Course Description:
Navigating the complexities of tax compliance requires a deep understanding of IRS red flags, common filing errors, and strategic tax planning techniques. This course, led by tax expert Doug Stives, CPA, MBA, will equip tax professionals with the knowledge to identify audit triggers, maximize deductions, and stay compliant with IRS regulations. Attendees will gain insight into the latest tax law changes for 2024 and 2025, explore key planning opportunities, and learn best practices for managing client tax filings efficiently.
Learning Objectives:
By the end of this course, participants will be able to:
• Recognize IRS Audit Triggers – Identify common red flags that may increase audit risk, including high deductions, incorrect tax reporting, and business expense misclassification.
• Apply Effective Tax Planning Strategies – Utilize deductions, credits, and tax deferral techniques such as Section 179 expensing, bonus depreciation, and installment sales to optimize tax outcomes.
• Navigate Tax Law Changes – Understand key updates for the 2024 and 2025 tax years, including changes to income tax brackets, deductions, estate tax exemptions, and required minimum distributions (RMDs).
• Properly Report Business and Self-Employment Income – Ensure compliance with IRS guidelines for home office deductions, vehicle expenses, self-employed retirement contributions, and pass-through entity taxation.
• Utilize Depreciation and Real Estate Tax Strategies – Leverage Section 1031 exchanges, IRC 121 home sale exclusions, and depreciation recapture rules to minimize tax liability.
• Understand Taxpayer Rights and IRS Procedures – Navigate IRS correspondence, penalties, and appeal processes and advise clients on proper documentation to prevent disputes.
• Identify Common Tax Filing Errors – Avoid costly mistakes in reporting taxable income, capital gains, charitable contributions, and tax credits that could result in penalties or audits.
• Optimize Estate and Gift Tax Planning – Utilize gifting strategies, portability rules, and estate tax exemptions to create tax-efficient wealth transfer plans for clients.
This course qualifies for 2 hours of IRS CE credit under the category of Federal Tax Law Related Matters.
About the Presenter:
Doug Stives is considered a worldwide leader in public and management accounting by AICPA &CIMA. He is a CPA, MBA, and recently retired professor of Accounting at Monmouth University and a professional speaker at many organizations and conferences. Doug was honored as Monmouth's Outstanding Business Professor of the Year in 2009, 2016, and 2024 and was awarded an Outstanding Educator award in 2021 by the New Jersey Society of CPAs. Frequent media exposure includes The Wall Street Journal and other national publications and television, including CNN, CNBC, PBS, NBC, Fox, CBS, ABC, and several cable networks. Doug was once dubbed as the "Most Tax Efficient Man in America" by the Wall Street Journal.
