This chapter discusses important issues that help tax practitioners comply with their ethical obligations. Topics include the following:
- Ethical considerations when giving tax opinions
- The ethical and legal benefits of email disclaimers
- Ethical duties for a tax practitioner serving as a trustee or other fiduciary • Ten case studies that illustrate real-life ethical scenarios
Trusts and Estates
This chapter discusses the basis of inherited assets and the character of gain or loss on the sale of inherited assets. It explains when gifts in contemplation of death are included in the gross estate, and how irrevocable life insurance trusts and qualified personal residence trusts can reduce estate tax. This chapter also reviews when section 529 qualified tuition plan assets may be subject to gift tax, and when those assets are included in the gross estate of the plan owner or beneficiary.
Agriculture and Natural Resource Issues
This chapter covers emerging topics that affect farmers and ranchers, including the following:
- Retiring a farm asset
- Farm rentals
- Income averaging
- Divisive reorganizations to divide a farming corporation
- Borrowing and lending tax issues for farmers and ranchers
Business Entity Tax Issues
This chapter examines issues that pertain to business entities, including organizational standards for LLCs seeking exempt status, 501(c)(4) social welfare organizations requirements and reporting, and reporting requirements for S corporation basis.
Business Tax Issues
This chapter discusses some of the issues that tax practitioners encounter when they prepare returns for clients who operate a business. Topics include the following: • Nightly rentals
- Multilevel marketing
- Sale of a business
This chapter covers issues the IRS targets as key issues for practitioners. Topics include the following:
- Employer identification numbers
- Liens and levies
- Injured spouse allocation
- Gig economy
- IRS transcripts
- Tax Pro and online accounts
Individual Tax Issues
These chapters cover several issues tax practitioners encounter when preparing individual income tax returns, including the following:
- Child tax credit and reconciling the advance credit
- Divorce tax issues
- Education credits
- Standard vs. itemized deductions
Current Partnership Tax Issues
This chapter discusses partnership elections. It also explains tax issues when partnership interests are issued in connection with the performance of services. Finally, this chapter discusses tracking and reporting partnership basis.
Tax Practice and Procedure
This chapter explains important tax practice and procedural issues, including amended and superseded returns, powers of attorney, and IRS assessments. It also explains the situations in which the IRS can hold a third party liable for the tax liability of another taxpayer as a transferee, nominee, or alter ego.
New and Expiring Legislation
This chapter covers recently enacted tax legislation and procedures. It is organized by subject to help participants quickly find topics of interest and includes a table of tax provisions that expired or are set to expire.
Rulings and Cases
This chapter summarizes selected rulings and cases that were issued from September 2021 through August 2022. It gives participants an update on issues that are being addressed by the IRS and the courts.
Tax Rates and Useful Tables
This chapter reports the tax rates, deduction limits, credit limits, and income thresholds and limits that change each year.