Live: One Dial-in One Attendee
Corporate Live: Any number of participants
Recorded: Access recorded version, only for one participant unlimited viewing for 6 months ( Access information will be emailed 24 hours after the completion of live webinar)
Corporate Recorded: Access recorded version, Any number of participants unlimited viewing for 6 months ( Access information will be emailed 24 hours after the completion of live webinar)
IRC 61 sets the standard for what income in the US Tax systems is taxed. All of it. That is all of it, unless expressly excluded under the Internal Revenue Code.
This webinar will go in-depth into IRC 61 and the most commonly excluded income. We will discuss how to identify the income and how to properly classify the income on the tax return. We will also look at the documentation that is needed for practitioners to properly due their due diligence to avoid any kinds of preparer penalties.
Since the IRC allows the statute of limitations to extend to six years when more than 25 percent of income is not reported, we will also look at different ways to avoid this extended statute of limitations should the determination that income is excludable when it actually would not be excluded.
Why should you Attend: As the tax code gets more complex, often people can get confused on what is taxable and what is not taxable income. Getting this issue wrong can be costly, as people will end up paying tax on income that is not required to be taxed.
People should attend this webinar to get a good understanding of cash inflows and whether or not those in flows are going to be taxable.
Outside of the tax return, this is also an important issue as it comes up often in IRS audits.
IRS auditors cannot close out a case until the identified all possible income and demonstrated that the taxpayer can live on their income that reported. Often the IRS auditors will try to tie down non-taxable sources of income early in the audit.
Areas Covered in the Session: