Webinar: 2024 1040 Individual Tax Conference Part B by Professional Tax Institutes, Inc.

Webinar

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About This Webinar

The IRS has increased their emphasis on income reporting on Forms 1099 to counteract underreporting by taxpayers. General issues with Form 1099-K, income recognition of crowdfunding, gambling, ticket resellers, student-athletes and research study participants will be part of the discussion. Divorce can bring up many seldom used tax law provisions for a practitioner such as division of property, alimony, separation maintenance, division of retirement assets, and can you deduct legal fees. Then there are the unfortunate cases of injured spouse and innocent spouse relief. A request to withdraw an ERC claim will constitute a request for the IRS to not process the taxpayer’s entire adjusted employment tax return for the applicable period. In practice, the IRS will treat claims the taxpayer withdraws from as having never been filed by the taxpayer. As such, the IRS will not impose interest or penalties on this treatment. The Corporate Transparency Act subjects a substantial portion of the small business community to Beneficial Ownership Information reporting. These businesses must file reports covering two levels: the business organizations and the individuals who control them. As practitioners, can we or should we be filing these reports on behalf of our clients? Is it a practice of law?

IRS Provider #0FY01 & NASBA Sponsor ID #103026

Agenda

Form 1099 Issues
Divorce (tax return issues, alimony, innocent spouse, injured spouse)
Small Business Issues (Form 7206, BOI reporting, ERC claim withdrawals)

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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