Overview
IRC 61 sets the standard for what income in the US Tax systems is taxed. All of it. That is all of it, unless expressly excluded under the Internal Revenue Code.
This webinar will go in-depth into IRC 61 and the most commonly excluded income. We will discuss how to identify the income and how to properly classify the income on the tax return. We will also look at the documentation that is needed for practitioners to properly due their due diligence to avoid any kinds of preparer penalties.
Since the IRC allows the statute of limitations to extend to six years when more than 25 percent of income is not reported, we will also look at different ways to avoid this extended statute of limitations should the determination that income is excludable when it actually would not be excluded.
Why you should Attend
As the tax code gets more complex, often people can get confused on what is taxable and what is not taxable income. Getting this issue wrong can be costly, as people will end up paying tax on income that is not required to be taxed. People should attend this webinar to get a good understanding of cash inflows and whether or not those in flows are going to be taxable.
Outside of the tax return, this is also an important issue as it comes up often in IRS audits. IRS auditors cannot close out a case until the identified all possible income and demonstrated that the taxpayer can live on their income that reported. Often the IRS auditors will try to tie down non-taxable sources of income early in the audit.
Areas Covered in the Session
Who Will Benefit
Speaker Profile
Nick Preusch primary focus is performing tax services for high wealth individuals and mid-to-large business entities. Nick’s responsibilities include tax research related to complex business transactions and tax return preparation and review. He also works closely with businesses and individuals to find tax efficiencies through ever-changing tax legislation. He was also an Internal Revenue Service (IRS) attorney at the IRS National Office in Washington, DC, where he was the lead attorney for several significant tax ethics cases.
IRC 61 sets the standard for what income in the US Tax systems is taxed. All of it. That is all of it, unless expressly excluded under the Internal Revenue Code.
This webinar will go in-depth into IRC 61 and the most commonly excluded income. We will discuss how to identify the income and how to properly classify the income on the tax return. We will also look at the documentation that is needed for practitioners to properly due their due diligence to avoid any kinds of preparer penalties.
Since the IRC allows the statute of limitations to extend to six years when more than 25 percent of income is not reported, we will also look at different ways to avoid this extended statute of limitations should the determination that income is excludable when it actually would not be excluded.
Why you should Attend
As the tax code gets more complex, often people can get confused on what is taxable and what is not taxable income. Getting this issue wrong can be costly, as people will end up paying tax on income that is not required to be taxed. People should attend this webinar to get a good understanding of cash inflows and whether or not those in flows are going to be taxable.
Outside of the tax return, this is also an important issue as it comes up often in IRS audits. IRS auditors cannot close out a case until the identified all possible income and demonstrated that the taxpayer can live on their income that reported. Often the IRS auditors will try to tie down non-taxable sources of income early in the audit.
Areas Covered in the Session
- Difference between exclusions and deductions
- Life insurance
- Gifts
- Inheritances
- Tax-exempt Interest
- Personal Injury
- Prizes
- Awards
- Scholarships
- Education Savings Bond Premiums
- Other non-taxable income
Who Will Benefit
- CPA
- EAs
- Tax Attorneys
- CFOs
- CEOs
Speaker Profile
Nick Preusch primary focus is performing tax services for high wealth individuals and mid-to-large business entities. Nick’s responsibilities include tax research related to complex business transactions and tax return preparation and review. He also works closely with businesses and individuals to find tax efficiencies through ever-changing tax legislation. He was also an Internal Revenue Service (IRS) attorney at the IRS National Office in Washington, DC, where he was the lead attorney for several significant tax ethics cases.
Speaker
Nick Preusch primary focus is performing tax services for high wealth individuals and mid-to-large business entities. Nick’s responsibilities include tax research related to complex business transactions and tax return preparation and review. He also works closely with businesses and individuals to find tax efficiencies through ever-changing tax legislation. He was also an Internal Revenue Service (IRS) attorney at the IRS National Office in Washington, DC, where he was the lead attorney for several significant tax ethics cases.Who Should Attend
- CPA
- EAs
- Tax Attorneys
- CFOs
- CEOs
