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

Course Details

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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.

Webinar Qualifies for

  • 1 CPE credit of Taxes for all CPAs
  • 1 CE credit of Federal Tax Subjects for CRTPs (CTEC Approved - 6273)
  • 1 CE credit of Federal Tax for Oregon Tax Preparers
  • 1 CE credit of Tax Planning for all CFPs (CFP Board Approved : 8061)
  • 1 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )
  • 1 CE credit of Federal Tax for Maryland Tax Preparers
  • 1 General Educational credit for Tax Professionals/Bookkeepers/Accountants

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

About Presenter

Nicholas Preusch, CPA

Tax Manager, Nicholas Preusch, CPA

npreusch@pbmares.com

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 VSCPA’s Tax Advisory Committee and the AICPA’s Tax Practice and Responsibilities Committee. Nicholas is an adjunct professor with 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).

FAQ

  • To receive CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete webinar and respond to all polling questions asked during the webinar. CPE is issued on 50 minute credit hour basis.
  • This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during/after the webinar.
  • If you are Canadian Chartered Professional Accountant (CPA) many of our courses qualifies for your verifiable CPD requirements you will get your certificate for the program. You can check a tab of “Webinar Qualifies for” for the same.However please do verify with respective regulatory body about the eligibility for the same.
  • Many of our courses are approved by “CFP Board” for CE credits of certified financial Planner(CFP). Please check a tab of “Webinar Qualifies for” to verify whether webinar qualifies for CE credits for CFP or not.

Refund/Cancellation Policy

For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128

In case any of the course or live webinars gets cancelled we would be refunding you the entire amount (if paid).

Reviews

4.5
(48)
58%
31%
10%
0%
0%
  • FO
    FRED OKAMOTO , EA
    Aug 3rd 2020
    I could not answer the questions after the first set because my computer lost all slides of your lecture this morning. Since I paid for this webinar please keep this correspondence for your files as I will be filing for a refund of the $10 fee. Thank you. Fred Okamoto 8/3/ 20.
JR
June Ruggieri , CPA
I loved it.
CD
Cedrick Draper , Bookkeeper
Platform proficient
RP
Reba Porter , AFSP
The presenter talked very fast - was somewhat hard to understand.

NASBA Approved

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 through its website: www.NASBARegistry.org.

IRS Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary

upcoming Live CPE Webinars

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Thursday, August 06, 2020 | 12:00 PM EDT View Details/Register
  • Cost $10
  • CPE Credits 1
  • CE Credits 1
  • CFP Credits 1
  • IRS Course ID GEHNZ-U-00226-20-O
  • CTEC Course ID 6273-CE-0231
  • CFP Course ID 273745
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method group internet based
  • Prerequisites None
  • Advanced Preparation None
  • Who should attend? Enrolled Agent Tax Attorney Tax Practitioners Bookkeeper CPA - Small Firm CPA - Mid Size Firm Tax Pros Tax Firm Young CPA CPA in Business Entrepreneurial CPA Tax Director (Industry) Tax Managers Tax Preparer
  • Handout Material Download

upcoming Live CPE Webinars

BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S)
Wednesday, August 05, 2020 | 09:00 AM EDT View Details/Register
Government Contract Accounting - Fundamentals, Indirect Rates, Cost & Price Proposal, CAS (Updated 2020)
Wednesday, August 05, 2020 | 09:00 AM EDT View Details/Register
TAX PRACTITIONERS ETHICS (LATEST 2020)
Wednesday, August 05, 2020 | 01:30 PM EDT View Details/Register
Digital Transformation Reduces Friction and Delivers a Modern 1040 Client Experience
Wednesday, August 05, 2020 | 02:00 PM EDT View Details/Register
How to Analyze Your Client’s Tax Situation Course Information
Wednesday, August 05, 2020 | 03:00 PM EDT View Details/Register
Schedule C for 1040 (2020)
Wednesday, August 05, 2020 | 03:00 PM EDT View Details/Register
3 Things Your Pricing Should Include in Today's Environment (Covid-19 Special)
Wednesday, August 05, 2020 | 04:00 PM EDT View Details/Register
Quickbooks Online (QBO) Mobile Application for Accountants
Thursday, August 06, 2020 | 09:00 AM EDT View Details/Register
IRS COLLECTION REPRESENTATION IN THE WAKE OF COVID-19
Thursday, August 06, 2020 | 10:00 AM EDT View Details/Register
Building a Framework for Regulatory Ethics
Thursday, August 06, 2020 | 10:30 AM EDT View Details/Register
Passive Loss Issues with Schedule K-1s
Thursday, August 06, 2020 | 11:00 AM EDT View Details/Register
S-Corp Preparation, Basis Calculations & Distributions – Form 1120S Schedule K & K-1 Analysis
Thursday, August 06, 2020 | 11:00 AM EDT View Details/Register
Top 10 Things All CPAs Need to Know About IRS Representation
Thursday, August 06, 2020 | 11:30 AM EDT View Details/Register
INTRO TO ACCOUNTINGSUITE™ & MULTI-CHANNEL INVENTORY
Thursday, August 06, 2020 | 12:00 PM EDT View Details/Register
Effective Leadership – Finding Common Ground Despite Differing Points of View
Thursday, August 06, 2020 | 12:00 PM EDT View Details/Register