2020 Fall Tax School (Online!) - University of Illinois Tax School
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2020 Fall Tax School (Online!)

Up to 16 CPE credits for $250!

Register Now!

Prefer to fax or mail your registration? Use our printable registration form.
Due to uncertainty surrounding the COVID-19 virus, for your safety and convenience, and to remain in compliance with University and State of Illinois guidelines, we are offering Fall Tax School online rather than as live in-person instruction. You will have options to take each day either as a day-long session (with lunch break) or two morning-only or afternoon-only sessions split across two days.
Tax School 80th Anniversary Logo

Come attend the 80th Anniversary Fall Tax School and earn up to 16 CPE credits!

The University of Illinois Fall Tax School has been providing high quality continuing tax education for decades. In fact, 2020 marks our 80th anniversary. When we started in 1940, things looked a lot different than they do now. We used to focus on helping farmers learn how to file their own taxes; now we provide continuing tax education to more than 5,000 tax professionals annually.

For the first time ever, Fall Tax School is being offered entirely online in response to COVID-19. We know that's a big change for you; it's a big change for us too. But we are still committed to providing you with the highest quality continuing tax education at the most reasonable price.

This year will include practical planning tips and valuable information on a wide variety of topics to help you understand what's new and implement strategies to help your tax clients. Topics to be covered include:

  • Implementation of the Taxpayer First Act, SECURE Act, CARES Act, PPP loans, etc.
  • Early withdrawals from IRAs or qualified retirement plans
  • Bonus depreciation vs. §179 deduction
  • Net operating losses
  • Unexpected miscellaneous income for individual taxpayers
  • Trust essentials, including revocable trusts and death of a grantor
  • Home office refresher
  • Rental real estate and royalties
  • Ethics
  • Free registration for an optional Agricultural Issues webinar for Day 1 registrants

Online Seminar Details

  • 5 sets of Fall Tax School online dates in November
  • Choose to attend full day sessions (with lunch break), mornings only, or afternoons only
  • Both printed and digital materials are included with each registration (Your University of Illinois Federal Tax Workbook will be shipped to you before your online sessions.)
  • Online Fall Tax School registration options include:
    • Both days: $250 when purchased together ($310 after October 20) Save $50!
    • Day 1 only: $150 ($180 after October 20)
    • Day 2 only: $150 ($180 after October 20)

Registration Options

Although we offer Fall Tax School as a 2-day online seminar mirroring our traditional live format, you may choose from full-day, mornings-only, and afternoons-only sessions for your day 1 and day 2 registrations to build your ideal format. You can also choose to register for only one of the days if you'd prefer.

Note: Due to the online format, if you miss part of a session for any reason, you will be unable to make up the time in another session.

Registration Fees

  • 2-day Fall Tax School: $250 for both days combined ($310 after October 20) when purchased together; this includes both printed and digital versions of both volumes of the University of Illinois Federal Tax Workbook
  • Day 1 only: $150 ($180 after October 20); this includes both printed and digital versions of Volume A of the University of Illinois Federal Tax Workbook. Everyone registering for Day 1 of Fall Tax School will be able to attend the 2-CPE Ag Issues webinar, held after Fall Tax School, for free!
  • Day 2 only: $150 ($180 after October 20); this includes both printed and digital versions of Volume B of the University of Illinois Federal Tax Workbook.

NASBA Program Level: Overview

CPE Filings Available: Illinois MCLE, CFP, Illinois Insurance, IRS

Workbook Shipping Limitations

In order to guarantee workbook delivery in time for the online sessions, you must register by the end of business on Tuesday, October 20. Registrations will still be accepted after that date, but we cannot guarantee that you will receive your printed book in time for your online session(s). All registrants will receive access to downloadable PDF and online ebook versions of the woorkbook prior to the online sessions.

We cannot ship to PO boxes. You must provide a street address for shipment.

Once your workbook(s) have been shipped:

  1. If you cancel your registration, your refund will not be processed until we receive the return of the book(s) in undamaged, as-new condition. Return shipping is at your expense.
  2. If you wish to transfer your registration to a coworker after your book(s) have been shipped, you are responsible for giving your workbook(s) to your coworker; the book(s) cannot be sent back and re-shipped due to time constraints.

About Our Instructors

What sets us apart from the competition is the breadth and depth of our instructors' experience.

Jerry Brune Jerry Brune has been an instructor for the Tax School and has served as an author and reviewer for the annual University of Illinois Federal Tax Workbook since 1999. Jerry was employed as a revenue agent with the IRS for 31 years before retiring. Jerry has taught accounting and business taxation courses at Illinois Central College and the University of Illinois at Springfield, respectively. Jerry is an EA and CPA, and he currently practices in Bolingbrook. His alma mater is St. Joseph's College in Rensselaer, Indiana.

Tom O'Saben Tom O'Saben has been an instructor for the Tax School since 2009 and joined the Tax School team full-time as Assistant Director, Professional Education and Outreach in 2019. He has also been a presenter with the National Association of Tax Professionals, where he served as a Training Specialist developing curriculum, writing textbooks, and instructing at educational seminars. Tom's practice, established in 1991, provides tax services for approximately 1,000 clients. Tom earned his bachelor's degree from Southern Illinois University Edwardsville. He is an enrolled agent (EA).

Bob Rhea Bob Rhea has been associated with the Tax School since 2005 as an instructor and as a reviewer for the University of Illinois Federal Tax Workbook. Since 1984, he has assisted farmers with accounting, tax, and consulting services in west-central Illinois through the University of Illinois FBFM program, and was named its chief executive officer in June 2020. Bob completed 18 years of service as the national executive director for his professional organization, NAFBAS.. Bob received his bachelor's degree from Western IL University and Master's degree from the University of Illinois. He serves as trustee for John Wood Community College and was recently named JWCC's first Distinguished Alumnus Award recipient. Bob is an enrolled agent (EA) and he lives in Camp Point. Family includes his wife, Debbie, 3 children Tracy, Casey, Ashley, their spouses and 7 grandsons.

Catherine RiddickCatherine Riddick has been associated with the Tax School since 2008 as an instructor and as an author and reviewer for the University of Illinois Federal Tax Workbook. She is a CPA and licensed attorney. She worked for one of the large CPA firms in the Chicago area for 10 years and has had her own CPA firm in LaGrange, Illinois since 1994. Catherine received a bachelor's degree from Old Dominion University in Norfolk, Virginia and a law degree from Washington and Lee University in Lexington, Virginia.

Online Seminar Dates and Times

Note: You must register for each Fall Tax School Day as listed below; but you can choose different time options for Day 1 vs. Day 2. For example, you can choose to attend Day 1 as a single day-long session and then Day 2 as mornings-only split across 2 days.

Day 1 Options for up to 8 CPE*

Format Date Time
All Day Nov. 18 (Wed.) 8:00 am to 5:00 pm Central Time (1-hour lunch break)
Mornings Only Nov. 3–4 (Tue. & Wed.) 8:00 am to 12:00 pm Central Time both days
Nov. 10–11 (Tue. & Wed.) 8:00 am to 12:00 pm Central Time both days
Afternoons Only Nov. 3–4 (Tue. & Wed.) 1:00 pm to 5:00 pm Central Time both days
Nov. 10–11 (Tue. & Wed.) 1:00 pm to 5:00 pm Central Time both days

Day 2 Options for up to 8 CPE

Format Date Time
All Day Nov. 19 (Thu.) 8:00 am to 5:00 pm Central Time (1-hour lunch break)
Mornings Only Nov. 5–6 (Thu. & Fri.) 8:00 am to 12:00 pm Central Time both days
Nov. 12–13 (Thu. & Fri.) 8:00 am to 12:00 pm Central Time both days
Afternoons Only Nov. 5–6 (Thu. & Fri.) 1:00 pm to 5:00 pm Central Time both days
Nov. 12–13 (Thu. & Fri.) 1:00 pm to 5:00 pm Central Time both days

* Everyone who registers for Day 1 of Fall Tax School will be given a coupon code to attend an Agricultural Issues webinar at no cost. This webinar will provide 2 additional CPE credits. Once all Fall Tax School online sessions have concluded, you will receive an email with a coupon code and instructions for registering for the Agricultural Issues webinar of your choice.

  • Wed., Dec. 2 from 2–3 pm Central Time
  • Thu., Dec. 3 from 10–11 am Central Time

You will receive your coupon code once the Fall Tax School online sessions have been concluded.


Day 1 Timed Agendas

Morning-Only SessionsAfternoon-Only SessionsAll-Day Sessions
Day 1 Mornings Agenda PDFDay 1 Afternoons Agenda PDFDay 1 All-Day Agenda PDF

Agricultural Issues and Rural investments will not be taught during the Day 1 session(s), but everyone who registers for Day 1 will receive a coupon code to attend a standalone 2-CPE Ag Issues webinar held in December after Fall Tax School season is over.

