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Employee vs Independent Contractor with Volunteer Classification Settlement Program(VCSP) & Classification Settlement Program(CSP)
- Distinguish between an independent contractor and an employee
- Explain the three categories of Control Factors
- Calculate penalties for misclassifying workers
- Apply rules to taxpayers in various occupations
- Analyze Section 530 Relief under the Revenue Act of 1978
- Interpret the Volunteer Classification Settlement Program (VCSP)
- Overview of Classification Settlement Program (CSP)
- Review court cases
- Instructor
- Allan J. Reynolds, EA
- Duration
- 100 minutes
- Prerequisite
- General understanding of federal tax law
- Advanced preparation
- None
- Delivery method
- Group Live
Description
We will discuss the Volunteer Classification Settlement Program (VCSP) and Classification Settlement Program (CSP). The VCSP is a little-known program that may be the right choice to get your client into compliance with treating their workers as employees. Learn about the process, how to qualify for the program, and discover the significant tax savings that will benefit your client. Recent guidance Section 530 under Revenue Act of 1978.
Objectives
Upon completion of this course, you will be able to:
Details
Changing LLC Structures-Tax Implications
- Discuss when and or if Entity needs new Federal ID Number
- Summarize steps required converting a Multi-member LLC (MMLLC) treated as partnership to a Single Member LLC treated as sole proprietorship
- Identify tax impacts of adding a member to a Single Member LLC (SMLLC)
- Determine tax consequences when a SMLLC converts to S Corporation
- Outline mechanics of converting MMLLC to S Corporation
- Instructor
- Allan J. Reynolds, EA
- Duration
- 100 minutes
- Prerequisite
- General understanding of federal tax law
- Advanced preparation
- None
- Delivery method
- Group Live
Description
When a client wants to discuss whether they should change entity types it is key to understand the tax impact of the conversion. It is not as simple as just reporting the change on the appropriate form. During this session we'll discuss what happens when a limited liability company (LLC) adds owners or when the sale of interests leaves only one partner in that LLC. Additionally, we will address factors to consider when the LLC owner(s) wants to elect in or out of corporate status. Furthermore, Conversions to S Corporation and IRC § 351 election will be detailed. Finally, an in-depth discussion on when and if entity will need a new Federal Identification Number.
Objectives
Upon completion of this course, you will be able to:
Details
Data Security Plan
- Explore the Data Security Plan Requirements
- Examine IRS publication 4557
- Investigate the newly provided IRS Written Information Security Plan (WISP)
- Furnish example of such plans
- Instructor
- Allan J. Reynolds, EA
- Duration
- 50 minutes
- Prerequisite
- None
- Advanced preparation
- None
- Delivery method
- Group Live
Description
Under the FTC Safeguards Rule, financial institutions must protect the consumer information they collect. The Gramm-Leach-Biley (GLB) Act of 1999 requires companies defined under the law as "financial institutions" to ensure the security and confidentiality of this type of information. The "financial institutions" definition includes professional tax preparers. When completing the annual renewal of a tax professionals PTIN, part of the process is a separate page called "Understand your data security responsibilities". This section states the following: Paid tax return preparers must have a data security plan and system security protections for all taxpayer information. You must check a box confirming that you aware of this responsibility before finalizing the PTIN renewal process. Join us on this fast paced but Vital webinar explaining what resources are available and to assist you in developing and or reviewing your Data Security Plan.
Objectives
Upon completion of this course, you will be able to:
Details
S Corporations (7203) & Partnership Basis
- Determine when and why we need basis for our clients' Pass-through entities
- Analyze Form 7203
- Examine the significance of basis
- Explain who is responsible for keeping basis
- Review basis calculation for partners and shareholders
- Assess the election pursuant to Regulation 1.1367-1(g)
- Overview of Form 7217
- Instructor
- Allan J. Reynolds, EA
- Duration
- 100 minutes
- Prerequisite
- General understanding of federal tax law
- Advanced preparation
- None
- Delivery method
- Group Live
Description
As a tax professional, it's imperative to know basis rules and calculations for our clients that are shareholders and or partners in Pass-through entities. Furthermore, we must analyze how basis rules affect their individual Form 1040 tax return. This session will provide a valuable and essential overview for S Corporation and Partnership basis issues. Bonus: This course will cover a valuable overview on Form 7217, Partner's Report of Property Distributed by a Partnership.
Objectives
Upon completion of this course, you will be able to:
Details
Ethics
- What is Ethics?
- Ethical Decision Making
- Due Diligence
- Everyday Ethical Issues
- Form 8867
- Substantial Authority
- Standard Conflicts
- IRC 7216
- Disclosure
- Instructor
- Allan J. Reynolds, EA
- Duration
- 100 minutes
- Prerequisite
- None
- Advanced preparation
- None
- Delivery method
- Group Live
Description
"Ethics knows the difference between what you have a right to do and what is RIGHT to do." - Associate Justice of the Supreme Court of the United States, Potter Stewart Why Authority matters: Circular 230 Considerations, such as diligence regarding accuracy, standards with respect to tax returns, requirements for written advice, competence, and taking unreasonable positions or willful and reckless conduct.
