Webinar: 2023 1040 Individual Tax Conference Part B by Professional Tax Institutes, Inc.

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About This Webinar

The IRS has faced pressure to ensure that S corporation shareholders properly calculate their basis in S corporations thus they released Form 7203. We discuss how tax professionals can use Form 7203 to protect their clients’ interests. Many businesses took advantage of the ERC by amending Form 941, but did they qualify? The IRS issued an advisory warning of third parties promoting improper ERC claims and suspended the processing of ERC claims. The Inflation Reduction Act of 2022 includes provisions for corporate alternative minimum tax (AMT), expand clean energy credits, and adjust healthcare and payroll tax provisions. Inflation Reduction Act, do we really understand the impact and changes? In the ten years since capitalization & repair rules were released, tax practitioners have gained a lot of experience with these regulations. Due to their complexity, a complete understanding of them should not be assumed. IRS Provider #0FY01 & NASBA Sponsor ID #103026.

Agenda

Capitalization vs Repair
Small Business Tax Issues
ERC and Inflation Reduction Act

Presenters

Paul Bumgarner, Charlotte, NC

Shareholder, Enrolled Agent

Paul is a sole practitioner in Charlotte, NC. After opening his practice in 1974, he became an enrolled agent in 1977. Paul attended the University of North Carolina at Charlotte and is a graduate of Central Piedmont Community College with a degree in accounting. He has served as a seminar speaker for various accounting organizations for more than 35 years, 20 of which as a farm and small business tax instructor for NC State University.

Fran Coet, Fairhope, AL

CPA

After successful tax and accounting career owning Coet 2 CPAs and as a partner with the successor firm, ATLAS Advisors & CPAs, a regional CPA firm, Fran Coet left the Front Range area of Colorado and relocated to the Eastern Shore of Mobile Bay in Alabama. Since April of 2021, she is growing her boutique tax planning and preparation firm, A Dollar Here, A Dollar There, PC. Fran is licensed as a CPA in Colorado & Alabama.

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