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Previously Offered Webinars

Our 1-3 hour webinars offer abbreviated instruction on timely topics with the added convience of being able to attend from the comfort of your own office.

Paycheck Protection Program (PPP) Loans: 8 Keys to Loan Forgiveness (May 2020)

About This Webinar

With so many questions surrounding the requirements for loan forgiveness under the new Payroll Protection Program, it's important to understand the parameters as to what expenses qualify for forgiveness. Helping your clients recognize what's required will save them from potentially having to repay all of the loan if they fail to meet the requirements. This 1-CPE webinar includes eight keys to qualifying for loan forgiveness under the Payroll Protection Program.

These keys include terms you need to understand, the purpose of the PPP, what constitutes qualified expenses, payroll costs and other qualified expense (75/25 rule), sole proprietors and partners in partnerships, unemployment, and submission for loan forgiveness.

About Our Speaker

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

  • Key 1: Terms to Understand
    • PPP
    • 75/25 rule
    • Qualified expenses
    • Covered period
    • FTEE
  • Key 2: Conceptual understanding of the purpose of the PPP Program
  • Key 3: "Proper" use of PPP funds (What constitutes qualified expenses?)
  • Key 4: Qualified Expenses Part 1 (payroll costs)
    • "Covered period"
    • "75/25 rule"
    • Salaries, wages, etc.
    • Other forms of compensation and benefits
    • Employee bonuses and raises
    • Workforce reductions
      • FTEEs
      • Rehiring employees
      • Reducing salaries but not reducing number of employees
  • Key 5: Qualified Expenses Part 2 (the other 25%)
    • Mortgage interest
    • Rent payments
    • Utility payments
    • Interest payments on existing debt
    • Potential impact of Rev. Proc. 2020-32
  • Key 6: Sole Proprietors and Partners in Partnerships
    • Defining "payroll"
    • Ethical dilemmas
  • Key 7: PPP vs Unemployment for...
    • Employees
    • The self-employed owner
  • Key 8: When and what to submit to lenders to apply for loan forgiveness
    • Submissions are to the lender
    • Different lenders may have different standards to comply with

Learning Objectives, Materials, and CPE

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

  1. Identify the intended use of funds borrowed from this program.
  2. Advise clients regarding proper use of funds to assure forgiveness.
  3. Answer borrower's questions regarding their specific situations.
CPE credits Up to 1.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (1)
IRS Categories Federal Tax Law Update (1)
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

Intended Audience: Tax professionals with experience preparing taxes for others.

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

The CARES Act and Other Coronavirus Relief Acts (April 2020)

About This Webinar

On Friday, March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a historic $2 trillion coronavirus economic stimulus bill. Two other relief bills, the Families First Coronavirus Response Act and the Coronavirus Preparedness and Response Supplemental Appropriations Act of 2020, were enacted shortly before the CARES Act. All of these Acts may impact your clients. In addition, the IRS clarified changes to the 2020 filing deadline in various notices. We've created this 2-CPE webinar to help you understand the implications of these new provisions.

The webinar will cover important topics including direct payments, expanded unemployment benefits, SBA disaster loans, emergency family and medical leave, refundable payroll tax credit, individual advanced tax credits, tax excluded education payments, student loan payments, NOL changes, retirement distribution changes, and much more.

About Our Speaker

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. Families First Coronavirus Response Act (FFCRA)(PL 116-127; 3-18-20)
    1. Paid Leave for Workers
  2. Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 (PL 116-123; 3-6-20)
    1. Expanded SBA Funding
  3. IRS Notices
    1. 2020-17
    2. 2020-18
    3. 2020-20
    4. FATCA Filing Extension
  4. Coronavirus Aid, Relief and Economic Security Act (CARES) (PL 116-136; 3-27-20)
    1. Payroll Protection Loan Program (PPL)
    2. Emergency Economic Injury Disaster Loans (EIDL)
    3. Unemployment Insurance Provisions
    4. Recovery Rebates for Individuals (stimulus payments)
    5. Special Rules for Use of Retirement Funds
    6. RMD requirement waived for 2020
    7. $300 above-the-line charitable adjustment to income
    8. Revised limitation to AGI percentage limit on charitable deductions
    9. Exclusion of employer payments of employee student loans
    10. Employee Retention Credit
    11. Delayed payment of employer payroll taxes and S/E tax
    12. Changes to Net Operating Losses
    13. Temporary removal of Excess Business Losses (EBL)
    14. Changes to Interest Limitation Rules
    15. Qualified Improvement Property Fix
    16. Time Extension to Fund Pension Plans
    17. Student Loan Payments Suspended through 9/30/20

Learning Objectives, Materials, and CPE

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

  • Identify significant provisions included in the three relief bills recently passed by Congress and signed by President Trump.
  • Advise clients regarding planning opportunities available in the new tax laws.
  • Answer clients questions about the new tax laws' impact on their specific 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 Update (2)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1.5)

Delivery Method: Internet-Based Group

Program Level: Overview

Field of Study: Taxes

Intended Audience: Tax professionals with experience preparing taxes for others.

