Federal Income Tax School - Webinar

Download the Income Tax School brochure here.

Agenda: 

Our Annual Federal Income Tax Course will cover the following chapters from the 2022 National Income Tax Workbook

Ethics:

This chapter discusses important issues that help tax practitioners comply with their ethical obligations. Topics include discussions of ethical considerations when giving tax opinions, the ethical and legal benefits of email disclaimers, and the ethical duties for a tax practitioner serving as a trustee or other fiduciary. The chapter also includes ten case studies that illustrate real-life ethical scenarios. 

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 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. 

Business Entitiy 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 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: 
  • 800 minutes CPE
  • 16 hours IRS CPE (Y7WRM-T-00345-22-O - 11 credits, Y7WRM-E-00348-22-O - 2 credits, Y7WRM-U-00349-22-O - 3 credits)
  • Iowa CLE: 13.25 hours, Activity #383646, 1.5 hours of ethics. 
  • Iowa Real Estate Commission: 16 hours, course number: 236-5812-E
  • Iowa Insurance - 16 credits
  • Wisconsin CLE - 16 credits (2 hours ethics)
  • Wisconsin Insurance - 16 credits
  • CFP - 16 hours
Speakers: 

Jennifer Harrington Staff Attorney, Center for Agricultrual 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 has been a favorite tax school instructor in Wisconsin for 23 years. He served as a tax preparer/planner for 38 years and retired from Mennega Tax and Financial Service in Madison, Wisconsin, where he prepared more than 525 returns annually for his clients. 

Registration: 

$315 by October 21, $345 after

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, December 12, 2022 - 8:00am to Tuesday, December 13, 2022 - 4:30pm
Location: 
Online