Course Descriptions2010: The Year of the Roth
Level: Intermediate/Advanced
Presented by Delmar Gillette, MA The year 2010 promises to bring a wave of taxpayers seeking to convert their traditional IRAs to Roth IRAs. As tax professionals we need to filter out all of the hype. Is converting from a traditional IRA to a Roth IRA the right move for everyone? We don't know and can't advise our clients until we understand what questions to ask. Before your clients make a move with their IRAs, they'll want to talk to a tax professional who understands the modified tax law. Walk away from this session with strategies that will help you determine when and if a conversion is appropriate for them.
A to Z Guide to Financial Planning
Level: Basic/Intermediate
Presented by Delmar Gillette, MA This is an encore presentation of an A to Z Guide to Financial Planning. The presentation time is longer and the course is modified to better cover the material. The field of financial planning has a hodgepodge of legal, tax, insurance, and investment terms unique to its industry. This session will not teach you how to become a financial planner, but it will help you better understand the jargon used in the industry. As a result, you'll be better prepared to assist your clients, not only during tax season, but throughout the year and for years to come.
Activities Not Engaged in for Profit
Level: Intermediate/Advanced
Presented by Greg Dangar, EA, ATP, ATA, IAR A number of taxpayers who have significant income from other sources reduce their taxable income by reporting losses from activities that may or may not be engaged in for profit. It is up to the IRS examiners to make a factual determination whether an activity is engaged in for profit. This includes Schedules C, E, and F. Taxpayers bear the burden of proving that they engaged in the activity with an actual and honest objective of realizing a profit. You will not want to miss this class as it will cover the techniques that examiners use during an audit.
Advising Small Nonprofit Organizations
Level: Intermediate
Presented by Larry Zimbler, MST, EA Identify issues unique to small local organizations created as not-for-profit, including charities, churches, and social clubs. This session will cover organizational, operational, and accounting considerations, including securing and maintaining tax exempt status. Special situations like receiving cash and noncash contributions, gaming activities, self-dealing, and UBTI will be reviewed as well.
Are You Smarter Than – Ethics?
Level: Basic
Presented by Greg Dangar, EA, ATP, ATA, IAR This is a lively new twist on an old topic – ethics. We will have a game style format as we dive into Ethics and discuss the implications of actions we take in our practices. This class will have thought provoking questions on issues that we encounter day in and day out. Prepare to have a smile on your face.
The Art of Representation
Level: Intermediate
Presented by LG Brooks, EA Representation of taxpayers before the IRS encompasses representing taxpayers before all divisions of the IRS to include the Examination, Collection, Appeals, and Chief Counsel Divisions of the IRS. This presentation is designed to highlight and delineate the various facets of representing taxpayers before the IRS while adhering to all professional, legal, and ethical standards, and will include specific language and excerpts from Circular 230 with respect to representation.
Bankruptcy – Taxes Before, During, and After
Level: Intermediate
Presented by Lisa Ihm, EA Bankruptcy filings are skyrocketing as debtors deal with the current economic downturn. In order to properly complete a bankrupt taxpayer's individual tax returns, you must understand what happens within the bankruptcy. Learn how a bankruptcy works, which assets the debtor will keep and which he'll have to give up, the effect of a bankruptcy on future 1040 returns, when bankrupt taxpayers can exclude debt cancellation income, and what tax attributes come out of the bankruptcy. Additionally, this session will cover what to do if the bankruptcy estate didn't file a tax return, how to determine the basis of property that is exempt or abandoned by the bankruptcy trustee, why property is foreclosed after the bankruptcy instead of sold during it, whether a bankruptcy will eliminate the tax liability created by a foreclosure, and how to advise your client about the tax consequences of foreclosure and bankruptcy.
Breaking Into Bookkeeping
Level: Basic
Presented by Kelly Nokleby, EA Are you looking for ways to increase revenues during the off-season? Maybe you are looking for ways to increase productivity during tax season. Providing bookkeeping services to existing clients can do both. During this session, participants will explore ways to provide bookkeeping services to clients and how this will increase productivity during tax season.
