Condos, Coops, & HOAs: Federal Tax Issues
Includes a Live Event on 09/23/2020 at 2:00 PM (EDT)
This course explains the varied and unusual details of the income and expense positions of the CIRA Industry and their federal income tax issues. There are specific Revenue Rulings which will be explained that deal with issues of income carry forward, capital contributions in reserves versus normal expenses, and what is income to a CIRA. “Should we file an 1120 or 1120H or 1120C???” are some of the major issues that accountants need to assist their clients with. The course also covers issues with property taxes and sales and use taxes for CIRAs.
After this webinar you will be able to:
⦁ Identify the types of federal tax returns available to an association, such as, Form 1120, Form 1120H, or Form 1120C
⦁ Describe the mechanics of filing a CIRA's tax return depending on the type of CIRA and the return needed
⦁ Recognize the elections that CIRAs may make concerning revenue, capitalization issues, and deductions for the association
⦁ Identify when an owner/member of an association may be affected by the CIRA's tax implications
⦁ Recognize tax issues facing CPAs in the Common Interest Realty Association (CIRA) industry for 2019
⦁ Identify the effect of federal income tax laws facing CIRAs
⦁ Describe issues of revenue rulings, tax advice memorandums, and tax cases involving CIRAs
⦁ Recognize the effect of accounting and auditing and other tax law issues facing CIRAs
⦁ Identify correct statements with respect to IRS audit activity
IRS CE: 1 Hours/Federal Tax Law
NASBA CE: 1 Hours/Federal Tax Law
CTEC CE: 1 Hours/Federal Tax Law
NSA ConnectED Webinar CPE Bonanza
Program Level: Intermediate
Advance Preparation: None
Delivery Method: Group-Internet Based
No refunds or exchanges for cancellations. For more information regarding refund, complaint and/or program cancellation policies, please contact NSA toll-free at 800-966-6679.
NSA is approved by NASBA, the IRS, ACAT, and CTEC as a provider of continuing professional education.
Cecil Patterson, (Pat), is an award-winning, nationally recognized author, speaker, and discussion leader for continuing education courses and numerous state societies. He has experience at the local and national CPA-firm level and as an adjunct university professor.
Pat holds an MBA from the University of North Florida and is a CPA with Patterson CPA Group, Inc. His firm provides, accounting, tax preparation and tax planning services, wealth management services, and consulting for businesses and other professional firms. The AICPA has recognized the firm for work in the “virtual office” field.
Pat has served on the AICPA Council, the FICPA Council, and the FICPA Educational Foundation Board of Trustees.