Illinois Tax Issues & Update

Last offered in February of 2021.

Illinois tax 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 various lingering tax issues.

About Our Instructor

Tom O'SabenTom 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

  1. Illinois challenges to credits and deductions claimed on 2019 returns
  2. Cliffs for exemptions and real estate tax credit
  3. Documenting sole proprietor losses
  4. Deductions for ‘pension’ plans
  5. Guidance for businesses in the recreational cannabis industry on reporting and submitting Illinois sales tax
  6. Business Minimum Wage Credit
  7. IL Use Tax requirements for marketplace facilitators and marketplace sellers
    • IL efforts to level the playing field between online and brick and mortar retailers
  8. Discuss various IL credits
    • Gambling winnings change: credit for taxes to other states
    • IL-CR for IL residents “working” in other states in light of COVID-19
    • Student-assistance contributions credit extended
  9. Illinois 2020 tax forms if available
    • IL 2848 (Power of Attorney) updated; IL 2848-A and IL 2848-B added
      • New versions must be used after 3/1/2021
  10. IL sourced nontaxable dividends
    • Corporation that conducts business in a Foreign Trade Zone or Sub-Zone and is designated a “High Impact Business”
      • Ex: Caterpillar, Abbvie, Abbott Labs and Walgreens Boots Alliance

Learning Objectives, CPE, and More

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
  • Become familiar with new response tools for IL taxpayer notices via MyTaxIllinois, fax, e-mail or phone call
  • Identify income limits which cause potential loss of exemptions and credits
  • Determine how IL will treat the above-the-line charitable adjustment allowed on Federal returns for 2020
  • 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
  • Analyze applicability of various IL credits for clients’ tax situation
  • Discuss IL Sales and Use Tax changes in light of the Leveling the Playing Field for Illinois Retail Act
  • Review changes to IL tax forms (if available)
  • Describe potential for changes to IL tax rates in the future
CPE credits Up to 2.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (2)
IRS Categories Not eligible for IRS credit
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1.5)

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.

Get Ready for Filing Season!

Last offered in January of 2021.

Another filing season is upon us even though it felt like the last filing season would never end. Tax preparation and planning becomes more complex each year because tax law changes and guidance occur later and later in the year. In addition, this filing season presents special challenges thanks to the COVID -19 pandemic and the unprecedented government response during the crisis.

This webinar helps tax professionals prepare for tax filing season by reviewing tax law changes recently enacted, tax extenders, and recently issued IRS guidance. It describes planning opportunities for clients under these provisions and reviews updated forms and schedules. In particular, the Further Consolidated Appropriations Act will be covered including new retirement provisions under the “Secure Act” and various tax credit extenders.

About Our Instructor

Tom O'SabenTom 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

  • Impact of 2020 tax legislation on businesses and individuals:
    • CAA (Consolidated Appropriations Act passed December 27, 2020), which contains the TCDTR (Taxpayer Certainty and Disaster Tax Relief provisions)
    • FCAA (Dec 2019), SECURE, FFCRA and CARES
    • PPP loan forgiveness issues and update
    • IRS procedures and guidance issued in late 2020
    • Updated forms for individuals and entities
      • 2020 Form 1040 changes
      • 2020 Form W-4 and IRS online tool
      • Website to reconcile advance rebate payments?
  • New Legislation pending or anticipated, if any
    • Federal legalization of marijuana?
    • SECURE Act 2?
    • Another round of stimulus?
  • What to be on the lookout for with new clients

Learning Objectives, CPE, and More

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

  • Describe tax law changes recently enacted, tax extenders, and IRS issued guidance
  • Advise affected clients about the changes in laws, regulations, and forms
  • Identify planning opportunities for clients under these provisions
  • Examine the interaction between various laws enacted during 2020
CPE credits Up to 2.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (2)
IRS Categories Federal Tax Law Update (2)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1.5)

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 tax returns and an understanding of basic tax rules and regulations.

Ethics in Tax Practice

Last offered in December of 2020.