Debt Cancellation Income and Exclusions
Level: Intermediate
Presented by Lisa Ihm, EA There are several ways to avoid paying tax on cancelled debt, but are you using all the exclusions correctly to get the best overall benefit for your client? And after the income is excluded, the important task of reducing tax attributes is often overlooked or performed incorrectly. Explore the controversies surrounding the definition of a principal residence and whether basis in the residence must be reduced. Find out what debts are often overlooked when calculating insolvency. Learn to use the Qualified Business Real Property Debt Exclusion to avoid SE tax on a business foreclosure. Explore the deferral of debt cancellation from Reacquisition of Business Debt and determine which of your clients could reap big benefits from this new provision. Worksheets will assure you use the exclusions in the proper order, help you calculate client insolvency, and make the allocation of basis reductions simple and quick to perform.
Can I Say That? Understanding §7216
Level: Basic
Presented by Melinda Garvin, EA In the old days, we could introduce our client to someone as "this is Sue Jones, a tax client of mine" and it was no problem. In the old days, your client would call and say, "I'm buying a car…send my tax return to my banker" and it was no problem. The new rules and restrictions of §7216 create everyday problems by complicating our ability to use and/or disclose tax return information. Section 7216 affects how we maintain close contact with our clients and accommodate their needs. We need to have a thorough understanding of the new rules to avoid criminal and civil penalties. This session will explain when you need to get a client's consent and when you don't. It will include templates of the mandatory language in the consent forms that you can use in your office. Is your firm compliant?
Charitable Contributions
Level: Basic/Intermediate
Presented by Larry Zimbler, MST, EA This session explores the issues surrounding charitable contributions, especially the special rules for cash and noncash contributions after changes made by the Pension Protection Act of 2006. Special situations involving donation of automobiles, and "out of pocket" costs will be reviewed. Also considered will be deduction limitations and carryovers, appraisal requirements, and special situations such as historic and conservation easements.
Corporate Dissolutions
Level: Intermediate
Presented by Kathryn Keane, EA, ABA Each day another business closes. Do right by your clients by assisting them in closing their corporation the right way. This session will focus on the universal issues between stock sale and the usual asset sales. We will look at and compare the two paths and work through the scenarios.
Correcting and Amending Form 1040
Level: Intermediate/Advanced
Presented by Delmar Gillette, MA Did you know the Internal Revenue Code does not expressly authorize the allowance of amended tax returns? Amended tax returns have historically been recognized by the IRS only under its Administrative Authority as provided under the powers of the Internal Revenue Code. This session will cover statutes of limitation for an amended return, reasons to amend or not to amend open tax years, how to reduce the need to amend returns, taxpayer's and tax preparer's responsibilities, effective preparation of an amended return, and many other related topics. A solid understanding of the tax law as it pertains to individual tax returns is essential.
Current Developments
Level: Intermediate/Update
Presented by Steve O'Rourke, EA & Tom O'Saben, EA CFP® Major tax law changes are occurring constantly and new legislation is continuously proposed. This insightful session will provide a thorough analysis on various tax bills passed throughout the year as well as the impact on the tax practitioner community. We will also review changes on the 2009 return that will apply to 2010 and discuss the details on the estate tax for 2010 and beyond.
Death of a Business Partner
Level: Intermediate/Advanced
Presented by Beanna Whitlock, EA, CSA Logically, a partner's death has a significant impact on his or her partnership from both a business and a tax aspect. An election under §754 can provide advantages to partners by blending provisions to equalize the inside and outside interests of the deceased. Discover the advantages and disadvantages of a §754 election, how it is to be made, and what to avoid. You will learn how to allocate §754 depreciation to the remaining partners and how to adjust the capital accounts. Terminating a partnership after the death of a partner will also be covered.
Depreciation
Level: Intermediate
Presented by Steve O'Rourke, EA What's new in depreciation for 2009 and 2010? This session will cover changes pertinent to both years. Will bonus depreciation be extended beyond 2009? Are there any new developments with the §179 expense deduction? If your client has ever claimed incorrect depreciation, Form 3115 is an excellent tool to correct any depreciation errors. This session will also review the depreciation recapture and unrecapture consequences when business assets are sold.
E-World
Level: Basic
Presented by Helen O'Planick, EA Walk into the electronic world as we explore everything from e-mail to e-filing to e-services. Learn how to work in a paperless environment. We will also answer the burning questions of what exactly is Twitter™ and Facebook™ and if you should use these avenues for your client base.
E's Have It
Level: Basic
Presented by the IRS Learn how to make the most of your electronic interactions with the IRS. Hear the latest on e-changes at the IRS, including e-services, IRS.gov and e-file. Get the tools and information you need to grown your electronic interactions with the IRS, and provide improved services for your clients.
