Louisiana Chapter Education

LA Chapter - Fall Education Seminar

Instructor Melinda Garvin, EA will present the following education:

• If Your Clients Are Dying To See You:
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  We all have the client that has had a family member pass away and now they are asking us tax questions. Are you giving them the RIGHT answers? You probably THINK you are. “Do I have to file a Federal Estate Tax Return? – Do I have to get a Federal ID number? Does an attorney have to do my tax return?” Our industry is seeing an increase in lawsuits (mostly from this 1st question) against the tax professional and you need to become aware of the liability associated with Estates and how to protect yourself. Are you sure what income gets reported on the taxpayer’s final 1040 or what might get reported on the 1041 - Income Tax Return of the Estate? Attend this session to learn about the portability election, where a decedent’s final income gets reported and who is responsible for filing a decedent’s final return. Please note: This will not be a session on how to fill out a Form 1041 line by line; but more from a practical ‘hands-on’ perspective of effectively handling the final tax return of a decedent from the onset so as to not set the status up with errors from the onset. Upon completion of this session, you will be able to: • Understand the interactions of Final Form 1040, Form 1041, and Form 706 • Determine if a Form 706 is required or advisable• Know the filing thresholds of a decedent and estate • Identify all the components of portability.
• Entity Selections & Elections:
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  There are several driving forces causing taxpayers to conceive, formulate and establish new businesses. Many existing businesses are choosing to change or alter entity types. Whatever the business decisions are – we can be there for our clients with recommendations, election choices, charts and tax advice. Attend this session to reinforce your knowledge of the advantages and disadvantages between S Corporations, Partnerships, LLC’s, C Corporations and Sole Proprietorships. We’ll also take a quick look at the entity types with a QBI consciousness. Upon completion of this session, you will be able to: ▪ List the types of entities that exist. ▪ Identify the differences between entity types. ▪ Summarize the tax advantages and disadvantages of the entity types. ▪ Ascertain potential recommendations of entity elections.
• 1099 - The Tattletale!:
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  So why are 1099s so important? Why is the IRS increasing the penalties for not filing them or not correcting them? Their singular objective is to let the IRS know how much was paid to someone by a small business. They tattle information to the IRS! We have to assist our small businesses in issuing those 1099 MISC but are you sure you know the rules? Don’t make mistakes that contribute to mismatched income for small business taxpayers. Let’s learn what those 1099 reporting rules are. You might be surprised to learn that some of those reporting rules have changed since you last looked. Upon completion of this session, you will be able to: • Identify the principal Forms 1099 needed for small business. • Establish who is to receive 1099s and when backup withholding is required. • Identify the various penalties associated with Form 1099 reporting. • Cover the ‘real world’ issues involving compliance with Form 1099 reporting.
• SE Tax - What You Probably Don't Know, But Should:
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  Self-employed workers must pay both the employee and employer portions of social security taxes. Reducing their income by taking every available deduction will reduce income taxes, but it will also reduce the size of their social security benefit payment in retirement. It is possible the taxpayer would be unable to draw disability also. We can help! We also need to be checking all our clients that fall into this category. Sometimes qualifying credits can even help pay the tax. Attend this session to ensure you are doing the best for your Schedule C and Schedule F clients using case studies to learn the calculation of these options. Upon completion of this session, you will be able to: • Identify if the taxpayer should exercise this option. • Learn what credits interact and their calculation. • Analyze the tax return for determining viable use of the SE options. • Calculate the amounts when using the SE options. • Understand the upper and lower limits of social security coverage.
• Repairs or Improvements?:
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  We often are in a dilemma of "How do I distinguish a capital purchase from a repair expense"? There has been much debate and controversy not to mention a number of court cases regarding whether, or to what extent, the amounts paid to restore or improve property are capital expenditures or deductible ordinary and necessary repair and maintenance expenses. Upon completion of this session, you will be able to: • Understand the interaction of the TCJA, Sec 179 and 100% Bonus Depreciation • Identify the different types of property. • Learn how the De Minimis Rule, Safe Harbor, and elections work. • Understand the Unit of Property (UOP).
• 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.
• Clergy:
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  Some tax professionals feel preparing tax returns for members of the clergy are easily some of the most difficult we face. Yes, easy and difficult in the same sentence perfectly sums up clergy taxation. Let’s untangle some of these questions we have with tax returns of individuals in the ministry! This session will cover the different types of income earned by the ministerial community whether as an employee or self-employed. Clergy often comes with a housing allowance and we question how to handle it. What deductions are allowed and where do we report all these things? Upon completion of this session, you will be able to: • Understand the interactions of clergy earnings, housing allowance, and SE taxes. • Determine where to report clergy income. • Understand the withholding, FICA, and FUTA taxes with clergy income. • Idenfy all the types of deductions and where to report in connection with clergy.
• Taxpayers in Trouble - Cancellation of Debt:
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  Forms 1099-C and 1099-A often give the tax professionals a headache. The taxpayer doesn’t understand them and may have emotional baggage attached to their sources. Many tax pros are also handling them the wrong way on the tax return. Let’s look at both forms with the receiver being the individual, small business, corporation, and partnership. Form 982 could come into play, so we’ll take a look at it, too. The media and government officials would like us to believe taxpayers are not in as much of a financial crisis and the housing industry breakdown is over, but we know differently as our clients are still coming in with 1099-As and 1099-Cs. Upon completion of this session, you will be able to: • Select relevant information from Forms 1099-A and 1099-C. • Identify the proper IRS form on which to report the deemed sale of the foreclosed property. • Determine if a taxpayer is insolvent. • Explain the tax treatment of cancellation credit card and other consumer debt. • Complete Form 982.
• LA Update/IRS:
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  This session will review the updated changes as well as recap the basic information for the 2023 filing season.

Register Now!

Date & Time:

September 25-27, 2023 (all times listed in CST)
Attendee Check-In on Sept. 25: 12:00 p.m.
Education on Sept. 25: 12:50 p.m. - 4:30 p.m.
Attendee Check-In on Sept. 26 & 27: 7:30 a.m.
Education on Sept. 26: 8:00 a.m. - 4:40 p.m.
Annual Meeting on Sept. 26: 4:50 p.m. - 5:45 p.m.
Education on Sept. 27: 8:00 a.m. - 2:30 p.m.

Location:

Courtyard by Marriott Lafayette South
200 Frem Boustany Drive
Lafayette, LA 70506
337-345-4450

Fees:

Early pricing available until August 29, 2023

Registration includes electronic materials. Electronic materials will be emailed to registrants one week before the event. Print materials are available for a $50 fee.
Meals are not included.
Click here to take advantage of the group rate when booking your hotel room.

Cancellation Policy:

Cancellations must be submitted to NATP by September 5, 2023 and are subject to a $39 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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