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

Author: Greg White

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.

Publication Date: February 2021

Topics Covered

• Tax Framework
• Decision Making: Tax Professionals
• Revenue Rulings — Practical Uses
• Possible Controversy — IRS
• Taxpayer's Judgment: Court's Yield to Taxpayer's Business Judgments
• Tax Planning — It's a Marathon, Not a Sprint
• Planning: Be a '2”Move" Chess Player
• Trade Offs: Payroll Taxes vs. Social Security Benefits
• "Mailbox" Rule
• What If Another Pays Your Expense?
• Timing Differences (Accounting Methods)
• Bound by Written Allocations
• Rescission: Undoing Transactions
• Phantom Income
• The Cohan Rule and Estimates
• "Rough Hewn": Estimates and Allocations
• Reimbursable Expenses
• Distinguishing: Business vs. Personal
• Beneficial Ownership
• Using Effective Dates
• Cash Method: Bad Debts
• No Charitable Deduction Services: Use of Property
• Practice Tips

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.
• Recognize the percentage of taxpayers seeking an appeal settle with the IRS
• Identify which forms to use in various scenarios
• Describe Supreme Court cases and how they apply to your clients

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None