American Rescue Plan Act of 2021

On February 27, 2021, The U.S. House of Representatives passed, by a vote of 219–212, a $1.9 trillion COVID-19 relief package. The U.S. Senate has not yet voted on this bill, but the presumption is that the Senate will act in some manner. How will this bill affect your clients? This course will cover this legislation from both a tax perspective as well as a stimulus perspective.

Highlights

• An understanding of the tax law changes made by the American Rescue Plan Act of 2021
• An understanding of the stimulus and relief issues made by the American Rescue Plan Act of 2021

DESIGNED FOR: CPAs, EAs, attorneys, and other tax professionals
RECOMMENDED CPE: 2 credit hours
PREREQUISITE: None
LEVEL: Update
FIELD OF STUDY: Taxes

Planning Considerations Based Upon Potential Biden Proposals

As tax professionals, we are used to advising clients on tax planning matters. This year is NO EXCEPTION. However, considering all the extraordinary issues that your clients faced in 2020, planning for this will be much more significant. The COVID-19 crisis, financial fluctuations, and the new Biden administration necessitates coordinated financial, tax, and estate client advice. This course will provide integrated planning ideas that will directly affect your client's 2021 planning needs

Highlights

• An understanding of President Joe Biden’s tax policy and proposals
• An opinion on how Congress will deal with tax changes
• How certain clients will need to deal with the potential for higher tax brackets
• Retirement planning considerations
• Income and deduction planning ideas
• Potential Estate and Gift Tax changes and how to update a client’s planning needs
• Year-end estate and gift planning ideas
• Year-end gifting ideas
• Charitable transaction planning
• Qualified Opportunity Zone planning
• Potential changes in IRC §199A and how these changes might affect certain clients
• Potential changes in the Affordable Care Act
• Roth conversion ideas

DESIGNED FOR: CPAs, EAs, attorneys, financial planners, insurance agents, and bankers
RECOMMENDED CPE: 2 credit hours
PREREQUISITE: None
LEVEL: Update
FIELD OF STUDY: Taxes

Surviving an IRS Audit Including Practice Before the U.S. Tax Court

This 4-hour webcast will provide attendees with tips and techniques when representing a client who is about to undergo an IRS audit of their various tax returns.

Highlights

• Overview with respect to dealing with the IRS
• IRS audit methodology and techniques
• What is practice before the IRS?
• Who can practice before the IRS?
• Engagement initiation and planning
• Engagement agreement when representing clients before IRS
• Rules of practice
• Return scoring
• Documentation backup and what might be requested
• Questionable treatment of reported information
• Taxpayer's Bill of Rights
• IRS practice procedures
• IRS's authority to audit returns
• IRS's summons authority
• Types of audits
• Audit reconsideration
• Audit strategies
• Appealing IRS decisions
• Taxpayer’s safeguards at examination
• What is a POA?
• Offer in compromise
• Tax professionals' audit practice management
• Recent tax legislation ramifications
• Various related topics

Learning Objectives

• Provide the tax practitioner with practical information to assist clients with surviving the dreaded IRS audit
• Provide the tax practitioner with information for the give and take of the IRS audit
• Provide the tax practitioner with various strategies for handling the IRS audit

DESIGNED FOR: Practitioners who need to be prepared when their client gets that unwelcome IRS audit letter.
RECOMMENDED CPE: 4 credit hours
PREREQUISITE: Basic knowledge of tax preparation.
LEVEL: Update
FIELD OF STUDY: Taxes