Day 2 Timed Agendas

Morning-Only SessionsAfternoon-Only SessionsAll-Day Sessions
Day 2 Mornings Agenda PDFDay 2 Afternoons Agenda PDFDay 2 All-Day Agenda PDF

Learning Objectives, CPE, and More

Learning Objectives: By attending this online seminar, you will be able to:

  • Apply specific concepts and strategies covered in the seminar while preparing 2020 tax returns, and
  • Advise clients about planning strategies applicable to their situations.

Audience: Tax professionals.

Delivery Method: Group Internet-Based

NASBA Program Level: Update and Overview

Field of Study: Taxes (NASBA), Federal Tax (IRS)

Prerequisite(s): Professional experience preparing tax returns

Advanced Preparation: Testing your system.

CPE Credit

Note: Exact composition of CPE credit for each day is subject to change.

Day 1
CPE credits Up to 8 based on attendance and responses to polling questions
(Optional additional 2 CPE credit for the agricultural issues webinar will be recorded separately and a separate CPE certificate will be provided.)
Field of Study (NASBA) Taxes (6); Regulatory Ethics (2)
IRS Categories Federal Tax Topics (3); Federal Tax Law Update (3); Regulatory Ethics (2)
CFP Taxation (8). The ethics portion of instruction qualifies for CFP general CPE but not CFP "Ethics" CPE. Must attend the entire session to obtain any CPE due to CFP rules.
IL Insurance General (6); Ethics (2)
IL MCLE Taxation (4.75); Professional Responsibility (1.75) (Optional additional 1.5 MCLE for the agricultural issues webinar will be recorded separately and a separate MCLE certificate will be provided.)
Day 2
CPE credits Up to 8 based on attendance and responses to polling questions.
Field of Study (NASBA) Taxes (8)
IRS Categories Federal Tax Topics (8)
CFP Taxation (8). Must attend the entire session to obtain any CPE due to CFP rules.
IL Insurance General (8)
IL MCLE Taxation (6.5)

Please see the CPE FAQ for more information.

CPE Accreditation

The University of Illinois Tax School is a sponsor of CPE for a variety of professional designations such as CPAs, EAs, CFPs®, attorneys, and insurance, etc. Agencies that typically recognize the University of Illinois Tax School as a sponsor of continuing education are:

  • Certified Financial Planner Board of Standards
  • Illinois Department of Insurance
  • Illinois Department of Professional Regulation
  • Internal Revenue Service
  • Iowa Supreme Court Commission on Continuing Legal Education
  • Missouri Bar Association
  • MCLE Board of the Supreme Court of Illinois

NASBA Accredited Continuing Education Provider LogoUniversity of Illinois Tax School is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

IRS-Approved Continuing Education Provider LogoThe Tax School has been approved as an IRS Continuing Education Provider. Tax preparers should always look for IRS approved providers when fulfilling their continuing education requirements.

Visit www.irs.gov/taxpros/ce for more information.

Participants are awarded credit based upon actual time in attendance for in-person seminars, and actual time in attendance plus particpation in polling questions for live online webinars and seminars. Most accrediting groups recognize 1 hour of credit per 50 minutes of instruction. Some CLE groups recognize 1 hour of credit per 60 minutes of instruction.

Certificates of attendance are issued to participants after seminars conclude. In most cases, certificates are emailed after the conclusion of all seminars.

For EAs, Illinois Insurance professionals and CFPs®, the Tax School Office submits participant credit hours directly to the accrediting agencies.

An additional fee is required for processing CPE credits for IL insurance, CFP®, and IL MCLE.

See Frequently Asked Questions about CPE.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

BigMarker Webinar Platform Tour

Starting in 2020, we are using a new webinar platform, which should be much easier to use than the platform we used before:

  • No software to download or install; completely browser-based
  • It does not use Adobe Flash, so no complications with "Allowing Flash"
  • No Java updates needed
  • All online live events will include instructor video, in addition to the PowerPoint slides.

Here is a short 5-minute video tour of the new BigMarker webinar platform.

Testing Your Computer System

We are now offering our webinars using the BigMarker platform, which uses your web browser to deliver the content. This software does not use Adobe Flash, so there are no more Adobe Flash updates to deal with or having to "Allow Flash" in your browser. Getting into the webinar should now be much easier for you.

