DESCRIPTION:

There are many considerations that a tax practitioner must consider when their client closes or relinquishes their stake in a business. In this class we will talk about the tax reporting of a business sale and how to calculate and report basis in a partnership.

In this session, we’ll be looking at the more complex reporting required for ending a business. When business owners decide to retire or move on to other ventures, in most cases they have something to sell. In other cases, instead of selling, the owners may simply walk away from their assets. We will discuss how to handle both sale and abandonment transactions.

Regarding partnership basis we will go over how to calculate your clients’ outside basis (tax basis) in their partnership interest. The basis in the partnership interest is important to know in order to be sure of the proper tax treatment if anything passed through to the partner.

LEARNING OBJECTIVES:

1) Learn what to look out for when business owners are selling or otherwise disposing of their business interests.
2) Learn how to properly report various aspects of business sale or closing transactions.
3) Learn how get accurate partnership basis from the beginning.
4. Learn what types of partnership transaction are taxable and how to report things correctly on a K-1.

ABOUT THE SPEAKER: Alan Pinck, EA, NTPI Fellow

Alan Pinck is an enrolled agent with 30 years of tax preparation experience in the Silicon Valley. Alan has built a practice specializing in individual, small business tax preparation, and audit representation.

Alan is currently chair of the National Association of Enrolled Agents Education Committee. Alan is a nationally recognized presenter at National Tax Practice Institute™ (NTPI®) events, the moderator of Tax Talk Today, California Society of Enrolled Agents Super Seminar, and Spidell Publishing as well as a variety of other presentations for tax groups and small business associations. Having represented thousands of tax returns in examination, Alan has obtained tremendous insight of the exam process as well as knowledge on a wide variety of tax issues. His real world approach and stories bring his sessions to life!

Cancellation and Refund Policy for Education Events:
Written requests for refund or credit forward of chapter meeting fees will be accepted if received within three (3) business days prior to the education event.

Description:

An audit reconsideration is a tool available to practitioners when they may have missed the opportunity to advocate for their client during an initial audit. When we think of an audit reconsideration, we generally think that there has already been an audit; although, that is not the only time we may want to consider this path.

In this presentation, Alan will draw on his vast experience representing taxpayers before the IRS and talk about the importance of audit reconsiderations. Attendees will learn about situations when an audit reconsideration may make sense for their client, review why there is generally a need for an audit reconsideration, and learn how to properly prepare an audit reconsideration to get the best results for their clients.

Learning Objectives:

1. 1. 1. Learn about situations when an audit reconsideration may make sense to tax clients.
      2. Learn how the IRS leverages IRC 6020(b) and why this may be cause for an audit reconsideration.
      3. Learn how to prepare for an audit reconsideration.

Learning Level: Basic–no prerequisites or advance preparation required

ABOUT THE SPEAKER: Alan Pinck, EA, NTPI Fellow

Alan Pinck is an enrolled agent with 30 years of tax preparation experience in the Silicon Valley. Alan has built a practice specializing in individual, small business tax preparation, and audit representation.

Alan is currently chair of the National Association of Enrolled Agents Education Committee. Alan is a nationally recognized presenter at National Tax Practice Institute™ (NTPI®) events, the moderator of Tax Talk Today, California Society of Enrolled Agents Super Seminar, and Spidell Publishing as well as a variety of other presentations for tax groups and small business associations. Having represented thousands of tax returns in examination, Alan has obtained tremendous insight of the exam process as well as knowledge on a wide variety of tax issues. His real world approach and stories bring his sessions to life!

Cancellation and Refund Policy for Education Events:
Written requests for refund or credit forward of chapter meeting fees will be accepted if received within three (3) business days prior to the education event.