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Hot Topic - Corporate Transparency Act: An In-Depth Analysis for Tax Experts

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Description

Hot Topic - Corporate Transparency Act: An In-Depth Analysis for Tax Experts
IRS Program #:
 X9QQU-T-01101-23-O
CTEC #: 6257-CE-0268
CE: 2 IRS & 2 CTEC credits
Speaker: John A. Mitchell

This course offers tax professionals a comprehensive exploration of the Corporate Transparency Act (CTA) and its implications on tax compliance and reporting. The CTA imposes new reporting requirements to enhance corporate transparency, presenting tax professionals with fresh challenges and opportunities. Participants will delve into the intricacies of the CTA, examining reporting obligations, potential impacts on taxation, compliance strategies, and practical steps to ensure adherence. Through case studies and expert insights, attendees will gain the knowledge and tools needed to navigate this legislative shift effectively.

Learning Objectives:

  • Understand the Corporate Transparency Act (CTA):Gain a deep understanding of the Corporate Transparency Act, including its objectives, provisions, and its potential impact on tax compliance and reporting.
  • Analyze Reporting Obligations:Examine the reporting obligations mandated by the CTA, dissecting the key elements, thresholds, and criteria triggering reporting requirements, ensuring compliance and accurate reporting.
  • Assess Tax Implications and Strategies:Analyze the tax implications stemming from the CTA, including potential changes in tax planning, transfer pricing, and other tax-related aspects. Develop strategies to adapt to these changes effectively.
  • Implement Compliance Best Practices:Discover best practices to achieve compliance with the CTA, incorporating procedures and processes to meet reporting requirements while maintaining operational efficiency.
  • Engage in Practical Application:Apply the knowledge gained by evaluating case studies and scenarios related to the CTA, providing a practical understanding of how to navigate compliance challenges and make informed decisions in real-world tax situations.

Contributors

  • John A. Mitchell

    John is an Enrolled Agent and foreign-licensed Attorney with over 30 years’ experience in taxation, having started by preparing 1989 tax returns “by hand” in the 1990 filing season. John currently works on tax planning and consulting, tax compliance, and tax controversy with state tax authorities as well as the Internal Revenue Service (IRS) in the examination, collections, and appeals functions and IRS District Counsel. John speaks Spanish at a “Native Speaker” level of proficiency.

    Education

    • Associate in General Studies (AGS), Brazosport College, 1997
    • Bachelor of Laws, (LL.B.), UNE University, 2015
    • Graduate Certificate in Tax, CI Institute – Guadalajara, 2016
    • Master of Science in Taxation (MST), Taft University, 2020
    Professional Licenses
    • Attorney at Law, State of Jalisco, Mexico, 2015 (License Number 269763)
    • Enrolled Agent, US Treasury Department, 2014 (License Number 119730)
    Professional Designations
    • IRS Certifying Acceptance Agent (CAA), 2017
    • National Tax Practice Institute (NTPI) Fellow®, 2020
    Memberships
    • National Association of Tax Professionals (NATP), Since 2018
    • National Association of Enrolled Agents (NAEA), Since 2018
    • American Institute of Certified Public Accountants – CPA Exam Candidate (AICPA), Since 2019
    • American Academy of Attorney-CPAs (AAA-CPA) – Associate Member, Since 2017
    Author
    • Considerations of a Tax Professional Providing Services to Cannabis-Related Businesses: Ethical, Legal and Related Risks
    Technical Presentations
    • Practitioner Ethics – Tax Return Preparation Standards
    • Overview of the Tax Cuts and Jobs Act on US Multinationals
    • Cryptocurrency Opportunities, Part I & Part II
    • What’s in a Signature?
    • Signing of Tax Returns by an Agent

    Notable Matters
    • Successfully defended a client’s examination of Hurricane Harvey loss carryback resulting in a determination by the IRS to allow all deductions in full resulting in a $136,000 refund.
    • Successfully defended a tax return preparer in a return preparer due diligence examination involving approximately 2000 electronically-filed tax returns with $0 penalties assessed.
    • Successfully negotiated an Offer in Compromise settling a client’s $180,000 Form 1040 liability for $1400.
    • Successfully negotiated a Partial Pay Installment Agreement on a $510,000 payroll tax debt saving almost $200,000.
    • Successfully settled a client’s business and personal tax liabilities totaling $410,000 for $64,000.
    • A multi-million-dollar Houston construction company faced an IRS examination in which the Service sought to reclassify some 30 independent contractors as W2 employees for a 3-year period which could have resulted in nearly $1 Million in additional taxes, interest and penalties while setting a precedent for future treatment that would likely have put the entire business in jeopardy. We conceded the reclassification of one worker to W2 status.
    • A non-profit organization had unknowingly had their 501(c)(3) status revoked nearly a decade ago and had unknowingly operated without status for all of the intervening years. They faced potential seven-figure assessments. Pursuant to a “reasonable cause” argument we were able to have the non-profit status reinstated retroactively to the date of revocation.
    • A home health agency with nearly 800 employees was facing over $1 Million in penalties related to deficient reporting related to ACA information returns. It was made clear to us that monetary penalties of this magnitude would have likely caused the business to shut down costing an economically-depressed area hundreds of job losses and leaving sick and elderly, vulnerable patients without home health care services. We were able to use a combination of reasonable cause and effective tax administration arguments to have the IRS abate the penalties.
    Community Involvement
    • Katy Independent School District, “Keys” Mentor, 2016-2018
    • Katy Independent School District, Community Bond Advisory Committee, 2018
    Personal
    John is a husband, father of two, stepfather of two and grandfather of two. In his downtime, he enjoys music, books, movies and spending time with family.

January 31, 2024
Wed 2:00 PM EST

Duration 2H 0M

This live web event has ended.