Cohan or Bust: How to Reconstruct Missing Information

Authored by Eva Rosenberg
About this Course
Topics covered include: History of the Cohan Rule; IRC 162 Ordinary and Necessary Limitations on the Cohan Rule under present law; Reconstructing records from the Cloud; Getting data from third-parties; When affidavits from associated persons, businesses, clients, etc. can help; Playing detective - proving costs based on Social Media or other clues; Reconstructing costs based on common sense; Court cases. Upon completing this course, you should be able to: Recognize the logic behind the Cohan Rule and how to applies to your clients; Identify when the courts will reject the Cohan argument and why Differentiate how to reconstruct client records, seemingly from thin air and how to stand up to IRS and court scrutiny; Describe when your client is better off without records or deductions; Identify ways of verifying income; Differentiate which kind of expenses can qualify for the Cohan Rule and be deducted; Identify correct statements under IRC Section 274; Recognize methods for reconstructing expenses; Differentiate ordinary or necessary expenses; Identify factors needed for substantiation for travel expenses Describe Section 7491; Recognize best practices when using estimates to claim expenses.
$ 32.00
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NASBA Field of Study
Taxes
Level
Basic
CPE Credits
2.0
Prerequisites
None
Last Updated
10/01/2018
14683