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Business Law for Accountants

Exam Questions: 120
Course Level: Basic
Pages: 524 | Content: 502, Supplemental: 22
NASBA Area of Study: Business Law
Not Acceptable for: Enrolled Agents
Version: 5250L

Today's CPA must have a working familiarity with a number of areas of business law to properly advise clients and to protect their own interests as a practitioner. Business Law for Accountants is designed to meet both objectives. The course is broken into six main parts: (1) business entities; (2) civil liability and unfair competition in business; (3) intellectual property; (4) employment law; (5) the law of independent contractors; and (6) bankruptcy law for businesses. You are bound to find many circumstances that are relevant to you and/or your clients. PLEASE NOTE: Course material is similar to #5645: Business Entities and the Law therefore, we recommend that you should not take #5645 in the same CPE reporting period. Not acceptable for Enrolled Agents. All course material provided. No prerequisites. Course level: Basic

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Course Information

Table of Contents
  • I. Business Entities
  • Overview of Business Entities
  • Formation of Business Entities
  • Rights and Duties of Business Owners
  • Management and Control of Business Entities
  • Liability of Owners
  • II. Civil Liability and Unfair Competition in Business
  • Civil Liability
  • Unfair Business Practices
  • Federal Antitrust Laws
  • III. Intellectual Property
  • Trademark Law
  • Patent Law
  • Copyright Law
  • IV. Employment Law
  • Overview of Selected Federal Employment Laws
  • Title VII of the Civil Rights Act of 1964
  • Fringe Benefits
  • Overview of Federal Employment Taxes
  • V. The Law of Independent Contractors
  • Introductions to the Law of Independent Contractors
  • The IRS 20-Factor Test
  • Statutory Classes of Workers
  • Employer's Good Faith Defense
  • Employment Tax Penalties
  • State Workers' Compensation Coverage
  • VI. Bankruptcy Law for Businesses
  • Liquidation under Chapter 7 of the Bankruptcy Code
  • Reorganization under Chapter 11 Bankruptcy
  • Taxes and Bankruptcy
Objectives
  • To recall the major attributes of various entity forms
  • To recognize requirements for forming certain types of business entities
  • To identify the rights and duties of business owners
  • To identify rules governing the management and control of business entities
  • To identify personal liability characteristics of various business forms
  • To recall characteristics of the American tort system
  • To recognize when employers are liable for the acts of their employees
  • To recognize the types of damages awarded in civil cases
  • To identify the elements of a trade libel lawsuit
  • To recall required elements for a cause of action based on intentional interference with prospective economic advantage
  • To identify the law of unlawful advertising
  • To recognize characteristics of the major federal antitrust laws
  • To identify characteristics of federal trademark protection
  • To recognize characteristics of patent protection
  • To identify characteristics of copyright protection
  • To recall elements relating to various significant federal employment laws
  • To identify what is covered by the Civil Rights Act of 1964
  • To identify how certain fringe benefits should be treated for tax purposes
  • To recognize federal employment tax obligations of employers
  • To identify penalties associated with misclassifying employees as independent contractors
  • To recognize how the IRS determines worker status
  • To identify the statutory classes of workers
  • To recognize the employer's good faith defense, and how it can be applied
  • To identify some of the penalties involved in misclassifying workers for federal tax purposes
  • To identify characteristics of the workers' compensation system
  • To recall characteristics of a chapter 7 bankruptcy
  • To identify the provisions of chapter 11 bankruptcy
  • To identify the filing requirements of a bankruptcy filing

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.