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This course discusses recent judicial and administrative tax decisions impacting corporations, pass-through entities, and individuals. A brief review of the judicial and administrative tax system includes a discussion of which court a taxpayer should use when an administrative remedy cannot be reached in an IRS audit. A review of salient court cases includes the following topics:

  • Conservation easement deductions
  • Retirement distributions
  • Basis/Gain/Loss/Deduction issues
  • Gifts/Inheritances
  • Employment/Independent Contractor issues, including Sec. 530 relief
  • Tax Administration issues relating to:
    • Imposition of various penalties, including the accuracy-related penalty, the gross valuation misstatement penalty, fraud, and the failure to file/pay penalty.

This course also discusses how to avoid/minimize common mistakes made on tax returns.

Course Key Concepts: Tax Court Cases, Sec. 530 Relief, Conservation easement deductions, Capital Gain v Ordinary Income, Basis in assets, partnership interests, S Corporation Stock, Valuation Misstatement Penalties, Accuracy-related Penalties.

Learning Objectives

  • Explore how the court system works when appealing an unfavorable IRS audit determination, and how the IRS administers the tax laws.
  • Discover and understand the requirements for claiming a conservation easement deduction.
  • Identify and understand the tax consequences of distributions from qualified retirement plans.
  • Explore and understand how to recognize gain/loss on the disposition or gift of assets and ownership interests in pass-through entities.
  • Discover the role of penalties in the administration of our tax laws and the need for “due diligence” when classifying workers as independent contractors rather than employees.
Last updated/reviewed: October 25, 2020

5 Reviews (14 ratings)Reviews

4
Member's Profile
The review of court cases made what might otherwise have been a dry course much more interesting and relevant.
5
Anonymous Author
Great presentation. The cases help to understand and remember the information.
4
Member's Profile
Nice update. More of a case study than a quick update.
5
Anonymous Author
This course covered the stated learning objectives.
4
Member's Profile
the material is okay. good to know the tax updates.

Prerequisites

Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  2:16Introduction to 2020 Federal Tax Update
  3:02Federal Judicial System
TAX CASES
  10:30Conservation Easement Deductions
  9:38Conservation Easement Deductions Cont'd
  5:18Retirement Distributions
  8:53S Corporations
  14:46Basis/Gain/Loss
  13:14Basis/Gain/Loss Continued
  8:12Gifts/Inheritances
  5:06Employee/Independent Contractor
CONTINUOUS PLAY
  1:30:152020 Federal Tax Update
SUPPORTING MATERIAL
  PDFSlides: 2020 Federal Tax Update
  PDF2020 Federal Tax Update Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM