Themorning class was “Form 4797 Basics” taught by Chris Bixby, EA.
Iadmit that I, like many other preparers, have always been somewhat confused byaspects of Form 4797. I have takenseveral 4797 CPE classes over the years, but always have my Taxfinder Handbookin front of me when completing the form.
Chrisdid a great job of explaining the concepts of Sections 1231, 1245 and 1250property and recapture, unrecapture, and nonrecapture in such a way that I dobelieve, by Jove, I have finally got it!
Ispent the afternoon with Larry Gray, CPA, a 35-year veteran tax pro andlong-time NATP instructor (and former President). Larry led back-to-back “Did You Know?” sessionson Form 1041 and the dreaded Alternative Minimum Tax (AMT). His format wasunique, and, rather than working his way down the individual forms, dealt withspecific questions clients might have about differing 1041 and dreaded AMTsituations.
WhileI have no desire to prepare 1041s, I am occasionally forced to prepare one fora long-time client who has gone to his/her final audit. Larry gave me some new insights.
Hisdreaded AMT class demonstrated what a real monster the parallel tax systemtruly is – and why it should be destroyed. It also discussed tax planning suggestions and alternatives for variousdreaded AMT scenarios.
Theseclasses reinforced that no taxpayerfaced with Forms 4797, 1041, or 6251 should attempt to prepare his/her own taxreturn – and should certainly notrely on a “box”.
Asusual NATP did a good job offering some great education. While no longer really cost effective for me,the National Conference is still a good value for most other tax pros.
UnfortunatelyI am heading back to New Jersey as you read this – although thankfully not forlong. I close on my condo in PA nextTuesday!
TTFN
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