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Is It Deductible: Commonly Asked IRS Deductions (Latest)

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • CPA/PFS
  • MRTP
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

Being a Tax Professionals or CPA or Financial Advisor or any finance professional you would have been definitely asked 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 are 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 reduced tax liability.

When you’re filling out a 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.

This online CPE/CE webinar covers the following key topics:

  • 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 online CPE/CE course 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 latest Tax CE/ CPE webinar is updated after the pandemic, covering the latest tax 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

Recommended For

  • This IRS-Approved CE course is recommended for CPAs, EAs, AFSPs, and Other Tax Professionals involved in the preparation and review of federal tax returns.

Who Should Attend?

  • Accountant
  • California Registered Tax Professional
  • Certified Financial Planner
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Financial Planner
  • Finanical Analyst
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Personal Financial Specialist (PFS)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CPD Credit for Personal Financial Specialist (PFS)
  • 1 CE Credit of Federal Tax Related Matters for Enrolled Agents (EA) (Approval No. GEHNZ-U-00226-20-O)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-00226-20-O)
  • 1 CE Credit of Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-00226-20-O)
  • 1 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0231)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit for Accountant/Bookkeeper/Tax Professionals

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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.

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.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

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).

Faq

FAQs content

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  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.4

206 Ratings

Excellent

110

Very Good

68

Average

26

Poor

2

Terrible

0

RS

Rayna Schrick, Accountant, EA, CPA/PFS

Dec 8th, 2020

It was very informative to learn about tax deduction, different cases that contribute to employment tax laws, and I highly recommend it to those dealing with IRS regarding employment tax.

JL

Jennifer Lusby, CPA (US)

Dec 15th, 2020

Greatly enjoyed learning something new! This was not just a rehash of well-known information. We were also given informative tools to share with clients.

SM

Susan Mcmillen, CRTP

Dec 8th, 2020

THE INSTRUCTOR COVERED ALL THE TOPICS THAT I WAS UNSURE OF

MC

My CPE, EA

Oct 29th, 2020

I was surprised - I did learn some things! Good presenter.

SS

Stefanie Steinhofer, Accountant, EA

Dec 18th, 2020

Excellent speaker with pertinent information.

Is It Deductible: Commonly Asked IRS Deductions (Latest)

PREMIUM

1 Credit

Subject Area

Taxes

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