Employee Business Expenses – The Audit Pitfalls
Level: Intermediate
Presented by Susan Scioli, EA Employee Business Expenses are commonly audited by the IRS and this class will discuss the various rules and recordkeeping requirements. We will explain how to handle clients with less than stellar records of their employee expenses. We'll also discuss how to present and successfully argue the expenses during an audit.
Employee or Independent Contractor?
Level: Basic
Presented by Helen O'Planick, EA We will work with the 17 questions that the IRS uses to determine between employee and independent contractor and we will also look at the pitfalls of each decision. We will also learn tax implications of each determination and what to do if you need to appeal.
Entity Conversions
Level: Intermediate/Advanced
Presented by Beanna Whitlock, EA, CSA It is common for business owners to decide that they must change their form of conducting business. The legal process and paperwork for implementing such changes usually entail an involvement by the business owners and their legal advisors; however business owners must also consider the tax consequences of the change. These consequences change depending upon the federal income tax law status of the business before and after the change. This session will establish the rules for changing business classification and focus on the LLC and its flexibility of changing federal tax classification using Form 8832. Discover the challenges of electing out of a federal tax classification and what issues develop when there is a change in LLC ownership. Case examples will demonstrate not only the effects of the change in entity classification but the resulting effects on the members involved. Mark this session as a MUST for the Conference!
Essential Tax Forms
Level: Basic
Presented by Chris Bixby, EA, CFP® A real life scenario is the starting point for this active session. We will discuss and complete Schedules C, SE, D, and E as well as look at the qualified dividends and capital gains worksheet and depreciation schedules. This is a hands-on, fast-paced introduction to the world of tax preparation. This session is an excellent primer if you plan to take the tax return preparer registration competency exam. Bring some pencils and a calculator!
Essential Taxation
Level: Basic
Presented by Chris Bixby, EA, CFP® Tax preparer or data entry specialist? There is a difference. In this session we will cover the essential principles necessary to understanding tax forms. This hands-on session will cover Form 1040, income, adjustments to AGI, Schedule A, tax credits, and tax computation. We will use a case scenario and complete actual forms. This session is an excellent primer if you plan to take the tax return preparer registration competency exam. Bring some pencils and a calculator!
Foreclosure, Short Sale, or Deed-in-Lieu
Level: Intermediate
Presented by Lisa Ihm, EA The transfer of property by taxpayers in financial distress raises many special tax issues. This session answers how to properly report these dispositions. When is the sale supposed to be reported? What is the sale price? Why are the date and FMV on the 1099-A often not the information that should be used? Where can you get the information you need? When is debt cancellation income reported? How do you handle a second mortgage that may or may not be discharged? Did the short sale really discharge the balance on the mortgage? How do you determine if a loan was discharged and when will debt cancellation be reported if not now? Get these answers as well as comprehensive worksheets to help you properly report these transactions.
Form 1041 and Trusts
Level: Basic
Presented by Tom O'Saben, EA, CFP® In this current age we are experiencing the largest transfer of wealth from one generation to the next. As these assets transfer, the donor generation is concerned that the beneficiaries don't know how to handle money. Because of this, more and more people are establishing trusts to; in essence, speak from the grave to assist their heirs with the proper handling of inherited funds. With the concerns of an entire generation in mind, trust tax preparation and advice represents a huge potential growth area for practitioners. The goal of this session is to cut through the confusion and make trust preparation and advice clearer for you to share with your clients who are interested in establishing trusts. Two comprehensive examples will also be provided to clarify concepts and give you a future point of reference.
Forms 1099 From A to SA
Level: Basic
Presented by Larry Zimbler, MST, EA This session will review the proper use of 17 forms in the 1099 series for transaction reporting, including the newly developed Form 1099-K. Preparation and filing requirements for each form for the filer and treatment of the reported items by the recipient will be considered.
From Form 2848 to Appeals
Level: Intermediate
Presented by Helen O'Planick, EA Come with us on a trip down the Yellow Brick Road to the land of IRS. We will wear our ruby red slippers (Form 2848) and meet some foes and perhaps even friends on our walk. From the Scarecrow (ASC), to the Tin Man (the revenue officer), to the Cowardly Lion (our 90-day tax court letter), we will find out how to reach the Emerald City (Appeals) and happily find the way back home for our clients.
