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Principles of Taxation: Ideas and Planning (Currently Unavailable)

CPE Credit:

8 hours for CPAs
8 hours Federal Tax Related for EAs and OTRPs
8 hours Federal Tax Law for CTEC

Join expert Greg White, CPA, as he walks through important planning opportunities in a broad variety of areas, including: Important judicial concepts (claim of right, assignment of income), choosing the best taxable year for clients, changing accounting methods to save client’s money, choosing the best type of entity for new clients, and a bevy of other tax saving ideas.

This course is excluded from the following subscription programs:
Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar Package, and Firm Package.

Publication Date: April 2020

Topics Covered

Allocating purchase price for Real estate and business acquistions
When clients can claim a deduction that amounts that another person paid on their behalf
Creating losses in inherited property
Choosing taxable years
Choosing accounting methods
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Including changes from accrual to cash, and also changes from keeping inventories to not keeping inventories
- We'll provide sample Forms 3115 to assist in preparing method changes
- Choice of entities: When to choose the best entity
- Maximizing interest deductions using the interest tracing rules
- Planning for passive activities
- Reducing taxes on the sale of a business
- Capitalizing transactional costs (legal fees, etc.) when acquiring assets or a business
- Maximizing the tax benefit for "claim of right" payments
Learning Objectives
- Recognize and apply concepts and strategies to implement into your tax planning
- Identify how to allocate purchase price in Real estate and business acquisitions
- Recognize how to determine when clients can claim a deduction that amounts that another person paid on their behalf
- Describe how to create losses in inherited property
- Recognize how to choose taxable years
- Differentiate when to choose which accounting method
- Describe choice of entities
- Recognize how to maximize interest deductions using the interest tracing rules
- Identify planning ideas for passive activities
- Recognize how to reduce taxes on the sale of a business
- Identify how to maximize the tax benefit for "claim of right" payments
Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (8 hours)

Program Prerequisites
None

Advance Preparation
None

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