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

Author: Greg White

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.

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


Instructional Method

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

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