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

Illinois Tax Issues and Update (January 2020)

About This Webinar

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

About Our Speaker

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.

Get Ready for Filing Season! (January 2020)

About This Webinar

Perhaps you completed your update CPE in the Fall, but are you sure you're ready to go for filing season?

Let us bring you into focus to face the 2020 season with this 2-CPE webinar.

We will cover:

  • Lingering issues from 2019
  • Changes made since Fall 2019
  • New forms recently released
  • Recent guidance and pronouncements from the IRS

This webinar will help tax professionals prepare for tax filing season by reviewing tax law changes recently enacted, tax extenders, and recently issued IRS guidance. It will describe 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.

Go into tax season with a clear vision for your clients and your practice!

About Our Speaker

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

  • New Legislation both business and individual
    • Further Consolidated Appropriations Act (FCAA)
    • Business Provisions and Extenders
    • Individual Provisions and Extenders
    • Provisions of the SECURE Act as part of FCAA
    • Qualified Opportunity Zone Funds Guidance
    • TD 9884 referring to estate tax clawback
    • Updated Forms both for Individuals and Entities
      • 2019 Form 1040 and Revised Schedules 1–5
      • 2019 Form 1040-SR
      • 2019 Form 1041 with QBID line
      • 2020 Form W-4
  • Other Changes
    • International Changes
  • What Didn't Change
    • No technical correction regarding Bonus Depreciation on QIP
  • ACA recent litigation
    • Filing for Refund of ACA Penalty
  • Federal Legalization of Marijuana?
    • MORE Act making its way through the House
    • SAFE Banking Act (HR 1595) (Passed the House)
  • What to look for with new Clients

Learning Objectives, Materials, and CPE

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

  • Describe tax law changes recently enacted, tax extenders, and recently issued IRS guidance
  • Advise affected clients about the changes in laws, regulations, and forms
  • Identify planning opportunities for clients under these provisions
  • Examine changes made to long-standing rules associated with retirement planning
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.

2019 Fall Tax School Webinar: Agricultural Issues & Rural Investments

About This Webinar

The IRS clarified provisions of the Tax Cuts and Jobs Act by issuing proposed and final Treasury Regulations in late 2018 and during 2019. This webinar includes a discussion of the new provisions and addresses consequences to patrons of agricultural cooperatives, 100% bonus depreciation, and basis adjustments under IRC §743(b). We'll also cover implications of machinery exchanges on self-employment tax now that like-kind exchanges of personal property are prohibited. Weather-related disasters occurred in 2019, and we'll analyze which crop damage payments can be taxed in the following year. Lastly, we will update you on important farm-related rulings and cases.

About Our Speaker

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. Bob is the national executive director for his professional organization, NAFBAS, and previously was that group's national president. 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. QBID & co-ops
  2. Livestock purchased for resale
  3. Sale or exchange of partnership interest
  4. Depreciation
  5. Like-Kind Exchange
  6. Farm Bill / MFP
  7. Rulings & Cases

Learning Objectives, Materials, and CPE

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

  • Calculate QBID/DPAD for patrons of agricultural cooperatives.
  • Identify new provisions for 100% bonus depreciation.
  • Explain various basis adjustments under IRC §743(b) when a partner acquires their partnership interest.
  • Compare self-employment tax results for machinery exchanges pre and post-TCJA.
  • Analyze which crop damage payments can be taxed in the following year.
CPE credits Up to 1.5 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (1.5)
IRS Categories Federal Tax Law Topics/Federal Tax Related Matters (1)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1.25)

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.

2019 Fall Tax School Webinar: Calculating Basis

About This Webinar

Basis can have a profound impact upon a taxpayer's income tax. Determining the correct cost basis is the starting point and frequently it is not evident from information forms provided by brokers. The taxpayer's basis in an asset is used for a myriad of calculations such as depreciation, amortization, depletion, casualty losses, gain/loss on the sale of the asset, and the qualified business income deduction. This webinar provides planning tips for determining basis for a taxpayer's asset and how that figure is used to calculate taxable income. It also covers rules for special situations such as inherited property, gifted property, transfers and conversions of property, and the sale of a principal residence when there may have been periods of nonqualified use.

