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Internal Revenue Service Federal Tax Update

Morning Session: 1-4 PM EST

Internal Revenue Service Federal Tax Update

During this course, various Internal Revenue Service expert, Richard Furlong will discuss current tax topics impacting Federal taxes.

  1. Tax Law Updates from a Tax Forms Perspective
  2. Expanded Child Tax Credit: Advance CTC Payments and Reconciliation Required on 2021 Tax Returns
  3. Charitable Remainder Trusts: Correctly Structured CRTs vs. Abusive CRTS
  4. Cybersecurity Issues Impacting Tax & Accounting Professionals
  5. Schedule K-1 Reporting: Insuring Accurate Reporting to S-Corp Shareholders, Partners, and Trust Beneficiaries
  6. Foreign Investment in U.S. Real Property Tax Act – FIRPTA
  7. IRS Tax Pro Accounts: Digital Disclosure Authorizations

Afternoon Session: 4:00-5:15 PM EST

TBD

The IRS has issued tangible property guidelines under Code Section 263(a) that provide a new framework for distinguishing capital expenditures from supplies, repairs, maintenance, and other deductible business expenses. However, there is still confusion in the tax community about applying these mandatory Regulations. Join us as our speaker, Kevin Jerry of Cost Segregation Services Inc. (CSSI), leads a discussion on the general framework and misconceptions of the new regulations as well as how they can be applied with Cost Segregation, The Cares act and the Real Estate Professional status.

Learning Objectives:

  • Review tax updates
  • Examine current events influencing tax reporting
  • Review the restoration, betterment and improvement rules under 263a
  • Discuss the small taxpayer safe harbor and routine maintenance safe harbor
  • Understand the basics of asset disposition and removal costs
When: Tuesday, November 23rd, 2021. 1:00 PM to 5:15 PM EST
Where: Your home or office
Speaker: Richard Furlong 
CPE Credits: 4 Tax CPE
CLE Credits: 4 Substantive CLE 
Program Level: Basic
Prerequisites: None
Advanced Preparation: None
Delivery Method: Group Internet-Based

About the Presenters:

Richard Furlong is a Senior Stakeholder Liaison in the Mid-Atlantic Area Stakeholder Liaison office of the Internal Revenue Service Small Business/Self-Employed Division. Stakeholder Liaison serves as the primary IRS liaison office to tax practitioner organizations throughout the country.

Mr. Furlong coordinates the annual IRS Eastern Pennsylvania “Working Together” Conference, which is a joint effort of public and private tax professionals to enhance the level of communication, education, and trust between these organizations and individuals. Mr. Furlong is also a member of the PA IRS/Practitioner Liaison Council and he coordinates the annual meeting between IRS and the Pennsylvania Institute of Certified Public Accountants (PICPA). Each year, Mr. Furlong represents IRS at practitioner CPE sessions throughout Pennsylvania where he discusses IRS policies and procedures, tax law issues, and IRS electronic tax administration. Mr. Furlong is a graduate of the University of Pennsylvania Wharton School with a Bachelor of Science degree in Economics.

About CPE/CLE:

* The ALA partners with McDevitt and Kline LLC for certificate issuance. Live, internet-based courses are approved as Distance Learning courses by the PA Supreme Court CLE Board. For additional information, please visit http://www.pacle.org/. Check with your State CLE Board for rules pertaining to live webcasts. These rules differ from state to state. For example, PA attorneys may earn up to 6 CLE credits per compliance period via live webcasts (or 6 out of 12 credits per year); NJ and DE attorneys may earn up to 12 CLE credits per compliance period via live webcasts (or 12 out of 24 credits per two years).
McDevitt & Kline, LLC is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site:www.nasba.org.


Non-Members use the "Register Now" button.