Instructor: Paul La Monaca, CPA, MST & Serge Gautron EA

Course Description: This course starts with the basic issue that §61 provides that everything is income from whatever source derived unless there is a specific exception exemption or exclusion. Bartering, GIG Economy Sources and Cryptocurrencies are none of these and therefore are all includible in a taxpayer’s gross income!

• The course will discuss reporting requirements when taxpayers receive and disburse goods and services when not using legal tender (U.S. Dollars).
• The course will discuss the IRS’s recent creation and launching of its’ “GIG Economy Tax Center” aimed at helping GIG Economy participants in understanding their obligations to meet their compliance in reporting and paying their U.S. Tax obligations. Tax Policymakers are looking deeply into ways that GIG Economy platforms can be developed for individuals and small businesses to satisfy their compliance issues.
• The solution toward decreasing the $406B Annual Tax Gap is a challenge being reviewed from all angles by the IRS, Congressional Research Center and White House Budget Office.
• The course will introduce participants to the new world of Cryptocurrency which has been entering into the U.S. Economy in full force for over a decade.

This section of the course will discuss the following topics:

• History of Cryptocurrency
• Defining Cryptocurrency and Virtual Currency
• Initial Coin Offerings (ICOs)
• Blockchain
• Cryptography
• Exchanges
• Crypto Wallets for multiple cryptocurrencies

Virtual Currency Events such as:

• Soft Forks
• Hard Forks
• Airdrops

Federal Income Tax Issues such as:

• IRS Notice 2014-21 stating that cryptocurrency is property for tax purposes
• Updated IRS Website Q & A
• John Doe Summons on Coinbase
• Recent Letters from Ways & Means Committee to IRS on Compliance Issues
• Revenue Ruling 2019-40
• IRS Letters 6173, 6174 and 6174A sent to 10,000 Taxpayers in August 2019
• Basis Issues when dealing in cryptocurrencies
• Form 8949 Reporting
• and much, much more

Learning Objectives: At the conclusion of this course, the participants will have a stronger base for discussing issues surrounding Barter, The GIG Economy, the Tax Gap and the new world of Cryptocurrency. As a Tax Professional, the participant will have acquired a base of new terminology needed for reporting in a cashless society as it impacts Federal Tax Law and compliance requirements for all Americans.

Instructor: Paul La Monaca, CPA, MST

Course Description: This course will introduce Tax Professionals to various income tax elections available to taxpayers at every level. It will cover individuals, partners and partnerships, shareholders and corporations, both C and S Corporations as well as beneficiaries and their estates and trusts. The course will discuss when, how and why the elections can and should be made. It will discuss the format for making the election as well as whether the election is revocable, irrevocable, automatic or only with permission of the IRS.

Learning Objectives: At the conclusion of this course, the participants will have attained a significant amount of knowledge on which elections are available for each type of taxpayer whether filing an IRS Form 1040, 1041, 1065, 1120 or 1120-S. The Tax Professional will be exposed to the methods and procedures needed in order to make valid timely federal tax elections. 

Instructor: Nina Tross, EA, MBA

Course Description: This program provides an in-depth look at the enactment of the “Taxpayer First Act” which amends the Internal Revenue Code providing for the modernization and improvement of the Internal Revenue Service. It also is an effort to strengthen taxpayers rights as prescribed by the “Taxpayer Bill of Rights”. The course will discuss the following important provisions of the new Law:

• Establishment of an Independent Office of Appeals
• Sensible Enforcement Issues by the IRS
• Organization Modernization
• Bringing the IRS into the 21st Century for issues of Cybersecurity and Identity Theft
• Development of New Information Technology
• Modernization of Consent-based Income Verification Systems
• Expanded Use of Electronic Systems
• Reform of Laws Governing IRS Employees
• Provisions Relating to Exempt Organizations
• Revenue Provisions Increasing the Penalty for Failure to File Returns
• and much more

The course will also provide an update of the issues, actions and achievements of the IRS Security Summit.

Learning Objectives: At the conclusion of this program participants will have an improved knowledge of the internal changes being made inside the IRS and the improvements for better serving taxpayers and protecting their rights under the law as well as better protecting their information in a more secured environment. In Addition, the participants will be brought up to date on the Security programs instituted with the IRS and their partners in the industry.