Annual Federal Income Tax Course Webinar II

Download the Income Tax School brochure here.

Agenda: 

Note: This webinar session includes coverage of the agricultural tax issues chapter instead of Ethics. Webinars I and III and all in-person Wisconsin sessions will include two hours of ethics credit.

Our Annual Federal income Tax Course will cover the following chapters from the 2022 National Income Tax Workbook as time allows. 

Trusts and Estates:

This chapter discusses the basis of inherited assets and the chapter of gain or loss on the sale of inherited assets. It explains when gifts in cintemplation of death are included in the gross estate, and how irrevocable life insurance trusts and qualified personal residence trusts can reduce estate tax. This chapter also reviews when section 529 qualified tuition plan assets are included in the gross estate of the plan owner or beneficiary. 

Agriculture and Natural Resource Issues:

This chapter covers emerging topics that affect farmers and ranchers, including retiring a farm asset, farm rentals, income averaging, divisive reorganizations to divide a farming corporation, and borrowing and lending tax issues for farmers and ranchers.

Business Entity Tax Issues:

This chapter examines issues that pertain to business entities, including organizational standards for LLCs seeking exempt status, 501(c)(4) social welfare organizations requirements and reporting, and reporting requirements for 5 corporation basis. 

Business Tax Issues:

This chapter disucsses some of the issues that tax practitioners encounter when they prepare returns for clients who operate a business. Topics include nightly rentals, multilevel marketing, and sale of a business. 

IRS Issues:

This chapter covers issues the IRS targets as key issues for practitioners. Topics include employer identification numbers, liens and levies, injured spouse allocation, gig economy, IRS transcripts, and Tax Pro and online accounts. 

Individual Tax Issues:

These chapters cover several issues tax practitioners encounter when preparing individual income tax returns, including the child tax credit and reconciling the advance credit, divorce tax issues, education credits, and standard vs. itemized deductions. 

Current Partnership Tax Issues:

This chapter discusses partnership elections. It also explains tax issues when partnership interests are issued in connection with the performance of services. Finally, this chapter discusses tracking and reporting partnership basis. 

Tax Practice and Procedure:

This chapter exlpains important tax practice and procedural issues, including amended and superseded returns, powers of attorney, and IRS assessments. It also explains the situations in which the IRS can hold a third party liable for the tax liability of another taxpayer as a transferee, nominee, or alter ego. 

New and Expiring Legislation: 

This chapter covers recently enacted tax legislation and procedures. It is organized by subject to help participants quickly find topics of interest and includes a table of tax provisions that expired or are set to expire.

Rulings and Cases:

This chapter summarizes selected rulings and  cases that were issued from September 2021 through August 2022. It gives participants an update on issues that are being addressed by the IRS and the courts. 

Tax Rates and Useful Tables:

This chapter reports the tax rates, deduction limits, credit limits, and income thresholds and limits that change each year.

Continuing Education: 
IRS Tax Topics IRS Tax Update IRS Ethics Wisconsin DOR Total CPE Minutes Wisconsin CLE Wisconsin Insurance CFP
13 Credits 3 credits Y7WRM-U-00349-22-O 0 Credits 0 Hours 800 Minutes 16 Hours 16 Hours 16 Hours

16 hours of IRS CPE, no ethics. 

Speakers: 
Jennifer Harrington Staff Attorney, Center for Agricultural Law & Taxation (CALT), Iowa State University, Ames, IA

Jennifer focuses on transition planning, specifically in the areas of business entity transitions and estate planning. She also studies ethical issues facing tax professionals.

Joe Kristan CPA, Partner at Eide Bailly LLP , Des Moines, IA 

Joe has been a tax practitioner since 1984 working primarily with closely held businesses, serving the agriculture, distribution, and manufacturing industries. Joe is the author of the popular Tax News & Views blog, www.eidebailly.com/taxblog.

David Repp Attorney, Dickinson Mackaman Tyler & Hagen PC, Des Moines, IA
David practices primarily in the area of taxation. He provides a broad range of tax counsel on topics including federal and state income tax planning, taxation of employee benefits, equity structure and mergers.
Michael Smith Senior Stakeholder Liaison, IRS
Michael is a Senior Stakeholder Liaison with the Internal Revenue Service. Michael has held a variety of positions in the Small Business/Self-Employed division of IRS as a Revenue Officer and Collections Manager.
Krista Sullivan Internal Revenue Service Stakeholder Liaison, Bloomington, MN
Krista has been with the IRS for 13 years, previously working in Field Collection as a Group Manager and Revenue Officer. Before joining the IRS, she worked in the private sector in large banking institutions and accounting firms holding a Certified Financial Planner designation.
Kristine Tidgren Director, Center for Agricultural Law & Taxation (CALT) Iowa State University, Ames, IA
Kristine is an attorney and the Dolezal Adjunct Assistant Professor in the Agricultural Education and Studies Department at ISU. Kristine enjoys researching and analyzing complex tax issues and writes and edits many articles, blogposts, and educational materials. She speaks to many groups regarding tax and legal topics throughout the year.
Ken Wundrow EA–Experience Consulting
Ken is returning for his 23rd year of speaking at the Wisconsin Annual Federal Income Tax Courses. Ken served as a tax preparer/planner for 38 years. He retired from Mennenga Tax and Financial Service in Madison, Wisconsin, where he prepared more than 525 returns annually for his clients. From his 25 years in public education, he is an excellent teacher who draws on his practical tax and financial experience to relate to attendees at our courses.
Registration: 

Participants will receive links from GotoWebinar to attend the morning and afternoon sessions on each day.

Before the course, participants will receive their National Income Tax Workbook by mail. They will also receive an email with a link to a private page to access copies of presentations slides and other resources.

Date and Time: 
Monday, November 21, 2022 - 8:30am to Tuesday, November 22, 2022 - 4:30pm
Location: 
Online