​​​​​​​​​​​​​​​Connecticut Chapter Education

The CT NATP Chapter Fall Seminar

This event will host Randy Adams, EA, MSA, and will offer the following education:

• How to complete Form 990 & Form 709
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  Gift Tax Reporting & Portability- Guidance on how to complete form 709 for a client who has exceeded the annual gift tax allowance. Objectives: Look at offering DSUE to surviving spouses and liability, Identify late filing allowance for portability, Review annual exclusion amounts of gifting for individuals and for carryover on Estate returns, Discuss Form 709, generation-skipping, non-resident gifts to US citizens, and basic credits for gift returns, Illustrate examples of completing Form 709. Completing Tax Exempt Returns- An introduction to form 990 & the complexities of completing this return.The differences between the 990, 990-EZ, 990-N, and 990-PF. Objectives: Describe the filing requirements and due dates for all forms 990. List organizations exempt from filing form 990. Review operational terms such as contributions or grants, organization accomplishments or purpose, which form to complete for a specific non-profit, and required entries for each form.
• Reporting Estates & Trusts
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  Introduction to Form 1041 for estates & trusts. Income & deduction allowances will be explored. The distinct types of returns a preparer might see in their practice are reviewed. At the end will be an example of how to complete a simple and complex trust. Objectives: Identify the distinct types of trust and how to file them. Look at the filing options with simple vs. complex trusts. See how income and deductions are reported. Explore how distributions affect the tax on these returns. Calculate DNI, FAI and IDD on the return. Look at basic preparation of Form 1041 and the K-1.
• Federal Updates for 2025 Tax Season
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  This program looks forward to discuss the latest Federal tax law changes in 2025 on the topics of Form 1099-K, business deductions, depreciation, and the rollback of the TCJA. It also looks back at how items like energy credits, SALT limits, higher standard deduction amounts, and inflation have affected the amounts we report on the 1040. Objectives: Review personal tax return law changes to 1099-K, Schedule A, Energy & Vehicle Credits, and the latest on the bill to extend the TCJA. Examine business changes regarding lower depreciation, lower tax rates, FBAR and CTA reporting, and K-2/K-3 forms as they relate to foreign income. Look at tax court cases where the IRS is watching mileage deductions, charitable giving, and necessary business expenses.
• Residential Rental Complications
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  Our clients can find themselves in complicated situations with their rentals. Exploring Airbnb, Vrbo, and other online rental options, this program looks at when to use Schedule E and Schedule C regarding rentals. We look at how to evaluate situations when clients have multiple factors outside the normal rental scenario Objectives: Review Schedule E and Schedule C rules for rentals. Discuss how Airbnb & Vrbo have changed our reporting of residential rentals and how large cities are restricting them. Calculate depreciation for the rental assets per category. Evaluate capital gains treatment upon sales of rentals. Look at the complications of material participation, grouping, and business vs. hobby rentals.

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Registration includes meals. Electronic materials are also included and will be emailed to attendees.

All tax preparers are responsible to verify the number of credits they receive each year and the related state or federal reporting requirements to maintain their credentials.

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