Section CLE Publications

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2007 Advising Non-Profit Update

Abstract: This audio CD will provide practitioners advising non-profit organizations with an update on legislative, regulatory, case law and other developments affecting the governance, operation and tax exemption of non-profits in the last 18 months.

7th Annual NC/SC Tax Section Workshop

Abstract: n/a

An Ounce of Prevention is Worth a Pound of Cure (2008 Ethics/Professionalism and Substance Abuse Awareness)

Abstract: Why Gamble With Your Career? ... Dealing with Gambling and Other Addictions ... The Impaired Lawyer's Impact on the Law Firm (Learn to identify the types of impairment that affect attorneys; Recognize and be able to document objective symptoms of impairment; Appreciate the impact an impaired professional has on his/her employer, colleagues, and clients; Evaluate risks of ignoring impairment including financial and ethical repercussions) ... The Disciplinary Process after a Lawyer is Found to be Impaired (What are the steps in the disciplinary process taken by the NC State Bar after a lawyer's ability to practice law is impaired by substance abuse and/or chemical addiction?) ... *Click below on "view TOC" to search the Table of Contents*

Basic Partnerships Tax Principles - Part 1

Abstract: There is a basic and unavoidable tradeoff between flexibility of LLCs/Partnerships and their tax complexity. In a basic concept of practice that LLCs/partnerships, and their derivative forms, are for more malleable than C and S corporations, and can be adapted to virtually any business purpose. It's only later that the relative ease of forming and operating a LLC/partnership at the legal of state law and voluntary agreement comes at the price of having to comply with the sprawling complex Subchapter K of the federal tax code. This audio CD examines the basic income tax principles of LLC/partnership formation, operation, distributions, sales, and liquidations. Topics include: framework of partnership tax principles, tax treatment of "property" and "services" members on formation, contributions of debt in lieu of property or services, liabilities attaching to contributions, special issues involved with the contribution of appreciated property, incentive compensation planning and important tax elections.

Basic Partnerships Tax Principles - Part 2

Abstract: There is a basic and unavoidable tradeoff between flexibility of LLCs/Partnerships and their tax complexity. In a basic concept of practice that LLCs/partnerships, and their derivative forms, are for more malleable than C and S corporations, and can be adapted to virtually any business purpose. It's only later that the relative ease of forming and operating a LLC/partnership at the legal of state law and voluntary agreement comes at the price of having to comply with the sprawling complex Subchapter K of the federal tax code. This audio CD examines the basic income tax principles of LLC/partnership formation, operation, distributions, sales, and liquidations. Topics include: type, timing and taxability of partnership distributions and exceptions to taxability, practical illustration of the operation of allocation provisions and relationship to distributions, special allocations, how they work and limits on the allocation of tax benefits, relationship of providing personal services to a partnership and receiving partnership distributions and common tax drafting errors in partnership agreements and practical tips for avoiding them.

Basics of Will and Revocable Trust Drafting (2008)

Abstract: Basics of Estate Planning (Definition of estate planning; goals and objectives; significance of title, form or ownership and beneficiary designations; types of wills; statutory alternatives to wills; durable powers of attorney; health care powers of attorney; living wills; basic transfer tax concepts) ... Will Drafting: Non-Tax Issues (Exordium clause; payment of debts and other claims against the estate; funeral, burial or cremation instructions; devise of tangible personal property, real property and residuary estate; execution procedures) ... Will Drafting: Tax Issues (Planning for estate tax savings with marital and credit shelter trusts; tax implications of fiduciary selection and fiduciary powers) ... Revocable Trust Drafting (Uses of revocable trusts; funding issues and transfer of assets to trusts; disposition of personal property and real property; integration of tax planning strategies) ... *Click below on "view TOC" to search the Table of Contents*

Choice of Entity for Nonprofits

Abstract: Non-profits can be large organizations providing vital services to large communities. They may have extensive investments and business operations related or unrelated to their core charitable mission. These operations and other priorities of the organization will have a direct impact on the non-profit's choice of entity. This audio CD is a rare examination of the various types of entity available to non-profits and a review of their respective advantages and disadvantages.

Corporate Governance for Non-Profits

Abstract: Nonprofit organizations - hospitals, schools, charitable groups - are vital contributors to the communities they serve. They can be complex organizations, involving not only charitable activities, but also substantial business and financial operations. With increased regulatory oversight by state attorneys general and legislative activity at the federal level, there is more attention on effective governance of nonprofits than ever before. Led by the general counsel of a major children's hospital and one of nation's leading private practitioners in this area, the audio CD focuses on executive compensation issues, regulatory developments including new IRS Form 990, and emerging issues for nonprofit boards of directors. Topics include: Executive compensation issues - hidden forms of compensation, expense accounts and board supervision; Developments related to the governance questions on new Form 990; Governance in the health care sector; Audit committees, whistle blowing, and document retention; Activism of state attorneys general and Case law developments and legislative proposals.

