Working on the 4797 2 Credits
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Whether you’re an enrolled agent, a CPA, or a dedicated tax preparer, there’s one thing that holds come tax time: preparing a client’s tax returns is rarely simple. Depending on the client, there may or may not be a big stack of forms, tables, and spreadsheets that you’ll have to navigate. Some clients bring you the proverbial shoebox full of receipts and expect you to simply go through them and sort out their entire prior year’s transactions. Others simply have no records whatsoever and don’t know where even to begin.
When you’re working with a business, though, there’s one thing that often throws a wrench in the works for a tax preparer, even if the client has kept excellent and highly detailed records. We’re talking about the sale of business assets, and the accompanying IRS form 4797 goes along with them.
There are plenty of complicated and often dreaded IRS tax forms out there. Still, form 4797 stands apart from the crowd as a particularly challenging form to understand. Form 4797, Sales of Business Property, is one of the most complex but necessary forms practitioners prepare. Sales of intangible and tangible property are reported here, along with the calculation of the related gains and losses, including depreciation and Section 179 recapture.Â
In this CE/CPE webinar, speaker Nick Preusch will dive deeply into Form 4797 and how to report and properly fill out the form.Â
The form mainly deals with the sale of business assets. However, there are a couple of quirks that we will look at such as Preferred stock, mark-to-market traders, 1244 stock, and small business investment company stock to name a few.
Key Topics Covered:Â
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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).
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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
CC
Great webinar! The presenter was very knowledgeable and shared a lot of real live examples. Loved the two table and chart that you shared with us. I'll definitely refer to them as needed. I also I liked how the presenter went over Form 4797 line by line.
JG
I do feel that some questions on the final were not primarily related to the depreciation topic, but other than that it was a fine experience.
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.webp "Annual Federal Tax Update - Individuals (Form 1040)")
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