CE/CPE Program Descriptions
Field of Study: Federal Tax Law Topics / Taxes
Who Should Attend: Enrolled Agents, CPAs, Tax Preparers, Tax Attorneys
Advanced Preparation: None
Wednesday, June 12, 2024
8:20 AM - 10 AM
Form 4797, Tax Planning, Sales Allocation and More [2-Hour CE]
(QSRNU-T-00660-24-O & QSRNU-T-00660-24-I )
Simply put, IRS Form 4797 is the form used specifically for reporting the gains or losses resulting from the sale or exchange of business and income producing property used in a trade or business. However, Form 4797 often generates a countless amount of uncertainty and anxiety. This course will assist tax pros in determining whether a transaction is a capital gain or ordinary income and what tax consequences are associated with each. Furthermore, it will clarify what parts of Form 4797 need to be completed and their holding periods. Allocation of sales price and tax planning will also be examined. This course will provide you with the confidence to deal with these situations. So, join us in deciphering the mystery of Form 4797.
Prerequisites: General understanding of tax accounting methods
Program Level: Intermediate
10:20AM - Noon
Tax Planning strategies for Moderate Income clients [2-Hour CE]
( QSRNU-T-00661-24-O & QSRNU-T-00661-24-I )
Tax Planning is not just for the rich and famous. This course will provide insights to numerous topics so tax professionals can assist their moderate income clients to create and preserve wealth. Ensure we provide our clients with the tools necessary to provide practical tax planning techniques and be hands-on to develop a long-term beneficial relationship. Join us in cracking the code of Tax Planning for the average taxpayer.
Prerequisites: General understanding of tax capitalization and deduction limitations
Program Level: Intermediate
1:00PM - 2:40 PM
Rental Properties, with Deep Dive into Short-term Rentals [2-Hour CE]
( QSRNU-T-00663-24-O & QSRNU-T-00663-24-I )
In addition to having rental properties or renting vacation homes, more and more taxpayers are renting their homes through VRBO, Airbnb and other online platforms. In this session, you'll learn which form to properly report rentals on, either Schedule E (Form 1040), Supplemental Income and Loss, Page 1, or Schedule C (Form 1040), Profit or Loss from Business. Furthermore, you'll learn proper depreciation methods, converting Personal Residence to a rental and renting to related parties. Finally, we will explore Short-term rentals and related tax consequences. Join us for this must attend session to assist you in handling unique situations of rental properties.
Program Level: Intermediate
3:00PM - 4:40 PM
Divorce and its Various Tax Implications: [2-Hour CE]
( QSRNU-T-00664-24-O & QSRNU-T-00664-24-I )
What happens when your clients divorce? Divorce is an emotional occurrence for all involved. What is the significance of the tax professional assisting clients through this difficult time? This course will explain the importance of working with and advising our clients on tax related divorce issues. We will discuss filing status, name change, joint & separate responsibility & liability. We will explore dependents and associated tax credits. Analyze retirement plans, alimony, child support, property settlements, allocating estimated payments, NOLs, and Capital Loss carryovers.
Program Level: Intermediate
Thursday, June 13, 2024
8:20AM - 10:00AM
Partnership Basis: Calculating It and Dealing With It [2-Hour CE]
( QSRNU-T-00676-24-O & QSRNU-T-00676-24-I )
In this hands-on session we will go over how to calculate your client’s outside basis (tax basis) in their partnership interest. The basis in the partnership interest is important to know to be sure of the proper tax treatment if anything passed through to the partner. Objectives are to:
- Learn the need to start from the beginning to get an accurate basis
- Learn when a distribution can be taxable
- Learn how to carryover currently nondeductible items due to basis
- Gain the understanding on why you cannot simply use the capital account reporting on the K-1
Program Level: Intermediate
10:20AM - Noon
The ABCs of a Schedule C Audit [2-Hour CE]
( QSRNU-T-00677-24-O & QSRNU-T-00677-24-I )This session will walk you through a Schedule C audit so you can be best prepared to represent your client. Objectives are to:
- Understand what is needed for each area of the Schedule C being audited
- Learn strategies on presenting the information and what to do when documentation is limited
- Understanding the key differences in IRC 162 and IRC 274 when representing the taxpayer
Program Level: Intermediate
1:00PM - 2:40PM
Can You Recognize Fraud as a Non-Attorney? [2-Hour CE]
( QSRNU-T-00678-24-O & QSRNU-T-00678-24-I )
This session will walk you through the various badges of fraud and discuss how the IRS evaluates a case. We will review the various IRM sections that explain what the IRS looks at and go through various real-life case studies. Objectives are to:
- 1) Learn the badges of fraud
- 2) Find out where in the IRM you can find how the IRS employees look for the badges
- 3) Review real-life case studies, and how they turned out
- 4) Walk away with the knowledge you need to have to know when you are dealing with a shady taxpayer
Program Level: Basic/Intermediate
3:00PM - 4:40PM
The Criminal Tax Investigation - IRS-CI's Core Mission [2-Hour CE]
( QSRNU-T-00668-24-O & QSRNU-T-00668-24-I )
This presentation is designed to continue the discussion on IRS-CI’s role in tax compliance and to dig deeper into it core mission, criminal tax investigations. The presentation will focus on IRS-CI’s two most powerful statutes that act as a deterrence and may assure compliance of the tax laws; Title 26 USC Section 7201, income tax evasion, and Title 26 USC Section 7206(1), fraud and false statements.
Learning Objective(s)
- 1. To provide a quick recap of prior discussions on IRS-CI
- 2. To review “badges of fraud” that are detailed in the IRS Internal Revenue Manual,
- 3. To understand what “tax evasion” is and the elements necessary to recommend a prosecution,
- 4. To understand what a “false tax return” is and the elements necessary to recommend a prosecution, and,
- 5. To understand the terms “willfulness”, “affirmative acts”, and, “mens rea”.
Program Level: Basic/Intermediate
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