Walking through Complex Schedule A Issues
Nick Preusch CPA, JD, LLM, is a tax manager with PBMares, LLP. Nick has participated in helping high wealthy individuals and large business entities with complex tax compliance, along with specializing in international, not-for-profit tax issues, and tax ethics issues.
Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nick is a graduate of Carthage College with a BS in Accounting and Business, the University of Connecticut with an MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties, and Circular 230 Enforcement, published by Thomson Reuters. He has lectured nationally on topics such as ethics, complex tax transactions, and IRS practice and procedure. Currently, Nick is an adjunct professor at the University of Mary Washington. Nick has been recognized as the Top 5 under 35 CPAs in Virginia by the VSCPA in 2017, CPA Practice Advisor’s Top 40 Under 40 in 2018, and is a member of the VSCPA’s Tax Advisory Committee, and the AICPA’s Tax Practice and Responsibilities Committee.
While the government has decreased the number of itemized deductions available for people to claim, there are still many complex subjects on Schedule A that need to be analyzed. This webinar will look at these more complex issues and go through some commonly asked questions that people have on Schedule A.
We will look at things like what medical expenses are deductible? Can you actually deduct a personal trainer (Yes, you can in some cases!) What proof do I need to claim these deductions?
For taxes, there is now a $10,000 cap on taxes deductible, but is that actually true? We will learn about IRC 212 real estate taxes that allow people to deduct more than $10,000.
Charitable expenses have not seen major changes until the COVID stimulus bills. We will go over all these changes and more!
This webinar will get you ready to maximize deductions on Schedule A!
- Medical Expenses
- Charitable Contributions
- Casualty and Theft Losses
Course Level - Intermediate
Who Should Attend
- Business Owners
- Enrolled Agents
Why Should You Attend
Tax Cuts and Jobs fundamentally changed the way Americans itemize deductions. With fewer Americans being able to itemize with the increased standard deduction, the IRS has not yet decreased auditors that focus on itemized deductions. This means there is a small audit pond for the IRS to fish from for people who itemized. With the increased detection risk, it is imperative practitioners properly file Schedule A to protect their clients from increased taxes, penalties, and interest and protect practitioners from practitioner penalties.