October 2007

Dear CCH Learning Center Subscriber,

Welcome to the October 2007 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.

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, including:

• 1120 Preparation and Planning 1: Introduction to Form 1120 (2008 Edition)

• Cars: Expenses and Deductions (2006-2007)

• Consolidated Returns: An Overview

• FASB No. 155: Accounting for Certain Hybrid Financial Instruments and FASB No. 156: Accounting for Servicing of Financial Assets

• Investment Strategies After the Tax Increase Prevention and Reconciliation Act of 2005 and the Pension Protection Act of 2006

• Recent Tax Developments (September-October 2007)

• SAS 110, Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained

• Tax Credits: Business (Third Edition) 

• Tax Credits: Personal (Third Edition)

• Tax Research: Researching International Tax Law (Second Edition)

• Tax Research: Primary Sources of Federal Tax Law -- The Internal Revenue Code and IRS Interpretations (Second Edition)

• Travel and Entertainment: Expenses and Deductions (2007 - 2008)

Course Spotlight
Preparation of consolidated tax returns is one of the most complex areas of law tax practitioners must understand to effectively serve their corporate clients. Despite the complexity of the topic, there is very little concise guidance and explanation of the federal income taxation of consolidated groups available. Two new CCH Learning Center courses provide an overview of this complicated area.

Consolidated Returns: Corporations that qualify as an affiliated group of corporations may elect to determine and report their income tax liability on one consolidated return. Determining the tax liability of corporations filing consolidated returns is complex. CCH Learning Center now provides two courses to provide you with an overview of consolidated returns and help you sort through the complicated rules. 

Consolidated Returns: Determining Whether to File reviews the many factors to consider in determining whether an affiliated group of corporations should elect to file a consolidated return. Such an election can affect the determination and tax treatment of a wide variety of items, and can have a significant tax impact for many years. This course’s discussion of relevant factors provides a valuable knowledge base for making this decision. 

Consolidated Returns: An Overview reviews the federal tax rules that govern consolidated returns by examining several significant topics. Examples and flowcharts are used to illustrate course concepts and enhance understanding. Topics reviewed include corporations eligible for consolidated filing, how eligible corporations elect to file a consolidated return, and the manner of determining a consolidated group’s federal tax liability. 

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

• Accounting and auditing developments

• Alternative minimum tax

• Business deductions

• Business entities

• Corporate tax return preparation

• Estate and gift tax return preparation

• Fiduciary income tax return preparation

• Family Limited Partnerships

• Individual tax return preparation

• Investment strategies

• Pass-through entity income tax return preparation

• 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 3 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 “Tax Advisors and Return Preparers in IRS Crosshairs: New Return Preparer Standards and Circular 230 Monetary Penalties” on November 8th.