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Event Description

This program focuses on the actions individuals and businesses can take, even at the “last minute,” to reduce their taxable income or take advantage of a tax credit.

Program Includes:
• What businesses and individuals can do in the last month of a tax year to secure tax deductions
• Accruals that are permitted to cash basis taxpayer – Adoption of qualified plans
• Court decisions affecting ordinary taxpayers with common issues
• Inflation adjusted amounts of various deductions and tax credits
• IRS Practice Units (Training programs created by IRS for RS agents)
   o “Basic Tools for Tax Professionals”
   o “Link & Learn Taxes”
   o “About” specific forms – 706, 709, 990, etc.

Designed For

Designed for: CPAs, EAs and Attorneys whose clients wait until the last month of their tax year to inform their return preparer of important transactions or to seek guidance on tax questions.

Objectives

Learning Objectives:
• Take advantage of important tax “elections”
   o Section 179
   o Bonus Depreciation
   o “De minimis rule”
   o R&D expenditures
   o Establish qualified plans to secure tax deductions
   o Using irrevocable commitment to accelerate contribution deduction by a corporation
• Create basis in order to claim losses
• Make beneficial accounting method changes that can reduce current year income
• Comply with any new reporting requirements
   o Take advantage of  favor able court decisions
   o Follow IRS published guidance and changes in the law
     –  Get maxim um allowable SALT deduction
     –  “Kiddie Tax” – How to report income of minor children
     –  Forms

Discussion Leaders

E. Nichols, CPA

Dean Cochenour, CPA, MBA

W McGough, CPA