Please test your computer system using the instructions below before the webinar. If you fail to test your system in advance and experience problems, you may not be able to participate in the webinar. We cannot provide refunds because you experience technical problems the day of the webinar. When testing, use the computer you plan to use for participating in the webinar.

NOTE: We recommend using a desktop or laptop computer to attend the webinar rather than a tablet or mobile phone.

  • Make sure that the computer that you will use for the webinar is connected to the Internet with a broadband connection.
  • Make sure that you have functioning speakers or headset to take full advantage of the audio capabilities during the session (all instruction is provided vocally). If you don't want to use your computer speakers or headset, there is phone audio available. The dial-in number, Conference ID, and User ID for phone audio will be given to you once you enter the webinar session.
  • IMPORTANT: Disable any popup blockers before you try to join the webinar.

Testing Instructions

This test should take less than 5 minutes to complete.

On the computer you will be using for the webinar, go to the following web page:


When the page loads, it will run through various network tests. Click on Test Speakers to make sure you can hear audio. You do not need to test your microphone or webcam for the webinar.

The problem users most frequently encounter is failing the Network Firewall Check, which usually happens when the required communication ports are being blocked by your Windows Firewall or your Internet router. For more information on how to solve this problem please see the I Failed the Network System Check page on the BigMarker support website. Please note that as this has to do with individual settings in your computer firewall or your router, Tax School cannot easily help solve these problems. Some additional steps to try that may solve the problem:

  1. Reboot your computer system.
  2. Make sure you do not have any other programs open while attending the event.
  3. If you have access to a different computer at your location, try using it, just in case it is a firewall setting on that particular computer.

Entering the Live Webinar Session

To enter the live webinar session the day of the event:

  1. Log into your Tax School account on this website.
  2. Scroll down to the event information and click the Join Webinar button as shown below.
  3. Depending on which browser you are using, when you click on the button you may see a message that you need to enable popups. Click Allow (or whatever the permission wording is) to allow popups on the Tax School website, and then you should be able to get into the session.
  4. Once you enter the webinar, you will need to enable audio. There should be a grey and white link in the middle of the webinar screen that you need to click (shown below). If you don't see that link, exit and re-enter the session. If you still don't see the link or hear audio, ask in chat for assistance.

If you encounter additional problems testing your system, you can check the following resources:

If your technical problems cannot be resolved, please call the Tax School office at 217-333-0502 during normal business hours for options regarding webinar attendance.

Chapter Workbook Topics

These chapters are works in progress and subject to change.

Volume A

A1: New Developments

  • Taxpayer First Act: Implementation
    • Taxpayer Advocate report
    • Cybersecurity and identity protection
    • Taxpayer experience
    • IRS modernization
    • IRS organization
    • Enforcement
  • Further Consolidated Appropriations Act, 2020
    • Repeal of certain ACA taxes
    • Disaster tax relief
    • Tax extenders
    • Other FCAA provisions
    • Secure Act
  • Families First Coronavirus Response Act
    • Payroll credit for required paid sick leave
    • Credit for sick leave for certain self-employed individuals
    • Payroll credit for required paid family leave
    • Credit for family leave for certain self-employed individuals
    • General information on FFCRA credits
  • Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
    • Recovery rebates for individuals
    • Special rules for use of retirement funds
    • Temporary waiver of RMD rules
    • Above-the-line deduction for charitable contributions
    • Modification of charitable contribution limits during 2020
    • Exclusion for certain employer payments of student loans
    • Employee retention credit
    • Delay of payment of employer payroll taxes
    • Modifications for net operating losses
    • Modification of loss limitations
    • Modification of limitation on business interest
    • Technical amendment QIP
  • Qualified opportunity zone update
    • Background
    • Final regulations
  • Updated forms
    • 2020 Form W-4 analysis

