2017 Fall Tax School Webinar: Individual Taxpayer Issues - University of Illinois Tax School
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Scroll down for webinar details! 2017 Fall Tax School Webinar: Individual Taxpayer Issues

Note: The content covered in this live webinar is the same content that is taught at Fall Tax School.

With the advent of online transactions and the use of technology in commerce, new peer-to-peer networks have formed to provide services. The sharing economy involves direct transactions between individuals in which a supplier provides goods or services to a consumer. Determining whether the income collected by the supplier is taxable and subject to self-employment tax is not as straightforward as you might expect. If someone rents real property but does so for 14 days or less, must they claim the income? Can they deduct any expenses? Are drivers who provide rideshare services classified as employees or independent contractors? What expenses are deductible for these drivers?

Although self-directed IRAs have been in existence for many years, there are pitfalls that clients need to be aware of if they decide to utilize this arrangement. Tax professionals should be able to explain prohibited transactions to their clients to help them avoid costly mistakes with the IRA. In addition, when the tax professional receives a Schedule K-1 for the IRA, is it clear what information needs to be attended to and whether the taxpayers is liable for unrelated business income tax? Like many tax professionals, do you set the Schedule K-1 aside thinking it's not important for completing your client's return? Think again.

Do you want to save your clients the expense of a private letter ruling when they miss the 60-day rollover requirement for retirement plan funds? Beginning in August 2016, the IRS provides self-certification procedures to waive penalties associated with missing the 60-day rollover deadline. A model letter is provided in the materials.

Note: New for 2017, you will access all webinars and digital downloads by logging into your Tax School account on this website.

Fall Tax School webinars feature audio instruction, plus a powerpoint presentation. Each course includes a set of materials that accompany the course presentation.

Dates:

  • Wednesday, December 13, 2017 from 1:00PM to 2:00PM Central Time
  • Thursday, January 18, 2018 from 10:00AM to 11:00AM Central Time

Registration Fee: $25.00

CPE Credits: Up to 1.0 based on attendance and completion of engagement activities.

CPE Filings Available: Illinois MCLE, CFP, IRS

Debbie Held Debbie Held has been an instructor with the Tax School since 2000. She has also served as a chapter author and reviewer for the University of Illinois Federal Tax Workbook. She is a graduate of Sangamon State University (University of Illinois at Springfield). She has been employed by the IRS since 1979, spending time as a revenue agent, appeals officer and most recently as a project manager for the SBSE Communications, Liaison, and Disclosure Division. She previously taught various accounting courses at Lincoln Land Community College for 18 years. She is a certified public accountant (CPA) and resides in Raymond, Illinois where her family farms.

We offer our webinars using the Webinato platform, which uses your web browser to deliver the content. The only thing that might need to be updated is the version of Flash you are running.

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.

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:

www.webinato.com/conftest/

When the page loads, it will walk you through various tests. You will not need a webcam or microphone for the webinar.

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

Many of the pages above have a button that allows you to chat with Webinato support. Please contact Webinato through chat with all technical problems.

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

Note: The content covered in this live webinar is the same content that is taught at Fall Tax School.

  1. Crowdfunding and the sharing economy
  2. Self-directed IRAs

    1. Prohibited transactions
    2. Investing
    3. IRS scrutiny
    4. Unrelated business income
  3. Waiver of the 60-day rollover period

    1. Self-certification procedures
    2. Effect of self-certification

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

  • Determine whether sharing economy income is taxable and subject to self-employment tax
  • Decide when a client may need to file Form 990-T for their IRA
  • Explain procedures for using the 60-day rollover waiver

CPE Credits: Up to 1.0, based on attendance and completion of engagement activities.

Delivery Method: Internet-Based Group

Program Level: Overview

Field of Study: Taxes

Prerequisite(s): Professional experience in preparing tax returns and an understanding of basic tax rules and regulations.

Materials: Will be available in your Tax School account one week prior to the webinar.

Note: New for 2017, you will access all webinars and digital downloads by logging into your Tax School account on this website.

Last updated 8/31/2017 11:29:20 AM

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