About Our Speaker

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. Basis basics
  2. Stocks & bonds
    1. Nontaxable stock dividends
    2. Stocks
    3. Mutual funds
    4. Bond premium
    5. Stock options
  3. Real property
  4. Other basis situations and planning considerations
    1. When a taxpayer dies
    2. Life estate/remainder transfer strategy
    3. Gifted property
    4. Property transferred from spouse
    5. Like-kind exchanges
    6. Property converted personal to business
    7. Sale of principal residence
  5. Installment sale basis

Learning Objectives, Materials, and CPE

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

  • Calculate basis when Form 1099-B does not provide information.
  • Compute and report the tax basis of various investments such as dividends, stocks, mutual funds, bonds, and stock options.
  • Explain basis and planning considerations when a taxpayer dies.
  • Analyze implications of converting property from personal use to business use.
CPE credits Up to 1.5 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (1.5)
IRS Categories Federal Tax Law Topics/Federal Tax Related Matters (1)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1.25)

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.

2019 Fall Tax School Webinar: Clergy

About This Webinar

Taxation of clergy can be difficult to understand, advise upon, and properly report. While most religious organizations are tax exempt, the individual minister or clergy member is not. To add further complication, clergy may have several potential sources of income subjecting them to:

  • Paying estimated tax payments, even though they are an employee
  • Dealing with unreimbursed employee business expenses
  • Properly documenting reasonable and necessary business expenses
  • Explaining how they spent money on housing
  • Addressing whether they participate in the social security system

Proper information reporting on the part of the organization is equally important. We will include interactive examples explaining proper reporting of various forms of clergy compensation.

We will take the mystery out of clergy taxation so you can provide good advice to your client. Perhaps this webinar is heaven sent...

About Our Speaker

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. Tax status of clergy: self-employed, employee, dual status
  2. Tax reporting for clergy
  3. Clergy who can elect out of social security coverage
  4. Tax implications for retired clergy

Learning Objectives, Materials, and CPE

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

  • Distinguish various ways clergy may be compensated
  • Determine the tax reporting requirements associated with different compensation sources for clergy
  • Identify clergy payroll reporting requirements
  • Recognize situations where clergy can elect out of social security coverage
  • Evaluate tax benefits and consequences for retired clergy
CPE credits Up to 1.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (1)
IRS Categories Federal Tax Law Topics/Federal Tax Related Matters (1)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1)

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.

2019 Fall Tax School Webinar: Ethics in Tax Practice

About This Webinar

Ethical situations arise within the whole range of activities involved in a tax professional's practice. Beginning before even engaging with a client (soliciting work), to communicating with clients (engagement and confidentiality), to adhering to standards for providing advice on tax compliance and preparing an accurate return, to billing clients, to maintaining and securing client records, and finally to disclosing client information to third parties. Every aspect of practice is guided by ethical considerations and this webinar explores many of the ethical challenges that tax practitioners face when dealing with clients and prospective clients.

About Our Speaker

Marshall Heap Marshall Heap, Phd, EA, is a Tax Content Development and Instruction Specialist at the University of Illinois Tax School. An enrolled agent since 1984 and an NTPI fellow since 2018, Marshall is an ex-Senior Manager of PriceWaterhouseCoopers and has seven years of recent experience as an approved IRS continuing education provider. Marshall's academic background is in Computing and associated fields with degrees from the following UK Universities: The Open University (BSc), London, Birkbeck College (MSc), and Reading (PhD).

Agenda

  1. Advertising & soliciting
  2. Best practices with emphasis on communication
  3. Tax services & standards
  4. Staff supervision
  5. Client records
  6. Securing client data
  7. Disclosure & use of tax return information
  8. Fees

Learning Objectives, Materials, and CPE

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

  • Communicate appropriately with clients.
  • Recognize best practices when dealing with clients, including: preparing and filing documents, communicating with the IRS, rendering written advice, avoiding conflicts of interest, and representing clients before the IRS.
  • Establish appropriate staff supervisory procedures.
  • Secure and share client data appropriately.
  • Structure engagement fees appropriately.
  • Put into practice various sections of Circular 230, Regulations Governing Practice before the Internal Revenue Service, and use guidance on ethics provided by other professional organizations.
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: Regulatory Ethics

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

2019 Fall Tax School Webinar: Individual Taxpayer Issues

About This Webinar

The Affordable Care Act implemented the premium tax credit (PTC) and sometimes taxpayers overestimate their premiums and have to repay the credit. We will discuss strategies which impact the taxpayer's PTC eligibility. With limits on itemized deductions under the Tax Cuts and Jobs Act (TCJA), there is an option for retired, charity-minded taxpayers to both reduce their adjusted gross income and contribute to their favorite charity... we'll discuss the qualified charitable distribution option. This webinar will also include a discussion of scenarios where it is more advantageous for married taxpayers to file separately rather than jointly, especially in light of the qualified business income deduction. We'll also include a review of education provisions, including 1099 reporting, provisions affected by the TCJA, and taxability of scholarships and fellowships.

