Speaker: Darryl Brown, EA, Ph.D.

Description:

This session and materials are critical for anyone who provides services to partners and partnerships. A recent Tax Court case held that the taxpayer could not deduct his distributive share of partnership losses because the taxpayer provided no evidence of basis in his partnership interests. The Courts (and the IRS) take the position that a partner’s basis is zero unless he can substantively prove otherwise.

Using real-life examples, this session will provide a comprehensive analysis of a partner’s outside basis from inception of the partnership including contributions of cash and property, assumption of liabilities, distributions, sales and exchanges, liquidations and redemptions, and the partner’s share of partnership liabilities. The session will culminate with a comprehensive example instructing participants on reconstructing a partner’s outside basis.

Learning Objectives:

• Calculate the basis upon the contribution of property including the assumption of liabilities.
• Determine the effect, if any, on basis for distributions, liquidations, and redemptions.
• Understand how a partner’s basis is affected by the partnership’s liabilities.
• Utilize IRS and judicial guidance to reconstruct a partner’s outside basis.
• Evaluate planning opportunities to utilize basis maximally to avoid suspended losses.

Learning Level: Intermediate

Prerequisites: Basic understanding of basis.

Advance Preparation: None 

CE Credit Hours:

• IRS: 2 hours Federal Tax Law Topics
• CTEC: 2 hours Federal Tax Law Topics
• CFP: 2 hours Tax Planning
• CPA/NASBA: 2 hours Taxes
• Attorney/CA Bar MCLE: 1.75 hours Taxation Law

Speaker: Claudia Hill, EA, MBA

Description:

Our aging and affluent clients are challenging us with their use of a variety of trust vehicles. While the most frequent we see is the "living trust", it's important that we gain familiarity with a variety of other trusts, their uses, and their compliance requirements. This Q & A session takes on 20 questions frequently encountered by preparers of 1041s for Trusts. Additional audience questions will be addressed based on time availability.

Learning Objectives:

• Increase skill level in preparation of trust returns.
• Gain awareness of various types of trusts and their use.
• Understand the role of the grantor, fiduciary, beneficiary and return preparer.

Learning Level: Intermediate

Prerequisites: Basic knowledge of Form 1041 return preparation.

Advance Preparation: None 

CE Credit Hours:

• IRS: 2 hours Federal Tax Law Topics
• CTEC: 2 hours Federal Tax Law Topics
• CFP: 2 hours Tax Planning
• CPA/NASBA: 2 hours Taxes
• Attorney/CA Bar MCLE: 1.75 hours Taxation Law

Speaker: Laura A. Strombom, EA, MBA, USTCP

Description:

When is a deduction too much of a deduction? This session will use practical examples to compare different scenarios to determine the best "big picture" tax results for your clients when it comes to depreciation and will compare mileage deduction versus actual expenses for automobiles and related concepts.

Learning Objectives:

• Investigate possible future outcomes related to varying choices made in the initial year an asset is placed in service.
• Understand the basic concepts of depreciation.
• Compare bonus depreciation, Section 179, MACRS and Straight-Line depreciation options.

Learning Level: Basic

Prerequisites: Basic understanding of depreciation concepts.

Advance Preparation: None 

CE Credit Hours:

• IRS: 2 hours Federal Tax Law Topics
• CTEC: 2 hours Federal Tax Law Topics
• CFP: 2 hours Tax Planning
• CPA/NASBA: 2 hours Taxes
• Attorney/CA Bar MCLE: 1.75 hours Taxation Law

Speaker: Darryl Brown, EA, Ph.D.

Description:

While the IRS does not require balance sheets for many business tax returns, a balance sheet can be essential in assisting preparers complete accurate income tax returns. This session will provide a “hands-on” practical understanding of accounting principles including accrual accounting. From transaction analysis to journal entries to the construction of financial reports, participants will learn the accounting cycle with an emphasis on how it works in practice, including the balance sheet.  Whether one starts with a complete set of books and records, or a bank statement, or a “shoe box” of accounting records, one can generally construct a basic balance sheet to complete the picture. 

Learning Objectives:

• Understand the purpose of bookkeeping and financial reports.
• Gain a practical understanding of basic accounting principles.
• Understand how the balance sheet aids in return preparation for business.
• Enhance knowledge of how business transactions affect accounting as well as tax reporting.
• Develop skills necessary to construct an opening and closing balance sheet.

