​​​Connecticut Chapter Education

CT NATP - June Conference

This event will offer the following education:

• Marijuana Production:
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  The Marijuana Business is in full swing and profits are taxable. Big Profits! The tax professional is needed to assist the taxpayer in this industry through the complicated definitions, differences between Federal and State tax law, and deductible expenses. The frequent question asked by those operating in the marijuana industry is, "How do I protect myself and my business?" Make sure the answer is they seek out your services! Upon completion of the session the learner will be able to: Identify what deductible expenses can be taken under §280E. Navigate the Cole Memo, it's significance and history then the Session Memo. Recognize the issues related from this cash related industry. Understand the complicated allocations between illegal and legal; inventory; payroll; etc. Presented by Melinda Garvin, EA.
• 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. Presented by Melinda Garvin, EA.
• Form 1065 K-1 Basis:
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  Basis in flow-through entities is very often a misunderstood topic due to its overwhelming nature. The answer to the question, "Who is supposed to keep track of the basis of a pass-through entity?" has multiple answers – the owner, the tax professional, or the software. What's the right answer? Technically the owners of the pass-through entities are to keep track of basis but they do not know the tax laws behind tracking basis. The best answer to this question is the tax preparer who prepares the owner's individual income tax return, Form 1040. Attend this session to learn how to track each Partnership's Partner basis efficiently. Upon completion of the session, you will be able to: Identify how the different entries on Schedule K-1 affect basis. Calculate partner basis. Summarize what the difference between inside and outside basis is and why it is important. Identify the partnership liabilities that increase a partner's basis. Calculate a partner's outside basis. Presented by Melinda Garvin, EA.
• Form 1120S K-1 Basis:
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  Basis is something that is so very important for S Corporation Shareholders – yet so very often never kept track of! Why is that? Use this session to learn how to re-construct basis for those clients coming to you with no basis tracking. Learn how to track basis and know where all the Schedule K-1 entries go on the S Corp Shareholders personal return. This session will cover: ​Calculating the shareholder's basis in the S corporation. Determining how much of a pass-through loss is deductible after applying the basis, at-risk and passive activity limitations. The tax effects on the shareholders when distributions are received from an S corporation. Proper reporting of various pass-through items from Schedule K-1 and Form 1040, including unique items, such as the sale of property with §179. Presented by Melinda Garvin, EA.
• CT DRS Update with Deputy Commissioner John Biello:
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  Connecticut Department of Revenue Services Update with Deputy Commissioner John Biello.

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Early pricing available until June 11, 2024
Registration includes electronic materials and lunch.

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