Everyday Tax Rules: Tax Tips from 38 Years in the Trenches (Completed)

Date: Tuesday, February 23, 2021
Instructor: Greg White
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

We’ll cover important concepts you can use in your daily practice. You’ll leave the course more comfortable with important principles that underly tax practice. Purchases of a businesses and sales of a businesses.

Topics Covered

  • The "Cohan rule"—deducting estimated expenses
  • Using reasonable allocations to avoid "spinning your wheels" on detail
  • Using the "primary purpose" test to determine the nature of deductions
  • Avoiding "phantom income"

Learning Objectives

  • Identify the availability of the "Cohan rule" to make reasonable estimates of expenses when no reliable evidence of the exact amounts
  • Recognize how to use reasonable allocations to quickly complete tax returns
  • Describe how to maximize losses on the administration of an estate
  • Identify how to use written allocations to ensure that desired tax outcomes will be achieved.

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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