Illinois Tax Issues & Update Webinar - University of Illinois Tax School
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Illinois Tax Issues & Update Webinar

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Practitioners have been faced with numerous changes over the last several years, as well as increased documentation and compliance requirements. Tax preparers are frequently unaware of this increased scrutiny until their clients receive notices disallowing credits or deductions.

This webinar will cover recently-enacted Illinois tax laws, proposed tax law changes, and these lingering tax issues.

Some of the items we will discuss include:

  • Illinois Property Tax Credit challenges on 2018 returns
  • Cliffs for exemptions and real estate tax credit
  • Documenting sole proprietor losses
  • Deductions for "pension" plans
  • Guidance for businesses in the recreational cannabis industry on reporting and submitting Illinois sales tax
  • Vehicle trade-in credit limit
  • Business Minimum Wage Credit
  • IL Use Tax requirements for marketplace facilitators and marketplace sellers
  • Proposed graduated individual income tax rates and potential repeal of IL Replacement Tax.
  • Issues with Illinois credit for taxes paid to other states
  • Illinois 2019 tax forms if available

Note: You will access all webinars and digital downloads by logging into your Tax School account on this website.

Webinar Details

This Tax School webinar features live audio instruction plus a powerpoint presentation.

Date:

  • Thursday, January 30, 2020 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. This webinar does not qualify for IRS credit.

CPE Filings Available: None

Instructor Bio

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).

Agenda

  • Illinois Property Tax Credit challenges on 2018 returns
  • Cliffs for exemptions and real estate tax credit
  • Documenting sole proprietor losses
  • Deductions for "pension" plans
  • Guidance for businesses in the recreational cannabis industry on reporting and submitting Illinois sales tax
  • Vehicle trade-in credit limit
  • Business Minimum Wage Credit
  • IL Use Tax requirements for marketplace facilitators and marketplace sellers
  • Discuss various IL credits
  • Illinois 2019 tax forms (if available)
  • Proposed graduated individual income tax rates and potential repeal of IL Replacement Tax
  • Issues with Illinois credit for taxes paid to other states
  • Guidance for the IL Secure Choice Program

Learning Objectives, Materials, and CPE

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

  • Anticipate and perhaps minimize IL requests for additional documentation before IL returns are finalized particularly in the areas of property tax credits, small business losses and credits for taxes paid to other states
  • Identify income limits which cause potential loss of exemptions and credits
  • Properly apply deductions for pension income with a better understanding of what specific deductions IL permits in this area
  • Utilize recreational cannabis industry reporting rules and requirements for applicable clients
  • Educate clients about changes in vehicle trade in allowances permitted
  • Explain the rules and mechanics of the Business Minimum Wage Credit to clients
  • Analyze applicability of various IL credits for clients' tax situations
  • Discuss IL Use Tax changes for marketplace facilitators and marketplace sellers and when these clients are subject to the rules
  • Review changes to IL forms (if available)
  • Describe potential changes to IL tax rates in the future
CPE credits Up to 1.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (1)
IRS Categories Not eligible for IRS credit
CFP N/A
IL Insurance N/A
IL MCLE N/A

Please see our CPE FAQ for more information.


Delivery Method: Internet-Based Group

Program Level: Overview

Field of Study: Taxes

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

Advanced Preparation: Test your computer system and audio prior to webinar start time.

Materials: Will be available in your Tax School account several days prior to the webinar.

Testing Your System

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.

IMPORTANT: Please use Google Chrome or Microsoft Edge as your web browser for attending the webinar. There are some known incompatibilities with Firefox. You may have some additional steps to enable Adobe Flash in Chrome (see below).

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.

IMPORTANT: If you are using Google Chrome

Note: You may need to repeat some of the steps below to enter the actual webinar, even after testing your system in advance, as Chrome is very persistent on not wanting you to run Flash and resets some of the Flash settings when you close the browser. You may want to bookmark this page.

When you go to the Webinato test page, if Adobe Flash is loading properly, the screen should look like the first screenshot below, and you can proceed to click the orange "Start Test" button.

Webinato test page

If instead you get a popup message saying your "Flash Player is outdated..." like shown below, click the blue OK button. That message is a bit misleading, as your Flash Player is likely not outdated, but rather you need to "allow" Flash to run. This is a new change with recent versions of Chrome; it blocks Flash by default.

Webinato test page

Once you click OK, you will see a page that looks like the following screenshot. Click on the words "here to upgrade your Flash Player" as highlighted below.

Webinato test page

You should now see a popup like the one shown below asking you to allow Flash. Click Allow as shown. The page should now reload and display the webinar tester as shown in the first screenshot above, and you're clear to test your computer system.

Webinato test page

If you do not get a popup asking you to allow Flash, look for a gray icon with a little red "X" in the address bar as shown below.

Webinato test page

If you see this, it means that Flash is blocked for this page and you need to unblock it. Click on the little circled "i" icon at the left of the address bar as shown in the screenshot below. It should pull up a menu with page information. From the dropdown to the right of "Flash" select Allow and then click off the menu in the middle of the page.

Webinato test page

If you do not see this menu, and instead see the menu shown below, click on Site settings:

Webinato test page

This will open a new settings window. Scroll down until you see the item Flash and select Allow from the menu to the right of it. Close the settings window.

Webinato test page

This should reload the original page and you'll see a message across the top of the page telling you the page needs to reload yet again to update the settings. Click the blue Reload button as shown below. You should now see the webinar tester as shown in the first screenshot above.

Note: You may need to repeat some of these steps when you go to enter the actual webinar, even after testing your system in advance, as Chrome is very persistent on not wanting you to run Flash and resets some of the Flash settings when you close the browser. You may want to bookmark this page.

Webinato test page

Note: You will access all webinars and digital downloads by logging into your Tax School account on this website.

Last updated 1/15/2020 1:35:09 PM

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