- Entity Selections:
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Tax law has become more and more complex which provides greater opportunities for us to advise clients on strategies to leverage entities to better account for their tax goals – minus the fear and pain. We will discuss deduction differences, tax reduction strategies, loss limitations and basis-related concerns all associated with sole-proprietorships, partnerships, S corporations, and C corporations. Particular focus will be on tax planning strategies, including QBI-related differences. Presented by Brad Messner, EA.
- The Gig is Up:
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Taxpayers are finding unique means to earn income and a lot of questions have come up about what income needs to be claimed on an annual return and what is a permissible writeoff for business purposes. Some of the taxpayers most commonly impacted include social media influencers or brand ambassadors, OnlyFans content contributors, cryptocurrency purchasers, online gamblers and more. Presented by Brad Messner, EA.
- Schedule C: Hobby or Business:
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From lemonade stands to selling cosmetics to designing jewelry, and more. It seems like everybody today is doing a 'side hustle' or pursuing personal interests that lead to income. Where does this income fall? Is this a hobby that the taxpayer is pursuing out of income, but incidentally earns income? Is this actual business income where the taxpayer is operating a legitimate business? We will walk through hobby tests and create guides to help our clients understand the difference. Presented by Brad Messner, EA.
- Tax Planning Basics:
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We will cover IRA contributions and deductions, including 2024 and future limits. We will define earned income for purposes of IRA contributions and for limitation of social security benefits. We will work through planning for Roth conversions, including consideration of tax brackets and taxable social security. HSA deductions and contributions will be explained. Presented by Becky VanDort, EA.
- QBI:
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We will cover Form 8995, Qualified Business Income Deduction (QBID) Simplified Computation in depth. We will clarify the limitations of the QBID due to W-2 wages paid by the business, as well as the calculations required when a taxpayers income exceeds the top of the phasein range. Disallowed Specified Service Trades (SSTD) will be defined. Aggregating trades or businesses and netting of the QBI will be discussed, with an example of the disclosure (Schedule B) that may be required annually. Presented by Amanda Beck-Haney, EA.
- Schedule E & Beyond:
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Rental income has become a growing trend in America and, along with it, increased tax compliance, regulations, deduction opportunities and unique tax planning options. We will be discussing short and long-term rental options, including vacation properties, and how to report them on personal and entity returns accurately. More so, we will look at the qualifications to be considered a real estate professional as well as unique and creative deductions. Presented by Brad Messner, EA.
- Cybersecurity:
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Locking down and securing your digital assets and information is no longer a suggestion; it is now a requirement. Is your firm compliant? Do you have a properly set up and deployed security plan? Attend this workshop for a discussion of cybersecurity-related concerns, and new and upcoming threats. Leave the session with a fully drafted policy manual in a hands-on lab that you can use in your firm. The focus will be effective and efficient measures for a firm of 10 employees or less. Presented by Brad Messner, EA.
- Filing Season Recap Panel:
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We will be going over what we encountered during this past tax season as we implemented the updated tax laws for tax year 2023. Some of the things we had to deal with were changes in energy credits, new mandates for E-filing, Employee Retention Credit Updates, SALT work around, Corporate Transparency Act, Extended Due Dates, added exceptions to penalties, RMD rules for 2023 & 2024, W-4 & W-4P updates, and updates on Gambling rules. Presented by Rick Stomps.
- Breakout 1: Tax Planning Beyond Basics:
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We will compare taxable distributions and long-term tax effects of traditional and Roth IRAs. We will discuss RMDs and QCDs including an explanation of QCDs to split-interest trusts. We will discuss 529 plans and ABLE accounts as family tax planning tools. We will cover current and future exceptions to early withdrawal penalties on retirement distributions. Presented by Becky VanDort, EA.
- Breakout 2: Installment Agreements:
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If your clients can't afford to pay their tax debt, the IRS will decide if and how your clients are able to pay. We will go over the many different types of Installment Agreements offered by the IRS. It can be difficult to figure out which one(s) your client qualifies for, or what the best option may be. We will review the various types of IRS Installment Agreements as well as the steps necessary to establish and maintain the Installment Agreement. Presented by Amanda Beck-Haney, EA.
- Breakout 3: Clergy:
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This course will explain the unique aspects of tax return preparation and planning for members of the clergy. Discussion will include ministerial employees, retirement income, Social Security, gifts, all aspects of housing allowances, self-employment, computing SE, status employee or sub-contractor, accountable plans, preparing a W2, benefits and more. Presented by Rick Stomps.
- Breakout Session 4: 1099-K:
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The IRS may require reporting the sale of personal items on tax returns if a 1099-K is received. We'll clarify payment reporting and tax compliance, explore taxable income, address incorrect forms, and discuss new IRS requirements. Join our session to confidently navigate tax reporting complexities, dispel myths, and ensure full compliance with IRS regulations. Presented by Randy Clark.
- Putting It All Together:
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Ending the conference with a summary note, this session will devote time to reiterating and questioning the topics covered in no particular order in order to engage participants in evaluating their degree of understanding. Participants will be presented with questions and situations that require responses about each of the topics presented. Topics touched on: Schedule C, Entity selections, tax planning, QBI, Rentals, Clergy, and Installment agreements. Presented by Marilyn Meredith, EA, AFSP.
Cancellations must be submitted to NATP by May 10, 2024 and are subject to a 20% 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.
