Main Street Practitioner Blog

Ethics and Compliance

Monday, Oct. 25, 2:00 p.m. ET |  CPE Credit: 2 hours

This course will discuss the ethical responsibilities for members of the Society in their roles as representatives on behalf of clients before the IRS and State Taxing Authorities.

We will also explore the Internal Revenue Manual and Treasury Circular 230 requirements associated with performing due diligence as to accuracy when the tax accountant is aware of tax non-compliance. Learn more.

Casualties, Disasters & Settlements

Tuesday, Oct. 26, 2:00 p.m. ET |  CPE Credit: 2 hours

This course will cover deducting casualty losses inside and outside of federally declare disaster areas.  We will also review tax relief for taxpayers affected by the recent disasters.   Although the TCJA eliminated personal casualty losses for the years 2018 - 2025, business casualty losses remain deductible and personal losses within federally declared disaster areas remain deductible.  We will review the deductible portion of losses.  Insurance proceeds, settlements, and other relief received affect the deductible of the losses. Learn more.

Maximum Deductions for Retirement Plans

Wednesday, Oct. 27, 2:00 p.m. ET  |  CPE Credit: 2 hours

This 2-hour course will discuss various retirement plan strategies that can dramatically improve both the bottom line and the clients’ retirement nest egg.  Prior to 2021, business clients could only adopt a SEP or IRA after the tax year-end. However, under new rules, the deadline to implement a retirement program has been extended to the filing of the tax return plus extensions. It has become critical for tax preparers to educate themselves on retirement plans in order to effectively serve their clients, particularly those that own businesses. Learn more.

Criminal Tax

Thursday, Oct. 28, 2:00 p.m. ET |  CPE Credit: 2 hours

In the daily circumstances of a tax practice, a practitioner will learn facts that may require the client to amend a return or to file a delinquent form. It can be a challenge for a tax practitioner to know the difference between a routine correction and a potential criminal matter. It is therefore helpful to understand what facts and circumstances might be relevant to IRS for consideration as a criminal matter. Learn why it is important to be able to evaluate your clients’ facts and circumstances for potential badges of fraud, what those badges of fraud are and what IRS must show to establish a criminal case. Learn more.

Payroll and Employment Tax

Friday, Oct. 29, 2:00 p.m.  |  CPE Credit: 2 hours

This instructor-led seminar focuses on federal tax filing and deposit requirements if a business issues payroll. Special attention will be paid to corporations taxed under sub-chapter S of the Internal Revenue Code since a “reasonable wage” requirement exists for many shareholders actively participating in the business.  The seminar will outline the differences between contract labor and employees so business clients may be counseled on Worker Classification. Attendees will learn about personal liability through Trust Fund Recovery Penalty (TFRP) assessment for parties that are deemed responsible payroll deposits. Strategies, IRS process, and timelines for TFRP representation, including the 4180 interviews, will be covered. Learn more.