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Course/Product Description
Title:

The Cohan Rule: Estimating The Deductible Expense

SKU:WC-1024052
Date / Time: Recorded
Format: Webinar
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Description:

Typically, when a taxpayer is audited by the IRS, the burden of proof falls on the taxpayer. In order to prove income and expenses, the court has ruled that the taxpayer must keep ‘contemporaneous' records, as per Reg. § 1.6001-1. However, what if the taxpayer has some sort of accident, an act of God, or something else happens where they can't produce contemporaneous records?

Agenda

Cohan V. Commissioner

  • 1930 Decision Revolves Around an Entertainer
  • Court Fixes Income
  • Cohan States That It Took Something for Him to Make the Income
Estimates
  • Without Documentation, the IRS Will Allow You to Estimate Some Expenses
  • Done in Representation
  • If Done on a Tax Return Then Form 8275, Disclosure Statement, Needs to Be Filed
The Details
  • Acceptance of the Cohan Rule Approximations Is Always Discretionary With a Court; a Taxpayer Is Not Automatically Entitled to Make an Approximation in a Tax Matter
  • The IRS Must Be Shown, by Oral or Written Statements or Other Supporting Evidence, a Foundation on Which a Reasonable Approximation Can Be Based
About The Presenter

Craig W. Smalley, MST, EA
  • CEO and co-founder of CWSEAPA®, PLLC, and Tax Crisis Center®, LLC; both businesses have locations in Florida, Delaware, and Nevada; has been in practice for almost 23 years
  • Well versed in U.S. Tax Law, and U.S. Tax Court Cases. He specializes in taxation, entity structuring and restructuring, corporations, partnerships and individual taxation, as well as representation before the IRS regarding negotiations, audits and appeals
  • In his many years of practice, he has been exposed to a variety of businesses and has an excellent knowledge of most industries
  • Current Google® Small Business Accounting Advisor for the Google® Small Business Community and is a contributor to AccountingWEB and Accounting Today, and has had twelve books published on various topics in taxation
  • His articles have also been featured in the Chicago Tribune, New York Times, Yahoo Finance, Nasdaq, and several other newspapers, periodicals, and magazines
  • Has been interviewed and been a featured guest on many radio shows and podcasts and is also the co-host of Tax Avoidance is Legal, which is a nationally broadcast weekly internet radio show
  • Has been admitted to practice before the Internal Revenue Service as an Enrolled Agent
  • Master's degree in Taxation, UCLA


Cannot Attend The Live Presentation?

This presentation is also available in a recorded format, in CD version, as shown in the pricing options below.

About Webcasts / Audio Conferences / Podcasts:

Webcasts, audio conferences, and podcasts are presentations that you attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.

The live versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back at work immediately after the session ends!

And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous times and to share it with others in your office.

Handout materials and the phone number for live presentations are made available to you prior to the event via email from the presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.

About The Provider: Lorman Education Services has provided educational seminars and online training for professionals since 1987.

Since then, we've kept thousands of professionals in the United States and internationally current on the most pressing topics in a rapidly changing marketplace of ideas. Like you, we understand the need for concise, accurate information.

That understanding underlies each Lorman course, presenting the latest information on the laws and regulations critical to your organization's successful daily operations.

Moreover, each course receives our painstaking attention to be certain both the faculty and participants receive the individual attention necessary to achieve maximum benefit from the materials.
More Info: Contact Us For More Information
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