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: March 23, 2024
13 Reviews (98 ratings)

Reviews

5
Anonymous Author
The course provides sufficient update information to topics that are covered. The speaker is knowledge in this area, and provided a good number of cases to help learned to understand more about the topics.

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
2020 Federal Tax Update is a great course with many case examples. I learned a lot from this course.

4
Anonymous Author
2020 federal tax update - course provided relevant tax updates for the 2020 year

5
Anonymous Author
Great presentation. The cases help to understand and remember the information.

4
Anonymous Author
The notes provided for the course were not as detailed as other courses.

5
Anonymous Author
Great content and course! Very informative. I recommend it.

4
Member's Profile
Nice update. More of a case study than a quick update.

5
Member's Profile
Interesting material - I enjoyed all the court cases!

5
Member's Profile
helpful and informative to learn more about the topic

4
Anonymous Author
Speaker knowledgable but the "umms' were killing me.

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 Questions and Answers1 Question
Member's Profile
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to 2020 Federal Tax Update2:16
  Federal Judicial System3:02
TAX CASES
  Conservation Easement Deductions10:30
  Conservation Easement Deductions Cont'd9:38
  Retirement Distributions5:18
  S Corporations8:53
  Basis/Gain/Loss14:45
  Basis/Gain/Loss Continued13:14
  Gifts/Inheritances8:12
  Employee/Independent Contractor5:06
CONTINUOUS PLAY
  2020 Federal Tax Update1:30:14
SUPPORTING MATERIAL
  Slides: 2020 Federal Tax UpdatePDF
  2020 Federal Tax Update Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam