2015-2016 Federal Tax Update: IRS Practice and Procedures (Currently Unavailable)

Author: Stuart P Sobel

CPE Credit:  6 hours for CPAs
6 hours Federal Tax Law Updates for EAs and OTRPs
6 hours Federal Tax Updates for CTEC

In this course Stuart provides an in-depth review and update of significant IRS activities.

Publication Date: October 2015

Designed For
All tax practitioners in public and private practice who need to understand the basics and recent changes in the tax law and procedures.

Topics Covered

  • Tax aspects of marijuana industry
  • Streamlined application for tax-exempt status
  • Offers in compromise
  • Correspondence audits
  • Electronic filing and EFIN
  • Taxpayer Advocate Service

Learning Objectives

  • Recognize the IRS's new areas of emphasis
  • Identify how to prepare for the next filing season
  • Evaluate and eliminate mistakes in dealing with the IRS
  • Recognize the ethical responsibility you have as a CPA to encourage clients to comply with tax law of non-payment and the percentage it affects
  • Identify the most recent figures from 2013 which the IRS assessed to civil penalties and the aggregated amount
  • Recognize the sponsored bills in U.S. senate and the ramifications as a tax preparer
  • Identify how to advise clients who want to fight an accuracy-related penalty assessed by the IRS
  • Recognize the impact IRC has on states that have legalized the sale and use of marijuana
  • Differentiate if a taxpayer is still able to take a deduction for ordinary and necessary business expenses
  • Identify which deductions are recognized by the IRC §263A(a)(2) for marijuana resellers in states that have legalized marijuana
  • Describe applicable business deductions to clients in the medical marijuana business
  • Recognize characteristics that apply to a 501(c) nonprofit organizations
  • Identify which type of 501(c) organization applies to a credit union
  • Recognize and implement steps to take to create a nonprofit organization, prior to beginning operations
  • Recognize how to assist clients to apply for retroactive tax exempt status and the required deadline
  • Identify the requirements that apply when filing Form 1023 or Form 1024 with the IRS for exempt status for a nonprofit organization
  • Identify reasons which most likely undermine an application to the IRS to accept an organizations application as an exempt 501 (c) organization
  • Recognize where organizations are ineligible to use Form 1023EZ based upon the origination of the laws
  • Evaluate when to file Form 13711 if you were trying to work out an offer in compromise (OIC) with the IRS
  • Evaluate the percentage of 2015-2016 returns will be examined by the IRS
  • Identify which topic the IRS is utilizing its resources is shifting its focus to
  • Recognize the U.S. tax gap amount in annual lost revenue
  • Identify why the IRS wants to amend Title 31 of the Internal Revenue Code (IRC) to require certification of all tax preparers
  • Utilize the TIGTA report to anticipate potential IRS examinations
  • Apply the IRS Taxpayer Service changes for 2015 & 2016 tax years
  • Recognize tax issues that apply to client cases and the potential filings subject to IRS examination
  • Identify the code sections impacting taxpayers to to take deductions for marijuana sold in states where marijuana has been leagalized
  • Recognize IRC §61 and how it applies related to gross income from illegal activity
  • Identify which Form would be used to streamline an application to the IRS for 501 (c) tax-exempt
  • Recognize who needs to be included in establishing an exempt 501(c) organization board of directors and the characteristics it takes
  • Illustrate the characteristics governed by the bylaw document that must be followed in forming an exempt 501 (c)
  • Identify the percentage required for an exempt 501 (c) organization quorum as mandated by state laws
  • Differentiate the application process for an organization from the application process for a newly established organization under 501 (c)
  • Illustrate how to navigate the IRS search tool online
  • Identify how many months are required in order for a tax-exempt status to be retroactive to the incorporation date of a non-profit 501 (c) organization
  • Recognize the most important criterion for applying for tax-exempt status for a new organization
  • Identify the maximum percentage of all expenditures administrative expenses
  • Identify the criteria required for a an organization applying for tax-exempt status must not excess in gross receipts
  • Differentiate the types of organizations that are ineligible for using the 1023EZ form to apply for tax exempt status
  • Recognize the rules applied once a taxpayer has worked out an offer in compromise (OIC) with the IRS
  • Identify the time length a taxpayer has to appeal an IRS rejection of an OIC
  • Identify the best practices for correspondence audits and the most important issues

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (6 hours)

Program Prerequisites
A basic understanding of tax preparation.

Advance Preparation
None

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