Free CPE For Tax Professionals

20 Oct 2023

Form 4797, Tax Planning, Sales Allocation And More (Complimentary Webinar With 1 IRS CE Credit)

Simply put, IRS Form 4797 is a tax form that’s used specifically for reporting the gains or losses made from the sale or exchange of business and income producing property used in a trade or business. However, this form often generates countless amounts of uncertainty and anxiety.

This course will assist tax pros in determining whether a transaction is a capital gain or ordinary income and what tax consequences are associated with each. Furthermore, assist on allocation of sales price and provide tax planning overview. Join us in deciphering the mystery of Form 4797.

Learning Objectives REGISTER HERE

– Analysis of Tax Planning and difference between the Seller’s and Buyer’s tax treatment
– Analysis of Allocation of Sales Price on different classes of assets
– Discovery Basic choices regarding the Allocation of Sales Price
– Correctly identify § 1231 Property.
– Examine the difference between §§ 1245 and 1250 Property.
– Inspect issues surrounding de minimis safe harbor of repair regulations.
– Assess Form 8594 and the seven classes of assets
– Differentiate between depreciation recapture and capital gain.
– Identify Unrecapture Depreciation.

1 IRS CE
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Written by TaxConnections Admin | Posted in Free CPE For Tax Professionals • TaxConnections

13 Oct 2022

Inflation Reduction Act of 2022: Transforming 179D And 45L (Complimentary Online CPE)

Topic: Inflation Reduction Act of 2022: Transforming 179D and 45L

Time: Nov 9, 2022 12:00 PM in Eastern Time (US and Canada)
REGISTER HERE

Description

The passage of the Inflation Reduction Act of 2022 (IRA) has transformed energy-efficient tax incentives for commercial real estate. The IRA will alter and amplify both the 179D Deduction and the Section 45L Tax Credit. In this all-new webinar, we will compare the current version of each incentive to the “IRA Version” of the incentive, addressing changes to reference standards, calculation of incentives, documentation procedures, and more. New exciting initiatives including utility sales tax recovery, C-PACE, and more will also be discussed. Numerous real-life case studies will be reviewed, and a variety of reference tables will be provided.

Learning Objectives:
* Compare the requirements for claiming the 179D deduction under both the old and new laws
* Understand how the 179D deduction is calculated under the Legacy Program and under the IRA
* Recognize other changes to 179D under the IRA, including the elimination of partial deductions and the establishment of deduction reset
* Compare the requirements for claiming the 45L Tax Credit under both the old and new laws, and the associated differences for single-family and multifamily dwelling units
* Become familiar with solar energy incentives, the benchmarking process, and C-PACE
* Learn about NYC’s new Carbon Emissions Bill, and recognize potential implications in New York and beyond

Course Outline:

12 Oct 2022

Court Cases: Sales And Use Tax, Franchise Tax, Collections, Adopted Rules, Proposed Rules

Court Cases

Sales and Use Tax

Manufacturing Exemption

Hegar v. Tex. Westmoreland Coal Co., Case 21-1007 (Tex. Sept. 30, 2022)—In this case, the Texas Supreme Court denied the Comptroller’s petition for review, leaving the decision of the Third Court of Appeals in favor of the taxpayer in place. The Court of Appeals had held that equipment used to break apart lignite coal from a coal formation qualified for the manufacturing exemption from sales and use tax.[1] The Court of Appeals disregarded the Comptroller’s argument that the manufacturing exemption didn’t apply because the equipment was used on real property to create tangible personal property, holding that there was no basis in the statute for any requirement that an input to the manufacturing process had to be tangible personal property.

Franchise Tax

Apportionment

Citgo Petroleum Corporation v. Hegar, 21-0997 (Tex. Sept. 30, 2022)—The Texas Supreme Court denied the taxpayer’s petition for review in this case, so the decision of the Third Court of Appeals in favor of the Comptroller remains the law of the land. The Court of Appeals had held that only the net proceeds of sales of commodity futures contracts and options on commodity futures contracts could be included in the calculation of the taxpayer’s apportionment factor for purpose of calculating Texas franchise tax.

Rules

Written by TL Fahring | Posted in Free CPE For Tax Professionals

12 Oct 2022

R&D Tax Credits 101 (Complimentary Online CPE)

R&D Tax Credits - Complimentary CPE Credit

Topic: R&D Tax Credits 101

Oct 19, 2022 12:00 PM in Eastern Time (US and Canada)

Description:
The session will begin with a brief overview of the credit, highlighting its utility in a plethora of industries, and addressing credit benefits, limitations, and timing. The presenter will then walk through the Four-Part Test, using real-life examples to illustrate what types of research meet eligibility criteria. The four types of Qualified Research Expenses will be explained, and the presenter will review the associated information-gathering process. Discussion will then pivot to credit flow and utilization, including the Eligible Small Business Provision, and a variety of scenarios will be presented.

Learning Objectives:
• List multiple industries that may be engaged in R&D Credit-eligible research
• Explain the eligibility criteria that compose the Four-Part Test
• Name the four types of Qualified Research Expenses
• Identify good candidates for R&D Tax Credit studies
• Understand credit flow in S-corps and C-corps
• Understand credit utilization and the Eligible Small Business Provision