Home Sweet Home
Level: Intermediate/Advanced
Presented by Larry Gray, CPA Over the past three years there have been three different new homebuyer's credit amounts. Do you which credit applies to your client? Do you know when and how to recapture the credit? We will clear up the confusion, answer your questions, and discuss the many changes to Form 5405 reporting requirements.
How to Pass an Exam
Level: Basic
Presented by Steve O'Rourke, EA The IRS tax preparer registration has many tax professionals talking about exams. Should you take the new competency exam for preparers, or should you take the Enrolled Agent exam? We'll help you answer that question by explaining the difference between the two. We will also provide tips to passing either exam and teaching you how to analyze test questions. If you're going to be taking an exam in the upcoming future, this session is for you!
Installment Agreements & Abating Penalties
Level: Intermediate
Presented by LG Brooks, EA Many taxpayers do not have the ability or financial resources to pay their federal tax liabilities. To this end the government has established and authorized various types of formal "Installment Agreement" arrangements, that allow delinquent and non-complaint taxpayers to resolve their federal tax obligations without jeopardizing their ability to normal and reasonable "day-to-day" living expenses. Learn how to approach the Government in securing the proper type of Installment Agreement on behalf of your clients. We will also cover requesting abatement of civil penalties imposed by the IRS.
IRS Notices – How to Resolve Them
Level: Intermediate
Presented by Susan Scioli, EA IRS issues many different notices to our clients and this presentation will cover how to deal with the most important ones. We'll be discussing the CP2000, Notice of Proposed Changes, how to respond and how to resolve problems after a deficiency has been assessed incorrectly. Many questions come up with the resolution of math error notices and this presentation will explain your options if you disagree. An explanation of the various collection notices, their statutory responses and timeframes as well as a client's option for resolution will also be covered in-depth.
Is My Inheritance Taxable?
Level: Basic
Presented by Melinda Garvin, EA Clients present this question to us quite regularly. Don't you wish a quick answer would do? This session will help you guide the taxpayer to provide the information needed to determine if an inheritance/bequest is reportable and then how to report it on their tax return. Income from an estate, inherited IRAs, and inherited property will be covered here. There will be basic coverage of a decedent's final 1040 and Form 1041.
Kiddie Tax
Level: Intermediate
Presented by Steve O'Rourke, EA More and more taxpayers are subject to the kiddie tax rules. This session will review who is subject to the complex kiddie tax rules and how the rules interact with education credits, calculation of the standard deduction, and alternative minimum tax. Examples will be provided demonstrating the completion of Form 8615 as well as some planning strategies.
Net Operating Losses
Course level: Intermediate
Presenter: Tom O'Saben, EA, CFP® The economic downturn in the past few years has caused many of our clients to recognize net operating losses (NOLs). Congress has responded to this stark reality by changing the rules as they relate to NOLs and providing more flexibility for taxpayers. This session will provide an update of these changes so that you can help your clients decide which options will benefit them the most.
Nuts & Bolts of Schedule D
Level: Basic
Presented by Kathryn Keane, EA, ABA From the simple sale of a stock, to straddles, to puts and calls, to bad debts, to disallowed losses, this basic session examines the Schedule D from every angle. If it lands on the Schedule D, we will cover it.
Nuts & Bolts of Form 1040 NR
Level: Basic
Presented by Kathryn Keane, EA, ABA International trade has increased substantially in recent years. As a result, tax preparers have more and more nonresident and resident aliens joining their client base. This basic session provides a fundamental overview of aliens, treaties, special rules, and the mechanics of Form 1040NR.
Offers in Compromise: Why or Why Not?
Level: Intermediate
Presented by LG Brooks, EA An Offer in Compromise (OIC), as defined by the Government, "is an agreement between the taxpayer and the Government that settles a tax liability for payment of less than the full amount owed". However, actually obtaining the "agreement" can be and usually is a tedious and complex procedure. This topic is designed to provide the tax professional with the tools, resources, and practical information required not only to prepare a "processable" OIC, but to also be thoroughly prepared to provide sufficient and adequate representation related to any OIC issue.
Passive Activities
Level: Advanced
Presented by Larry Gray, CPA If a picture's worth a thousand words, then what better way to explain the complicated world of passive activities than through a drawing? We will illustrate the process through a flowchart, addressing your clients' issues, and even checking to see if your software is correct. Real world examples and recent court case decisions will be included to reinforce the materials.
