2020 Summer Tax: Nonresidents, Real Property Transactions, Choice of Entity, and K-1 Reporting

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SKU: 2020-summer-tax-nonresidents-real-property-transactions-choice-of-entity-and-k-1-reporting Categories: ,

2020 Summer Tax: Nonresidents, Real Property Transactions, Choice of Entity, and K-1 Reporting

Author: Spidell Publishing, Inc.

Electronic version only


Dig into nonresidents, real property, choice of entity, and K-1 to 1040

You’ll get the detailed information you need to cut your clients’ taxes, reduce audit exposure, and be the best you can be for your client.

Here’s what’s on the agenda:

Nonresidents — how to become one and what’s taxable
  • How to really become a nonresident
  • Disposing of business and investment assets to avoid California tax
  • When California can tax nonresidents’ stock options, intangibles, and pension
Real property transactions
  • Learn how to properly report sales of rental and business property
  • Dig into effects of gifting real property — is it ever a good idea?
  • Understand how holding title affects tax on the sale and inherited basis
  • Plan which property your client should receive in the divorce
Cancellation of debt
  • Review cancellation of debt rules
  • Understand how to compute insolvency
  • Get a checklist to compute debt forgiveness under the PPP and discuss when to pay back the additional funds
Choice of entity
  • See how and why to elect corporate treatment for an LLC
  • Compare IRC §199A benefits when picking an entity type
  • Use Spidell’s Choice of Entity Comparison Chart to help the decision
Properly report partnership K-1s on the 1040
  • See where all the IRC §199A information goes
  • See how the K-1 reports whether rental income is QBI
  • Understand the required basis reporting requirements
  • Take home a worksheet to track partnership/LLC items from year to year

Want to order by phone? Call us at: (714) 776-7850

CPE Hours

Designation CPE Hours
CPA 8 Tax
EA* 6 Federal Tax
CRTP (CTEC) 6 Federal Tax, 2 CA Tax
Attorney 6.75 General MCLE

Course level: Intermediate
General tax preparation knowledge is required.

*EAs will receive a 2-hour federal tax self-study to ensure up to 8 hours of CPE.


This self-study is designed to meet the requirements for the specified number of hours of continuing education. This webinar has been designed to meet the requirements of the IRS Return Preparer Office; including sections 10.6 and 10.9 of Department of Treasury’s Circular No. 230 (Provider No. CRA7E); the California State Board of Accountancy; the California Bar Association; and the California Tax Education Council. This does not constitute an endorsement by these groups. The State Boards of Accountancy have final authority on the acceptance of individual courses for CPE credit. For more information regarding administrative policies such as complaints or refunds, contact Spidell Publishing at 714-776-7850. Spidell Publishing, Inc. has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to renew tax preparer registration may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890, or by phone at 877-850-2832, or on the internet at www.CTEC.org.

Spidell Publishing, Inc. 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 the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. This course is designed to meet the requirements for 8 hours of continuing education for the California Board of Accountancy. Level: Intermediate. Field of Study: Taxes. Delivery method: Self-study. For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (714) 776-7850. General tax preparation knowledge is required.

Spidell Hours

CPA
Tax 8
EA
Fed Tax 6
CRTP
Fed Tax 6
CA 2
Attorney
MCLE 6.75

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