1. How to Handle Top 10 Issues in IRS Small Business Audits

Webinar – On-Demand
Speaker – Nicholas Preusch
Duration – 60 Minutes

Description:

Navigating IRS small business audits can be a daunting and complex process, fraught with potential pitfalls that can result in significant financial liabilities. Small businesses, frequently targeted by the IRS, often lack the specialized knowledge needed to handle these audits effectively.

Without proper preparation and understanding, small businesses are at risk of facing substantial penalties, interest, and other legal complications during IRS audits. Addressing these challenges proactively is crucial to safeguarding your financial interests and ensuring compliance with tax regulations.

Join us for an insightful webinar by former IRS attorney, Nicholas Preusch, CPA, JD, LLM, designed to equip small business owners, accountants, and tax professionals with the tools and insights necessary to navigate IRS audits confidently. Nick will dive into the top 10 issues commonly encountered during these audits and provide practical strategies to handle them effectively.

Whether you’re a small business owner, an accountant, or a tax professional advising clients, this webinar is essential for mastering the nuances of IRS small business audits and safeguarding your financial interests.

Session Objectives:

• Understand the IRS Audit Process: Gain insights into the IRS audit selection process and learn how to identify and mitigate potential red flags.
• Enhance Documentation and Compliance: Master best practices for record-keeping and documentation to ensure compliance and minimize audit risks.
• Resolve Common Tax Issues: Address frequent challenges related to business deductions, payroll taxes, and financial discrepancies.
• Develop Effective Audit Strategies: Learn proactive strategies for responding to IRS inquiries, handling audit requests, and negotiating effectively.
• Mitigate Financial Risks: Discover techniques to prevent penalties and interest through proactive compliance and professional representation.

Session Highlights:

• Understanding the audit selection process and identifying potential red flags.
• Clarifying documentation requirements and best practices for record-keeping.
• Addressing issues related to business deductions, including meals and entertainment, travel expenses, and home office deductions.
• Ensuring compliance with payroll tax obligations, including proper classification of workers and accurate reporting of wages.
• Handling discrepancies in financial statements and reconciling discrepancies with the IRS.
• Navigating the complexities of depreciation and amortization schedules.
• Resolving issues related to subcontractor payments and independent contractor relationships.
• Mitigating the risk of penalties and interest through proactive compliance efforts.
• Strategies for responding to IRS inquiries and audit requests effectively.
• Leveraging professional representation and negotiation tactics during the audit process.

2. ChatGPT for Accountants

Webinar Type – On-Demand

Speaker – Garrett Wasny
Duration – 60 Minutes

Description:

This course concisely explains the latest “see, hear, speak” multi-modal updates to ChatGPT and how they can be used in an accounting context. New features include vision processing, voice conversation, image generation, real-time Internet access, advanced data analysis, plugins and more. Discover how this technology can be used in mind-blowing ways to analyze financial data, optimize processes, and solve problems in the accounting domain. Through the lens of ChatGPT, practitioners can explore innovative solutions, automate routine tasks, and generate deeper insights and value to their clients and organizations in previously unimaginable workflows. You’ll walk away with scores of advanced ChatGPT strategies and tips that can be immediately applied and deliver instant results to elevate the efficiency and effectiveness of your accounting projects and tasks.

Session Highlights:

• Introduction to ChatGPT and its Applications in Accounting.
• Custom Instructions (CI) for Persistent Context in Financial Conversations.
• Analyzing Financial Statements and News Releases using ChatGPT.
• Exploring Business Opportunities through Hyper-Local and Sectoral Analysis.
• Advanced Data Analysis for Financial Comparisons and Capital Asset Audits.
• Image Analysis for Asset, Space, and User Interface Design.
• Voice Interaction with ChatGPT for Enhanced User Experience and Accessibility.

Learning Objectives:

• Understand the fundamental features and functionalities of ChatGPT in an accounting context.
• Apply Custom Instructions to tailor ChatGPT’s responses for specific financial scenarios.
• Analyze financial statements, news releases, and other relevant data using ChatGPT.
• Explore and identify business opportunities using hyper-local and sectoral analysis techniques.
• Utilize Advanced Data Analysis for financial comparisons, and infrastructure project evaluations.
• Evaluate assets, space, and user interfaces using image analysis with ChatGPT.
• Implement voice interaction with ChatGPT to enhance user experience and accessibility in financial tasks.

3. Navigating Form 1120S: Top 10 Mistakes and How to Avoid Them

Webinar Type – On-Demand

Speaker – Nicholas Preusch

Duration:60 Minutes

Description:

Unlock the secrets to flawless Form 1120S preparation in our exclusive webinar, where we unveil the most common pitfalls encountered by S Corporations and how to steer clear of them. Whether you’re an experienced tax professional, an accountant, or a business owner navigating the intricacies of S Corporation taxation, this webinar is your essential guide to achieving compliance and maximizing tax efficiency.

