issues with timely coverage, current information and in-depth analysis-all explained in easy-to-understand English. Topics covered include: anti-avoidance regimes, foreign tax credits, transfer pricing and researching international tax law among others.

Included in each course are links to sources of additional information within CCH® Tax Research Network™, and practice aids to help you apply the knowledge you’ve gained with each course. The Library includes 10 courses worth more than 35 CPE credits on current information impacting international tax issues.

Retrieve Your Username and Password
You can easily retrieve your username and password for the CCH Learning Center. Most of us have more usernames and passwords than we can remember. You may want to use the Learning Center to meet your CPE needs, but you can't remember your username or password. It's easy to retrieve both from the Learning Center. Learn how to retrieve your username or password here.

To retrieve your username and password, simply click on the My Account tab at the top of the Learning Center, or the Forget your password link in the Member Login box on the left side of the screen. You will be taken to the Login box. An Email address field is at the bottom of the box under Forget your user name or password? Enter your e-mail address into this field and click the "Send Password" button. You're username will immediately appear at the bottom of the screen and your password will be e-mailed to shortly thereafter. If you have changed your e-mail address within the past year, you may need to enter your previous e-mail address in order to receive your user information.

New Learning Center Core Library Courses
CCH is committed to keeping you up-to-date and knowledgeable on the latest issues that impact your firm or corporation. Many new or revised courses covering a wide range of topics have been released to the CCH Learning Center Core Library over the past two months. See the new or updated titles released to the Learning Center Core Library.

• 1040 Preparation and Planning Part 1: Fundamentals (2007 Edition)

• 1040 Preparation and Planning Part 2: Gross Income (2007 Edition)

• 1040 Preparation and Planning Part 3: Deductions (2007 Edition)

• 1040 Preparation and Planning Part 4: Tax Computations and Credits (2007 Edition)

• 1040 Preparation and Planning Part 5: Acquisition and Disposition of Property (2007 Edition)

• 1040 Preparation and Planning Part 6: Deductions for Business and Other Special Deduction Rules (2007 Edition)

• 1040 Preparation and Planning Part 7: Special Tax Computations (2007 Edition)

• 1040 Preparation and Planning Part 8: Special Problems (2007 Edition)

• 1040 Preparation and Planning Part 9: Tax Practice (2007 Edition)

• 1065 Preparation and Planning 1: Tax Fundamentals (2007 Edition)

• 1065 Preparation and Planning 2: Income and Deductions (2007 Edition)

• 1065 Preparation and Planning 3: Schedules and Completing the Return (2007 Edition)

• 1065 Preparation and Planning 4: Special Situations and Planning (2007 Edition)

• Auditing Issues: The Risk Assessment Standards

• Independence Rules that Affect Compilation and Review Engagements

• Like-Kind Exchanges

• Nonqualified Deferred Compensation

• Section 179: Maximizing the Small Business Deduction

• Tax News and Headlines in 2006: TIPRA, Pension Legislation and Other Key Developments

Specialty Library - Accounting and Audit Courses
In addition to the accounting and auditing titles listed above, several new courses have been released exclusively to CCH’s Accounting and Audit Specialty Library. This new Library covers a broad range of topics; including fraud, recently issued standards and specialized areas such as governmental auditing and not-for-profit organization audits. The CCH Specialty Library Accounting and Audit serves as a valuable research tool and helps practitioners meet their A&A CPE requirements. New courses released exclusively to this library include:

• FASB No. 151: Inventory Costs

• FASB No. 153: Exchange of Nonmonetary Assets

Course Spotlight
Like-Kind Exchanges. The tax deferral techniques available under Code Section 1031 provide several advantages to taxpayers, such as deferral of capital gains taxes and the ability to upgrade property at lower cost. However, compliance issues in structuring like-kind exchanges have become more complex as the law in this area has become more voluminous. CCH’s new Like-Kind Exchanges course highlights the basic requirements for like-kind exchanges and recent developments in the area.  Get the details on this course. 

Like-Kind Exchanges
This clearly-written course guides you through effective use of the tax-deferral techniques available under Code Sec. 1031. It begins with a definition of a like-kind exchange and moves on to explain basis rules. The course also reviews new developments and recurrent issues that have impacted either taxpayers or the IRS. Many helpful tools and resources, including client letters and journal articles, reinforce and help you apply the information presented in the course. Topics covered include:

• Types of property that can be exchanged

• Differences in treatment for personal vs. real property

• Consequences of receiving boot

• Requirements for holding property 

• Related party engaging exchanges

• Deferred exchanges

• Qualified intermediaries (QIs)

• Reverse exchanges

• Special issues related to partnerships

Upcoming Courses
We will release many new courses in the CCH Learning Center in the weeks and months ahead to give you even more choices and more value. Learn more about the new CCH Learning Center courses in development.

Among the new and updated courses that are in development now, look for courses in the following areas soon:

• AMT

• Derivatives and hedge accounting

• HSAs

• Income tax preparation

• IRS Enforcement programs

• LIFO

• Multistate tax issues

• Real Estate accounting

• Recent tax developments

Audio Seminars
CCH’s wide range of interesting, educational CPE options now includes audio seminars. Each audio seminar allows an unlimited number of users at your firm to get up-to-speed on a hot topic using nothing more than a telephone connection. Plus, participants can earn up to 2 CPE Credits. Learn about upcoming audio seminars here.

CCH’s audio seminars, presented by top experts, are designed to provide you with updated information on the hottest tax and accounting topics. Along with detailed handout materials, each site registering for an audio seminar receives topically-related bonus items such as books, journals, newsletters or self-study CPE courses. Check out the latest Audio Seminars schedule for details on upcoming seminars, including “1040 Update, Including Impact of the New 2006 Tax Relief Legislation” on January 11.