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Is It Deductible: Commonly Asked IRS Deductions (Latest)

  • AFSP
  • CPA (US)
  • EA
  • ORTP
  • CPA/PFS
  • CRTP
  • Maryland Tax Prep.

This Course is Also Available in Self Study (On-Demand)

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  • 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.
  • This CFP Board Approved CPE course is good for CFPs to earn their CPE credits.

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 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-O)
  • 1 CPD Credit for Personal Financial Specialist (PFS)
  • 1 CE Credit for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-00226-20-O)
  • 1 CE Credit for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-00226-20-O)
  • 1 CE Credit for Annual Filing Season Program (AFSP)

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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  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each 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

4.5

140 Ratings

Excellent

79

Very Good

47

Average

13

Poor

1

Terrible

0

CF

Carey Fleegle, CPA (US)

Feb 25th, 2021

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

Noel Canon, ACCT/BK, EA, Tax Pros

Jan 29th, 2021

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

LS

Lisa Sexten, CPA (US)

Jan 7th, 2021

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

Judy Simon, ACCT/BK

Dec 29th, 2020

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

Andrew Ahern, CPA (US)

Dec 28th, 2020

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.

Is It Deductible: Commonly Asked IRS Deductions (Latest)

$10

1 Credit

Subject Area

Taxes

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