In this comprehensive webinar, our expert will dissect the top 10 mistakes frequently made when completing Form 1120S, the U.S. Income Tax Return for an S Corporation.

Join us for an exclusive webinar designed to help tax professionals, accountants, and business owners navigate the complexities of S Corporation taxation. Led by Nicholas Preusch, CPA, JD, LLM, this webinar will uncover the top 10 mistakes made when completing Form 1120S, providing practical solutions and insights to ensure compliance and maximize tax efficiency. Whether you’re new to S Corporation taxation or looking to enhance your expertise, this webinar is your essential guide to flawless Form 1120S preparation.

Session Highlights:

• Proper handling of shareholder distributions and loans

• Accurate reporting of shareholder basis and debt basis

• Understanding limitations on pass-through losses

• Navigating complexities of built-in gains tax

• Avoiding errors in shareholder compensation and fringe benefits

• Compliance with reasonable compensation requirements

• Addressing common errors in income and deduction allocation

• Ensuring accurate reporting of passive income and expenses

• Correctly handling shareholder loans and repayments

• Identifying and rectifying errors in Schedule K-1 preparation

Webinar Agenda:

• Introduction to Form 1120S and its Importance in S Corporation Taxation

• Top 10 Mistakes in Form 1120S Preparation: Causes and Consequences

• Practical Examples and Case Studies Illustrating Common Pitfalls

• Strategies to Avoid Mistakes and Ensure Compliance

4. Unlocking Form 1065: Common Errors and How to Avoid Them

 Webinar Type – On-Demand

 Presenter: Nicholas Preusch

 Duration: 60 Minutes

Description:

Join us for an insightful webinar where we delve into the intricacies of Form 1065, focusing on the top 10 mistakes that can cost you time, money, and compliance headaches. Whether you’re a seasoned tax professional, an accountant, or a business owner navigating the complexities of partnership taxation, this webinar is tailored to equip you with the knowledge and strategies to steer clear of common pitfalls.

Whether you’re looking to enhance your understanding of partnership tax compliance or seeking practical tips to streamline your Form 1065 preparation process, this webinar is designed to provide actionable insights that will benefit tax professionals, accountants, and business owners alike.

Don’t miss this opportuníty to elevate your expertise and saféguard your financial interests. Register now to resérve your spot and embárk on a journéy towards mastery of Form 1065 compliance!

Join us for this information-packed webinar with Nicholas Preusch, CPA, JD, LLM, and dissect each of the ten most prevalent errors encountered when completing Form 1065, the U.S. Return of Partnership Income. From overlooking essential filing requirements to misinterpreting complex tax regulations, we’ll cover it all.

Session Highlights:

• Proper Income Classification: Learn to classify partnership income and deductions correctly.

• Schedule K-1 Preparation: Identify and rectify errors in Schedule K-1 preparation.

• Accurate Capital Account Reporting: Understand how to report partner capital accounts accurately.

• Guaranteed Payments: Grasp the implications of guaranteed payments within partnerships.

• Navigating Basis Calculations: Learn to navigate the complexities of partnership basis calculations.

• Income and Loss Allocation: Avoid errors in allocating partnership income and losses.

• Depreciation and Amortization: Ensure compliance with depreciation and amortization rules.

• Distributions Reporting: Address common errors in reporting distributions to partners.

• Equity Transaction Handling: Díscover the correct handling of partnership equity transactions.

• Error Prevention Strategies: Mitigate penalties and audits through effective error prevention strategies.

Session Agenda:

• Introduction to Form 1065 and its importance in partnership taxation

• Overview of the top 10 mistakes made when completing Form 1065

• Detailed analysis of each mistake, including examples and explanations

• Strategies for avoiding these mistakes and ensuring compliance

Learning Objectives:

The main objective of this webinar is to equip participants with the knowledge and tools needed to avoid common mistakes when completing Form 1065. By the end of the session, attendees will have a clear understanding of the key areas where errors commonly occur and will be able to implement strategies to ensure accurate and compliant filing.

5. Demystifying The Corporate Transparency Act: Navigating New Filing Rules!

Webinar Type – On-Demand

 Presenter: Nicholas Preusch

Duration: 90 Minutes

Description:

Welcome to a knowledge-packed session presented by the renowned expert and tax attorney, Nickolas Preusch, where we dive deep into the implications of the Corporate Transparency Act’s Beneficial Owner Rules. With the ever-evolving landscape of corporate transparency regulations, understanding and complying with the Corporate Transparency Act (CTA) has never been more essential for businesses of all sizes. This enlightening webinar will provide you with invaluable insights into the CTA’s objectives, reporting requirements, compliance challenges, and much more.

