2009 Farm Income Tax School
Registration | Description | Locations & Dates | Workbook Topics | Continuing Education | Instructors | FAQs | Exhibitors
Download Tax School Brochure | 2009 Handouts
Workbook Topics
The anticipated content for each chapter is described below. Specific content may be modified and refined prior to publication; however, the chapter topics will remain unchanged.
Net Operating Losses
- Calculation
- Completing Forms 1045, 1040X, 1139 and 1120X
- Carryback/carryforward calculations and rules
- AMT NOLs
- Corporate NOLs
- NOL when filing status changes
- Tax attributes and NOLs
- Affect of Form 982 on NOLs
Related Party Issues
- IRC §179
- IRC §§262(c) and (e) traps
- Gift when FMV is less than basis
- Entity related party issues
- Sale of home after a divorce
- Installment sales
- Like-kind exchanges
- Loss on sale of property
- Many more issues to be discussed
New Legislation
- American Recovery and Reinvestment Act of 2009
- Any other new legislation
C Corporations
- Formation of a C corporation
- Conversion of C corporation to S corporation (BIG tax)
- Accumulated earnings tax
- Reasonable compensation
- Concerting from S corporation to C corporation
- Multiple corporations
- LLC issues with a C corporation
- Personal service corporations
- Personal holding companies
Dependent Tax Issues
- Kiddie tax
- Dependent care credit
- Qualifying relative issues
- Head of household issues
- Tie breaker rule
- Earned income credit
- Form 8332 revocation
- Treasury Decision 9408
Agricultural and Rural Investors
- Conservation reserve program
- Hedge versus speculation
- 5-year depreciation
- Asset allocations on a farm purchase
- Chapter 12 bankruptcy for recent court cases
- Establishing basis under IRC §2032A
- Various farm elections
- Reporting FORM 1099-PATR with §199 distributions
Retirement
- Inherited IRAs
- Designated beneficiaries
- Liquidating a retirement account at a loss
- Audit checklist for retirement plans
- Roth conversions
- 2009 RMDs
- Conversion of real estate held by a retirement plan
- Contribution limits
Individual Taxpayer Problems
- Planning for high income taxpayers
- Vacation homes
- Limitation on use of IRC §121 exclusion for principal residence
- Reporting CODI
- HSA issues
- Handling investment losses
- Reporting Form 1098-T
Ethics
- Dealing with IRC §§7216 and 6694
- Wording for disclosure statements
- Conflict of interest issues
- OPR update
- Disclosing need for amended return
- Determining whether to accept an engagement
- Contents of client files
IRS Update (Day 1)
- Form 990 issues
- Audit issues
- 1040 MeF program
- Compliance issues
- Automated underreported issues
- Authorization
- Appealing IRC §§6694 and 6662 penalties resulting from correspondence audits
- TIP advocacy (refund speed-up for economic hardship
Small Business Issues
- Liquidating a business
- Vehicle issues
- Embezzlement (from both business and employee’s perspective)
- SCH. C issues
- §199 deduction
- Wind farm issues
- Work Opportunity Credit
Basis
- Inside versus outside basis
- Installment obligations
- Gift versus inherited IRD property
- Conversion from/to personal use
- Suspended losses
- Debt versus equity at both entity and individual level
- Like-kind exchange basis
- Valuations under FASB 157
- On liquidation of an entity
Rulings and Cases
Tax Rates and Useful Tables
IRS Issues (Day 1)
- IRS Senior Stakeholder Liaison for Iowa - Kristy Maitre
Iowa Department of Revenue (Day 2)
