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
Everything you always wanted to know about C Corporations (but were afraid to ask) [2-Hour CE]
( QSRNU-T-00665-24-O & QSRNU-T-00665-24-I )
Using iterative examples, this course will examine the taxation of C Corporations and shareholders from inception to dissolution including contributions, both cash and in-kind contributions, earnings and profits, redemptions, and liquidations, death of a shareholder, redemptions to pay the estate tax, accumulated earnings tax, Section 1244 stock, Section 1202 stock, and an array of other items. We will discuss reasonable compensation, strategies for avoiding the double taxation of C Corporation taxable income, as well as discuss generally so-called advantages and disadvantages of a C Corporation over an S Corporation. The course will also examine the consequences of an inadvertently terminated S Corporation. Finally, the course will run through an example of a C Corporation from inception through liquidation including the filing of an initial and final tax return.
Program Level: Intermediate
10:20AM - Noon
Partnership and S Corporation Basis [2-Hour CE]
( QSRNU-T-00666-24-O & QSRNU-T-00666-24-I )
This course focuses on identifying and understanding the components that are included in the
calculation of S Corporation shareholder stock and debt basis and a partner’s outside basis with a view toward using interactive examples to enable the participants to calculate stock and debt basis in a variety of circumstances. A general focus here will be on the why we need to or, more accurately, must calculate shareholder basis in the first place: To preserve the single layer of taxation that is the hall mark of Subchapter S. The course moves on to focus on what gives rise to bona fide debt, within the meaning of the 2014 treasury regulations, for which a shareholder may receive debt basis. Examples will be used to demonstrate how to perform all the calculations necessary to complete Form 7203 including calculating gain on debt repayment as well as debt and stock restoration. The course provides a general overview of the basis rules for each passthrough entity. Finally, the course will use a comprehensive example to demonstrate ways in which advisors may reconstruct a shareholder’s stock or debt basis as well as a partner’s basis in her interest.
Program Level: Intermediate/Advanced
1:00PM - 2:40PM
Loss Limitations: Basis, at-Risk, and Passive Activity Rules [2-Hour CE]
( QSRNU-T-00667-24-O & QSRNU-T-00667-24-I )
This course will discuss the complicated interplay of IRC Sec. 469 (passive activity loss limitations) and IRC Sec. 465 (at-risk basis limitations). You will learn to apply the at-risk rules at the individual taxpayer level, whether the at-risk activity is a Schedule C, Schedule F, or through a pass-through activity (e.g. partnership). This will include an in-depth discussion of debt, including recourse, nonrecourse, and qualified nonrecourse debt. The course will also consider loss carryforwards and the potential for recapture of negative at-risk amounts.
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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