We’ve all gotten good advice on recording and reporting COVID-19 employer credits, other benefits and PPP loans for tax purposes, and now we’ve uncovered some tax returns which may have been prepared incorrectly or assumptions we made during tax preparation have now turned out to be inaccurate. We’ll review best practices for evaluating which returns should be amended and communicating this advice to the client. What’s the best timing for reporting these changes? What is the tax preparer’s exposure not only for possible incorrect tax reporting but for preparing the amended returns? Are there any alternatives to amending? And more.
Tax Reporting Errors. Tax Implications of COVID-19. Schedule C Instructions. Expense Reduction. SBA Loans.
CPAs, financial professionals, enrolled agents and attorneys.
Determine the tax implications and best plans for any 2020 tax matters which may have been reported incorrectly. Identify most 2020 tax errors commonly arising from reporting COVID benefits. Determine which cases of tax errors may be compliance issues and which may offer tax savings opportunities to the client. Learn other COVID benefits your client may be eligible for and get our guidance on applying for and communicating these opportunities with clients. Understand a tax preparer’s obligations and IRS exposure for any 2020 incorrect tax reporting and learn strategies for communicating the information with clients.
This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.
Jane Ryder, Western CPE
Jane Ryder, EA, CPA is the owner of Brass Tax Ryder Professional Group, Inc., a full service tax and accounting firm. Brass Tax (not affiliated with Brass Tax Presentations) has been providing tax and accounting services since 1980.
Jane received a BS in Business Administration (Accounting) from SDSU and is currently licensed with the California State Board of Accountancy and with the Internal Revenue Service as an Enrolled Agent.
Brass Tax is a business centric practice, preparing and consulting on the preparation of Corporations, S-corporations, LLC’s, Partnerships, and Trusts. She also specializes in IRS and state agencies collection problems, payment plans, audit appeals, offers in compromise, and other compliance related issues.
Non-Member Price $113.00
Member Price $98.00