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.
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Prerequisites
No advanced preparation or prerequisites are required for this course.