About Our Speaker

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. Affordable Care Act
    1. Premium tax credit
    2. PTC repayment
    3. Planning for reduced MAGI to impact PTC repayment
  2. QCD
    1. Why use
  3. MFS
    1. QBID
  4. Education provisions
    1. Credits — AOC vs. lifetime learning
    2. Qualified tuition — 1099T & 1099Q
    3. Scholarships

Learning Objectives, Materials, and CPE

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

  • Advise clients about ways to limit premium tax credit (PTC) repayment and increase the PTC.
  • Explain the qualified charitable distribution process which allows taxpayers to donate IRA funds to a charity tax-free.
  • Identify scenarios where it is advantageous to use MFS vs MFJ filing status.
  • Distinguish between various education tax benefits including when it might be beneficial for a taxpayer to make tax-exempt education grants and scholarships taxable in order to qualify for education credits.
  • Describe requirements for reporting scholarship income.
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.

2019 Fall Tax School Webinar: International Taxpayers

About This Webinar

When do foreigners need to file a U.S. tax return, and which tax forms must be filed? This webinar provides information necessary to both understand and advise your foreign clients on their filing responsibilities, including available tax saving elections. In addition, this webinar has a lot of useful information and guidance for your U.S. clients with foreign income including the following important considerations:

  • Besides becoming familiar with the foreign earned income exclusion, foreign tax credit, and foreign tax deduction, look at potential pitfalls to avoid.
  • Should a U.S. citizen surrender their citizenship or a resident alien their permanent residence and possibly face a costly expatriation tax?
  • What tax benefits are associated with U.S. citizens studying abroad and foreign students studying in the United States?
  • What to look for in international tax treaties that affect how your clients' foreign income is taxed.
  • How totalization agreements affect your clients' social security contributions and benefits.
  • Ensure that your U.S. clients are complying with foreign asset and income disclosure requirements due to the onerous penalties for noncompliance.
  • What tax benefits are available for military personnel serving both overseas and domestically?

About Our Speaker

Marshall Heap Marshall Heap, Phd, EA, is a Tax Content Development and Instruction Specialist at the University of Illinois Tax School. An enrolled agent since 1984 and an NTPI fellow since 2018, Marshall is an ex-Senior Manager of PriceWaterhouseCoopers and has seven years of recent experience as an approved IRS continuing education provider. Marshall's academic background is in Computing and associated fields with degrees from the following UK Universities: The Open University (BSc), London, Birkbeck College (MSc), and Reading (PhD).

Agenda

  1. Status of taxpayers
  2. Foreign earned income exclusion
  3. International education issues
  4. Foreign tax credit/deduction
  5. Tax treaties
  6. Social security totalization agreements
  7. Foreign asset disclosure requirements

Learning Objectives, Materials, and CPE

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

  • Determine appropriate tax status and corresponding treatment of individual taxpayers.
  • Calculate foreign earned income exclusion for qualified taxpayers.
  • Advise clients about tax benefits associated with U.S. citizens studying abroad and foreign students studying in the United States.
  • Use foreign tax credits to avoid double taxation.
  • Identify circumstances where tax treaties need to be consulted.
  • Determine to which country's social security system a taxpayer must contribute.
  • Recognize when foreign owned assets must be disclosed.
  • Identify taxable and nontaxable compensation for military personnel.
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.

2019 Fall Tax School Webinar: New Developments

About This Webinar

In 2019, the IRS issued guidance through proposed and final regulations to the TCJA as well as to the QBID (IRC §199A). The guidance relates to both business as well as individual taxpayers . Within the business area, many provisions have a somewhat narrow focus. However, other provisions impact larger numbers of taxpayers such as real property expensing, net operating losses and excess business losses, and luxury auto depreciation deductions safe harbor.

The IRS clarified some issues including who can deduct health and accident insurance premiums as business expenses, and basis reporting for partnerships and S corporations. Within the individual taxpayer area, a number of new forms were released: Forms W-4, 1040-SR and 1040. Yes, that's right... Form 1040 has again been revised for 2019. With less taxpayers qualifying for itemized deductions, various issues resulted, such as taxability of state refunds, and the $10,000 limit on state and local taxes. These concerns are covered as well. Finally, we'll review the additional steps the IRS is putting into motion to protect taxpayer data.

About Our Speaker

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. Business
    1. TCJA Update
      1. §199A co-op
      2. Real property expensing
      3. NOL/EBL
      4. Safe harbor for luxury auto
      5. DPAD/Taxable SS benefits
      6. Qualified opportunity zone funds
    2. Centralized audit
    3. SE Health Insurance
    4. Tax Basis Reporting
    5. Health reimbursement arrangements
  2. Individual
    1. New W-4
    2. New 1040-SR
    3. New 1040
    4. TCJA Update
      1. Taxability of state refunds
      2. If real estate tax plus sales (or other) tax is $10,000
      3. If you can reach $10,000 w/o state income tax
    5. IRS Data protection

    Learning Objectives, Materials, and CPE

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

    • Review provisions and the latest regulations under the TCJA that affect business taxpayers.
    • Describe changes made to NOLs and excess business losses (EBLs) under the TCJA.
    • Identify changes to various IRS forms from 2018 to 2019.
    • Advise taxpayers about when it is beneficial to not claim state income tax as itemized deductions.
    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.

