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.