Minimize Tax Liability by Mastering the Latest Asset Basis Concepts
“Basis” (your investment in property for tax purposes) is one of the premier concepts in proper calculations used in tax preparation, and your competency in tax can almost be measured by your expertise (or the lack of it) in basis. Most practitioners agree that a thorough understanding of basis is essential to gain competency in the field of taxation. Because if you’re not sure how to account for the basis of your assets, you could end up significantly overpaying your / your clients’ taxes.
Learn how to improve your tax calculation expertise (and pass on the benefits to your clients) in this comprehensive webinar by taxation and accounting expert Vicki L. Mulak, EA, CFP®. Mulak will bring you up to speed with basis concepts currently affecting tax preparation, and specific areas of the Internal Revenue Code which allow for gain deferral. Mulak will also explain how deferred gain and recognized gain impact basis.
Mulak will walk you through a variety of areas where basis is calculated, including basis in residence, basis in property acquired in a Section 1031 exchange, basis in stock resulting from a transfer of assets and liabilities under Section 351, basis in property received from a partnership, basis in property inherited from a decedent, basis in gifts, partnership basis adjustment when a Section 754 election is in place, basis in property received for services, and much more.
After attending this webinar, your competency in basis calculations as a tax professional will increase by leaps and bounds. Plus, you’ll be confident in your ability to benefit your clients when preparing their income tax returns, as well as attract more clients to your practice.
This webinar will help you:
Gain competency in generic basis rules
Know how deferred gain impacts basis in property
Understand how recognized gain impacts basis in property
Learn how accurate basis calculations affect property dispositions and asset transfers
Find out how basis in stock affects S corporation shareholders
Vicki L. Mulak is an Enrolled Agent and Certified Financial Planner (CFP) and owner of American Financial and Tax, a tax preparation, planning and representation firm, which was founded in Tustin, California in 1985, when Vicki became both a resident and a business owner.