Purchase of a Business
Level: Intermediate
Presented by Marilyn Meredith, EA We will purchase a sole proprietorship and allocate the purchase price to a variety of classes of assets. We will get the business open and operating, deciding how, where, and why the assets fit on the tax return and what options are available. This will be an interactive class.
Reasonable Compensation
Level: Basic/Intermediate
Presented by Beanna Whitlock, EA, CSA The IRS has announced an Enterprise Wide Employment Tax Program involving all operating divisions to examine 2,000 employment tax taxpayers each year over the next three years. At issue is reasonable compensation. Learn which taxpayers are in danger, examine the rules for reasonable compensation, and determine if you have clients in jeopardy. Discover the two tests for an S corporation and how you can protect your clients. Be aware of the penalties which may apply to the return preparer where compensation is deemed unreasonable. Tax professionals cannot afford to miss this session!
The Remote Tax Office
Level: Basic
Presented by Kelly Nokleby, EA Technology is making it easier and easier to operate our business and work with clients across the country, or even across the world. Many clients don't want to terminate a business relationship just because they have moved, or the tax professional has relocated. During this session, participants will have the opportunity to explore and discuss different practices for keeping business relationships across the miles.
Retirement Plan Comparisons
Level: Intermediate
Presented by Tom O'Saben, EA, CFP® Many practitioners are also financial product representatives or financial planners. However, many are not, yet our clients look to us first and foremost when questions arise regarding retirement planning. The goal of this session is to provide attendees with quick reference tools for their clients. While we will not discuss how much a client needs to accumulate by retirement, we will differentiate between different types of plans and discuss in depth how much can be contributed to them and when these contributions are due. Specific examples will be provided with calculations as to plan limits.
Retirement Plans for Ministers
Level: Intermediate
Presented by Beverly J. Worth, EA, ATA, CTP There have been a lot of changes to the traditional §403(b)(7) voluntary salary reduction qualified retirement plans for employees of churches and schools. The new legislation requires that there is a plan document and that an information sharing agreement is in place with the employer. Section 403(b) plans are now more like 401(k)s with new regulations requiring a third party administrator (TPA). Mutual fund vendors' applications assume that there is a TPA. Many former vendors of §403(b)(7) plans left the market because they were not equipped to do the information sharing agreement with the employers. This session provides valuable information and options for your clergy clients.
Sale of a Business
Level: Intermediate
Presented by Marilyn Meredith, EA We will sell an operating sole proprietorship with a variety of classes and assets, contrasting a cash sale with an installment sale. Our client will bring us good records and reliable information. This will be an interactive class.
Taxation of Ministers
Level: Intermediate
Presented by Beverly J. Worth, EA, ATA, CTP Ministers definitely have special and unique tax rules that apply to them. We will discuss how to arrange a compensation package that takes advantage of fringe benefits, housing allowance, and an accountable reimbursement plan for employee business expenses. One of the benefits of establishing the best compensation package is that it will reduce audit exposure. We as tax professionals need to be equipped to handle a minister's finances in the proper manner.
Tip Reporting Outside the Box
Level: Basic
Presented by Melinda Garvin, EA Restaurant employees are the first type of tip employees you think of (and yes we'll cover the restaurant service industry), but what about beauty and barber salons, cab drivers, porters, and a host of other service industries that might slip through our due diligence? We will take a look at the audit technique guide for the tip industry workers. Clearly other service industries are under scrutiny for underreported tip income. We need to look at our clients in those areas with questions we might not normally think to ask as they are outside of the restaurant tip reporting box.
The Unique Business of Family Child Care
Level: Basic
Presented by Kelly Nokleby, EA Family child care is a growing business across the country. Over 200,000 child care providers are licensed by their state to work out of their home caring for children. Unfortunately, when these providers seek help from tax professionals, often times they receive poor advice because the tax preparer does not understand their business. A number of IRS rules governing family child care are unlike any other home-based business. Because of this, many tax professionals have a hard time preparing an accurate tax return for family child care clients because they aren't aware of the special rules that exist. During this session, participants will discover the "Top Ten" areas most often misunderstood on the tax return for a family child care provider.
What's New at Social Security?
Level: Basic/Update
Presented by Chuck Lipz, Social Security Administration Come hear about the latest wage reporting services offered to tax professionals from the Social Security Administration. Learn how you can utilize the Social Security Number Verification Service to help your clients. The best news - it's all free!
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