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Day 2 | Understanding Tax Code Elections and Credits and Properly Reporting Them on IRS Forms

Course Price: $559.00
CPE Credits
July 20, 2021
Course Time
8:00 AM
Advanced Preparation
Course Level
Knowledge of Federal Tax Law
Paul La Monaca CPA, MST

Course Description

This course introduces the Tax Professional to various federal income tax elections provided in the Internal Revenue code. The presentation will discuss the fact that some elections are required to be made by the due date of the tax return while others are allowed through the extension date of the return. Other elections could be up to the close of the Statute of Limitations of the filed return. Some elections are irrevocable while others can be revoked with permission of the IRS if properly requested. Some elections are required in the form of checking a box on an IRS Form or Schedule while others require a formally submitted attachment to the filed return.

The Internal Revenue Code also provides for the allowance of specified credits which are refundable while others are nonrefundable, and some credits are allowed for Alternative Minimum Tax purposes while others are not. Some credits are fully allowed while others are phased out due to other provisions in the law.

Learning Objectives

At the conclusion of the presentation, the Tax Professional will have a broader and deeper understanding of the elections that are provided in the Code for individual and business tax purposes and how to properly apply them on a filed return. The participant will also know more about which elections are revocable or nonrevocable and by when the elections must be made.

In addition, the Tax Professional will have a better understanding of the specific individual and business tax credits available for use by their clients.

Administration Policies: NSTP follows strict administrative policies
Late Registration
  • Registrations must be received no later than 7 days prior to the seminar date.
  • Registrations received after this date will be subject to a $35 late fee.
  • NSTP provides refunds to registrants up to 7 days prior to the date of the course. For those registrants canceling within 14 days prior to the date of the course NSTP will allow attendance at another seminar site. If there are extraordinary circumstances NSTP will allow the participant to attend a future education course. An administrative charge of $25 will be assessed if canceled. For more information regarding refund, cancellation and complaint policies, please contact our offices at 800-367-8130
  • NSTP reserves the right to cancel any program or course for circumstances that are not under direct control of NSTP. If a course or program is canceled, participants will be refunded 100% of their registration fee.
  • We do not accept walk-in attendees. Payment must be received in advance of the class. Classes may not be retaken without payment.
  • Seminar materials and seminar presentations are intended to stimulate thought and discussion and to provide attendees the useful ideas and guidance in the areas of federal taxation and administration. These materials as well as the comments of the instructors do not constitute and should not be treated as tax advice regarding the use of any particular tax procedure, tax planning technique or device or suggestion or any of the tax consequences associated with them.
  • Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author, the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual's reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials and during the seminar presentation before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any particular device, technique or suggestion before recommending the same to a client or implementing the same on a client's or on his or her own behalf.
Attendance Policy
  • Only paid registrants are able to attend seminars. In consideration of your fellow attendees, guests will need to depart before the session begins. The seminar lunch is for paid registrants only and is included in the registration fee.