Summer Tax Webinar Series - July 2016

Travel, Meals and Entertainment - July 5, 2016 - Noon to 1 PM
Approved for 1 hour CPE – Federal Tax Law - Program # Y7WRM-T-00142-16-O

• One of the most audited areas by IRS, travel, meals and entertainment is also one of the most common tax deductions. What does it take to survive the IRS audit?  What is deductible and what kind of records are needed? An overview of the types of expenses that are deductible will be discussed.  In addition, tips on tracking mileage and other expenses electronically will be reviewed.  An overall review of these types of deductions should be conducted annually to stay on top of changes and per diem rate updates.

Preparing for a Gambling Audit - July 7, 2016 - Noon to 1 PM
Approved for 1 hour CPE – Federal Tax Law - Program # Y7WRM-T-00143-16-O

• If you have a client that gambles, chances are they could be audited in the future. Bring yourself up to date on the new rules concerning identifying a session and the kinds of records your client needs in case they are audited.  Believe it or not there is an app for that.  The program is easy to use and the client can easily record their playing sessions in less than a minute.

Your Client Dies, What’s Next? - July 12, 2016 - Noon to 1 PM
Approved for 1 hour CPE – Federal Tax Law - Program # Y7WRM-T-00144-16-O

• We will review the year of death filing status and what needs to be included on the final tax return.  When filing a return for a deceased taxpayer there are numerous steps that must be taken to file and receive a refund if one is determined.  Also, does an estate return need to be filed?  What about portability? What are the duties of a personal representative? Is an EIN required?  What forms are needed to obtain the decedents tax refund?  Who is responsible if they owe? A variety of issues will be discussed to enable you to file the final return.

Innocent Spouse - July 14, 2016 - Noon to 1 PM
Approved for 1 hour CPE – Federal Tax Law - Program # Y7WRM-T-00145-16-O

• Many married taxpayers choose to file a joint tax return because of certain benefits this filing status allows. Both taxpayers are jointly and individually responsible for the tax and any interest or penalty due on the joint return even if they later divorce. This is true even if a divorce decree states that a former spouse will be responsible for any amounts due on previously filed joint returns. One spouse may be held responsible for all the tax due even if all the income was earned by the other spouse.  In some cases, a spouse will be relieved of the tax, interest, and penalties on a joint tax return. The three types of innocent spouse relief available are:
  • Innocent spouse relief
  • Separation of liability
  • Equitable relief
• Each type of relief has different requirements.  We will review the relief options and cover when and how to file Form 8857, Request for Innocent Spouse Relief.

Select Adjustments to Income - July 19, 2016 - Noon to 1 PM
Approved for 1 hour CPE – Federal Tax Law - Program # Y7WRM-T-00146-16-O

• Educator expenses, certain business expenses of reservists, performing artists, and fee-basis government officials, moving expenses, the deductible part of self-employment tax, self-employed health insurance deduction, penalty on early withdrawal of savings, alimony paid, student loan interest deduction and tuition and fees are part of a group of adjustments to income. We will discussed each area and also provide the upcoming changes for 2016 for the educator expenses. An overall review and IRS issues will also be discussed as it relates to these adjustments.

ROTH IRA’s - July 21, 2016 - Noon to 1 PM
Approved for 1 hour CPE – Federal Tax Law - Program # Y7WRM-T-00147-16-O

• A Roth IRA is an IRA that has different characteristics when compared to the Traditional IRA.  An overview of the differences between a Roth and a Traditional IRA will be discussed. Issues concerning distributions and designated ROTH’s will also be addressed.  What the current phase out amounts and limits your client can contribute will be reviewed. Also, what are the major differences between a ROTH IRA and a Designated ROTH Account?

Injured Spouse - July 26, 2016 - Noon to 1 PM
Approved for 1 hour CPE – Federal Tax Law - Program # Y7WRM-T-00148-16-O

• Form 8379 is filed by one spouse (the injured spouse) on a jointly filed tax return when the joint overpayment was (or is expected to be) applied (offset) to a past-due obligation of the other spouse. By filing Form 8379, the injured spouse may be able to get back his or her share of the joint refund. A review of this filing and how to assist your client concerning past due obligations will be discussed.   How estimated tax payments are allocated will also be discussed.

Preparing for an IRS Audit  - July 28, 2016 - Noon to 1 PM
Approved for 1 hour CPE – Federal Tax Law - Program # Y7WRM-T-00149-16-O

• What steps are needed to prepare for an IRS audit of your clients return? Pre-audit is recommended.  Samples of Information Document Requests and tips on what to prepare in advance of the audit will be discussed.  What the auditor can and cannot do will be reviewed.   Due diligence up front before filing issues and examples will be cited.  Also in this session, new Form 14950 the Premium Tax Credit Audit request of information will be reviewed.