Deduction Limitations Aug 25 - Sept 10

The definition of "gross income" for tax purposes is easy: it's pretty much anything of value received by a taxpayer unless there is some provision of law that excludes it from income. Deductions, on the other hand, are considered a matter of "legislative grace" that are narrowly construed in favor of the government and against the taxpayer. There's no sense of fairness about deductions. If a taxpayer can't prove entitlement to a deduction, none is permitted. Furthermore, in order to accomplish the purpose of the law while preventing abuse, Congress and the IRS have made the rules governing deductions very complicated.

This program will cover a wide range of income tax deductions, providing you with explanations of the basic rules applicable to each as well as possible planning opportunities. The written materials you receive will serve as a valuable reference tool for you to use in preparing returns and advising clients. This is an intermediate level program for participants with a background in federal taxation. There are no prerequisites and no advance preparation is required. The program is a group live lecture. Participants will receive comprehensive written course materials at check-in for their program location. At the conclusion of the program participants will understand the elements of the rules applicable to a wide range of income tax deductions.

Topics will include:

• Deduction limitations based on percentage of income: miscellaneous itemized deductions; limits of other itemized deductions
• Deductions limited by amount equal to income: hobby losses; vacation homes and rental of residence; passive activities; hedging; IRA contributions; capital losses
• Deduction limits equal to a specified amount: listed property and luxury autos; at-risk limitations; basis limitations of partners and S corporation shareholders
• Deductions limited where credits allowed: disabled access credit expenditures; small employer pension startup credit; foreign taxes
• Personal expense limitations: general prohibition; travel, meal and entertainment limits
• Limitations based on relationships
• Capital expenditure limitations: general rules; repair versus capitalization; produced property; demolition costs
• Other deductions: alimony; public policy restrictions; wash sales; the Cohan rule for estimating expense deductions

BONUS: Update on important rules affecting all paid income tax return preparers

Cost is $145/$135 with Early Bird Discount. Registration Forms will be mailed in July.

Missouri Locations

Illinois Locations

Based on a 50-minute hour, this program qualifies for 8 hours of CPE for accountants, enrolled agents, and certiified financial planners and 8 hours of CLE for Missouri lawyers. Tax Education, Inc. is approved as a continuing legal education sponsor by the Missouri Bar. The Missouri State Board of Accountancy does not require sponsor approval. The Illinois Department of Professional Regulation does not require CPE providers who are registered with NASBA to obtain an Illinois sponsor number. The program does not qualify for Illinois continuing legal education.

Registration & Fees

The program is a live lecture from 8:30 a.m. to 4:40 p.m. Check-in begins at 8:00 a.m. Beverages are available upon arrival and during morning and afternoon breaks. Lunch is on your own from noon to 1:00 p.m.

Space will be reserved only for paid registrations.

Walk-in registrants, Transfers and Substitutes: Walk-in registrations are on a space-available basis. Please call us the day before to see if there is room for you. If you cannot attend the program you registered for, you may send a substitute or attend another location of the same program.

Cancellations: Refunds are made if you cancel any time prior to the day of the program. No refund will be made if you do not notify us before the date of the program, but we will send you copies of the course materials upon request. All cancellation refunds are subject to a $10 administrative fee.

Registration Fee: The fee for the program is $145. There is a $10 discount for early-bird registrations only if your paid registration is postmarked or received 8 or more days before a program.

NOTE: NO CONFIRMATION WILL BE SENT. You will be notified by phone or fax of any schedule changes.

three Ways to Register:

Click here for online Registration.

Online: with your credit card at www.taxeducationinc.com

Mail: Mail your registration with check or credit card information to Tax Education, Inc., P.O. Box 3920, Chesterfield, MO 63006-3920.

24 hr. Fax: Fax your completed registration with credit card information to (314) 336-1126 (fax only)

Click here for a printer-friendly registration form.

NOTE: The toll-free number is for registrations only. Call (314) 336-1123 for all other matters, including questions and complaints.

Tax Education, Inc.

PO Box 3920

Chesterfield, MO 63006

314-336-1123 phone
314-336-1126 fax