2019 Fall Tax School Webinar: QBID Update

About This Webinar

Last filing season, we were introduced to the qualified business income deduction (QBID) and its complex calculations for the first time. Now we'll explore how the proposed and final regulations bring more clarity to some of the gray areas of the QBID. Does an activity rise to the level of a trade or business... especially rental real estate activities? Find out about the proposed safe harbor for rental real estate enterprises (RREEs) issued by the IRS.

In addition to the regulations, the IRS provided other guidance related to qualified business income (QBI) and loss (QBL) and we'll cover this in the webinar. Are there clarifications regarding specified service trades/businesses (SSTBs)? Yes, we'll touch upon that. Calculating the QBID and completing the new Forms 8995 and 8995-A, which will be required in the upcoming filing season, will also be covered. Lastly, we'll discuss relevant pass-through entities (RPEs) and regulations involving aggregation of activities and QBL/other shareholder loss ordering rules.

About Our Speaker

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. Qualified Trade/Business
    1. RREE
    2. Self-rental, personal property rental
  2. Qualified Business Income
    1. Effectively connected income (ECI)
    2. Relevant pass-through entities (RPE)
    3. 3-year look back rule for employee vs independent contractor
    4. Statutory employees
    5. Mixed activities
    6. REIT dividends
    7. PTPs
    8. Investment income exclusion
    9. Previously disallowed losses, NOLs, QBLs
    10. IRC §481 adjustments
  3. SSTBs
    1. Health, veterinarians, principal skill & reputation, consulting, etc.
  4. Calculating QBID
    1. Forms 8895 and 8995-A
    2. Deduction attributable to QBI
    3. Allocating deductions between multiple businesses
    4. QBI & QBL Netting
    5. Determining net capital gains
  5. Taxable income limits
    1. 2019 taxable income thresholds
    2. Contrasing the initial QBID calculation for general trades or businesses with that for SSTBs
    3. Qualifying property (QP) clarifications
  6. QBI from RPE
    1. Aggregation
    2. Schedule K-1 reporting
    3. QBL & loss ordering rules
    4. Estate & trust issues

Learning Objectives, Materials, and CPE

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

  • Distinguish between RREEs that meet the safe harbor and those that qualify for the QBID under facts and circumstances.
  • Identify deductions that reduce QBI.
  • Complete the new Forms 8995 and 8995-A.
  • Identify prior year QBLs.
  • Advise clients on when to combine RREEs.
  • Explain how and when to apply the business aggregation rules.
CPE credits Up to 2.5 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (2.5)
IRS Categories Federal Tax Law Update (2)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (2.25)

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.

2019 Fall Tax School Webinar: Selected Real Estate Topics

About This Webinar

Many taxpayers own real estate and some earn income from real estate activities. This webinar addresses income-producing real estate activities. It covers passive loss rules, including the definition of material participation, real estate professional designation, and self-rental situations. The IRC §199A regulations were unclear about whether real estate activities rose to the level of a trade/business for qualified business income (QBI) purposes. We'll review the proposed real estate safe harbor that allows the activities to qualify as QBI. The final regulations of §199A pertaining to self-rental rules for specified service trades/businesses (SSTB) versus nonSSTBs will be covered. Do you have business clients who are curious about cost segregation studies and the benefits? We'll review what's involved, why it may be beneficial, and walk through an example with completed forms. Finally, we will discuss how sale of land is characterized... either as ordinary income or capital gain income.

About Our Speaker

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. Passive loss rules
    1. Material participation
    2. Real estate professional
    3. Self-rental
  2. QBID & rental real estate
    1. SSTB & nonSSTB
  3. Cost segregation
  4. Character of gain/loss

Learning Objectives, Materials, and CPE

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

  • Identify passive activities
  • Distinguish the self-rental rules for SSTBs and nonSSTBs
  • Advise clients about whether a cost-segregation study is beneficial in their situation
  • Contrast ordinary income with capital gain income on the sale of land
CPE credits Up to 1.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (1)
IRS Categories Federal Tax Law Topics/Federal Tax Related Matters (1)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1)

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.

2019 Fall Tax School Webinar: Schedule K-1

About This Webinar

With the enactment of the Tax Cuts and Jobs Act, accurate reporting of Schedule K-1 items is even more important in calculating the taxpayer's qualified business income deduction. We'll discuss where pertinent items are reported on the K-1.

