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 after an IRS audit.
A review of salient court cases includes the following topics:
- What is included in the definition of gross income, including Constructive Dividends, and Cancelation of Debt Income
- What is an activity engaged in for profit
- What is a “pre-opening” or “start-up” expense
- Limits on business expense deductions under IRC Sections 162, 274(d) and 262
- Limits on charitable contribution deductions
- Trust fund tax penalties, including determining who is a “responsible person” for paying federal employment taxes
- Tax credits, including the Energy and Research Credit and the Research and Development (R&D) credit
- Tax Administration issues including “innocent spouse” relief, relief from joint and several liability on a married filing jointly tax return, and reimbursement of reasonable litigation costs
- Tax penalties including the Foreign Bank and Financial Account (FBAR) reporting penalty, the accuracy-related penalty, the gross valuation misstatement penalty, and the fraud penalty
This course also discusses how to avoid/minimize common mistakes made when filing a tax return.
Learning Objectives
- Identify and understand how the court system works when appealing an unfavorable IRS audit determination, and how the IRS administers the tax laws.
- Explore and understand the definition of gross income.
- Discover and understand the limitations on deducting expenses from gross income.
- Identify and understand the requirements for claiming a charitable contribution deduction.
- Explore the role of penalties in the administration of our tax laws and the liability of a “responsible person” for unpaid trust fund taxes.
Last updated/reviewed: August 21, 2023
- 1. False Tax Returns: Why CPAs and Their Clients Go to Prison
- 2. COVID19 Tax Updates
- 3. Expatriation: Top Ten International Tax Topics for people renouncing US citizenship or transferred / seconded to foreign affiliates
- 4. Investment Partnerships: The Basics - Part II
- 5. COVID-19 Impact on EBITDA: EBITDA-C
- 6. Tax Update in the COVID19 World
- 7. A Brief History of Marriage in the Tax Code
- 8. Corporate Tax Filing: Schedule M-3: Reporting Requirements for a Consolidated Group
- 9. IRS Representation Series - Reducing IRS Assessments for Interest & Penalties
- 10. Global Transfer Pricing Part 1: Policy Development, Implementation and Documentation
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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
.
Cherie HennigProfessor