Summer Tax Webinar Series - August 2016

How to Prepare Your IRS Appeals Request - August 23, 2016 - Noon to 1 PM (CST)
Approved for 1 hour CPE – Federal Tax Law - Program # Y7WRM-T-00150-16-O

• If you disagree with the IRS's determination, you may request an Appeals conference by filing a written protest. To decide if you should appeal the tax dispute, consider the following:
  • If you believe the IRS made an incorrect decision based on a misinterpretation of the law, check the publications discussing your issue(s), or refer to Tax Topics.
  • If you believe the IRS did not properly apply the law due to a misunderstanding of the facts, be prepared to clarify and support your position.
  • If you believe the IRS is taking inappropriate collection action against you, or your offer in compromise was denied and you disagree with that decision, be prepared to clarify and support your position.
  • If you believe the facts used by the IRS are incorrect, then you should have records or other evidence to support your position.
• You determined that an appeal is necessary, so where do you begin?  Is there a format or a form that can assist? What documentation is needed to support the position taken on the return? How do you structure your request?  These and more will be discussed.

Hobby Losses - August 25, 2016 - Noon to 2 PM (CST)
Approved for 2 hours CPE – Federal Tax Law - Program # Y7WRM-T-00151-16-O

• A number of taxpayers who have significant income from other sources reduce their taxable income by reporting losses from activities that may or may not be engaged in for profit. It is up to IRS examiners to make a factual determination whether an activity is engaged in for profit.
• IRC § 183 generally limits deductions, in the case of an activity engaged in by a taxpayer, if the activity is not engaged in for profit.  The nine elements the IRS considers when make the determination will be discussed, as well as what entities §183 applies to. Also discussed will be § 183(d) which provides a presumption that an activity is engaged in for profit if the activity is profitable for 3 years of a consecutive 5 year period or 2 years of a consecutive 7 year period for activities that consist of breeding, showing, training, or racing horses.  The Form 5213, Election to Postpone Determination as To Whether the Presumption Applies That an Activity Is Engaged in for Profit, is used when taxpayers wish to postpone an IRS determination as to whether the presumption applies that they are engaged in an activity for profit.  The class will cover these aspects and more.

Net Operating Losses - August 30, 2016 - Noon to 2 PM (CST)
Approved for 2 hours CPE – Federal Tax Law - Program # Y7WRM-T-00152-16-O

• NOLs for individuals, estates, and trusts. How to figure an NOL, when to use an NOL, how to claim an NOL deduction, and how to figure an NOL carryover will be discussed.  A review of the steps used to calculate the NOL as well as the preparation of Form 1045.