A2: Depreciation

  • Capitalization versus Repair
  • IRC §179 deduction
    • Election
    • Business income limit
    • Qualifying property
    • Pass-through §179 deductions
  • Bonus depreciation
    • Calculating the Allowance
    • Qualified property
    • Change in Usage of Property
    • Electing out
    • Percentage-of-Completion Method
  • Bonus depreciation versus §179 deduction
  • Depreciation of Vehicle Using Standard Mileage Rate
  • Depreciation Transactions Involving Related Parties
    • General Rules
    • Listed Property Restrictions
    • IRC §179 Restrictions
    • Bonus Depreciation Restrictions
    • Term Interests that Involve Related Parties
  • Depreciation Rules for Like-Kind Exchange
    • General Rule
    • Bonus Depreciation
    • IRC §179 Election
  • Change in Accounting Method for Depreciation
  • Qualified Business Income Issues
    • Qualifying property
    • Qualifying for QBID versus IRC §179
  • Recapture
    • §1245 property
    • §1250 property
    • §1252 property
    • §1254 property
    • §1255 property
    • §179 property
  • Depreciation on foreign property
  • Real Property Depreciation Change after 2017
    • Electing Real Property or Farming Businesses
  • Optimizing the depreciation deduction
    • MACRS elections
    • Planning considerations

A3: Net Operating and Excess Business Losses

  • Net Operating Losses (NOLs)
    • Before the Tax Cuts and Jobs Act (TCJA)
    • NOLS For Tax Years Beginning After 2017
    • NOL Changes Under the CARES Act
    • Calculating an NOL
    • Alternative Minimum Tax
    • Estates and Trusts
    • S Corporations and Partnerships
    • Form 982 Adjustments to NOLs
  • Excess Business Losses
    • EBL Reporting Requirements
    • Definition of Trade or Business
    • Application to Pass-through Entity Owners
    • Application to Hedge Fund Investments
    • What Happens to Unutilized EBLs/NOLs of Decedents?
    • Impact of the CARES Act on EBLs
  • IMPACT of the CARES Act on NOLs
    • Qualified improvement property
    • Applying the NOL to past returns
    • C corporations

A4: Ethics in Tax Practice

  • The Age of Social Media and Cloud-Based Services
    • Using Social Media to Advertise Services
  • Financial Statements Produced for Public Review
    • Changes to Method of Accounting and Ethics
  • Office Procedures
    • Obtaining Taxpayer Signatures
    • Best Practices for Tax Preparers
    • Best Practices: Operations Manual
  • Managing Potential Conflicts of Interest
    • Common Conflicts
  • Ethical Issues and the Coronavirus Stimulus Actions
    • The Paycheck Protection Program
  • Cybersecurity
    • The Taxes-Security-Together Checklist
    • Sharing client data

A5: Agricultural Issues and Rural Investments

  • Paycheck Protection Program (PPP)
    • Background
    • Qualified small business
    • Loan eligibility
    • Payroll costs
    • Loan forgiveness
  • Coronavirus food assistance program (CFAP)
    • Nonspecialty crops
    • Specialty crops
    • Payment limitation
  • Net operating losses
    • Overview
    • Farm NOLs — the basics
    • Post-2018 tax years — the TCJA rules
    • NOLs and death
    • 202 change in NOL rules
  • Business interest
  • Inventory Accounting Issues for agriculture
    • Uniform capitalization rules
    • Deductible repairs/capitalized improvements and the ded minimum safe harbor
  • Tax Treatment of Meals and Entertainment
    • Meals
    • Entertainment
    • IRS Guidance
    • Proposed regulations
  • Solar Energy Tax Issues
    • In general
    • Solar energy credits
  • Cash accounting and farming syndicates
    • Farm tax shelter
  • Selected issues associated with like-kind exchanges
    • Definition of LKE
    • IRC §1245 (and IRC §1250) "Tax Trap"
    • Achieving Deferral Treatment Despite a Failed LKE — The "Structured" Installment Sale
  • Agricultural Rulings & Cases
    • Bankruptcy
    • IRS Developments
    • Conservation Easements
    • Expenses

Volume B

B1: Retirement Plan Distributions

  • Early Withdrawal Penalties From IRAs or Qualified Plans
    • Coronavirus-related distribution
    • Arguments that Did Not Persuade the Courts
    • Age Exception
    • Automatic Enrollment Exception
    • Birth or Adoption Exception
    • Corrective Distributions Exception
    • Death Exception
    • Disability Exception
    • Disasters Exception
    • Domestic Relations Order Exception
    • Education Exception
    • Substantially Equal Payments Exception
    • Employee Stock Option Plan Exception
    • First-Time Homebuyers Exception
    • Levy Exception
    • Medical Exceptions
    • Military Exception
    • Returned IRA Contributions Exception
    • Rollovers Exception
    • Separation From Service Exception
    • Penalty exceptions summary
  • Loans From Retirement Plans
    • Plan loan repayment exception
  • Required Minimum Distributions (RMDs)
    • Required Beginning Date
    • RMD Withdrawals
    • Penalty For Failing to Take RMDs
    • Calculating RMDs for Original IRA Owners
    • Distributions in the Year of the Owner’s Death
  • Death and Retirement Plan RMDs
    • Beneficiaries Under the Secure Act
    • Special Rules for Inherited IRAs
  • Roth IRAs
    • 5-Year Waiting Periods
    • RMDs After Death
    • Backdoor Roths
    • Recharacterizations of Roth Conversions
    • Rollovers of Military Death Benefits
  • Other Topics
    • Plans Left With Previous Employers
    • Prohibited transactions

