Small Business Recurring Tax Nightmares! WEBCAST

Overview

There are some areas of the tax law that seem to always create nightmares. Often, they spawn an expensive controversy. It’s been over 10 years since the Bipartisan Budget Act of 2015 (the BBA), which significantly changed the rules and procedures governing federal income tax audits of partnerships. Practitioners still struggle with the complexity and the various available elections. And, there are traps for the unwary. Whether it’s misclassifying a worker or failing to file a report for a foreign bank account, errors can be costly.

Highlights

Rules for tracking business interest, investment interest and personal interest expenses. Employee or independent contractor and risks of misclassification. The hobby loss rules and passive activity loss limitation rules. CTRs, reporting bank accounts, reporting entity interests and trusts and new rules for taking cash in or out of the EU. The partnership audit rules and tips for partnership audits. Qualification as a real estate professional and rental rules for real estate professionals. Tax treatment of casualty losses and casualty gains including the 1033 election for involuntary conversion items. Self-employment taxes of Subchapter S, LLC and LP owners.

Prerequisites

None.

Designed For

Industry and public accountants.

Objectives

Review core competency areas. Stay updated on changing tax laws and court rulings affecting clients and tax planning opportunities. Review core tax competency areas. Stay updated on changing tax laws and court rulings affecting clients and tax planning opportunities. Learn the rules affecting partnership audits under the BBA.

Preparation

None.

Notice

None.