About This Webinar

Ethical situations may arise within a range of activities in a tax professional’s practice. Some of these situations may not be as apparent to practitioners as others. Examples include: advertising and networking; using outside vendors for website design and social media presence; processing and storing client data off site; office procedures for obtaining signatures and retaining records; and recognizing and managing potential conflicts of interest. It’s vital that tax practitioners understand their ethical responsibilities as outlined in Circular 230. In this time of COVID-19 and the volume of recently enacted legislation, there may be unique ethical considerations for dealing with taxpayers who seek special treatment in order to maximize economic benefits such as those provided by the Paycheck Protection Program and recovery rebates. This webinar explores many of the ethical challenges tax practitioners face when dealing with clients, prospective clients, the IRS, and the public in general.

About Our Instructor

Tom O'SabenTom 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

  1. Online/social media advertising
  2. Penalties for unauthorized disclosure
  3. Security
  4. Financial statement
  5. Office practices
  6. Conflicts of interest
  7. Coronavirus Stimulus Acts

Learning Objectives, CPE, and More

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

  • Examine ethical implications in numerous client and office practice situations
  • Apply ethical rules to situations which initially may not appear to be ethical dilemmas
CPE credits Up to 2.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Regulatory Ethics (2)
IRS Categories Regulatory Ethics (2)
CFP N/A
IL Insurance N/A
IL MCLE Professional Responsibility (1.75)

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 tax returns and an understanding of basic tax rules and regulations.

1040 Issues: Less Common Income and Adjustments

Last offered in December of 2020.

About This Webinar

There are a number of less common sources of income that are encountered by taxpayers and not often encountered by tax practitioners. It is important for the tax professional to understand the tax treatment of these items. This webinar covers the taxability of less common sources of income such as disability payments, life insurance, sale of a principal residence, gifts, short-term rentals of dwelling unit, personal property rentals, easement payments, legal settlements, prizes awarded, executor fees, health savings account income, debt forgiveness, Medicaid waiver payments and alimony. Once a practitioner identifies receipts which are includable for income that tax year, their next step is to identify any applicable adjustments. This webinar also discusses how to determine whether a taxpayer’s level of participation is passive, material, significant, or active, because that level affects whether the taxpayer is subject to the net investment income tax (NIIT).

About Our Instructor

Tom O'SabenTom 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

  1. Income items
    • Disability payments
    • Life insurance
    • Sale of principal residence
    • Gifts
    • Short-term rentals of dwelling unit
    • Personal property rental
    • Easement payment
    • Legal settlements
    • Prizes awarded
    • Executor fees
    • Health savings account income
    • Debt forgiveness
    • Medicaid waiver payments
    • Alimony
  2. Adjustments to income
    • Itemized deductions
    • Activities not engaged in for profit
    • Gambling income/loss
    • Illegal activities
    • Education deduction
    • Repayment of unemployment benefits
    • Employee business expenses
  3. Participation levels
  4. Net investment income tax

Learning Objectives, CPE, and More

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

  • Recognize unusual income items and when (and where) they are reported on the tax return.
  • Utilize allowable deductions available for various types of unexpected income.
  • Distinguish between a casual and professional gambler and the tax treatment of each.
  • Identify when net investment income tax is applicable and when it is not.
CPE credits Up to 2.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (2)
IRS Categories Federal Tax Law Topics/Federal Tax Related Matters (2)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1.5)

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 tax returns and an understanding of basic tax rules and regulations.

Farm Tax Updates for 2020

Last offered in December of 2020.

About This Webinar

The Paycheck Protection Program (PPP) offered loans to small businesses, including those in the agricultural sector. This webinar covers pertinent farm-related aspects of the PPP, including loan forgiveness parameters. The webinar also covers the Coronavirus Food Assistance Program (CFAP), including production eligibility, payment rates & limitations, and the non-tax deferability of these payments. The webinar examines net operating losses, including changes to these rules brought about by the CARES Act, and also explains depreciation and tax credits applicable to solar energy credits. Like-kind exchanges can be used for real property, and the potential tax trap of §1245 is discussed. Lastly, we will update you on important farm-related rulings and cases.

About Our Instructor

Bob RheaBob 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.

