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

4.3 (102)

Nicholas Preusch, CPA

PBMares, LLP

Thursday, March 25, 2021 | 10:30 AM EST

  • AFSP
  • CPA Canada
  • CFP
  • CPA
  • EA
  • Tax Pros
  • PFS
  • CTEC

1 CPE | 1 CE

$10

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CPD credit (Verifiable) for CPA/PFS

1 CE credit of Tax Planning for all CFPs (CFP Board Approved : 8061)

1 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)

1 CE credit of Federal Tax for Oregon Tax Preparers

1 CE credit of Federal Tax for Maryland Tax Preparers

1 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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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?

  • 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

Testimonial

4.3

(102)
51%
27%
20%
2%
0%

CC

Great course

RS

The my CTE platform works well & the professors teach well.

SM

THE INSTRUCTOR COVERED ALL THE TOPICS THAT I WAS UNSURE OF

KA

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

CD

agree

CO

the platform is easy to use. Questions come through easy to answer.