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
Instructors
Jim Buttonow
Jim Buttonow, CPA, CITP, has been a leader in helping taxpayers and tax professionals resolve tax problems with the IRS.
For 19 years, Jim worked at the IRS in various compliance enforcement positions. Since 2006, Jim has been in private practice and tax and accounting software development. Jim consulting practice focuses on the areas of tax controversy and tax administration. Jim led product development and marketing for a successful software company that developed tax problem software for tax professionals and has developed and implemented post-filing tax services to large tax providers, such as H&R Block and Jackson Hewitt. This software is currently being used by tens of thousands of tax professionals and businesses in the United States.
Jim has been an IRS partner in improving IRS operations and post-filing service to taxpayers. Jim served as chairperson of the IRS Electronic Tax Administration Advisory Committee (ETAAC) in 2015 and 2016 during which ETAAC played a central role in promoting the IRS digital strategy to develop transformative technology solutions to systemic challenges in tax administration. Jim also served as the North Carolina representative on the IRS’ Taxpayer Advocacy Panel (TAP) from 2020-2022.
Jim regularly speaks on areas of tax administration and problem solving to national associations and has testified before Congress in areas of tax administration. He has also published many articles in industry publications. In his articles, Jim focuses on delivering practical insights, advocating for IRS transparency and efficiency, and proposing innovative large-scale solutions for taxpayers and tax professionals.
Jim currently authors the Tax Problems and Solutions Handbook, a publication aimed at helping tax pros work more effectively in post-filing matters and resolving their clients’ most common tax problems. The book can be found online at TaxProblemsHandbook.com. Jim can be reached at Jim@buttonowcpa.com or at his website at buttonowcpa.com.
Jennifer Kowal
Jennifer Kowal, JD, has been a tax professor and the director of the graduate tax program at Loyola Law School in Los Angeles since 2003. Loyola’s graduate tax program offers an LL.M. in Taxation for attorneys and a Master in Tax Law for non-lawyers. Professor Kowal teaches courses in advanced income taxation, income tax timing issues, corporate taxation, and tax research, among others. Prior to teaching at Loyola, Professor Kowal taught in the International Tax Program at Harvard Law School.
She also practiced law with the firms of Irell & Manella in Los Angeles and Ropes & Gray in Boston, advising clients on the taxation of various business transactions, including cross-border, partnership and corporate structures. Professor Kowal holds a BS in Accounting with distinction from the University of Kansas, and a JD from UCLA School of Law, where she was a member of the Order of the Coif.