Course info

This course discusses recent judicial and administrative tax decisions impacting individuals and pass-through entities.

Note: Major tax legislation probable, but not certain, won’t happen until 2025.

A review of the judicial tax system including a discussion of which court a taxpayer should use when an administrative remedy cannot be reached after an IRS audit.

A review of the Federal Tax Administration System, including the process of selecting individual tax returns for audit and penalties imposed to assure compliance with the tax laws.

A review of salient court cases includes the following topics:

• What is included/excluded in gross income?
• What deductions are allowed from gross income based upon whether an activity is “engaged in for profit” or a “passive activity,” and what constitutes an “ordinary and necessary business expense” or a nondeductible personal expense.
• Deductions from adjusted gross income, specifically the charitable contribution deduction and penalties imposed for gross overvaluation of donated property.
• Relief from joint and several liability by an “innocent spouse” on a married filing jointly tax return.
• Trust fund tax penalties, including determining who is a “responsible person” for paying federal employment taxes.
• Tax penalties imposed for failure to report ownership of a Foreign Bank Account.

This course also discusses how to avoid/minimize common mistakes made when filing a tax return.