Agenda

  1. Paycheck Protection Program
  2. Coronavirus Food Assistance Program
  3. Net operating losses
  4. Deductible repairs
  5. Solar energy tax issues
  6. Like-kind exchanges
  7. Rulings & cases
  8. Question & answer session

Learning Objectives, CPE, and More

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

  • Identify the process used to obtain PPP loans forgiveness and tax treatment of expenses
  • Explain NOL options for farm taxpayers
  • Analyze depreciation and tax credits applicable to solar energy investments
  • Avoid the §1245 tax trap with like-kind real estate exchanges.
  • Apply recent rulings and cases to farm client situations.
CPE credits Up to 2.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (2)
IRS Categories Federal Tax Law Topics/Federal Tax Related Matters (2)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1.5)

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 tax returns and an understanding of basic tax rules and regulations.

Depreciation Update and Planning

Last offered in December of 2020.

About This Webinar

Depreciation alternatives for business property have been expanded by legislation in recent years to provide more incentives to invest in capital assets. These incentives are designed to stimulate the economy. This webinar covers the IRC §179 deduction, including recent modifications, and how it compares to bonus depreciation. Additionally, changes enacted by the Tax Cuts and Jobs Act (TCJA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act that affect depreciation are covered. Other topics included in the webinar are technical corrections to qualified improvement property (QIP), the safe harbor method of accounting, qualified business income deduction (QBID), and depreciation recapture rules.

About Our Instructor

Tom O'SabenTom 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

  1. Refresher on capitalization vs. repair
  2. Technical correction on qualified improvement property
  3. Safe harbor election on vehicles
  4. Standard mileage rate
  5. Bonus depreciations vs. §179 deduction
  6. Related parties
  7. Qualified business income deduction
  8. Recapture
  9. Optimizing the depreciation deduction

Learning Objectives, CPE, and More

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

  • Determine when an expenditure can be treated as a repair or if it should be capitalized.
  • Compare and contrast bonus depreciation with §179 expensing.
  • Apply recently enacted technical corrections to qualified improvement property depreciation options.
  • Distinguish the treatment of depreciable property transactions between related and non-related parties.
  • Identify alternatives to optimize depreciation deductions in relation to the goals of a taxpayer.
  • Explain impact of depreciation recapture.
CPE credits Up to 2.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (2)
IRS Categories Federal Tax Law Topics/Federal Tax Related Matters (2)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1.5)

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 tax returns and an understanding of basic tax rules and regulations.

NOL and EBL Tax Changes: What's Old is New

Last offered in December of 2020.

About This Webinar

Rules that apply to net operating losses (NOLs) have changed over the years. This webinar discusses these rules before and after enactment of the Tax Cuts and Jobs Act (TCJA), and changes made by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Excess business loss (EBLs) rules are also discussed. This webinar includes many examples, including the taxpayer, “Bob the Builder,” who reports an EBL on his original return because of accelerated depreciation decisions he made and then amends it to use carryback provisions provided under the CARES Act. There are numerous planning strategies included in this webinar.

About Our Instructor

Tom O'SabenTom 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

  1. Pre/Post-TCJA, CARES Act net operating losses
  2. Excess business losses
  3. Planning with NOLs after the CARES Act

Learning Objectives, CPE, and More

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

  • Calculate net operating losses (NOLs).
  • Describe the effect of NOLs on deductions and credits.
  • Identify when clients may benefit from NOL carryback or electing to forego carryback.
  • Review changes to the excess business loss (EBL) rules under the CARES Act for 2018 through 2020.
CPE credits Up to 2.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (2)
IRS Categories Federal Tax Law Topics/Federal Tax Related Matters (X)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1.5)

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 tax returns and an understanding of basic tax rules and regulations.

Retirement Plan Distribution Update and Avoiding Early Withdrawal Penalties

Last offered in December of 2020.

About This Webinar

Early withdrawals from individual retirement arrangements (IRAs) and other qualified retirement plans often result in penalties. This webinar covers a number of exceptions to the early withdrawal penalties for different plan types. In addition to long-standing exceptions such as those due to death, disability, education, first-time homebuyers, and medical, this webinar includes exceptions provided by recent legislation. The webinar also includes a discussion on required minimum distributions (RMDs), and changes brought about by the Coronavirus Aid, Relief, and Economic Security (CARES) and the Setting Every Community Up for Retirement Enhancement (SECURE) Acts. The webinar concludes with a discussion of the RMD rules upon the death of an account owner, as well as Roth IRA distributions.