Objectives
Upon completion of this course, you will be able to:
Details
Federal, Individual, and Business Updates
- Summarize any late breaking updates, tax related legislation, or guidance
- Access and Examine OB3 updates and guidance
- Review Responsible AI Use Guidelines
- Working Virtually – Protecting Tax Data at Home and at Work
- Interpret changes to the 2026 Form W-4
- Instructor
- Allan J. Reynolds, EA
- Duration
- 150 minutes
- Prerequisite
- General understanding of federal tax law
- Advanced preparation
- None
- Delivery method
- Group Live
Description
Tax season always brings new challenges, and this year will be no exception. Join us for this fast-paced overview where you will receive the latest information and guidance that has transpired over the last 12 months affecting your practice encompassing your individual and business clients. This program provides tax professionals with a comprehensive and practitioner focused update on the most significant federal individual and business tax developments. Using authoritative IRS releases, notices, revenue procedures, and statutory changes—including OBBBA provisions, Circular 230 guidance, and new compliance initiatives—the course equips tax professionals with the knowledge required to accurately advise clients and maintain compliance in a rapidly evolving regulatory environment. Through real world examples, statutory analysis, and practitioner-oriented discussion, attendees will gain clarity on how these changes affect tax return preparation, planning, compliance, and client communication.
Objectives
Upon completion of this course, you will be able to:
Details
EIC Eligibility and Due Diligence
- Summarize EIC Qualifications
- Review rules for qualifying individuals including taxpayers with no children
- Outline requirements for tax preparer due diligence
- Complete and Analyze Form 8867
- Paid Preparer's Due Diligence
- Understand the questions a preparer should ask a client claiming EIC
- Examine the Seven (7) rules for everyone
- Examine additional rules for taxpayers with qualifying children
- EIC Eligibility Checklist
- What is Due Diligence
- Provide Tax Professionals with necessary resource
- Instructor
- Allan J. Reynolds, EA
- Duration
- 50 minutes
- Prerequisite
- General understanding of federal tax law
- Advanced preparation
- None
- Delivery method
- Group Live
Description
The earned income tax credit (EIC) is a refundable tax credit that provides a tax break to taxpayers with low to moderate income. Tax professionals who prepare returns claiming the earned income tax credit (EIC) must comply with the IRS's strict due diligence requirements for each return filed and understand the rules used to determine eligibility for the credit. Failing to comply with the due diligence requirement or filing a return that erroneously claims the EIC can lead to the preparer facing a penalty of $600 (2024) for each failure. This session provides tax preparers with the information they need to comply with due diligence requirements, determine whether a taxpayer qualifies for the EIC, calculate the proper credit amount and identify the penalties for incorrectly claiming the credit.
Objectives
Upon completion of this course, you will be able to:
Details
Tax planning strategies for Moderate Income Clients
- Demonstrate how QCD can reduce taxes and maximize charitable deductions
- Discuss Form SSA-44
- Life-Changing Events and reducing Medicare Part B premiums
- Appraise the benefits of 529 Plans and Paying for College and implement
- Counterintuitive tax planning regarding
- Scholarships and AOTC Analyze
- Compare and PLAN regarding Retirement plans
- Dramatize 401(k) savings for the average taxpayer
- Critique Divorce situations to benefit clients and explain why 50/50 is not always equal
- IRC § 121 opportunities
- Clarify the implications of the capital gains reduced tax rate and potential issues
- Illustrate bunching of itemized deductions
- Translate when to take Social Security and related issues
- Review employing your child
- Examine Health Reimbursement Arrangements & Employing your spouse
- Understand unique elderly client issues and Estate planning
- Instructor
- Allan J. Reynolds, EA
- Duration
- 100 minutes
- Prerequisite
- General understanding of federal tax law
- Advanced preparation
- None
- Delivery method
- Group Live
Description
Tax Planning is not just for the rich and famous. This course will provide insights to numerous topics so tax professionals can assist their moderate-income clients to create and preserve wealth. Ensure we provide our clients with the tools necessary to provide practical tax planning techniques and be hands-on to develop a long-term beneficial relationship. Join us in deciphering the mystery of Tax Planning for the average taxpayer.
Objectives
Upon completion of this course, you will be able to:
Details
Understand & Responding to CP2000s
- Explain what a CP2000 notice is and identify the issues it typically addresses
- Organize an efficient intake process
- Reconcile the notice to the tax return and supporting documents to verify the source of the mismatch
- Determine whether to agree, partially agree, or disagree and identify the documentation needed for each response
- Identify common CP2000 issue area representation
- Instructor
- Allan J. Reynolds, EA
- Duration
- 100 minutes
- Prerequisite
- General understanding of federal tax law
- Advanced preparation
- None
- Delivery method
- Group Live
Description
A CP2000 matching notice can quickly derail a client relationship if we react without a plan. During this session, we'll walk through a practical process for handling CP2000 inquiries, from the first client call through final resolution. We'll cover what a CP2000 notice is and how to verify the IRS matching issue. Once the issue is identified, we'll discuss how to decide whether to agree, partially agree or disagree. Finally, we'll cover documentation, response strategy, and common CP2000 problem areas to reduce stress and improve client outcomes.
Objectives
Upon completion of this course, you will be able to:
Details
CPE sponsor disclosure
The CPE associated with this education is provided by the North Carolina NATP Chapter and is independent of national NATP sponsorship.
IRS sponsor number: 0D9V9
See our CPE sponsor page for more information on reporting.