Creative Tax Planning for Real Estate Transactions - Part 1

Abstract: The federal income tax rules applicable to real estate acquisition and development can be complex, including the conversion of ordinary income into capital gain, tax-deferred like-kind exchanges, the application of loss-limitation rules and many others. This two-part audio CD provides real-world advice from experienced practitioners on how to structure real estate deals for maximum tax benefit.

Creative Tax Planning for Real Estate Transactions - Part 2

Defending Against IRS Collections - Part 1

Abstract: With substantial power to freeze or seize assets, IRS collections can easily disrupt the operations of your client's business or their lives and livelihood. Led by two experienced tax litigators, this audio CD provides you a practical guide to defending against IRS collection activity for individuals and small to medium size businesses. The audio CD focuses on crucial steps in the collection process, how to preserve your clients assets and freedom of action as the process unfolds, how to respond and negotiate with the IRS, the appeals process and practical techniques for penalty abatement. Topics include: overview of IRS collection process, obtaining IRS records, responding to the IRS, liens and levies and negotiating with the IRS.

Demystifying Employee Retirement Plans: Guidance for the Non-Specialist

Abstract: The range of retirement plan options available to employers is vast -- and the various alternatives have a language all their own. The challenge for legal counsel is understanding the array of options available, their tax and non-tax advantages and disadvantages, and helping clients determine which is best for their employees and helping them implement those plans. This audio CD reviews the major alternatives and discusses how they may be beneficial for various types of businesses.

Drafting Legal Opinions

Abstract: Opinion letters in business transactions involve the exercise of professional judgment regarding a legal matter. Although they do not involve a guaranty, they do require the exercise of professional care and are essential to closing most larger business transactions. This audio CD examines the several important aspects of opinion letters in business transactions, including the role and duties of various parties, underlying factual assumptions, the process of writing an opinion letter, and professional ethics.

Estate Tax Audits & Procedure

Abstract: Dealing with the IRS and revenue departments can be disconcerting. Advice will be given to increase confidence levels.

Hidden Tax Traps in Forming LLCs and Partnerships

Abstract: Partnerships and LLCs taxed are partnerships are very flexible organizations that offer more structuring alternatives than the traditional corporation, but often overlooked is the price of that flexibility -- in this case, a dense maze of federal income tax regulations that pose pitfalls for the uninitiated. This audio CD examines those pitfalls and practical strategies for avoiding them.

Higher Estate Tax Credit: Impact on Estate Planning, State Taxes and Gifts

Abstract: Beginning in 2005, the federal estate tax credit for death taxes paid to a state will be eliminated. The tax credit has been slowly phased out since 2002. Clients that have relied on a dollar-for-dollar reduction in their federal estate tax liability for death tax payments made to a state will lose that credit and may see the imposition of a state death tax. This development will have a substantial impact the estate plans currently in place and require planners to revisit those plans. This audio CD examines several major issues estate planners should consider when reviewing their existing documents and provide practical alternatives for reducing or avoiding any adverse impact on clients. You will learn: How states have responded to the phase-out; Analysis of how the phase out will impact existing planning documents; The role of QTIP elections; Impact on estates with property in multiple states; Relationship of phase-out to time-of-death status of federal estate tax; Practical steps you can to minimize any adverse affect on your client's estate plan.

Information Security for Lawyers and Law Firms

Abstract: Written for lawyers and lawfirms, this book provides sound advice and offers valuable guidelines and assistance to bridge the worlds of law and technology on important information security issues that face the legal professional every day. Content includes: The ethical duties of lawyers relating to securing their electronic information; How a small lawfirm can have reliable security; What are worms, Trojans, spyware, malware, spiders, key loggers and their implications; Is it safe to use wireless technology for the delivery of legal services; In large firms, what information security duties can be delegated; How lawyers and other law firm personnel can be trained in information security.

Innocent Spouse Defense: What Family Law Practitioners Should Know

Abstract: Spouses are generally jointly and severally liable for tax deficiencies and other tax penalties. The benefits of filing a joint return can be easily offset if one spouse causes the other to become liable for substantial sums of taxes. The "innocent spouse defense" provides some relief to one of the spouses. This audio CD is intended for the non-tax specialist and will provide an overview of the defense and practical advice on how to successfully assert it.

Legal Aspects of Preparing Small and Medium Businesses for Sale

Abstract: The ultimate goal of many business owners is to grow and eventually sell their businesses. Preparing a business for sale, however, is not a short-term undertaking. It takes knowledge of what potential buyers are looking for, internal due diligence issues, and some financial planning. This audio CD integrates these topics and review how an attorneys can help their clients prepare their businesses for eventual sale.

Light and Life at the End of the Tunnel: Resources to Aid Lawyers to Live Better Lives

Abstract: Unique Psychological Problems Fa