This course provides a comprehensive guide to calculating the Deceased Spousal Unused Exclusion (DSUE) and reporting gift taxes on Form 706. Participants will learn how to properly compute and allocate the DSUE amount, navigate portability elections, and understand its impact on future estate and gift tax planning. The course also covers compliance requirements, common errors, and strategies to optimize tax benefits for surviving spouses and beneficiaries.

Related party rules are factors that often affect characteristics of income and deductions like the timing or character, and may even prevent losses and deductions completely. This class will provide a basic overview of the assortment of Internal Revenue Code provisions that make up related parties and rules applicable to these issues. Over the years Congress has instituted various measures to safeguard from related party manipulations. The effect of ascertaining certain taxpayers as “related” may cause a transaction to achieve federal income tax consequences substantially different than a transaction accomplished by parties that are not related. Because the core definition of “related parties,” as found in IRC §267, is frequently cross-referenced by other sections throughout the Internal Revenue Code, an analysis of this definition is paramount in determining the impact of other sections, as well.

What happens when your clients divorce? Divorce is an emotional occurrence for all involved. What is the significance of the tax professional assisting clients through this difficult time? This course will explain the importance of working with and advising our clients on tax related divorce issues. We will discuss filing status, name change, joint & separate responsibility & liability. We will explore dependents and associated tax credits. Analyze retirement plans, alimony, child support, property settlements, allocating estimated payments, NOLs, and Capital Loss carryovers.

This course focuses on the reporting requirements for excess gift taxes on Form 709, providing detailed guidance on calculating and disclosing gifts that exceed the annual exclusion amount. Participants will learn how to apply the lifetime exemption, report split gifts, and navigate the interplay between gift and estate tax planning. The course also emphasizes compliance with IRS regulations to ensure accurate reporting and avoid potential penalties.

Provides an in-depth look at the key provisions of the SECURE Act 1.0 and 2.0, focusing on the most impactful changes affecting retirement planning and tax compliance. Participants will explore updates to required minimum distributions (RMDs), expanded retirement plan access, and new tax incentives for employers and individuals. The course emphasizes practical applications and planning strategies to help tax professionals navigate these evolving regulations effectively.

Overview

This course provides an in-depth look at the methods the IRS uses to reconstruct income in tax fraud cases, focusing on indirect income verification techniques. Participants will explore the bank deposits method, net worth method, and expenditure method, along with how these approaches are used to identify unreported income. The course also covers key compliance considerations, red flags for fraud detection, and strategies to ensure accurate income reporting and audit preparedness.

Objectives

• What are the primary methods used by the IRS to reconstruct income in tax fraud cases, and how do they differ in application?
• How can taxpayers effectively defend themselves against accusations of income tax fraud, particularly when using the net worth method?
• In what ways do “badges of fraud” influence the determination of willfulness in tax evasion cases?
• What impact does the burden of proof shift have on the prosecution and defense in tax evasion cases, particularly in terms of unreported income?
• How does the concept of willful blindness apply to taxpayers who fail to report foreign financial accounts?
• What role do non-taxable sources of income play in defending against claims of unreported taxable income?
• How can the accuracy of the government’s calculations regarding a taxpayer’s net worth be challenged in court?
• What factors do jury members consider when determining whether a taxpayer acted willfully in the context of tax evasion?
• How do indirect methods of proving unreported income complicate the legal process for taxpayers accused of tax fraud?
• In what ways can the presentation of evidence regarding a taxpayer’s lifestyle and expenditures affect the outcome of a tax fraud case?
• How important is the understanding of tax laws and filing requirements for individuals with foreign accounts in avoiding tax evasion charges?
• What are the potential consequences for taxpayers who fail to disclose foreign accounts, both legally and financially?