Federal Income Tax School - Sioux City

Download the Income Tax School brochure here.

This course does not offer ethics, however we are offering two ethics courses: October 20 & December 8

Agenda: 

Our 49th Annual Federal income Tax School will cover the following chapters from the 2022 National Income Tax Workbook as time allows. 

Trusts & 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 contemplation 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 & 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. 

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 discusses 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 explains 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.

Continuing Education: 

16 hours of continuing professional education (using a 50-minute hour)

No ethics

15 hours of IRS CPE (1 hour from Iowa Department of Revenue)

16 hours for Iowa tax return preparers Activity #383648

Iowa CLE: 13.25 hours, 

Iowa Real Estate Commission: 16 hours, course number: 236-5811-E

*We are seeking credit from the Iowa Commission on Continuing Legal Education, teh Iowa Insurance Division, and the Certified Financial Planner Board of Standards*

Speakers: 

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.

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.

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.

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.

Iowa Department of Revenue

The Iowa Department of Revenue will present at all in-person schools and will host a free webinar for practitioners on December 15 from Noon-2 pm. 

Registration: 

$345 by October 21, $375 after.

Date and Time: 
Thursday, December 1, 2022 - 8:30am to Friday, December 2, 2022 - 4:30pm
Location: 
Sioux City
Accommodations: 

Stoney Creek Hotel & Conference Center

(712) 234-1100

300 3rd Street, Sioux City, IA 51011