About Our Instructor

Tom O'SabenTom 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

  1. Changes from the CARES and SECURE Acts
  2. Exceptions to early withdrawal penalties
  3. Required minimum distributions (RMDs)
  4. Death and retirement plan RMDs
  5. Roth IRAs

Learning Objectives, CPE, and More

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

  • Identify penalty exceptions that apply to various types of retirement plans.
  • Advise clients about tax implications when they are considering retirement plan distributions.
  • Help clients stay in compliance with RMD rules.
  • Describe recent legislation that pertains to retirement plan distributions.
CPE credits Up to 2.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (2)
IRS Categories Federal Tax Law Topics/Federal Tax Related Matters (2)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1.5)

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 tax returns and an understanding of basic tax rules and regulations.

Schedule E Activities: What, Where, Who and When

Last offered in December of 2020.

About This Webinar

Taxpayers report income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in real estate mortgage investment conduits on Schedule E. This webinar covers the various types of rental real estate income, as well as tax implications for items such as personal-use days, limitations on business interest, basis for depreciation, and the qualified business income deduction. Material and active participation rules, which may limit the amount of losses deductible by an investor in a pass-through entity, are discussed. The qualified joint venture (QJV) election and its benefits are covered. Clarifying when items are reported on Schedule E versus Schedule C is an important discussion topic included in this webinar. Finally, the webinar looks at items to consider in reporting income or losses from partnerships and S corporations.

About Our Instructor

Tom O'SabenTom 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

  1. Rental real estate
  2. Loss limitations
  3. Qualified joint venture
  4. Schedule E vs. Schedule C
  5. Treatment of income or loss from partnerships and S corporations

Learning Objectives, CPE, and More

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

  • Separate personal expenses from deductible rental expenses on partial personal-use property.
  • Distinguish royalty income vs. earnings from self-employment.
  • Explain the difference between passive activities and other types of activities.
  • Compare real estate professional requirements with other taxpayers engaged in rental real estate activities.
  • Identify when an activity is a rental (Schedule E) vs. one that is an active conduct of business (Schedule C).
  • Determine when a QJV requires a separate tax return.
  • Report losses, distributions, and loan repayments using revised reporting requirements for S corporation shareholders.
CPE credits Up to 2.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (2)
IRS Categories Federal Tax Law Topics/Federal Tax Related Matters (2)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1.5)

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 tax returns and an understanding of basic tax rules and regulations.

Tax Topics for Small Businesses: Hobby vs. Trade or Business, Death of Business Owner and Home Office Refresher

Last offered in December of 2020.

About This Webinar

With the increase in the number of small businesses, including people making and selling items from their homes, it’s vitally important for tax preparers to understand what tax provisions affect small business clients to help them be successful. The first step is to determine if, in fact, the activity qualifies as a trade or business rather than a hobby. This webinar covers parameters for making that determination, including the hobby loss rule and changes made by TCJA, review of facts and circumstances from court cases, and profit motive. A discussion of reporting income and expenses of nonbusiness activities is included. Important tax considerations exist upon the death of a business owner and this webinar identifies potential issues when working with the representatives of a deceased business owner. Finally, the two methods for home office deductions; the actual expense method and the safe harbor method are discussed.

About Our Instructor

Tom O'SabenTom 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

  1. “Trade or business” or hobby?
  2. Hobby loss rule
  3. Reporting income and expenses of nonbusiness activities
  4. Death of a business owner
  5. Home office refresher

Learning Objectives, CPE, and More

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

  • Determine whether an activity fits the definition of continuity and regularity.
  • Apply Treas. Reg. §1.183-2 nine-factor test to clients’ activity to determine profit motive.
  • Determine what is, and when to use, the §183 safe harbor.
  • Describe the typical process that needs to occur when a small business owner dies.
  • Identify tax returns that need to be prepared when a small business owner dies.
  • Compare safe harbor method and actual expense method for home office deduction.
  • Differentiate various classes of expenses for office use of home.
  • Explain impact of TCJA on office use of home.
CPE credits Up to 2.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (2)
IRS Categories Federal Tax Law Topics/Federal Tax Related Matters (2)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1.5)

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 tax returns and an understanding of basic tax rules and regulations.

Trust Tax Returns: A Primer to Get You Started

Last offered in December of 2020.