Learning Level: Basic

Prerequisites: None

Advance Preparation: None 

CE Credit Hours:

• IRS: 2 hours Federal Tax Law Topics
• CTEC: 2 hours Federal Tax Law Topics
• CFP: 2 hours Tax Planning
• CPA/NASBA: 2 hours Taxes
• Attorney/CA Bar MCLE: 1.75 hours Taxation Law

Speaker: Amber Gray-Fenner, EA, NTPI, USTCP

Description:

This session will help tax professionals develop confidence in retirement tax planning using a holistic approach. We will look at retirement planning at all stages of a client's financial life and also take into consideration their financial goals and needs other than retirement. We will also consider the benefits of taking an immediate tax deferral. The session will include recent changes made by SECURE Act 2.0 and how those changes may affect prior and current tax planning.

Learning Objectives:

• Understand the pros and cons of the types of retirement plans available to individuals (contribution limits, vesting, etc.)
• Identify milestone events that affect retirement planning.
• Identify tax and financial issues that affect retirement planning.
• Understand the tradeoffs between deferral now or deferral later and be able to evaluate those tradeoffs with clients based on their needs and goals.

Learning Level: Basic

Prerequisites: Basic knowledge of types of retirement plans (Traditional & Roth IRA, SEP, Qualified Plans, etc.).

Advance Preparation: None 

CE Credit Hours:

• IRS: 2 hours Federal Tax Law Topics
• CTEC: 2 hours Federal Tax Law Topics
• CFP: 2 hours Tax Planning
• CPA/NASBA: 2 hours Taxes
• Attorney/CA Bar MCLE: 1.75 hours Taxation Law

Speaker: Michael Tullio, EA

Description:

Tax practitioners should know how to treat their clients’ tax and sales requirements of Employee Stock Purchase Plans and Restricted Stock Units. This is a primer on the terms, differences, and calculations of these employee stocks as well as defining qualifying and disqualifying dispositions and how they affect taxes.

Learning Objectives:

• Understand the basics of different employee stock plans: Non-Qualified Stock Options (NQSO); Incentive Stock Options (ISO); Restricted Stock Units (RSU); and Employee Stock Purchase Plans (ESPP).
• Learn key mistakes to avoid when preparing tax returns for clients with employee stock.
• Be able to explain tax implications for clients with employee stock.

Learning Level: Intermediate

Prerequisites: Understanding of capital gains and losses.

Advance Preparation: None 

CE Credit Hours:

• IRS: 2 hours Federal Tax Law Topics
• CTEC: 2 hours Federal Tax Law Topics
• CFP: 2 hours Tax Planning
• CPA/NASBA: 2 hours Taxes
• Attorney/CA Bar MCLE: 1.75 hours Taxation Law

Speaker: Jane Ryder, EA, CPA

Description:

The new Corporate Transparency Act disclosure compliance will generally be required for any business entities registered in any U.S. state or tribal jurisdiction. It will be filed similar to an FBAR, Form 114, filing and hopefully our business tax software will support this filing. The few exemptions for this new compliance will probably not apply to most of our clients. We'll work through compliance requirements for filing for CTA, including filing deadlines which may cause us some scheduling challenges.

Learning Objectives:

• Understand which entities will need to file for CTA, and the different filing deadlines.
• Learn which business events will require reports for changes or corrections.
• Develop your plan to manage these compliance deadlines for CTA and hear some of the e-filing challenges we are going to encounter.

Learning Level: Basic

Prerequisites: None

Advance Preparation: None 

CE Credit Hours:

• IRS: 2 hours Federal Tax Law Update
• CTEC: 2 hours Federal Tax Law Update
• CFP: 2 hours Tax Planning
• CPA/NASBA: 2 hours Taxes
• Attorney/CA Bar MCLE: 1.75 hours Taxation Law

Speaker: Claudia Hill, EA, MBA

Description:

Trusts and Estates are different types of entities: Someone has to die for there to be an Estate. Yet Form 1041 is used for reporting income of both Trusts and Estates. Often the rules are not the same for reporting the income and allowable deductions for the two entities. Using a Q & A approach, those differences are highlighted. This Q & A session takes on 20 questions frequently encountered by preparers of 1041s for Estates. Additional audience questions will be addressed based on time availability.

