Description

A brief review of the judicial system includes a discussion of which court a taxpayer should use when an administrative remedy could not be reached in an IRS audit.

A review of salient court cases includes the following topics:  

• Reasonable compensation
• Constructive Dividends
• Determining what is an allowable charitable contribution deduction
• Recognizing gain/loss from the disposition of corporate assets
• Tax Administration issues relating to:
  • Misclassification of workers, Sec. 530 relief
  • Federal Tax Liens 
  • Imposition of various penalties, including the accuracy-related penalty, the gross valuation misstatement penalty, and the failure to file/pay penalty
  • Claims for refund

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

Key Course Concepts: Tax Court Cases, Reasonable Compensation, Sec. 530 Relief, Debt v Equity, Charitable Contributions, Capital Gain v Ordinary Income, Basis in S Corporation Stock, Federal Tax Liens, Valuation Misstatement Penalties, Refund Claims