Taxes

Learn what the SC legislature and Department of Revenue have done to tax law and regulations and how it can affect your practice. Discussion Leader: Bill Strickland

This program focuses on common terminology used in estate and trust documents in order to assist accountants in dealing with estate and trust issues for clients. 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

Federal tax compliance is required for a successful business. Many say the tax law is complex. That is, no doubt, true and that complexity is increased by constant changes: the IRS, Tax Court, Congress . . . all making and interpreting tax rules. You must keep up with those changes in order to be a valuable advisor to your clients. Discussion Leader: Ian Redpath

Income tax rules applicable to individual taxpayers change constantly. There are IRS Notices, Rulings, and Court decisions that modify the individual taxpayer’s compliance requirements, tax rates, credits, etc. since last year. Discussion Leader: Ian Redpath

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