Tax Update: Barter, Income Exclusions, and More
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
- 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
CPE Credit: 1 hour
Length: 1 hour
NASBA field of study: Taxes
Our inventory includes videos, audio, books, and text based courses. We have recently added transcripts of the videos that will be completed by July, 2016. Please contact us for further information.