Tax Toolbox

Assuming that AirBnb (short-term) rentals are treated the same way as long-term rentals when preparing tax returns may be detrimental to your clients’ tax situation. Taxpayers and tax professionals are receiving misinformation everyday about short-term rentals, so our goal is to dispel the myths and confusion surrounding this topic. The course will cover all applicable rules related to short-term rental reporting for tax purposes, including:

• Where the activity should be reported on the return (Schedule C vs Schedule E)
• The passive activity limitations and treating short-term rentals as nonpassive
• Rental real estate investment partnerships
• Depreciable life of the rental and the ability to apply Section 179 or bonus depreciation to improvements
• Net Investment Income Tax, QBI, and Excess Business Loss Limitations
• Detailed due diligence templates to utilize when working with clients

Most tax professionals have at least a few clients who own multiple rental properties or are considered real estate professionals under the tax code. In this session, we will explore a multitude of tax planning strategies related to rental properties that may drastically reduce your client’s tax liability.

Learning objectives:

• Identify which real estate strategies may be applicable to clients
• Understand proper implementation and due diligence related to each strategy
• Break down cost segregation studies and proper reporting
• Understand the benefits, risks, and limitations surrounding real estate professional tax status

They’re lurking all around us, sometimes hiding in plain sight. You never know who around might be an UNSUB (Unethical Subject). Join the UBAU (Unethical Behavior Analysis Unit) as we profile some of the most egregious ethics violations, and explore the pitfalls that can lead otherwise ethical preparers astray. Using Circular 230 as our guide, we’ll examine the code of ethics that governs all in our profession. With an emphasis on education, due diligence, and conflicts of interest, we’ll tackle cases ranging from questionable to criminal.

Learning objectives:

• Understand how Circular 230 impacts day-to-day office operations
• Identify ethical violations and explore ways to handle situations ethically