Taxes

There are many events that can cause an inadvertent termination of an S-election. Additionally, in reviewing the original election, there may be a defect in the consents. This course discusses the new IRS procedure to self-correct. Prior to this, taxpayers had to resort to expensive Letter Rulings to obtain this relief. This area has gained even more importance as the number of LLCs electing S-corporation status has increased. This course covers the new self-correction process and what types of events qualify for the relief. Anyone that has S-corporation clients will benefit. Discussion Leader: Ian Redpath

There are two types of distributions in a partnership, current and liquidating. Within those are proportional and disproportionate distributions. The tax treatment differs between current and liquidating distributions. This course reviews the treatment of liquidating distributions to the partnership and the partner. Anyone with client’s taxed as partnerships will benefit. Discussion Leaders: Ian Redpath and Bob Lickwar

Partnership basis is a complex area that is often misunderstood. It is an important audit issue for the IRS. This course covers the determination of a partner’s basis in a partnership when making a contribution to capital, including when services are contributed. It includes accounting for debt in a partners basis, both recourse and non-recourse debt. Anyone with client’s taxed as partnerships will benefit. Discussion Leaders: Ian Redpath and Bob Lickwar

Sounded like a good idea, but from protecting client information to finding internet speed required for some business, working from home has problems. Start with compliance with Pub. 4557. Move on to transmitting sensitive information in two parts, adopt a policy of using passwords to protect confidential information, Will those additional costs be deductible? That’s just one question that will be answered in this brief course. Discussion Leader: Ian Redpath

Tax law and rules for compliance can change and require the practitioner to know the change in order to provide the best service to a client. The monthly “Nugget” includes information on court decisions and IRS rulings our experts know should be shared with the client depending on you to avoid trouble and to take advantage of opportunities for reducing the tax bill. Discussion Leader: Ian Redpath

There are different tax consequences depending on the structure used in the sale/purchase of a business. The buyer and seller are often adverse in their interests. Practitioners need to know the tax implications for both buyers and sellers and also any alternatives to get the most favorable tax results. The course includes structuring and reporting different transactions. It will include allocation of the purchase price in different transactions. Anyone that may advise a client on the buying or selling of a business will benefit. Discussion Leader: Ian Redpath

Your tax files contain all the information an “evildoer” would need to steal your client’s identity and wreak havoc in the client’s life. IRS Publication 4557 explains that you are expected to preserve and protect the confidentiality and privacy of that data but does not tell you how to use available tools to organize data collection and preservation. In this program, cyber-security expert Chris Jenkins walks you through security risks, the systems you need, and the procedures necessary to protect your clients’ data. Discussion Leader: Chris Jenkins

No amount of planning and careful investment relieves the retired person of two burdens: 1) Cash will be required to live . . . food, occupancy, clothing, transportation, etc., and 2) Some cash will be required to pay federal, state, and local income and other taxes. This course discusses types of investments and planning to take to meet living needs while keeping income taxes low, or avoiding tax altogether . . . the Holy Grail of financial planning. Discussion Leaders: Denise Appleby and Larry Pon

The determination of making a Section 754 election is an important one for any entity taxed as a partnership. If the election is made it forces mandatory adjustments under Sections 734 and 743. This course covers making and revoking the election, and accounting for the various adjustments on sales/exchanges and distributions. Anyone with client’s taxed as partnerships will benefit. Discussion Leader: Ian Redpath