All New Basis Consistency Regulations and IRS Form 8971 (audio)

  • Credits: 1
  • Format: Self-Study Audio
  • Field of Study: Federal Tax Law
  • Author/Speaker: Bradley Burnett
Available Formats:      
Advanced Preparation: None
Experience Level: Basic
Program Prerequisites: General Understanding of Taxation
Course ID: EWTFM-T-01862-22-S | 6233-CE-0576 | BB-201.22-SA
Published Date: April 2022
COURSE DESCRIPTION

To enlighten as to how Congress has mandated basis consistency in a broad variety of contexts, including how the 3-year period of limitations for tax assessment is extended to 6 years, as well as the basis of assets inherited by beneficiaries. To explore the timing and detail of the new IRS Form 8971 and the devastating consequences of failure to comply with the vast array of Congress, Treasury, and IRS’s new rules.

Topics include:

  • Highway Funding Bill Basis Mania
  • §6501 – Extension of 6 Year Statute of Limitations to Basis Overstatements
  • New IRC §1014(f) – Basis Consistency Requirement
  • New IRC §6035 – Basis Reporting to IRS and Heirs
  • Congress Blocks the Trick Play
  • Treasury Response – Proposed and Temp Regs
  • Form 8971
  • Basis Consistency - Penalties for Non-Compliance
  • Zero Basis Rule
  • Later Adjustments to Value
  • Subsequent Transfers
  • Consistent Basis and Form 8971 – Future Outlook


Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Other Tax Return Preparer (OTRP)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorships:
NASBA
IRS
CTEC