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Is It Deductible: Commonly asked IRS Deductions (Updated 2020)

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer
  • ORTP
  • CPA/PFS
  • CRTP
  • CFP (US)

Published: October, 2020

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  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Overview

  • What IRS Audits focus on?
    6 mins
  • Questionable Items to check in the returns
    10 mins
  • Are Home Improvements deductible?
    20 mins
  • How Rental Depreciation can reduce your basis?
    33 mins
  • Why are we discussing about the passive activities?
    42 mins

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
  • To consider how clients can properly take advantage of these deductions, such as IRC 179 or bonus
  • To identify how the change in entity structure will effect common deductions, such as unreimbursed employee expenses vs. an accountable plan

Who Should Attend?

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

Course Qualification

Webinar Qualifies For

  • 1 CE Credit for Certified Financial Planner (US) (Approval No. 298700)
  • 1 CE Credit for Annual Filing Season Program (AFSP)
  • 1 CE Credit for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0231)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit for Enrolled Agents (EA) (Approval No. GEHNZ-U-00226-20-S)
  • 1 CE Credit for Oregon Registered Tax Preparers (ORTP)
  • 1 CPD Credit for Personal Financial Specialist (PFS)
  • 1 CE Credit for Tax Professionals (Approval No. GEHNZ-U-00226-20-S)

Presenter

About Presenter

Nicholas Preusch

Certified Public Accountant (CPA) Nicholas Preusch

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).

About Company

Nicholas Preusch

yhbcpa.com/

Nicholas Preusch, CPA, JD, LLM, is a tax manager with PBMares, LLP. 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

FAQs content

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Ratings and Review

4.1

49 Ratings

Excellent

17

Very Good

19

Average

12

Poor

1

Terrible

0

TT

Timothy Truman, AFSP, Tax Pros

Dec 10th, 2020

Great Information

HF

Haley Fell, CPA (US)

Dec 10th, 2020

very informative - good refresher

DB

Darlene Buss, EA

Nov 9th, 2020

great

JT

Joseph Tomczyk, CFP (CA), EA

Oct 28th, 2020

LOVE IT!

Darthula Goetz
Darthula Goetz, ORTP

Nov 24th, 2021

overall decent webinar