Beyond TCJA, there are a number of Schedule K-1 issues to review such as how general business credits and foreign tax credits are reported. Accurate K-1 reporting is necessary for calculating shareholder and partner basis and we'll address general rules, as well as special ordering rules, and loss limitations in regards to basis. Finally, we'll cover strategies for deducting unreimbursed partner expenses and the effect on qualified business income.

About Our Speaker

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. QBID
  2. Credits & foreign transactions
  3. Basis
    1. General rules
    2. Ordering rules
    3. Loss limits
  4. Loss limits
    1. Review of ordering
  5. Partner issues

Learning Objectives, Materials, and CPE

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

  • Identify K-1 items and where they are reported on Form 1040.
  • Calculate shareholder and partner basis.
  • Advise clients on the S corporation shareholder basis ordering rules and optional elections.
  • Apply the three loss limitation rules.
  • Explain the deduction for unreimbursed partner expenses.
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.

2019 Fall Tax School Webinar: S Corporation Issues

About This Webinar

A recent Article in AARP magazine stated that according to Freshbooks, an accounting software company, the number of self-employed Americans could TRIPLE to 42 million by 2020!

How many of those entrepreneurs will choose S corp status?

With this expected increase in the number of small businesses, practitioners who have never prepared an S corp return need to become familiar with the basics of establishing and operating an S corp. Even seasoned practitioners who prepare S corp retrurns are faced with the age-old issues of reasonable compensation, rental arrangements, pension planning, and structuring sales or dissolutions of these S corps. Tax professionals acting in the capacity of advisor to their clients will want to hear the latest and greatest on these issues as well as receive timely updates in reference to the TCJA's impact on S corp clients.

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. S corp eligibility
    1. Increased penalties
    2. Electing
    3. C to S conversion
  2. Shareholder home office
    1. Expense off Form 2106
    2. Another way to get money out of corporation
    3. Maximizing deductions
    4. Use of accountable plan
  3. Reasonable compensation
    1. QBID
    2. What and who
    3. Other planning ideas
  4. §338(h)(10)
    1. Tax consequences to seller & buyer
  5. D Reorganization

Learning Objectives, Materials, and CPE

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

  • Determine income tax impacts of structuring rental arrangements between shareholders and S corporations.
  • Advise clients about issues related to reasonable compensation.
  • Describe a §338(h)(10) election and when it is beneficial.
  • Identify the process necessary to reorganize an S corporation with no tax consequence
CPE credits Up to 1.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (1)
IRS Categories Federal Tax Law Topics/Federal Tax Related Matters (1)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1)

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.

2019 Fall Tax School Webinar: Small Business Issues

About This Webinar

Small business clients are as diverse as the issues covered in this webinar. We plan to touch upon how provisions in the Tax Cuts and Jobs Act (TCJA) make accountable plans more advantageous for employees given they can no longer deduct miscellaneous itemized deductions. What do small business owners need to do to establish such plans? With like-kind exchanges of personal property no longer available, vehicle dispositions result in a loss/gain that is determined by basis adjustments due to standard mileage rate expense. Hemp versus marijuana businesses... what do you need to know for proper reporting? The TCJA increased the average gross receipts limit to $25 million enabling taxpayers to use cash method of accounting, exempting them from the costlier requirements for inventories, and allowing for capitalization of costs under UNICAP rules. We'll review how taxpayers in this situation can apply for a change of accounting method. Lastly, we'll discuss the qualified small employer HRA, the requirements for establishing a plan, and how it can be used.

About Our Speaker

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. Accountable plans
  2. Vehicle disposition
  3. Marijuana and hemp
  4. Accounting method change
  5. Affordable Care Act
    1. Requirements
  6. QSEHRA
    1. 2% S corp shareholder

Learning Objectives, Materials, and CPE

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

  • Describe requirements for accountable plans.
  • Calculate gain/loss on the disposition of a business vehicle when standard mileage rate is used.
  • Identify income tax issues associated with production and sale of marijuana and hemp.
  • Explain TCJA provisions that change basic accounting method.
  • Advise clients about whether to adopt a QSEHRA.
CPE credits Up to 1.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (1)
IRS Categories Federal Tax Law Topics/Federal Tax Related Matters (1)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1)

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.

2018 Fall Tax School Webinar: Small Business Issues

About This Webinar

The Tax Cuts and Jobs Act (TCJA) introduced a new deduction for pass-through entities. Tax practitioners have many questions about the new qualified business income deduction (QBID) because of its complexity, especially concerning who qualifies and how it's calculated.

Do the four letters... QBID... send shudders down your spine? They don't need to.

This webinar takes a deep dive into the new qualified business income deduction (QBID), covering

  • WHAT it is
  • WHO it applies to
  • WHEN it is taken
  • HOW you should prepare your clients for the upcoming tax year

Using detailed, comprehensive examples, we will work through client scenarios to calculate the QBID for general business/trade activities and specific service businesses. We have an online QBID calculator available to participants to help with tax planning for clients. We also provide a flowchart to help you determine which calculation to use based on the various factors that affect the QBID for a trade or business.

