Instructor Profile

On January 1, 2024, a new reporting requirement goes into effect that will require millions of small businesses to file a Beneficial Ownership Information (BOI) Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). The details for how this reporting obligation will be implemented were left for FinCEN to provide through rulemaking. 

The Corporate Transparency Act of 2022 has sparked numerous discussions among business owners, CPAs, and attorneys, who are eager to understand the implications of this new legislation. As part of its objective to prevent illegal activities through business entities, the Act seeks to provide the US government with greater insight into business ownership. While some are weighing the pros and cons of the Act, many are eager to learn more about its impact on their clients and businesses.

This act is expected to build a pathway for FinCEN (Financial Crimes Enforcement Network) to develop a standardized reporting of companies being formed in the USA and their disclosure of beneficial ownership information. 

The filings while seemingly simple will require a bit of analysis as the beneficial owner rules could include people who actually own the company to people who make significant decisions for the company. The penalties for failing to report or failing to properly report will be severe.
This webinar will go through what we know and don't know relating to this new Filing Requirement under the Corporate Transparency Act.

According to IRS tax gap studies, small businesses account for the largest segment of the $458 billion annual loss in tax revenue to the US Treasury, largely due to the underreporting of income and overstating of credits and deductions. As a result, the IRS field audit resources focus much of its audit activity on small businesses.

This course will look at the top 10 issues small businesses face when undergoing an IRS audit.
It will take a look at the audit from three perspectives - 
1. The client
2. The practitioners, and 
3. An IRS auditor. 

We look at these common issues along with ways to maneuver around the issues when the IRS brings them up. After this webinar, you should have a better grasp of helping your client through the most common types of IRS audit problems that you will face.

Mistakes are a part of life and errors of any kind are a common occurrence. That's why pencils have erasers! Fixing them takes skill and knowledge of the rules whether they are amendments to the various business, individual, or payroll tax returns. 

Be familiar with the often-complicated process of amending tax returns so that you don't make the same mistake twice. Be proactive and amend the returns as soon as you become aware of substantial errors and before the IRS contacts you.

Form 1065 is an information return used to report the income, gains, losses, deductions, credits, and other information from the operation of a partnership. A partnership doesn't pay tax on its income but passes through any profits or losses to its partners. Partners must include partnership items on their tax or information returns.

Speaker Nicholas Preusch, in this webinar, will look at the most common mistakes made on Form 1065.

Limited Liability Company (LLC)’s, while a more flexible entity than corporations for legal requirements, can be quite complex for tax purposes. As your LLC clients’ business operations and classifications change, you need to make sure that you’re able to advise them through this transition while preparing their tax returns. 

In this webinar, we will walk through the process of changing an LLC from a multiple- to a single-member LLC. The IRS treats single-member LLCs as sole proprietorships or corporations and does not classify them as partnership firms. There are also different tax forms necessary to file, such as Form 8823 (Entity Classification Election) and agreements from existing members, when transitioning from a multiple- to single-member LLC. 

If you have LLC clients, this is a key webinar for you! Learn the different classifications an LLC can fall under for income tax filings and how to file the various elections that can be associated with an LLC.