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Is It Deductible: Commonly Asked IRS Deductions (UPDATED 2020)

4.5 (107)

Nicholas Preusch

YHB | CPAs & Consultants

Monday, August 03, 2020 | 01:00 PM EDT

  • AFSP
  • CFP
  • CPA
  • EA
  • Tax Preparer
  • CPA/PFS
  • CTEC

1 Credit

$10

Subject Area

Taxes

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Course Description

Being a Tax Professionals or CPA or Financial Advisor or any finance professional you would have been definitely ask this question Is this deductible?

Because every taxpayer wondered if you can itemize deductions on your tax return? Actually, they wondered what, exactly, itemizing means? They don't even know that Itemized deductions comprised of various types of certain expenses that you incur throughout the year (things that are—surprise, surprise—“tax-deductible”). If the total amount of these expenses is greater than the standard deduction amount, you should itemize instead of taking the standard deduction and may have a reduce tax liability.

When you’re filling out federal tax return this year, you’ll be asked to either calculate your itemized deductions or to take the standard deduction—an amount predefined by the IRS and based upon your filing status (e.g., single or married filing jointly). If you don’t qualify to itemize deductions, you will choose the standard deduction.

Major Topics Covered :

  • IRS Audits
  • Large Unusual Questionable(LUQs) Items
  • S Corporation Reimbursements
  • S Corp/C Corp - Compensation
  • Paying Kids
  • Home Improvements
  • Small Taxpayer Safe Harbor for Repairs
  • When Can We Deduct PAL’s without PAI
  • Rental Activity
  • Applicable Material Participation Rules for Rentals
  • Leased Land Exception

With the change in the tax law, and other previously confusing guidance from Congress and the IRS, clients often ask, can I deduct that? This CPE webinar will look at the most common deductions clients ask about and how to properly determine, is that deductible and give your client or colleague or friend the best advice? This is latest webinar is updated after the pandemic, covering the latest updates.

Learning Objectives

  • To identify the most common questions clients have about tax deduction
  • To identify proper tax treatment for these commonly asked areas of the law
  • To recall the application of new tax law to the different deductions that clients would enjoy in the past
  • Consider how clients can properly take advantage of these deductions, such as IRC 179 or bonus
  • Identify how the change in entity structure will effect common deductions, such as unreimbursed employee expenses vs. an accountable plan

Who Should Attend?

  • Bookkeeper
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Testimonial

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    [no_of_record] => 107
    [average] => 4.4953
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4.5

(107)
59%
32%
9%
0%
0%

CC

The course was great. Nick shared many great tax deduction concepts as well as legal premises to consist in an audit. The course benefited me by expanding my knowledge on this topic. Great Job! I am looking for future courses that Jamie may present

CF

This webinar is a must for tax practitioners. It is engaging, educational, and strategic, to help lower taxable income for the present and to plan for non-taxable income for the future.

NC

This webinar really gave me the inside scoop on what really happens and what to expect during an IRS audit.

LS

This was one of the best webinars I have watched in a very long time. I was super impressed by the presenter's knowledge and their effective use of time and really pointing to the correct issues to cover.

JS

Great presentation. A lot of f information squeezed into an hour. Of course with such in-depth information, more time is needed to go over it all. It's hard not to want to get everything out before the time ends. Nevertheless awesomely packed presentation and very knowledgeable presenters.

AA

This webinar was one of the best! So much insight was gained on different avenues to deal with audits and new tax laws. Wish I had another hour or two of this one.