Additionally, this webinar includes information about excess business losses for noncorporate taxpayers, and changes in expense deductions for entertainment, meals, and transportation under the TCJA. We wrap up the webinar with a discussion of planning considerations for exchanges of depreciable personal property now that the TCJA limits like-kind exchanges to real property.

About Our Speakers

Tom O'Saben Tom O'Saben has been an instructor for the Tax School since 2009. During that time, 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).

Sue Voth Sue Voth has been affiliated with the Tax School as an instructor since 2002. Sue has been a national presenter for National Association of Tax Professionals (NATP) seminars and has served as an author and reviewer for the University of Illinois Federal Tax Workbook since 2002. Sue is an enrolled agent (EA) and owns a tax practice in Quincy, Illinois.

Agenda

  1. Qualified Business Income Deduction
    1. Qualifications
    2. Income limits
    3. Calculations to arrive at the deduction
    4. Flowchart
  2. Excess Business Losses
  3. Entertainment, Meals and Transportation Expense Deductions under the TCJA
  4. Exchanges of Property
    1. Like-kind exchanges of real property
    2. Exchanges of depreciable personal property

Learning Objectives, CPE, and More

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

  • Explain and calculate the new QBID for small businesses.
  • Advise clients regarding treatment of excess business losses under the TCJA.
  • Describe changes to entertainment, meals, and transportation deductions.
  • Utilize tax-planning strategies in response to the TCJA repeal of the like-kind exchange rules for depreciable personal property.
CPE credits Up to 2.5 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (2.5)
IRS Categories Federal Tax Law Update (2)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (2.0)

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.

2018 Fall Tax School Webinar: Retirement Plans for Small Businesses (Presented in 2018)

About This Webinar

Do clients ask for your advice about which retirement plan to choose for their small business? Are you confident in the advice you provide? This webinar covers various retirement plans available to small business owners that go beyond the traditional SEP and SIMPLE IRA. Characteristics and limitations of the various plans are reviewed along with the advantages and disadvantages of each. Practical decision flowcharts are provided to help you guide your clients through the various retirement plan options. These flowcharts consider factors like desired contribution level, existing qualified plan participation, and whether the small business has employees other than the owner.

About Our Speaker

Marshall Heap Marshall Heap, Phd, EA, is a Tax Content Development and Instruction Specialist at the University of Illinois Tax School. An enrolled agent since 1984, Marshall is an ex-Senior Manager of PriceWaterhouseCoopers and has seven years of recent experience as an approved IRS continuing education provider. Marshall's academic background is in Computing and associated fields with degrees from the following UK Universities: The Open University (BSc), London, Birkbeck College (MSc), and Reading (PhD).

Agenda

  1. Small Business Retirement Plans — characteristics and limitations
    1. SEP IRA
    2. SIMPLE IRA
    3. Solo 401(k)
    4. Safe Harbor 401(k)
    5. SIMPLE 401(k)
  2. Retirement Plan Tax Credits
  3. Traditional IRA — characteristics and limitations
  4. Roth IRA — characteristics and limitations
  5. Retirement Plan Decision Flowcharts

Learning Objectives, CPE, and More

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

  • Explain characteristics and limitations of various small business retirement plans.
  • Advise clients about which retirement plan(s) meet their needs.
CPE credits Up to 1.5 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (1.5)
IRS Categories Federal Tax Law Topics/Federal Tax Related Matters (1)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1.25)

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.

2018 Fall Tax School Webinar: New Legislation — Individual Concerns (Presented in 2018)

About This Webinar

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (TCJA). The TJCA decreases individual income tax rates, changes personal and AMT exemption amounts, eliminates many individual deductions, changes the child tax credit, and adds a new family tax credit.

Some of these changes offer great tax planning opportunities for your clients. We will identify specific tax situations that benefit from the new law. Prepare your clients to take advantage of the benefits and ready your practice for the 2019 filing season!!

The TCJA also made important changes to the tax rules for trusts and estates. This webinar covers changes to miscellaneous itemized deductions, the use of the qualified business income deduction for trusts with qualified businesses, new trust and estate tax rates, and more.

Finally, the webinar summarizes tax extenders contained in the Bipartisan Budget Act of 2018.

