February 2008

Dear CCH Learning Center Subscriber:

Welcome to the February 2008 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:

• 1040 Preparation and Planning Part 5: Acquisition and Disposition of Property (2008 Edition)

• 1040 Preparation and Planning Part 6: Deductions for Business and Other Special Deduction Rules (2008 Edition)

• 1040 Preparation and Planning Part 7: Special Tax Computations (2008 Edition) 

• 1040 Preparation and Planning Part 8: Special Problems (2008 Edition)

• 1040 Preparation and Planning Part 9: Tax Practice (2008 Edition)

• 1065 Preparation and Planning 1: Tax Fundamentals (2008 Edition)

• 1065 Preparation and Planning 2: Income and Deductions (2008 Edition)

• 1065 Preparation and Planning 3: Schedules and Completing the Return (2008 Edition)

• 1065 Preparation and Planning 4: Special Situations and Planning (2008 Edition)

• 1120S Preparation and Planning 1: Tax Fundamentals (2008 Edition)

• 1120S Preparation and Planning 2: Business Income, Deductions and Tax Payments (2008 Edition)

• 1120S Preparation and Planning 3: Schedule K (2008 Edition)

• 1120S Preparation and Planning 4: Other Schedules and Tax Planning (2008 Edition)

• Asset Protection and Risk Management

• Capitalizing Intangibles: New Rules (Second Edition) 

• Corporate Tax Part 1: Formation and Operation (Second Edition)

• Developments in 2007 for Individuals 

• Divorce and Taxes: Child-Related Issues 

• Divorce and Taxes: Innocent Spouse and Filing Status 

• Divorce and Taxes: Property Transfers During Marriage or Incident to Divorce

• Divorce and Taxes: Tax Consequences of Alimony and Separate Maintenance Course

• Employee Fraud: The Misappropriation of Assets (Second Edition)

• Family Limited Partnerships (Second Edition)

• FIN 48: Roadmap or Compass for the IRS?

• Financial Instruments: GAAP Level A (Second Edition)

• Intrafamily Transfers of Small Businesses

• IRS Audit Process (Second Edition)

• Money Laundering and Transnational Financial Flows (Second Edition)

• New Tax Law Developments in 2007

• Passive Activity Loss Limitations

• Recent Tax Developments (January-February 2008)

• Tax Research: Primary Sources of Federal Tax Law - Judicial Interpretations (Second Edition)

New Courses:  Accounting and Audits Specialty Library
Several new courses have been released exclusively to the CCH Specialty Library: Accounting and Audits. This library covers a broad range of accounting and auditing courses including specialized topics.  Courses include:

• Financial Performance Reporting by Business Enterprises 

• Fraudulent Financial Reporting (Second Edition)

• SAS 104, SAS 105, and SAS 111: Additional Risk Assessment Standards 

New Courses: State Taxation Specialty Library
Several new courses have also been released exclusively to the CCH Specialty Library: State Taxation. This library provides insights on important or emerging state tax issues, and analyzes their impact on compliance and planning. It provides the guidance you need to stay a step ahead of important state tax issues. New courses released exclusively to this library include:

• Economic Nexus: States' Tool to Tax Out-of-State PICs

New Courses: CCH CPE Podcast Center
The CCH CPE Podcast Center gives you easy access to free Podcasts covering hot topics and recent developments in taxation. You can listen to the audio courses online, or download them to a portable devise. The course audio is free; you only pay if you wish to earn CPE Credit. Two new courses have been released to the Podcast Center. These courses are:

• CCH CPE Podcast: Developments in 2007 Affecting Individual Taxpayers

• CCH CPE Podcast: Developments in 2007 for Partnerships and S Corporations

Course Spotlight
The passive activity loss rules generally limit the ability of taxpayers to shelter income with deductions and credit from business activities in which they have little or no involvement. These complex rules contain many nuances, although some basic principles run throughout. The new CCH Learning Center course, Passive Activity Loss Limitations, uses a clear presentation and many integrated examples to help you make sense of this complex topic.

Passive activity loss rules limit ordinary taxpayers’ ability to shelter their personal income using deductions and credits from activities in which they have little or no involvement. The rules only allow use of deductions and credits to offset passive income related to the activity, unless the taxpayer can prove that he or she participated materially. This course provides an overview of the passive activity loss rules. Topics covered include:

• Passive activities

• Passive activity income

• Material participation

• Rental activity

• Trust and estate issues

• Personal service corporations and closely-held C corporations

• Election to group passive activities

• Disposition of interest

• Alternative minimum tax

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

• Accounting for intangibles

• Business entity taxation

• Governmental accounting and auditing

• Nonqualified deferred compensation

• State taxation

• Tax Research

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 “Sec. 199 Deduction: Update and Review of Rules for Partnerships and S Corporations” on January 8^th. 

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