Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2025 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
ll cover important concepts you can use in your daily practice. You’ll leave the course more comfortable with important principles that underline tax practice. Purchases of a business and sales of a business.
Publication Date: February 2023
Designed For
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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
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.