About This Webinar

As the population continues to age, people are becoming increasingly concerned with finding ways to control or direct how assets are received by future generations. Trust arrangements are therefore becoming more popular as the vehicle of choice for many taxpayers. This webinar provides the trust tax basics you need to assist your clients. This includes a crash course on trust terminology, as well as definitions, filing procedures, and tax implications of grantor (revocable) and nongrantor (irrevocable) trusts, as well as simple and complex trusts.

The webinar also discusses the unique concept of fiduciary accounting income (FAI), including how it is calculated. Income tax issues for trusts — including rates, net investment income tax, capital gain rates, application of the QBID deduction, and exemptions —are also covered. The webinar also spends time on distributions, filings requirements, and taxation of beneficiaries, including the allocation of distributable net income among beneficiaries and charitable contributions. Additionally, the webinar covers how specific gifts and bequests outlined in a trust instrument must be treated. A comprehensive example takes you through the life cycle of a trust, from addressing the grantor’s needs to the ultimate implementation of the desired trust provisions.

About Our Instructor

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

  1. Trust basics
  2. Types of trusts
  3. UPIA and fiduciary accounting income
  4. Income tax issues
  5. Distributions and filing requirements
  6. Taxation of beneficiaries
  7. Specific gifts and bequests

Learning Objectives, CPE, and More

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

  • Identify the difference between a complex and simple trust for tax purposes.
  • Interpret trust documents to identify tax implications.
  • Calculate fiduciary accounting income.
  • Identify filing requirements for trust returns.
  • Determine when an FEIN is required.
  • Explain tax consequences of trust arrangements.
CPE credits Up to 2.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (2)
IRS Categories Federal Tax Law Topics/Federal Tax Related Matters (2)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1.5)

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 tax returns and an understanding of basic tax rules and regulations.

2020 Tax Laws: CARES, SECURE, PPP Loans, and More

Last offered in December of 2020.

About This Webinar

2020 brought an alphabet soup of new legislation. This webinar breaks down the various Acts and tax-related provisions to equip you with the information you need to work with and advise your tax clients.

  • Families First Coronavirus Response Act (FFCRA) — Tax-related provisions include payroll credit for required paid sick and family leave; and credit for sick and family leave for self-employed individuals
  • Coronavirus Aid, Relief, and Economic Security (CARES) Act — Tax-related provisions include recovery rebates, special rules for use of retirement funds, changes to charitable contributions, and much more.
  • Paycheck Protection Program (PPP) — This ever-changing program for small businesses is covered in detail, including loan forgiveness parameters.
  • Further Consolidated Appropriations Act (FCAA) — Tax-related provisions include the repeal of certain Affordable Care Act taxes, disaster tax relief, and extensions of certain tax provisions.
  • Setting Every Community Up for Retirement Enhancement (SECURE) Act — Included in the FCAA, this Act makes numerous changes to retirement plans and a host of credits. For example, the SECURE Act modifies RMD rules, IRA contribution age limits, retirement plan enrollment/contribution rules, and distribution rules for qualified plans.
  • Taxpayer First Act — Items under this Act include actions the IRS is required to take over the coming years to become more customer focused. These include the taxpayer advocate report, Identity Theft Central, changes to improve the taxpayer experience, and steps the IRS is taking to modernize. There are rules impacting taxpayers and practitioners as well, such as late filing penalties and electronic filing requirements.

About Our Instructor

Tom O'SabenTom 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

  1. Families First Coronavirus Response Act
  2. Paycheck Protection Program (PPP)
  3. Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
  4. Further Consolidated Appropriations Act and the SECURE Act
  5. Taxpayer First Act
  6. Updated and/or new IRS forms

Learning Objectives, CPE, and More

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

  • Compare the provisions of various FFCRA paid leave credits
  • Prepare Forms 941 and 7200 for employers claiming qualified leave credits
  • Assist self-employed taxpayers obtain qualified leave credits
  • Explain the impact of recovery rebates on 2020 returns
  • Describe the tax treatment of provisions within the CARES Act including EIDL, PPP and ERC
  • Clarify NOL options for taxpayers with losses
  • Identify tax provisions contained in the SECURE Act
  • Recognize changes in IRS forms for 2020
  • Implement strategies to maximize client benefits available within recently-enacted legislation
CPE credits Up to 3.5 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (3.5)
IRS Categories Federal Tax Law Update (3)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (3)

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 tax returns and an understanding of basic tax rules and regulations.