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Top Federal Tax Issues for 2023 CPE Course: Module 1 (Currently Unavailable)

11 CPE Credits $24.00/credit hour
★ ★ ★ ★ ☆ 4.8 (769 ratings)
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 2023. They have been selected not only because of their impact on return preparation during the 2023 tax season but also because of the important role they play in developing effective tax strategies for 2023 and beyond. This module reviews 1099 essentials, understanding the new K-2 and K-3 filing requirements, how to handle the top 10 issues in an IRS small business audit, maximizing the employee retention credit, partnership and S corporation tax filing issues, and highlights for passthrough entities.
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 2022

Topics Covered

  • Overview
  • 1099 Essentials Start with the W-9
  • Data Validation Basics
  • Watch Out for the Middleman
  • Corrections Tips
  • B-Notice Response Best Practices
  • Protect Yourself
  • Overview of Schedules K-2 and K-3
  • Transition Relief
  • IRS Frequently Asked Questions
  • Other Issues
  • AICPA Requirements
  • The Top 10 Audit Issues
  • Honorable Mentions
  • Final Tips
  • Six Key Takeaways
  • Paycheck Protection Program Loans: Interaction with ERC
  • American Rescue Plan Act Changes to the ERC
  • Wages Paid to Majority Shareholders and Relatives
  • Partial Suspension
  • PPP Loan Forgiveness and the ERC: No Double-Counting
  • The ERC Reduces Deductions
  • Paycheck Protection Program Loan Issues
  • SALT Workaround Issues
  • Qualified Business Income Deduction: Issues and Reporting
  • Reporting Tax Basis Capital
  • Centralized Partnership Audits
  • Section 179 reporting
  • Reporting Passive Activity Loss Activities
  • Allocations of Profit and Loss: Partnership
  • Determining Shares of Liabilities: Partnerships
  • Qualified Opportunity Funds
  • Qualified Business Income Deduction
  • Entities Subject to Code Sec. 163(j)
  • The QBID and Rental Real Estate
  • Revenue Procedure 2019"38: Safe Harbor
  • Carried Interest
  • Employee Retention Credit

Learning Objectives

  • Identify the key elements needed to comply with IRS requirements and discover how best to respond to the IRS
  • Recognize what payments you are required to 1099 report and how to recognize when those payments are reportable
  • Identify Form 1099-NEC/MISC boxes
  • Describe what information you need from your payee to properly report a payment
  • Recognize how to use the W-9 to collect the correct information and when you are required to obtain a signed W-9
  • Identify how to use the IRS TIN Matching Program and how it can help ensure the information you have is correct
  • Differentiate Code Sections that apply to 1099 reporting
  • Identify best practices for B-Notices
  • Understand the purpose of Schedules K-2 and K-3
  • Identify the general requirements for Schedules K-2 and K-3
  • Recognize each part of Schedules K-2 and K-3 and who is required to meet reporting standards
  • Describe the relief options available for incomplete Schedule K-2 and K-3 filing
  • Describe the reasons for 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 an IRS small business audit
  • Identify the steps to prepare for a small business audit
  • Recognize how much annually the U.S. Treasury loses due to noncompliance
  • Recognize approximately what percentage of the tax gap is accounted for by individuals
  • Identify the factors the IRS uses to determine control with regard to worker status
  • Identify clients who qualify for the employee retention credit (ERC)
  • Explain how to compute the ERC
  • Describe how to allocate wages between Paycheck Protection Program (PPP) loan forgiveness and the ERC
  • Identify an advantage of using the prior quarter for the 80 percent test
  • Identify in which types of situations a business would qualify for a partial suspension
  • Recognize the establishments that would be subject to a partial suspension of the ERC caused by a government order
  • Name the form that should be filed if a business missed claiming the ERC
  • Identify key reporting issues in pass-through entities
  • Recognize how to provide the most useful information to the owner
  • Determine the amount in which phaseout of the qualified business income deduction (QBID) ends for single and married taxpayers
  • Describe correct statements regarding capital account reporting
  • Recognize the four situations that require reporting S corporation shareholder basis
  • Identify issues in tax basis capital reporting
  • Identify how to advise pass-through clients on the Tax Cuts and Jobs Act and CARES Act
  • Recognize and apply the new effective tax rates and 20 percent deduction for K-1 income
  • Describe tax incentives provided
  • Summarize court cases that found the rental real estate in question was in fact a business
  • Describe the different types of qualified opportunity funds
  • Identify the 2022 threshold amount for the qualified business income deduction (QBID) for married filing jointly taxpayers
  • Recognize aggregation factors with respect to QBID
  • Identify the number of ways a rental can produce qualified business income
  • Identify the 2021 maximum employee retention credit per employee per quarter
  • Recognize which form is used to claim the employee retention credit

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (11 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.

Steven D. Mercatante

Steven Mercatante is the principal and founder of TIR Consulting, LLC. He is a nationally recognized leader in tax reporting education and consulting on specialized compliance issues. He has conducted on-site consultation for corporate clients from across the world and led countless seminars and webinars for Convey Compliance Systems, IAPP, Balance Consulting, The Accounts Payable Network, Accounts Payable Now and Tomorrow, Progressive Business Conferences, The Center for Competitive Management, and more.

He is also a published author, with numerous articles published on tax and financial law, and he has authored and published a series of tax guides on topics such as: W-9/1099 & W-8/1042-S compliance and reporting, payment cards, U.S. State & Local Reporting, worker compensation issues, international tax compliance, and more.

Allison McLeod

Professor McLeod, LL.M., JD, CPA, is currently a full-time Senior Lecturer at the University of North Texas, where she has taught classes in Corporate Income Taxes, Multi-jurisdictional Taxes, Individual Taxes, Tax Research, Ethics and Financial Accounting. She has taught as an adjunct professor at the University of North Texas College of Law.

Prior to Professor McLeod going into academia, she worked for 18 years in industry and in a Big Four accounting firm. Professor McLeod earned a law degree from Baylor School of Law, and an LL.M. degree in Taxation from Southern Methodist School of Law. She has been a licensed CPA since 1993 and has been licensed to practice law since 1992. Professor McLeod has enjoyed teaching live ethics course to CPAs since 2011 and is the owner of  www.cpaethicsonline.com, which offers on-line self-study courses to CPAs. She currently serves on the Professional Ethics Committee of the Texas Society of CPAs.which offers on-line self-study courses to CPAs. She served on the Professional Ethics Committee of the Texas Society of CPAs and the AICPA CPA Exam Committee (REG).

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.

James R. Hamill

Dr. Hamill is the Director of Tax Practice at Reynolds, Hix & Co., P.A., in Albuquerque, New Mexico. He is the author of more than 36 CPE courses and more than 100 articles in professional tax journals and writes a weekly column on tax issues for the Albuquerque Journal. He has lectured on structuring tax transactions throughout the country for international CPA firms, State CPA Societies, and numerous other organizations. He has developed and instructed webinars on a variety of tax topics over the past 10 years. He is a CPA in New Mexico, a past Chair of the New Mexico Society of CPAs, and has 40 years of experience in tax practice.
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