“Cancellation of Debt Income,” instructed by IRS National Taxpayer Advocate Nina Olson.  Transcript included.  Credit available:  One CPE Unit

Master the complexities of the Mortgage Forgiveness Debt Relief Act of 2007 (P.L. 110-142), passed on December 20, 2007. This well-intentioned law was promulgated to alleviate a burden some homeowners are experiencing, but as experienced preparers know, cancellation of debt may result in unanticipated tax implications. One notable consequence of the current economic environment that will affect enrolled agents is the increased likelihood of encountering clients whose debt (be it credit card, automobile, or mortgage) has been forgiven, either in whole or in part. Broadly speaking, the 2007 MFDRA excludes from a taxpayer’s gross income amounts attributable to a discharge of up to $2 million in indebtedness if it is incurred to acquire a principal residence.

In this timely course, Ms. Olson explains the basics of the tax law underlying cancellation of debt income (CODI), the ins and outs of the new law and the pitfalls to avoid. She also discusses a new publication that is designed to help individuals—and tax practitioners—understand the basics of debt cancellation, obsolescence and abandonment.

Instructor: Nina Olson leads the Taxpayer Advocate Service, a nationwide organization of approximately 2,000 taxpayer advocates who help U.S. taxpayers resolve problems and work with the IRS to correct systemic and procedural problems. Among her many honors, Nina was selected to receive the Tax Foundation’s 2007 Public Sector Distinguished Service Award, has been named one of Accounting Today’s Top 100 Most Influential People in the accounting profession each year since 2004, and was named by Money magazine as one of  the 12 "Class Acts of 2004." Ms. Olson is an attorney licensed in Virginia and North Carolina.

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 “IRS Preparer Audit Program,” instructed by IRS Campus Compliance Exam Policy Senior Manager John Caggiano.  Credit available:  One CPE Unit

No tax practitioner wants to be caught off-guard by a preparer audit. The best remedy, as in most cases, is an ounce of prevention.  This informative course fully addresses the preparer audit process with the added advantage of insights from an experienced IRS official. Mr. Caggiano covers the details of correspondence exams and campus exams, the notice process, the initial and “combo” letter timeline and much more. This insider look at the return preparer audit includes discussions of both audit scope and inventory selection.

The program also offers tips for best results and answers to commonly-asked questions.

Instructor: John Caggiano has 25 years experience with campus compliance activities. He has been lauded by several IRS Commissioners and recognized at the White House for his accomplishments. He presently leads a team of analysts who develop policy and procedural guidance for correspondence examinations.

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"IRC § 7216—What Practitioners Need to Know about the New Disclosure and Use Rules," instructed by Claudia Hill, EA.  Credit available:  One CPE Unit

Effective January 1, 2009, IRS has issued new guidance on Code Section 7216, which limits a tax return preparer's use and disclosure of information obtained during the return preparation process. Understanding and complying with this new guidance is absolutely critical for all return preparers! This online course will explain the new guidance concerning how preparers may use or disclose return information for purposes other than filing the return and outlines specific and limited exceptions that may allow a preparer to use or disclose return information without taxpayer consent. It’s important to note that civil and/or criminal penalties (including possible imprisonment of up to 1 year!) may apply to those who violate Section 7216.

Ms. Hill explains the intricacies of the new policy and provides templates for the new disclosure forms required by Section 7216.

Instructor: Claudia Hill, EA, is Editor-in-Chief of the CCH, Inc. Journal of Tax Practice & Procedure. She is a nationally-recognized tax practitioner and frequent lecturer on taxation of individuals and on representation. She is an NAEA member and has been honored by the association with both the Educator of the Year and Founders Awards.

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