The Great Reset For Tax Professionals Who Are Awake

Three years ago, I did not know anything but the Great Reset. Perhaps many of you did not know about the Great Reset either. Five years ago there were a few people who would tell me what was about to happen to our personal and professional lives, yet it was too out there to believe what they told me was coming. After time, I discovered the information people were giving me was true all along. By now you all realize main stream media sites feed us a never ending stream of grossly dishonest information, increasing taxes we do not want, to feed a war we do not want, forcing us to use electric vehicle energy which most do not want, dissolving our borders with the Declaration of North America (DNA) signed by Biden in January 2023, and harming the innocent minds of our youngest generation of children with inappropriate books. The list could go on but the question is what can you do? This is what most people say and think “what can I do?” People feel disenfranchised, they feel they have lost their power. Know you have not lost your power, you just lost your way for a short time. Take the power away from these large media sites collecting all this data and information on you.
(Read all of the book review comments, very enlightening information)

There is a book called the Great Reset And the Struggle For Liberty by Michael Rectenwald. When I went to Amazon to read the reviews, I saw the most important comment in the book review section. The book review by Arik was amazing. The 5th sentence from the bottom of the book review is an epiphany. He states “Anyone who truly challenges power won’t show up on a multi-billion dollar media platform.” What Arik is reminding us is we are controlled and manipulated by sites like FaceBook(Meta), LinkedIn, and Google. For example, the people spoke when Anheuser-Busch InBev became a casualty of American culture wars and eliminated a significant portion of its core customers in the U.S. by alienating them.

Jeff Weiner admitted in this LinkedIn post in late 2014, LinkedIn and WeChat have been officially cooperating with one other.
https://www.linkedin.com/pulse/20140224235450-22330283-linkedin-in-china-connecting-the-world-s-professionals

Every bit of your activity on LinkedIn and WeChat is analyzed, tracked, and shared with Chinese Government Authorities as part of the mass surveillance network on you! You are most likely unaware of this relationship!
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Retroactivity, Realization And The Moore Appeal: A Focus On Retroactivity

Prologue – Taxation, Fairness And “The Man On The Street”

Imagine asking an individual (who was not a tax academic, lawyer or accountant) the following two questions:

1. Do you think that people should be forced to pay taxes on income never received?

2. Do you think people should be forced to pay taxes on on income from the previous 30 years that they had never received?

The average person would be shocked by the possibility of this.

It may be difficult for the average person to understand Subpart F’s attribution of the income of a corporation to a shareholder. The average person would not doubt the unfairness of attributing 30 years of untaxed earnings of the corporation to the shareholder (especially when the income was never received by the shareholder).

Read More

Introduction To TRUST, ESTATE, and GIFT TAXES (Free Webinar With 1 IRS CE)

The transfer taxes are the gift tax, the estate tax, and the generation skipping transfer tax. While these are separate taxes from the income tax, some of the core concepts inform income tax issues as well. This webinar is a high-level overview of the gross estate and completed gifts, highlighting the intersection between estate inclusion and income tax issues.

1 IRS CE REGISTER HERE

Self-Study recording not available for NASBA CPE credit. However, you receive 1 IRS CE Credit.

As part of our strategic plan, we offer free courses to give back to the tax community by providing free CE. It is our way of thanking you for supporting us!

REGISTER HERE

View Upcoming Webinars

Form 4797, Tax Planning, Sales Allocation And More (Free 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
Read More

EA Prep Exam

The only live & interactive online EA course – get your questions answered and doubts clarified right away!
REGISTER HERE
Includes these standalone study tools: Lambers, Gleim, and TheTaxBook*!
TaxMama® teaches tax law, practice and representation in live classes – from the ground up!
TaxMama® guides you through several tax return samples and forms to help you see how the tax laws and procedures work for real-world clients – not just for the exams!
TaxMama® teaches you how to read your clients minds, offers templates to help you start your own tax practice and screen clients, and gives you priceless tips to make your professional life easier after you become an EA!
TaxMama® students get additional test-taking coaching in twelve 4-hour Final Review sessions (four per exam part) in addition to the course lectures!
TaxMama® teaches you how to overcome your fear when facing exam questions!
TaxMama® students have unlimited access to a dedicated mentoring portal – even after they pass!
TaxMama’s® courses are all recorded, you have unlimited replays of all classes (video AND audio)
TaxMama’s® course is like a 3-year tax education in 6 months (or less)!
TaxMama® students can join lectures for free – every year (and can get CE for only a small fee)!
TaxMama’s® EA course provides up to 80 hours CE – including all 15 CE credits needed for the Reduced AFSP Certificate of Completion – helping you to improve your professional status before you get your EA credential!
TaxMama’s® EA course is easy to customize to fit your needs.
REGISTER HERE

Contracts And The Importance Of Background Law

Introduction

Most people are relatively familiar with the importance of contracts when doing business or transferring property interests. They often rely on a general understanding of freedom of contract and the enforceability of voluntary contractual commitments, to enter contracts without legal advice.

Mandatory Legal Norms & Contracts

Less people are aware of how significantly background law can impact contracts, whether cemented in judicially developed case law, legislatively created statutes, or rules and regulations adopted by administrative agencies. When legal norms are mandatory, they are not waivable by contract, and they can have significant consequences on intended contractual arrangements.

