Tax Elections and Procedural Risks What Every CPA Must Know 2025-26

Overview

Tax professionals must navigate a complex landscape of tax elections and procedural requirements to ensure compliance and minimize risks for their clients. Overlooking an election or procedural rule can lead to adverse tax consequences, missed opportunities, and even malpractice claims. This course provides a comprehensive overview of critical tax elections and procedural issues that CPAs must understand. Participants will explore key tax elections, their implications, and potential pitfalls. Additionally, the course delves into essential tax procedures, including IRS return due dates, statutes of limitations, taxpayer claims for refunds, and various relief provisions. By mastering these areas, CPAs can proactively manage risk, ensure compliance, and effectively represent clients in tax matters.

Highlights

• Tax elections for various entities
• Tax elections relevant for accounting matters
• Tax elections involving special items
• Key compliance procedures concerning return preparation of original and amended returns
• Understanding key procedures about IRS examination
• Understanding key relief provisions for oversight, errors and later discovered facts or information

Prerequisites

None.

Objectives

• Evaluate client information to determine appropriate actions and assess eligibility for available relief options.
• Analyze timelines to calculate due dates, differentiate between various types of returns, and apply relevant regulations.
• Develop a workflow for documentation and disclosure to reduce the risk of penalties.

Preparation

None.