Annual Federal Income Tax Course - Pewaukee

Our Annual Federal Income Tax Course will cover most of the following chapters from the 2024 National Income Tax Workbook. Download the Income Tax School brochure here!

Agenda: 
Ethics 
This chapter is taught during the November 5–6 and December 12–13 webinars. This chapter discusses important issues that help tax practitioners comply with their ethical obligations. Topics include the following: 
• Beneficial ownership interest reporting and the unauthorized practice of law 
• Due diligence – Report of Foreign Bank and Financial Accounts (FBAR) 
• Due diligence – written information security plan (WISP) 
• Practice continuation – planning for retirement, disability, or death 
• Ten case studies that illustrate real-life ethical scenarios 
 
Trusts and Estates 
This chapter discusses the tax consequences when a debt owed by a decedent is canceled and the tax implications of the cancellation of a debt owed to the decedent. It explains planning techniques for the use of the increased basic exclusion amount before its sunsets in 2026. This chapter reviews the grantor trust rules, and it includes sample language that a tax practitioner should look for to determine whether a trust is a grantor trust. This chapter discusses when jointly owned property is included in the gross estate and how to determine the basis of property passing to a surviving joint owner. 
 
Related Party Issues 
Related party rules frequently affect the timing or character of income or deductions and sometimes disallow a loss or deduction entirely. This chapter discusses the following: 
• I.R.C. § 267 loss limits/income matching 
• Transactions between related persons and partnerships 
• Disallowance of the I.R.C.§ 179 deduction and bonus depreciation on property acquired from a related party 
• Ordinary income treatment of related party gain from the sale or exchange of depreciable property 
• Like-kind exchanges with a related party 
• Related party installment sales 
 
Limited Liability Company Issues 
This chapter covers important tax considerations for limited liability companies (LLCs). It reviews the default entity classifications, and how an entity can elect to change its default entity classification. It explains how a change in LLC ownership may cause a change in its default entity classification and the tax consequences of a change in classification. This chapter discusses tax issues for an LLC owned by spouses. It also examines the impact of LLC owner compensation on the QBI deduction and the section 179 deduction. Finally, this chapter explains a recent Tax Court case that applies a functional analysis to determine if a partner is a limited partner whose distributive share of partnership income may not be subject to self-employment tax. 
 
Business Entity Tax Issues 
This chapter examines current issues that pertain to business entities, including beneficial ownership interest reporting and the pass-through entity tax deduction and the tax benefit rule. It explains how a tax practitioner can help a nonprofit organization maintain its tax-exempt status, and new guidance that allows an I.R.C. § 501(c) (3) organization to change to another exempt entity type. This chapter provides an overview of the centralized partnership audit regime, with a focus on how a partnership decides if it should elect out of that regime. 
 
IRS Issues 
This chapter covers issues key IRS issues for practitioners. Topics include the following: 
• When tax liens attach 
• Record retention requirements 
• IRS online accounts 
• E-filing requirements and exceptions 
• Taxpayer Advocate Service 
• IRS Stakeholder Liaison 
• Tax scams 
 
Business Tax Issues 

This chapter reviews the deduction for certain interest on indebtedness that is contingent on a future event, and the tax impact of conditions that arise after the sale. This chapter explains how to calculate the gain on a contingent payment installment sale, where the sale price has not been fixed in the year of the sale. This chapter explains what constitutes a business bad debt and the timing and amount of the deduction. It also discusses when fringe benefits are available to small business owners on a tax-favored basis. This chapter details eligibility for up to a $150,000 credit for employer-provided childcare. It explains the business meal and entertainment expense deduction, including several important exceptions to the limit on the deduction. 

Rental Activities 
This chapter details information that is essential for a tax practitioner who prepares tax returns claiming income and expenses from rental activities. It includes the following topics: 
• Residential real estate rentals 
• Passive activity loss limits 
• Self-employment tax on rental activities 
• Repairs/capital expenditures 
• Reporting rental activities on Schedule E (Form 1040) 
 
Individual Tax Issues 
This chapter covers several current issues for tax practitioners preparing individual income tax returns, including the following: 
• Clean vehicle credits 
• Energy credits 
• Digital assets 
• Due diligence for head of household filing status, earned income tax credit, and other credits 
• Cancellation of debt 
• Health savings accounts 
• Section 529 qualified tuition programs 
 
International Tax Issues 
This chapter discusses common tax issues for U.S. taxpayers with income or assets abroad, and non-U.S. taxpayers with income or assets in the U.S. It explains the requirements to withhold tax under the Foreign Investment in Real Property Tax Act. It discusses when a taxpayer needs an individual taxpayer identification number (ITIN). It details reporting requirements for gifts or bequests from a foreign person and FBAR filing requirements. Finally, this chapter explains how to prepare Form 1040-NR, U.S. Nonresident Alien Income Tax Return, with a focus on the different reporting requirements that apply. 
 
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 2023 through August 2024. 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, income thresholds and limits that change each year. 
Continuing Education: 
IRS CPE
Y7WRM-U-00381-24-I Update (3 credits)
Y7WRM-T-00385-24-I Tax Topics (10 credits)
Y7WRM-E-00383-24-I Ethics (2 credits)
Insurance
Day 1: 8 hours
Day 2: 6 hours, 2 hours of ethics
CLE 16 hours

Speakers: 

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 the IRS as a Revenue Officer and Collections Manager.

Kristine Tidgren: Director, Center for Agricultural Law & Taxation (CALT) Iowa State University

Kristine is an attorney and the Dolezal Adjunct Associate Professor in the Agricultural Education and Studies Department at ISU. Kristine enjoys researching and analyzing complex tax issues and writes and edits many articles, blog posts, and educational materials. She speaks to many groups regarding tax and legal topics throughout the year.

Doug Van Der Aa: CPA and Attorney, Van Der Aa Tax Ed, LLC

Doug is a lively and energetic speaker – especially on the subject of taxes and ethics. He has been a highly rated speaker and seminar leader for CPA Associations and other organizations throughout the country for more than 15 years. Doug has over 25 years of professional experience, including tax practice in CPA firms and the practice of transactional business and real estate law as an attorney. As a CPA, Doug’s practice concentrated on the tax needs of closely held businesses, with their related pass-through entities, complex individual returns, estates and trusts.

Nate Weber, Director of Technical Services for the Wisconsin Department of Revenue

Nate will be presenting an hour of Wisconsin updates and addressing questions at each of our in-person Wisconsin seminars. Accordingly, in-person courses will offer 15 hours of IRS CPE.

 

Register Now
Registration: 

$345 by October 21, $375 after. 

Date and Time: 
Monday, November 11, 2024 - 8:30am to Tuesday, November 12, 2024 - 4:30pm
Location: 
Pewaukee, WI
Accommodations: 
The Ingleside Hotel 
2810 Golf Road, Pewaukee, WI 53072
(262) 547-0201