The
last day of the NATP National Conference in Baltimore turned out to provide the
best content – at least from my perspective.
I attended one morning session and two in the afternoon.
The
morning class was “Form 4797 Basics” taught by Chris Bixby, EA.
I
admit that I, like many other preparers, have always been somewhat confused by
aspects of Form 4797. I have taken
several 4797 CPE classes over the years, but always have my Taxfinder Handbook
in front of me when completing the form.
Chris
did a great job of explaining the concepts of Sections 1231, 1245 and 1250
property and recapture, unrecapture, and nonrecapture in such a way that I do
believe, by Jove, I have finally got it!
I
spent the afternoon with Larry Gray, CPA, a 35-year veteran tax pro and
long-time NATP instructor (and former President). Larry led back-to-back “Did You Know?” sessions
on Form 1041 and the dreaded Alternative Minimum Tax (AMT). His format was
unique, and, rather than working his way down the individual forms, dealt with
specific questions clients might have about differing 1041 and dreaded AMT
situations.
While
I have no desire to prepare 1041s, I am occasionally forced to prepare one for
a long-time client who has gone to his/her final audit. Larry gave me some new insights.
His
dreaded AMT class demonstrated what a real monster the parallel tax system
truly is – and why it should be destroyed.
It also discussed tax planning suggestions and alternatives for various
dreaded AMT scenarios.
These
classes reinforced that no taxpayer
faced with Forms 4797, 1041, or 6251 should attempt to prepare his/her own tax
return – and should certainly not
rely on a “box”.
As
usual 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.
Unfortunately
I am heading back to New Jersey as you read this – although thankfully not for
long. I close on my condo in PA next
Tuesday!
TTFN
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