Kentucky Chapter Education

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Kentucky Annual Meeting

This event will host Jessica Martin & Melinda Garvin, EA and will offer the following education:

• Kentucky Updates:
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  This course will feature a comprehensive update on Kentucky tax laws that may differ from Federal tax laws and Kentucky updates for the 2023 tax season. This course will address both Kentucky individual and corporate tax law and updates. The speaker may include aspects outside of individual and corporate tax, such as Kentucky sales tax, tangible tax, and transient tax. The course may address aspects such as the intention of future Kentucky individual and corporate income tax, as Kentucky's tax rate reduces. Presented by Jessica Martin.
• Form 3115 - Missed, More, Messed Up Depreciation:
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  Got a new client that never took depreciation? Or took too much? You need to fix it! Amend? You can only go back three years though...... Let's dive into this mysterious and often overwhelming Form 3115 to fix these depreciation mistakes. We will illustrate how missed depreciation should be handled, determine when Form 3115 should be filed and discuss the sections of the form that need to be completed. Upon completion of this session, you will be able to: • Calculate the §481(a) adjustment due to missed depreciation. • Calculate the §481 adjustment due to too much depreciation taken. • List the options of how to report the §481(a) adjustment, whether positive or negative. • Illustrate the completion of Form 3115 with actual examples of the form. Presented by Melinda Garvin, EA.
• Learning Losses & Limits:
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  Exactly what losses are we talking about here? Let's see it could be Passive – NOL – QBI or– EBL. Determining whether a loss from a rental, partnership or S corporation can be deducted on a taxpayer's income tax return can be very confusing. This topic sorts out the rules for deducting those losses and discusses how the limitations are calculated. We will talk about the dreaded PTP's. We'll also look at the new Qualified Business Losses and Excess Business Losses created by the TCJA and then reversed by Covid rules. Net Operating Losses are also new under the TCJA yet we still have to remember and maintain the 'old way'. So, we'll look at NOL's also! Plenty of loss types to cover and understand their interaction. Upon completion of this session, you will be able to: • Identify which losses are associated with the various entities and/or individuals. • Calculate the losses pre/post TCJA/CARES Act. • Associate which forms report each loss. • Determine what the rules, guidelines and laws are for each loss type. Presented by Melinda Garvin, EA.
• Partnerships: Filling in the Knowledge Gaps:
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  In the past couple years, the IRS has added some new line items on Form 1065 and Schedule K-1 that raise several questions. For example, can or should the partnership elect out of the centralized partnership audit regime? If they don't make the election, what does that mean? What is §704 (c) gain or (loss)? Why doesn't the partner's basis in the partnership equal their capital account? In this session, we'll cover these concepts and more to fill in the gaps with respect to partnerships. Upon completion of this session, you will be able to: • Summarize the tax implications of the centralized partnership audit regime. • Identify built-in-gain property under §704 (c) and recognize the potential tax effects. • Allocate partnership liabilities. • Compare and contrast the partner's tax basis capital account with their basis in the partnership. • Summarize the rules for making a §754 election and the resulting tax consequences. Presented by Melinda Garvin, EA.
• Sharing Gig Economy:
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  A trend toward the gig economy in full swing! Digitization, software, workforce mobility, and the ability to monetize assets not being fully utilized is creating a whole revenue stream that creates unique tax elements for these taxpayers. We all need to prepare for this type of client! More and more are using one of the many online platforms available to rent spare bedrooms, provide car rides, or to connect and provide many other goods or services. This session reviews the proper tax reporting of revenues earned and expenses incurred while providing the best possible service to the taxpayer. Upon completion of this session, you will be able to: • Identify the type of rental income from web-based rental agencies such as Airbnb. • Determine whether the rental income should be reported on Schedule C or Schedule E. • Report rideshare income and allowable expenses from sources such as Uber or Lyft on proper forms. • Calculate vehicle expenses for shared economy businesses. • Determine if estimated payments are necessary and the estimated payment amounts. • Calculate home office expenses for shared economy businesses. Presented by Melinda Garvin, EA.
• Is it a Pitfall or a Plus?:
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  From the tax viewpoint, should the aging parent deed their home to children? We often get asked that question by our clients, but do you really know how to answer it? Like most answers, it starts with "it depends". This session will address what happens to the sale of the parents' home in a couple of different scenarios and it might surprise you whether you've been doing it right in the past. Let's look at that Form 1099-S from a real-world perspective of all parties in this unique situation. Upon completion of this session, you will be able to: • Identify the pros and cons of transferring property with a retained life estate. • Determine the value of the life interest and remainder interest. • Calculate the sale of life estate property during transferor's lifetime. • Understand the use of Form 706 for the portability exclusion. Presented by Melinda Garvin, EA.

Register Now!

Date & Time:

September 28-29, 2023
Attendee Check-In on Sept. 28: 12:30 p.m. EST
Education on Sept. 28: 1:00 p.m. - 5:00 p.m. EST
Annual Meeting on Sept. 28: 2:00 p.m. - 2:50 p.m. EST
Attendee Check-In on Sept. 29: 7:30 a.m. EST
Education on Sept. 29: 8:00 a.m. - 5:00 p.m. EST

Location:

Boone Tavern Hotel
100 Main St
Berea, KY 40404
859-985-3700

Fees:

Early pricing available until August 28, 2023
Print materials are included with registration fees. Pastries for breakfast and a full lunch will be provided on Sept. 29. Snacks during breaks will be provided both days. Guest meals are available for a $32 fee.

Cancellation Policy:

Cancellations must be submitted to NATP by September 21, 2023 and are subject to a $30 fee.

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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