Learning Objectives:

• Gain knowledge of the differences between trust preparation rules and estate preparation rules.
• Gain awareness of elections available for use in preparation of estate tax returns.
• Understand when a trust may elect to be treated as an estate, how to make the election, and the benefits of doing so.
• Understand the dynamics of working with the various characters involved with an estate: The decedent, the executor, the beneficiaries and the return preparer and their roles.

Learning Level: Intermediate

Prerequisites: Basic knowledge of Form 1041.

Advance Preparation: None 

CE Credit Hours:

• IRS: 2 hours Federal Tax Law Topics
• CTEC: 2 hours Federal Tax Law Topics
• CFP: 2 hours Tax Planning
• CPA/NASBA: 2 hours Taxes
• Attorney/CA Bar MCLE: 1.75 hours Taxation Law

Speaker:Frank R. Acuña, Esq., Attorney at law

Description: Most ethics courses are taught from the perspective of Circular 230, rules, and regulations. This session focuses on real-world case studies taken from panicked calls received from tax professionals over the past 25 years. Relevant principles, rules, and regulations will be applied to each of the case studies over what will probably be a very spirited discussion!

Learning Objectives:

• Examine real world situations which invoke ethical issues and conflicts.
• Review the sources available for ethical rules, regulations and guidance.
• Discuss and apply ethical rules, regulations, and guidance to case studies and discuss alternative resolutions.
• Understand how to address requests for information and subpoenas ethically.
• Discuss provisions which should be considered for your 2023 client retainer letters.

Learning Level: Basic

Prerequisites: None

Advance Preparation: None 

CE Credit Hours:

• IRS: 2 hours Ethics
• CTEC: 2 hours Ethics
• CFP: 0 hours (this is NOT a CFP Board approved Ethics session)
• CPA/NASBA: 2 hours Behavioral Ethics
• Attorney/CA Bar MCLE: 1.75 hours Legal Ethics

Speaker: Jane Ryder, EA, CPA

Description:

Mastering K-1 reporting for Form 1040 and S Corp clients is critical due to Increased exposure for business tax compliance. It’s getting more complicated: shareholder and partner basis, loans to and from partners and shareholders, distributions, entity sale or dissolution, QBI, and more. Plus, there is new information related to PTET elections reported on Schedule K-1 and using Schedule K-3 to prepare Form 1116. Also trust K1s and related final year expenses, PTPs, and reporting LLC or partnership K1s received by business entities.

Learning Objectives:

• Review each type of K-1: S corp, partnership, LLC, PTPs & trusts and where reporting flows to Form 1040.
• Understand recent K1 changes for S corps, partnerships, & trusts including PTET and how to report items.
• Master the loss limitations and how to report them for basis, at risk, passives, excess business loss, & §163j.
• Develop tax planning strategies and best practices to explain these limitations to clients.
• Learn K-3 for Form 1116. Plus, how to report the sale or abandonment of an interest in a pass-through entity.

Learning Level: Basic

Prerequisites: None

Advance Preparation: None 

CE Credit Hours:

• IRS: 4 hours Federal Tax Law Topics
• CTEC: 4 hours Federal Tax Law Topics
• CFP: 4 hours Tax Planning
• CPA/NASBA: 4 hours Taxes
• Attorney/CA Bar MCLE: 3.5 hours Taxation Law

Speaker: Karen Brosi, EA, CFP®

Description:

Tax strategies regarding real estate continue to be among our clients' most frequently asked questions. This fast-paced session covers recent law changes, IRS rulings and Tax Court decisions regarding both personal and investment property. We will also cover a host of planning ideas for our clients who own real estate.

Learning Objectives:

• Clarify proper reporting for online rental activities.
• Update Section 1031 rules and strategies.
• Demystify passive activity rules and real estate professional exception.
• Identify dealer vs. investor treatment of real estate sales.
• Get current on sale of residence guidelines.

Learning Level: Intermediate

Prerequisites: Basic knowledge of real estate taxation.

Advance Preparation: None 

CE Credit Hours:

• IRS: 2 hours Federal Tax Law Topics
• CTEC: 2 hours Federal Tax Law Topics
• CFP: 2 hours Tax Planning
• CPA/NASBA: 2 hours Taxes
• Attorney/CA Bar MCLE: 1.75 hours Taxation Law