Accounting and Taxation of Home Office Expenses and Deductions

Date Held: August 22, 2012

Start Time: 1:00 PM ET

End Time: 2:30 PM ET

Credits: AIPB, CAC, CLE (Please check the Detailed Credit Information page for states that have already been approved), CPE, Enrolled Agents, RTRP, Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Over 250,000 (non-farm) business returns were audited in fiscal year 2011 by the IRS. The average assessment on returns with revised balances ranged between $2,600 and $23,000.* IRS is now focused enough to target their audits towards tax returns that are apt to generate a balance due.  Claiming deductions for an office in home often raises a red flag – opening up your client’s entire tax return to scrutiny. Learn how to audit-proof your client’s tax returns, whether self-employed or employees. 

Learn how to maximize the deductions for the home office, legally. Learn how to handle depreciation on the home office – or catch up on it, if never taken – and why, identify mistakes others have already made that cost them their deductions – and how to avoid them. Especially important is the treatment of the home office by owners of S Corporations or partnerships and finally relevant tax court cases will be discussed.

*http://www.irs.gov/pub/irs-soi/11db09aex.xls Table 9a. Examination Coverage: Recommended and Average Recommended Additional Tax After Examination, by Type and Size of Return, Fiscal Year 2011

 



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