Potential Consequences

Failure to consider background law can have an array of consequences, including fines or penalties. It can result in the non-enforceability of a contractual provision. In certain situations, it can even result in the nullity of a contract. For reasons like these (and many others), it is nearly always a good idea to consult with a qualified attorney when creating important contracts. This is true when creating contractual templates to be used repeatedly by a business, and when contracts address a sensitive subject matter like real property rights, transactions in securities, or employment. It should almost go without saying (but people sometimes need reminding) that this is especially the case when the value underlying an agreement is substantial.

Examples

The below paragraphs offer a few specific examples of how background law can impact contractual relationships. As the reader will note, failure to contemplate them can lead to extremely adverse consequences.
Read More

Retroactivity, Realization And The Moore Appeal: A Focus On Retroactivity

Prologue – Taxation, Fairness And “The Man On The Street”

Imagine asking an individual (who was not a tax academic, lawyer or accountant) the following two questions:

1. Do you think that people should be forced to pay taxes on income never received?

2. Do you think people should be forced to pay taxes on income from the previous 30 years that they had never received?

The average person would be shocked by the possibility of this.

It may be difficult for the average person to understand Subpart F’s attribution of the income of a corporation to a shareholder. The average person would not doubt the unfairness of attributing 30 years of untaxed earnings of the corporation to the shareholder (especially when the income was never received by the shareholder).

Moore and Retroactivity – The Readers Digest Version

This history of the Moore case is described by Professors Brooks and Gamage as follows:
Read More

Form 4797, Tax Planning, Sales Allocation And More (Free 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
Read More

Introduction To TRUST, ESTATE, and GIFT TAXES (Free Webinar With 1 IRS CE)

The transfer taxes are the gift tax, the estate tax, and the generation skipping transfer tax. While these are separate taxes from the income tax, some of the core concepts inform income tax issues as well. This webinar is a high-level overview of the gross estate and completed gifts, highlighting the intersection between estate inclusion and income tax issues.

1 IRS CE REGISTER HERE

Self-Study recording not available for NASBA CPE credit. However, you receive 1 IRS CE Credit.

As part of our strategic plan, we offer free courses to give back to the tax community by providing free CE. It is our way of thanking you for supporting us!

REGISTER HERE

View Upcoming Webinars

EA Prep Exam

The only live & interactive online EA course – get your questions answered and doubts clarified right away!
REGISTER HERE
Includes these standalone study tools: Lambers, Gleim, and TheTaxBook*!
TaxMama® teaches tax law, practice and representation in live classes – from the ground up!
TaxMama® guides you through several tax return samples and forms to help you see how the tax laws and procedures work for real-world clients – not just for the exams!
TaxMama® teaches you how to read your clients minds, offers templates to help you start your own tax practice and screen clients, and gives you priceless tips to make your professional life easier after you become an EA!
TaxMama® students get additional test-taking coaching in twelve 4-hour Final Review sessions (four per exam part) in addition to the course lectures!
TaxMama® teaches you how to overcome your fear when facing exam questions!
TaxMama® students have unlimited access to a dedicated mentoring portal – even after they pass!
TaxMama’s® courses are all recorded, you have unlimited replays of all classes (video AND audio)
TaxMama’s® course is like a 3-year tax education in 6 months (or less)!
TaxMama® students can join lectures for free – every year (and can get CE for only a small fee)!
TaxMama’s® EA course provides up to 80 hours CE – including all 15 CE credits needed for the Reduced AFSP Certificate of Completion – helping you to improve your professional status before you get your EA credential!
TaxMama’s® EA course is easy to customize to fit your needs.
REGISTER HERE

Washington, D.C. — Senate Finance Committee Chairman Ron Wyden, D-Ore., issued the following statement on IRS Commissioner Werfel’s letter regarding the ongoing efforts of the IRS to rebalance its enforcement activities:

“I’m pleased to see the IRS using the enforcement funding from the Inflation Reduction Act to help lower-income taxpayers catch mistakes from the start and identify credits they are eligible for, while reserving enforcement resources to crack down on wealthy tax cheats and those who prey on vulnerable filers. This is exactly why Congress boosted funding for the IRS.

“By revisiting the EITC audit selection process and focusing audit activity on the wealthiest taxpayers who are dodging taxes, rather than working people who are just trying to comply, the IRS is taking important steps to address the racial disparities in audit selection identified earlier this year. I am encouraged by the IRS’s pilot programs and look forward to continued updates on the IRS’s progress in addressing these racial disparities. I will continue to watchdog the agency in its work to overhaul its approach to tax enforcement and make sure that it fully eliminates racial bias from its audit selection methods.”

Article From U.S. Senate Committee On Finance

TaxConnections.com

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If you are selling tax services, software that helps tax professionals do their job better, or continuing education courses, you will want to be seen on TaxConnections.

We have members who have received more 68,000, 78,000, 88,000 and 98,000 views since posting their professional profiles on TaxConnections:https://www.taxconnections.com/taxblog/taxconnections-member-exceeds-98000-views-learn-his-marketing-strategy-utilizing-a-tax-centric-media-site/

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