Alpha to Omega – Tax Issues Throughout the Life Cycle of a Business


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This program was recorded live on Tuesday, October 20, 2020

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Continuing Education

CPE Program Knowledge Level: Overview
2 CPE Credit; NO prerequisites or advance preparation
CTEC Course #: 3022-CE-0141
IRS/RPO Approved Program
#7ZBUJ-T-00083-20-O (Online/Group) Live (Group-Internet Based)
#7ZBUJ-T-00083-20-S (QAS Self Study) Archive
Federal Tax Law (2 Hours)

Program Content

This online learning program, presented as a live webcast, will be also archived for QAS Self Study. The program will be available for viewing for 12 months after the live webcast. A panel of IRS and industry experts will present the content during a live, interactive discussion, where participant questions can be submitted. Questions will be answered live on the program or posted on the Resources page.

The program, through a lively round-table discussion and real time interaction with the audience, looks at the major tax issues that may arise over the life cycle of a business. The program will focus especially on tax issues at the beginning and end of a business's life. Panelists will examine issues relating to the purchase and sale of assets, and the purchase and sale of incorporated businesses and partnerships. The panel also will explore the tax treatment of intangible goodwill or going concern value.

By the end of the program, participants will have a practical understanding, through accurate, current, and effectively designed communications, of the major tax issues that arise over the life cycle of a business, from the very beginning to its eventual sale or liquidation.

Program Learning Objectives

  1. Identify the section that contains a formula to determine stock basis for property received pursuant to a nonrecognition exchange.
  2. Identify when partnership tax returns are due.
  3. Identify examples of organizational costs for a corporation.
  4. Identify which type of corporation that typically uses a calendar year end.

Program Outline

  • STARTING A BUSINESS
    • Choosing Form
    • Tax Treatment of Incorporation
    • Tax Treatment of Partnership Formation

  • PURCHASE OF GOING BUSINESS
    • Asset Acquisition
    • Purchase of Stock
    • Purchase of Partnership Interests

  • OPERATING THE BUSINESS
    • Reporting Income and Deductions
    • Return Filing Requirements
    • Tax Payments
    • Estimated Taxes

  • SALE OF GOING BUSINESS
    • Goodwill
    • Sale of Assets
    • Sale of Stock
    • Sale of Partnership Interest
    • Liquidation

Panelists

Moderator

Alan Pinck, EA
A. Pinck & Associates

Alan Pinck is an Enrolled Agent with over 25 years of tax preparation experience in the San Francisco Bay Area. He has built a practice specializing in individual, small business tax preparation and audit representation. He is currently a speaker at the NTPI events, CSEA Super Seminar as well as a variety of other presentations for tax groups and small business associations. Having represented thousands of tax returns in audit, Alan has obtained tremendous insight of the audit process as well as knowledge on a wide variety of tax issues.

IRS Panelist

Kris Carlstedt

Kristopher Carlstedt, CPA
Senior Program Analyst, SB/SE Examination Quality and Technical Support

Kris Carlstedt is a Senior Program Analyst, providing oversight, policy, technical and procedural guidance to SB/SE employees in the examination of corporate tax returns.

He has worked for the IRS for 18 years, beginning his career as a revenue agent examining individual and business tax returns. He spent eight years in the Large Business and International Division specializing in international taxation, first as a revenue agent and then an International Technical Specialist the LB&I Practice Networks. He is an IRS certified classroom instructor and has extensive experience teaching workshops, classroom training and continuing professional education courses to revenue agents and managers.

Kris received a Bachelor of Arts degree in economics and accounting from Western Washington University. He is a Certified Public Accountant in Washington state.

Industry Panelists

Bruce Miller

Bruce Miller, EA
Partner Bruce Miller & Associates

Bruce Miller has been in practice for 33 years and an EA for 25. He is a partner in a seven person firm located in Sherman Oaks, California. They offer a full range of services including individual tax returns (1250) and Corps, S-Corps, Partnerships, & LLC's (370). They do payroll for 155 companies, bookkeeping for 110 businesses, sales tax for 40 companies as well as city business licenses, personal property taxes, and addressing every other Federal, State, County, and City matter that comes their way. He has been a member of CSEA for 25 years and is currently serving as the First Vice President. He is also a 25 year member of both NAEA and NSA.

 

 

John Perry

John M. Perry III, EA, USTCP

John Perry has been an Enrolled Agent and tax professional since 2012. His tax preparation background includes work with individuals, small businesses, and trusts. He is an NTPI Fellow and represents clients before the IRS primarily in collections, and before the Oklahoma Tax Commission. In addition, he was admitted to the bar of the United States Tax Court by examination in 2013, and he represents individual and small business clients before the U.S. Tax Court. John lives and works in Oklahoma City, Oklahoma. During tax season, he has volunteered as a VITA tax preparer and reviewer on Saturdays and one night a week for the past six years. He has served the National Association of Enrolled Agents as a member of, and now chair of, the Tax Education Subcommittee, and is a member of the Bylaws and Governance Committee. He has served as an education committee member and chair, chapter president, a director, and secretary of the Oklahoma Society of Enrolled Agents, and is currently vice-president of the OSEA.

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