Target Audience: CPAs, EAs, Annual Filing Season Program Participants
Field of Study: Taxation (NASBA); Updates (IRS)
Seminar Level: Beginner
IMPORTANT INFORMATION REGARDING CONTINUING EDUCATION CREDIT: THE IRS ACCEPTS THIS SEMINAR FOR ONE (1) CONTINUING EDUCATION CREDIT FOR ENROLLED AGENTS (EA) AND ANNUAL FILING SEASON PROGRAM (AFSP) PARTICIPANTS. Others, PLEASE CONSULT WITH YOUR RESPECTIVE STATE LICENSING AGENCY REGARDING ACCEPTABILITY OF THIS CREDIT.
Note: the credit received from this seminar qualifies as continuing education that is required to obtain the voluntary AFSP – record of completion. however, this website does not offer the AFSP annual federal tax refresher (AFTR) course.
IRS COMMUNICATIONS AND LIAISON IS REGISTERED WITH THE NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY (NASBA) AS A SPONSOR OF CONTINUING PROFESSIONAL EDUCATION ON THE NATIONAL REGISTRY OF CPE SPONSORS. STATE BOARDS OF ACCOUNTANCY HAVE FINAL AUTHORITY ON THE ACCEPTANCE OF INDIVIDUAL COURSES FOR CPE CREDIT. COMPLAINTS REGARDING REGISTERED SPONSORS MAY BE SUBMITTED TO THE NATIONAL REGISTRY OF CPE SPONSORS THROUGH ITS WEBSITE:
DISCLAIMER: THIS WEBINAR WAS RECORDED ON August 04, 2020, AND THE INFORMATION WAS CORRECT AT THE TIME OF RECORDING.
This session will discuss key enforcement issues of the IRS, including priorities of the examination divisions and the Office of Chief Counsel. Issues include the following:
Micro-Captive Insurance Campaign and Strategy—an overview of the transaction and an update to the enforcement strategy for micro-captive transactions. It will address an abusive promoted captive insurance strategy used by mid-size businesses seeking tax-motivated means for allegedly transferring risk.
Syndicated Conservation Easement (SCE)— an overview of the transaction and an update to the enforcement strategy for SCE transactions.
Virtual Currency— On July 2, 2018, IRS announced the virtual currency compliance campaign to address noncompliance related to the use of virtual currency through multiple treatment streams including outreach and examinations. Other important examination priorities will be discussed.
By the end of this presentation you will be able to:
List Key Exam Priorities
Cite new tax law legislation impacting taxpayers due to COVID 19
Define Gig Economy.
Identify when virtual currency may have tax consequences
Differentiate and compare a Conservation Easement and a Syndicated Conservation Easement.
No prerequisites or advanced preparation are required for this seminar.