Over the years abusive tax shelters have evolved from simple transactions into very sophisticated strategies that often border on tax evasion schemes. There is nothing wrong with sheltering tax through legal tax shelters.
This class takes an in-depth look at recent developments in one of the Internal Revenue Service’s most targeted areas. IRS is constantly shifting its resources to counteract what it perceives to be abuses in tax compliance. Congress has initiated new penalties against taxpayers, tax professionals, appraisers, and promoters of transactions, which in the eyes of the IRS, have no economic substance. The vast majority of cases that the United States Tax Court hears are those dealing with tax shelter issues.
If your practice includes high-income taxpayers, AMT filers, or people who believe that in America tax avoidance (not tax evasion) is permissible, then this class is a must for you. It will help you to stay current and to understand new developments in this important area of taxation. If it sounds too good to be true, it probably is not true!
Topics covered include:
• 2014 and 2015 tax shelter court case rulings, and more
• Techniques to determine the economic reality of a shelter investment versus a tax sham
• 2014 new developments including court cases, rulings, and other IRS pronouncements
• Examples of individual and corporate tax shelters
• Pitfalls of being a promoter of abusive tax shelter schemes and the possibility of IRS sanctions – 2014 developments in IRS 6700, 6701, and 7408 enforcement
• Techniques for avoiding substantial understatement of income penalty and overvaluation penalties – update of recent court cases
• IRS examination techniques used during audits of purported tax shelters
• Identification of IRS-identified abusive foreign tax schemes with emphasis on the UBS bank debacle
• 2015 IRS industry tax shelter targets
• Value of disclosing a questionable position
• IRS real estate project – material participation
Self-Study Course Instructions: FOR DOCUMENT-BASED COURSES Download the course document(s) (below) and follow prompts contained in the document. FOR RECORDED COURSES WITH VIDEO Download any course document(s) (below) which may include handouts, glossary, transcripts, etc. Follow any prompts contained in the documents to help you complete the course. Most documents are searchable. |
Identify what the IRS defines as an abusive tax shelter scheme.
Understand the IRS approach to counteracting abusive tax shelter schemes.
Effectively advise and represent clients and help clients understand the economic realities of a marketed tax shelter
Understand techniques for avoiding penalties and possible sanctions for improper tax practice
Determine whether actions taken as a client’s representative are in compliance with IRS Circular 230.
Understand 2014 tax shelter changes and receive an update on changes that will occur in 2015.
Stuart Sobel Consulting Inc
President
sobel@taxmedianetwork.com
(317) 581-1827
Stuart “Stu” Sobel combines an in-depth knowledge of taxation and nonprofits with an ability to communicate clearly. A dynamic speaker, Stu seeks to help people understand the very complex world of taxation in every day terms. And he’s just the person to do it — Stu has been in the industry for 48 years. He worked in examination and high level positions at the IRS for 30 years. Following that, Stu spent nine years as the producer and host of his own nationally syndicated radio program called Wise Choices: Taxes and Charity Today. He also ran his own tax and nonprofit consulting firm for 12 years (Stuart Sobel Consulting, Inc.). He has helped create over 2,500 nonprofit organizations worldwide. His expertise on the topic of nonprofit taxation has earned him the title “The Guru of Giving.”
CPAacademy.org (Sponsor Id#: 111889) 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: www.nasbaregistry.org.
CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222