North Carolina Chapter Education

NC Chapter of NATP Conference and Annual Meeting

Instructor Amy Wall will present the following education:

• Schedule E Rental
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  Schedule E, Supplemental Income and Loss, is a catch-all form for many types of rental real estate activities: monthly rentals, mixed-use, house hacking, vacation rental and more. Different types of residential rentals are treated very differently on the tax return. This class will help you understand the reporting of these different types of residential rentals.
• Short-term Rental
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  More and more of our clients are renting out homes or rooms in their own homes, using online rental services such as Airbnb, VRBO, and HomeAway. When a taxpayer rents real estate for a short time period, special taxation rules apply. We need to make sure we're correctly reporting income and expenses, as well as being prepared to advise clients when they're crossing into Schedule C territory.
• Like-kind Exchange
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  When does a like-kind exchange qualify for delayed reporting of a sale? This session provides instruction on what does (and does not) qualify as a valid §1031 exchange, how to calculate gain when boot or debt is involved, and basis changes that arise from like-kind exchange treatment.
• Consolidated 1099
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  The Consolidated 1099 statement our clients receive from their brokers ranges from the simple to the painfully complex. The best way to deal with a complex 1099B is to break it down into pieces! We'll cover the reporting of information shown on the 1099-B, the 1099-INT, the 1099-DIV, and the 1099-MISC as used by brokerages.
• Cancellation of Debt
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  Financial hardships cause taxpayers to lose properties in foreclosure, file bankruptcy, or restructure debt. We're seeing a lot of Forms 1099-A, Acquisition or Abandonment of Secured Property, and 1099-C, Cancellation of Debt, included in our client's year-end tax info. We need to understand if our client has taxable income as a result or if one of the exclusions applies! This class also covers the filing of Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment).
• Tax Basis of Assets
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  Tax Basis of Assets: Baffled by basis? Understanding basis is the most fundamental of all tax skills. We'll cover cost basis, adjustments to basis, abandonment of a portion of MACRS property, basis of inherited property, basis of gifted property, the tax impact of involuntary conversion. This is your go-to class to nail basis down, once and for all.
• Tax Season Updates
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  A comprehensive review of the latest tax law changes and interpretations, for individuals and business returns.
• 1099 K
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  With the reduced filing requirement for the filing of Form 1099-K effective for tax year 2023, we're expecting to see many more Forms 1099-K than ever before. Taxpayers may receive 1099-Ks not just for their trade or business, but also for hobby income, one-off activities such as the sale of personal items online, and possibly for purely personal expenses as well. Tax practitioners will need to understand how to report the various types of income reported, as well as how to make adjustments on the tax return to both satisfy IRS matching software and ensure the income is properly recorded.
• Hobby vs Business
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  Schedule C, Profit or Loss from Business (Sole Proprietorship), is used to report income or loss from a business operated as a sole proprietor. But it's not always clear whether a taxpayer's activity should be treated as a Schedule C trade/business or a hobby! With the proliferation of gig activities, taxpayers need our guidance to determine the proper tax treatment of that income.
• Filing Schedule C for Microbusinesses
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  We'll review some of the more complex issues involved in filing Schedule C, Profit or Loss from Business (Sole Proprietorship), including cost of goods sold, vehicle expenses, depreciation for small business assets, mixed usage of services such as cell and internet, and the (inevitable) home office.

Register Now!

Date & Time:

October 30-31, 2023
Attendee Check-In: 7:00 a.m. EST both days
Education on October 30: 8:00 a.m. - 4:45 p.m. EST
Annual Meeting on October 30: 2:35 p.m. - 3:05 p.m. EST
Education on October 31: 8:00 a.m. - 3:50 p.m. EST

Location:

Hilton Garden Inn Airport Greensboro
238 NC Highway 68 South Airport
Greensboro, NC 27409
336-881-1111
Room: Blandwood/Madison

Fees:

Early pricing available until October 9, 2023
Registration includes electronic materials. Links to access the materials will be available after Oct. 24 to paid registrants via email and the NC chapter website.
Meals are included with registration. Guest lunch may be purchased for $65 by Oct. 16.

Cancellation Policy:

Cancellations must be submitted to NATP by June 30, 2023 and are subject to a $75 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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