In this article, I will walk through the tax implications that result when a shareholder of an S Corporation withdraws inventory from the business for personal use. Because a withdrawal of inventory from the business by the shareholder represents a transfer of value from the business to the owner, we view this transaction as a shareholder distribution. The below analysis...Read more...
Record Retention Policy
Fuller Professional Education, LLC
This Record Retention Policy (“Record Policy”) governs the retention of all records of continuing education courses and all other products purchased by a registered tax preparer, registered tax preparer candidate, certified public accountant, attorney, client or any other end user who has purchased a product (hereinafter, the "Client") from Fuller Tax Preparer Training, LLC d/b/a Fuller Professional Training, Fuller Professional Training, LLC, or any other related fuller entity (hereinafter “Fuller"), and has been adopted by the Principals of each such Fuller entity effective January 1, 2014.
Retention of All Records of Completion for Six Years
Fuller shall retain for a period of six (6) years from the time any continuing education course (“Course”), whether via live instruction, webinar, self study, or online review, is completed by a Client, all Client and Course Information, as defined herein. “Client and Course Information” includes the following, as applicable: (i) all personal data retained in Client’s profile including client’s name, contact information, and professional certifications (whether as a CPA, RTRP, EA, OTRP, Attorney or other applicable designation) and, if applicable, the certification numbers, as provided by and amended from time to time by the client (“Client’s Personal Data”), (ii) Client’s course completion data including the date the course was taken and/or completed, information regarding the purchase of the Course, and any information supporting Client’s completion of the course as required by the relevant licensing authority, whether NASBA, a State CPA association, the Office of Professional Responsibility at the Internal Revenue Service, an applicable State bar licensing body, or any other applicable accrediting body (hereinafter “Licensing Authority”), which information may include, but is not limited to, survey responses, checkpoint quiz answers, attendance roles, dates of completion, etc., (iii) information for each Course including, if applicable, the name, contact information and credentials of each Course instructor, date and location of the Course, any materials provided to Clients during the Course, and any recordings or other records of the Course.
Format of Information Storage
Fuller shall ensure that all Client and Course Information is stored in at least two Secure Locations, as defined herein. A Secure Location may include (i) a hard storage file that is kept in a locked and secure location controlled by Fuller, including its agents and assigns that have agreed to abide by the terms of this Record Policy, (ii) on Fuller’s servers subject to password and encryption technology and accessible only by Fuller, including its agents and assigns that have agreed to abide by the terms of this Record Policy, or (iii) on Fuller’s cloud backup data storage server or servers that are subject to password protection and encryption technology that is accessible only by Fuller, including its agents and assigns that have agreed to abide by the terms of this Record Policy.
Fuller shall have the right to make the Client and Course Information available to any Accrediting Agency from which a Client has sought continuing education credit, but only to the extent required by the Accrediting Agency in order to provide continuing education to the Client and ensure Fuller’s ongoing accreditation as to such credit. Client, by indicating a certification in Client’s user profile, consents to Fuller providing Client and Course Information applicable to Client to any Accrediting Agency applicable to Client’s professional certifications indicated in Client’s user profile. Client assumes the responsibility to keep all such professional certifications and all other items of Client’s Personal Data current in Fuller’s user database.
Why Choose Fuller for Continuing Education?
There are several reasons why you should go with Fuller Professional Education when completing your continuing education. How about we name a few?
Thousands of customers have counted on Fuller Professional Education to deliver quality online CE.
Fuller Professional Education is hands-down the quickest way to complete your continuing education requirements. Get started in minutes!
You won't find better value for the quality CE you'll receive with Fuller Professional Education. Why waste your money elsewhere?
Our multimedia courses greatly enhance your learning while keeping you engaged. Just sit back and enjoy!
Fully Accredited Courses
Fuller Professional Education is a continuing education provider fully accredited by the Internal Revenue Service and the California Tax Education Council.
Our courses aren't just carbon copies of IRS Publications - we take you in-depth and give you a real understanding of key tax concepts in every course. We promise you'll learn something new every time.
Latest Tax Blog Posts
Wed, March 07 2018 Fri, February 16 2018
Basis is an important concept for determining how a shareholder calculates the tax implications of many different situations and events related to their ownership in an S Corporation. There are two kinds of basis that a shareholder can have in an S Corporation: stock basis and debt basis. A common question related to shareholder basis is this: does a shareholder...Read more...
Fri, March 31 2017
Many taxpayers are aware that it is possible to exclude gains earned on selling a home from their income tax return. However, a common question is how often and how many times a taxpayer can exclude such gains from their taxes? This article addresses these questions. The tax law that grants taxpayers the right to exclude gains on selling their...Read more...
Tue, March 28 2017
Both of IRS Forms 944 and 941 are used by employers to report employment taxes to the IRS. These taxes include social security tax, medicare tax, additional medicare tax and federal income tax withheld from employee paychecks when payroll is run. Form 944 is an annual report of employment taxes, while the Form 941 is a quarterly report of payroll...Read more...
Your courses have been just great for me. I have learned a great deal, the instructors were both knowledgeable and informative...
The videos are great, it's nice to visualize instead of just reading plain text...
I already tried other training courses. Your course helped me understand and learn a lot more...