B2: Unexpected Issues for Individual Taxpayers

  • Uncommon Miscellaneous Income
    • General guidance for taxable versus not taxable
    • Disability payments
    • Life Insurance
    • Sale of principal residence
    • Gifts
    • Short-term rental
    • Personal property rental
    • Easement payments
    • Legal settlements
    • Prizes awarded
    • Executor fees
    • Health savings account (HSA) income
    • Debt forgiveness
    • Medicaid waiver payments
    • Alimony
  • Adjustments to Uncommon Miscellaneous Income
    • COGs — Hobby
    • COGs — illegal activities
    • Expenses for rental of personal property
    • Alimony paid
    • Tuition and fees deduction
    • Attorney fees for discrimination settlements
    • Repayment of supplemental unemployment
    • Attorney fees for “whistleblower”
    • Form 2106, Employee Business Expenses, for certain taxpayers
    • Gambling losses
  • Participation: Levels and Applicability
    • Passive activity and the introduction of §469
    • Definition of participation
    • Levels of participation
    • Rise to the Level of Material Participation or of a Trade or Business
    • Self-employed
    • Net Investment Income Tax, IRC §1411
    • IRC §199A, Qualified Business Income Deduction (QBID)
  • Net investment income tax, IRC §1411
    • Applicability and definitions
    • Exceptions to net investment income
    • Forms 8960 and 4797, Schedule D, and Reporting
    • Reporting the NIIT
    • Self-rental
    • Estate and trust
    • Kiddie tax gains add to NIIT
    • Expenses

B3: Trust Essentials

  • Trust Basics
    • Trust Instrument
    • Federal Employer Identification Number
  • Types of Trusts
    • Grantor (Revocable) Trusts
    • Nongrantor (Irrevocable) Trusts
    • Simple and Complex Trusts
  • Defining and Accounting For Trust Income
    • Uniform Principal and Income Act
    • Fiduciary Accounting Income
    • Calculating FAI
    • Determining Taxable Income
    • Income Tax Issues
    • Gross Income and Deductions
    • Distributions
    • Filing Requirements
  • Taxation of Beneficiaries
    • Allocation of DNI Amount Beneficiaries
    • Tier System for DNI Allocation
    • Charitable Contributions
    • Discretionary Distributions: 65-Day Rule
  • Specific Gifts and Bequests
    • Gain and Loss
  • IRC §645 Election

B4: Rulings and Cases

  • Noteworthy rulings and cases from August 2019 through July 2020

B5: Small Business Issues

  • "Trade or Business" or Hobby?
    • Basic hobby loss rule
    • Self-employment tax
    • Continuity and regularity
    • Profit motive
    • Multiple activities
    • Reporting income and expenses of nonbusiness activities
    • Change in business activity
    • Comprehensive example
    • Exercises
    • S corporation IRC §183 issues
  • Death of a Business owner
    • Owner's life, estate administration, and business succession
    • Trade or Business versus Hobby
    • Choice of Entity
    • Business Continuation/Succession Plans
    • Estate Administration and the Probate Process
    • Tax Administration and Liabilities
  • Home Office Refresher
    • Simplified option
    • TCJA impact

B6: Schedule E

  • Rental Real Estate and Royalties
    • Income or Loss From Rental Real Estate
    • Royalties
    • Farm Rental Income and Expenses for Estates and Trusts
  • Limitations
    • Basis Limitation
    • At-Risk Rules
    • Passive Activity Loss Rules
    • Excess Business Losses
    • Suspended Loss Upon Sale
  • Qualified Joint Venture
    • Election
    • Benefits
  • Schedule E versus Schedule C
    • Rental
    • Royalty Income
  • Impact of a Grouping Election
  • Income or Loss from Partnerships and S Corporations
    • Basis Attachment Requirement
    • Prior Year Adjustments

Last updated 9/23/2020 2:53:42 PM