The most commonly reported transactions for clients are income from dividends and sales of securities. This webinar will review the ins and outs of reporting dividends, (including dividends that qualify for the 199A deduction), nondividend distributions, distributions in lieu, capital gain distributions, sales of securities, and mutual fund income.
Financial hardships cause taxpayers to lose properties in foreclosure, file bankruptcy, or restructure debt in some fashion. We’re seeing a lot of Forms 1099-A, Acquisition or Abandonment of Secured Property, and 1099-C, Cancellation of Debt, included in our client’s year-end tax info. We need to understand if our client has taxable income as a result […]
We walk through the 1099-B, covering interest, securities, adjustments, bond discounts and premiums, derivatives, margin trading and straddles. Using easy to understand examples, we’ll talk about what it all means in addition to showing you where to report these different items on the tax return.
An installment sale in a sale in which the seller allows the buyer to make payments over more than one tax year. Using the installment sale methodology, the seller has the option to report the gain over the life of the installment sale agreement or elect to tax it in its entirety in the year […]
The EIN Process will be reviewed and we will address issues of when a new EIN is needed, how to terminate, how to inquire when an EIN may be wrong or lost by the client. The trust EIN when also be addressed.
CP 2000: When to agree, when to disagree, or should I amend? Tips on organizing the response and verifying the IRS “corrections”.
This one-hour course is an overview of the American Opportunity Credit, the Lifetime Learning Credit, and §529 plans. We’ll discuss the requirements for client to qualify for the credits, how to determine the taxable portion of a §529 distribution and take a quick look at other tax-advantaged education ideas.