Top Federal Tax Issues for 2022 CPE Course: Module 1

Author: Jim Buttonow, Jennifer Kowal

CPE Credit:  7 hours for CPAs
7 hours Federal Tax Related for EAs and OTRPs
7 hours Federal Tax Law for CTEC

Wolters Kluwer's Top Federal Tax Issues Course identifies those recent events that have developed into the current “hot” issues of the day. These tax issues have been selected as particularly relevant to tax practice in 2022. They have been selected not only because of their impact on return preparation during the 2022 tax season, but also because of the important role they play in developing effective tax strategies for 2022 and beyond.

This module reviews how to handle the top 10 issues in an IRS small business audit, payroll tax returns deluged with change, and excess business losses under Code Sec. 461(l) and net operating losses.

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: October 2021

Designed For
CPAs and Tax Professionals.

Topics Covered

  • The IRS Interest in Small Businesses
  • Unreported Income
  • Business Versus Hobby
  • S Corporation Reasonable Compensation
  • Losses in Excess of Basis
  • Construction Industry
  • Worker Status
  • E-Commerce
  • Related Returns and Multiple Years
  • Form 1099 Noncompliance
  • Penalties
  • Other Small Business Audit Issues
  • Final Tips
  • Failure to Deposit Penalty
  • Payroll Tax Returns
  • COVID-19 Relief: Many Roads Lead to Payroll Tax Returns
  • Employee Retention Credit
  • Aggregation Rules
  • Payroll Tax Return Mechanics
  • Loss Limitation Hurdles
  • Excess Business Losses
  • Net Operating Losses
  • Qualified Business Income Deduction (QBID)
  • Code Sec. 163 (J) Business Interest Expense Limit
  • Code Sec. 163 (j): Partnerships and Partners
  • Code Sec. (K) Qualified Improvement Property (QIP)

Learning Objectives

  • Describe the reasons for the IRS compliance focus on small businesses
  • Recognize the top 10 IRS audit focus areas for small businesses
  • Describe how to evaluate a client's records and identify the critical records in every IRS small business audit
  • Identify the steps to prepare for a small business audit
  • Recognize how coronavirus pandemic relief programs affect payroll tax
  • Identify employee retention credit (ERC) and Families First Coronavirus Response Act (FFCRA) credits, and Paycheck Protection Program (PPP) forgiveness wage absorption
  • Recognize the complexity in the Code Sec. 461(l) and net operating loss (NOL) rules
  • Identify loss limitation hurdles post—Tax Cuts and Jobs Act
  • Describe non—C corporation excess business losses
  • Describe the changes to the tax treatment of NOLs as a result of the Tax Cuts and Jobs Act
  • Explain the provisions of Code Sec. 461(l)
  • Describe the qualified business income deduction
  • Recognize which entities are ineligible for the qualified business income deduction

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (7 hours)

Program Prerequisites
None

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $154.00

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