Business and Individual - Last Minute Planning and Compliance - Tax Team

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school Credits

  • Up to: 8.00 credits - Taxes

volume_up Speaker(s)

E. Nichols

E. Lynn Nichols, CPA

Dean Cochenour

Carey & Company, PA

W McGough

Merline & Meacham

About This Course

This program focuses on the actions individuals and businesses can take, even at the “last minute,” to reduce their taxable income or take advantage of a tax credit.

Program Includes:
• What businesses and individuals can do in the last month of a tax year to secure tax deductions
• Accruals that are permitted to cash basis taxpayer – Adoption of qualified plans
• Court decisions affecting ordinary taxpayers with common issues
• Inflation adjusted amounts of various deductions and tax credits
• IRS Practice Units (Training programs created by IRS for RS agents)
   o “Basic Tools for Tax Professionals”
   o “Link & Learn Taxes”
   o “About” specific forms – 706, 709, 990, etc.


Learning Objectives:
• Take advantage of important tax “elections”
   o Section 179
   o Bonus Depreciation
   o “De minimis rule”
   o R&D expenditures
   o Establish qualified plans to secure tax deductions
   o Using irrevocable commitment to accelerate contribution deduction by a corporation
• Create basis in order to claim losses
• Make beneficial accounting method changes that can reduce current year income
• Comply with any new reporting requirements
   o Take advantage of  favor able court decisions
   o Follow IRS published guidance and changes in the law
     -  Get maxim um allowable SALT deduction
     -  “Kiddie Tax” – How to report income of minor children
     -  Forms

This Course Is Recommended For

<strong>Designed for:</strong> CPAs, EAs and Attorneys whose clients wait until the last month of their tax year to inform their return preparer of important transactions or to seek guidance on tax questions.