Session Highlights:

• Distinguishing between “beneficial owners” and other corporate stakeholders according to CTA definitions.

• Navigating the intricate reporting requirements to fulfill obligations under the CTA.

• Strategies to effectively address common compliance challenges, ensuring reporting accuracy.

• Grasping the legal and regulatory implications of the CTA, including potential penalties for non-compliance.

• Practical insights, tips, and best practices supported by real-world examples and case studies for achieving compliance with the Beneficial Owner Rules.

Learning Objectives:

• Gain a comprehensive understanding of the Corporate Transparency Act (CTA), its importance, and its role in enhancing corporate transparency in the United States.

• Define the term “beneficial owner” according to the CTA and distinguish it from other corporate stakeholders.

• Comprehend the intricacies of reporting requirements mandated by the CTA, including the specific information to be reported and the entities subject to these reporting obligations.

• Navigate the process of submitting beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) with confidence, ensuring accuracy and compliance.

• Identify common compliance challenges linked to the CTA and explore strategies to meet reporting obligations effectively.

• Evaluate the legal and regulatory implications of the CTA for businesses and their advisors, including potential penalties for non-compliance and the mechanisms of enforcement.

• Acquire practical guidance and best practices for achieving compliance with the Beneficial Owner Rules, backed by real-world examples and case studies.

Session Agenda:

Overview of the Corporate Transparency Act (CTA)

• Understanding the CTA’s objectives and its pivotal role in enhancing corporate transparency.

• An in-depth exploration of the CTA’s key provisions

• Defining “beneficial owner” and distinguishing it from other corporate stakeholders.

• Identifying individuals and entities that qualify as beneficial owners.Reporting Requirements

• Reporting Requirements
  • A detailed examination of the reporting obligations imposed by the CTA.
  • Navigating the process of submitting beneficial ownership information to FinCEN.

• Compliance Challenges
  • Delving into common challenges and potential pitfalls in adhering to the CTA’s requirements.
  • Strategizing to address compliance challenges and ensure accurate reporting.

• Legal and Regulatory Implications
  • Analyzing the legal and regulatory implications of the CTA for businesses and their advisors.
  • Unpacking potential penalties for non-compliance and the enforcement mechanisms in place.

• Practical Guidance
  • Offering practical tips and best practices for achieving compliance with the Beneficial Owner Rules.

6. Partnerships and S Corporations How to Calculate Basis

Webinar Type – On-Demand

Presenter  – Jason Dinesen

Duration – 120 Minutes

Description:

The IRS has recently increased the pressure on how to calculate and report partner and shareholder basis. Changes in the forms reflect these developments. This program provides a detailed analysis of the calculations related to determining tax basis for a partnership interest and S Corporation shareholder shares and loans. How to use the Form 1065, Schedule K-1 and Form 1120S, Schedule K-1 information for basis determination. Illustrated examples with filled in forms will demonstrate how the processes works and their many potential pitfalls.

This two-hour webinar will discuss basis calculations for S-Corps and Partnerships, as well as capital accounts and partnerships. Basis calculations are tricky for practitioners, because basis is actually an individual/Form 1040 concept — individuals are responsible for determining their basis. However, all of the items necessary for making this computation are generated at the S-corporation or partnership level. This training focuses on the numbers necessary to make basis calculations, and what those calculations actually impact. In additions, partnerships now have a requirement to report capital accounts under the tax basis of accounting. Capital accounts ARE an entity requirement (unlike basis). This webinar will cover how to determine capital accounts, and what a capital account affects.

Learning Objective:

• Identify the tax issues related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation

• Identify the tax issues related to S Corporation owner’s basis for shares and loans from formation through operations and concluding with sale and/or liquidation

• Understand potential pitfalls and planning strategies

Session Highlights:

• Calculation of basis when the entity is formed, including the impact of contributed property

• How to calculate partnership tax basis capital accounts

• Explains the use of both “inside” and “outside” basis determination

• Clarifies the how partnerships and S

• Explain the differences of basis between S-Corporations and Partnerships to clients.

• Apply basis correctly on personal tax returns.

• Understand Partnership Capital Accounts and their affects.

Who Should Attend

• Accountants
• CPAs
• Enrolled Agents
• Tax professionals
• Bookkeepers
• CFOs
• Office managers
• Financial Accountants
• Forensic Auditors
• Internal Auditors
• Financial
• All accountants, managers and auditors who are seeking to move into the AI usage of the future.