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Course Details

Tax Update-Barter, Income Exclusions and More (Video) (Course Id 992)

Updated / QAS / Registry / EA
Author : Stuart Sobel, Enrolled Agent (EA), Author, Radio Host, Indiana University Faculty
Status : Production
CPE Credits : 1.0
IRS Credits : 1
Price : $14.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 992

Description :

What if money did not exist? How would you secure a livelihood? How could the IRS tax you on a business? Can a business with no cash secure the products and services it needs to become profitable?

What types of income does the IRS exclude from income? Is it wrong to use tax shelters to purposely avoid paying taxes?

This unique program answers these challenging questions. Barter and trade have existed for thousands of years. It is neither illegal nor immoral to use ingenuity to grow a business or to save money on taxes. By properly engaging in planning and understanding the differences between realized and recognized income for tax purposes, a business taxpayer can save tax dollars. Stuart Sobel, who has personally used barter and trade throughout his career, has a diverse background. He worked for the Internal Revenue Service for 30 years in the examination function and high-level management. Since his retirement from the IRS, he has had a tax consulting firm that worked with thousands of businesses and nonprofit organizations worldwide.

For many years Stuart had a nationally syndicated radio program entitled Wise Choices: Taxes and Charities Today. He has written four books on taxation, which have been used to train thousands of tax professionals. His present company, Tax Media Network, Inc., produces educational video and audio programs in his state-of-the-art studio.

This 1-hour course explains the tax aspects of barter and trade in very understandable terms. It also provides money-saving tools through the use of effective tax planning and explains the differences between realized income and recognized income, which is not currently subject to taxation.

This course covers the following topics:

    • IRS definition of a business – hobby versus business
    • Benefits of utilizing barter in a business
    • Recognition of barter income for tax purposes
    • Analysis of barter transactions and taxability issues
    • Donations of barter balances from a trade exchange as opposed to in-kind donations to a charity
    • Barter exchanges – tax requirements
    • 2014 and 2015 IRS overview
    • Definitions of realized and recognized income
    • Explanation of nontaxable fringe benefits
    • Analysis of the exclusion sections of the Internal Revenue Code - IRC 101-139

Usage Rank : 0
Release : 2018
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE)
Revision Date : 02-Apr-2018
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - IRS Enrolled Agents - 992

Keywords : Taxes, Tax, UpdateBarter, Income, Exclusions, More, Video, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

    • Understand how the concept of barter and trade can benefit a business
    • Learn the tax consequences of various types of barter or trade transactions
    • Recognize the requirements of a barter or trade exchange for tax reporting
    • Understand the differences between realized and recognized income
    • Improve tax planning skills through more effective use of Internal Revenue Code sections 101-139
Course Contents :

Chapter 1 - Tax Update-Barter, Income Exclusions and More


Chapter 1 Review Questions


Tax Transcript Glossary

CPE Taxes Course: https://www.cpethink.com/irs-ea-cpe-courses
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