You have probably already taken webinars about new tax laws related to COVID, but COVID is affecting many of your clients in other ways as well. In this seminar we will focus on the "side-effects" of COVID.
Termination of a Business
Many business owners will throw in the towel as a result of COVID. Hopefully they will be able to sell their businesses rather than walk away with nothing. We provide a handy checklist of tasks that must be completed upon termination of a business. You will also learn how to report the sale of a sole-proprietorship, including the sale of business assets, installment sales, payments for agreements not to compete, and the Asset Acquisition Statement that must be filed by both the buyer and the seller.
Cancellation of Debt Income
Many homeowners will lose their homes because they couldn't make payments during the COVID crisis, and many businesses will not survive and will default on their business loans. Learn how to report foreclosures, repossessions, and other debt discharge events using an amazing series of worksheets that will lead you through all the required calculations step-by-step.
Learn how a bankruptcy filing affects the taxpayer's tax return, both in the current year and in future years.
Tax Stuff You Thought You Knew
There are always a few details of a new tax law that you miss hearing about, or your understanding is just a little bit off, and with as many new tax laws as we have had in recent years there are lots of opportunities to have missed something! We won't waste time going through all the details you already know. We will skip right to the thing that you might be getting wrong. You may need to prepare some amended returns after this session!
Form 4797 & Installment Sales
The termination of a business means the disposition of all the assets. They may be sold, sent to the garbage, or taken home by the owner, all of which have tax consequences. We will also look at special rules that apply when assets are sold in an installment sale.
On-demand webinars will include a digital copy of the manual.
Lisa Ihm, EA has been teaching seminars nationwide since 1986. Rather than simply reciting the rules, she digs below the surface to make you think about how tax laws affect your clients and how you can use those laws to your clients’ benefits.
Many of you have attended Brass Tax webinars with Ryan Reichert, EA, CFP® as the speaker. Now you will finally get to meet him in-person. Ryan’s background in tax law research, financial planning, and corporate/individual tax preparation makes him especially equipped to tackle the interpretation of new tax legislation. His dynamic, step-by-step, approach helps tax preparers understand the application of unfamiliar and often complex new tax laws.
Our seminars are designed to meet the requirements for continuing education for EAs, CRTPs, and CPAs. We have entered into an agreement with the Office of the Director of Practice, 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 Director of Practice as to the quality of the program or its contribution to the professional competence of the enrolled individual.
This seminar has been designed to meet the requirements of the California Tax Education Council. This does not constitute endorsement by the CTEC as to the quality of the course or its contribution to the professional competence of the preparer.