Reporting Stock Income

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.

Cancellation of Debt

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 […]

Reporting Investment Income

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.

Installment Sales

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 […]

EIN Application and Changes

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.

Handling CP 2000 Correspondence

CP 2000: When to agree, when to disagree, or should I amend? Tips on organizing the response and verifying the IRS “corrections”.

Education Credits and §529 Plans

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.