Exclusions from Income - Items that Are Not Taxable

Nick Preusch
Nick Preusch
Thursday, July 9, 2020
10:00 AM PDT | 01:00 PM EDT
60 Minutes

More Trainings by this Expert   Product Id : 503213

Price Details
$150 Live
$290 Corporate Live
$190 Recorded
$390 Corporate Recorded
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Live + Recorded
$289 $340 Live + Recorded
Corporate (Live + Recorded)
$599 $680 Corporate
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IRC 61 sets the standard for what income in the US Tax systems is taxed. All of it. That is all of it, unless expressly excluded under the Internal Revenue Code.

This webinar will go in-depth into IRC 61 and the most commonly excluded income. We will discuss how to identify the income and how to properly classify the income on the tax return. We will also look at the documentation that is needed for practitioners to properly due their due diligence to avoid any kinds of preparer penalties.

Since the IRC allows the statute of limitations to extend to six years when more than 25 percent of income is not reported, we will also look at different ways to avoid this extended statute of limitations should the determination that income is excludable when it actually would not be excluded.

Why should you Attend: As the tax code gets more complex, often people can get confused on what is taxable and what is not taxable income. Getting this issue wrong can be costly, as people will end up paying tax on income that is not required to be taxed.

People should attend this webinar to get a good understanding of cash inflows and whether or not those in flows are going to be taxable.

Outside of the tax return, this is also an important issue as it comes up often in IRS audits.

IRS auditors cannot close out a case until the identified all possible income and demonstrated that the taxpayer can live on their income that reported. Often the IRS auditors will try to tie down non-taxable sources of income early in the audit.

Areas Covered in the Session:

  • Difference between exclusions and deductions
  • Life insurance
  • Gifts
  • Inheritances
  • Tax-exempt Interest
  • Personal Injury
  • Prizes
  • Awards
  • Scholarships
  • Education Savings Bond Premiums
  • Other non-taxable income

Who Will Benefit:
  • CPA Firms
  • EAs
  • Tax Attorneys
  • CFOs
  • CEOs

Speaker Profile
Nick Preusch primary focus is performing tax services for high wealth individuals and mid-to-large business entities. Nick’s responsibilities include tax research related to complex business transactions and tax return preparation and review. He also works closely with businesses and individuals to find tax efficiencies through ever-changing tax legislation. He was also an Internal Revenue Service (IRS) attorney at the IRS National Office in Washington, DC, where he was the lead attorney for several significant tax ethics cases.

Nick co-authored Tax Preparer Penalties and Circular 230 Enforcement, a textbook published by Thomson Reuters. He has also been published in the AICPA’s Tax Advisor and Journal of Accountancy along with CCH’s Journal of Tax Practice and Procedure. In 2017, he was named one of the VSPCA’s Top 5 Under 35. In 2018, he was named to CPA Practice Advisor’s Top 40 Under 40. In 2018, he was part of the AICPA’s New Face of Tax ad campaign.

Nick is a licensed attorney in New York and a Certified Public Accountant in Virginia. He earned an LLM in Taxation from Georgetown University, a JD from Case Western Reserve University, and an MS in Accounting from the University of Connecticut.

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