About Our Speaker

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. Bob is the national executive director for his professional organization, NAFBAS, and previously was that group's national president. 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. Tax Cuts and Jobs Act Individual Taxpayer Provisions
    1. Tax rates — individual, capital gains, AMT, kiddie tax
    2. Head of household due diligence requirements for tax preparers
    3. Income and exclusions — alimony, IRA contribution recharacterization, moving expenses, 529 plan distributions
    4. Deductions and credits — standard deduction, personal exemptions, child and family tax credits, medical expenses, state and local taxes, home mortgage interest, charitable contributions, miscellaneous itemized deductions, casualty and theft losses, disaster losses, wagering losses
  2. Tax Cuts and Jobs Act Trust and Estates Provisions
    1. Tax rates and brackets
    2. Deductions
    3. Qualified business income deduction for trusts with qualified businesses
    4. Electing small business trust
    5. Estate and gift tax exemption
  3. Extenders and other provisions under the Bipartisan Budget Act of 2018

Learning Objectives, CPE, and More

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

  • Identify changes to various individual taxpayer provisions under the TCJA including tax rates, kiddie tax rules, head of household due diligence requirement, alimony payments, moving expenses, and 529 plans.
  • Describe changes to tax credits and deductions under the TCJA including the standard deduction, personal exemptions, child and family tax credits, medical expenses, state and local taxes, home mortgage interest, charitable contributions, casualty and theft losses, miscellaneous itemized deductions, and disaster losses.
  • Explain changes to trust and estate provisions under the TCJA such as those affecting a qualified disability trust, miscellaneous itemized deductions, the qualified business income deduction, tax rates, changes to electing small business trusts, and changes to estate and gift tax exemption amounts.
  • Summarize tax extenders and other provisions included in the Bipartisan Budget Act of 2018.
CPE credits Up to 1.5 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (1.5)
IRS Categories Federal Tax Law Update (1)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1.25)

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.

2018 Fall Tax School Webinar: New Legislation — Business Concerns (Presented in 2018)

About This Webinar

The Tax Cuts and Jobs Act (TCJA) includes provisions that significantly impact business taxation. The new qualified business income deduction (QBID) for pass-through entities gets a lot of attention; however, there are many other provisions included in the Act that affect businesses. This webinar provides an extensive overview of many business-related provisions included in the Act. Discussion focuses on the rules associated with claiming the QBID, analysis of various depreciation provisions and exchanges of property, and summaries of other provisions such as accounting method changes, meals and entertainment expenses, NOLs and tax credit changes.

Separate webinars dive more deeply into some of the provisions and include examples with calculations. These include the Small Business Issues, Entity Comparisons, and C Corporations webinars.

About Our Speakers

Tom O'Saben Tom O'Saben has been an instructor for the Tax School since 2009. During that time, 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).

Sue Voth Sue Voth has been affiliated with the Tax School as an instructor since 2002. Sue has been a national presenter for National Association of Tax Professionals (NATP) seminars and has served as an author and reviewer for the University of Illinois Federal Tax Workbook since 2002. Sue is an enrolled agent (EA) and owns a tax practice in Quincy, Illinois.

Agenda

  1. Tax Cuts and Jobs Act Business Provisions
    1. Qualified business income deduction
    2. Depreciation provisions
    3. Like-kind exchanges
    4. Travel, meals and entertainment
    5. Corporate tax rate and dividends received deduction
    6. Accounting Methods
    7. NOL
    8. Tax credit changes
    9. Technical termination of partnership repeal
    10. Fines/penalties
    11. S to C corporation conversion
    12. Miscellaneous (excessive employee compensation, equity grants, LOS awards)
    13. Business interest deduction limits
    14. Exempt organizations
    15. International provisions
  2. Bipartisan Budget Act
    1. Extenders
    2. Disaster relief
  3. Consolidated Appropriations act

Learning Objectives, CPE, and More

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

  • Describe various business provisions found in the TCJA.
  • Identify changes in depreciation and exchanges of property provisions.
  • Explain relevant business provisions included in the Consolidated Appropriations Act and Bipartisan Budget Act.
CPE credits Up to 1.5 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (1.5)
IRS Categories Federal Tax Law Update (1)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1.25)

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.

2018 Fall Tax School Webinar: IRS Update and Rulings & Cases (Presented in 2018)

About This Webinar

Have you heard about the simplified postcard-sized Form 1040? What else is new at the IRS?

In this webinar, recent IRS form changes are reviewed including the revised Form 1040 and its accompanying schedules and the Schedule A. We explain various IRS programs and services available to taxpayers and tax preparers such as data security services, an updated Form 2848, and available tax payment options. Cybercriminals continue to target tax preparers and their clients, and we describe some of their latest scams. Also included in this session are explanations of IRS activities related to enacted laws such as passport revocations/denials for seriously delinquent tax debtors (FAST Act), and ITIN deactivations (PATH Act). With shrinking IRS budget dollars, the impact is discussed in relation to communicating with the IRS and the IRS's current state. We also explain when the taxpayer advocacy service can assist taxpayers in resolving problems with the IRS.

The Rulings and Cases portion of this webinar helps participants understand how courts have recently ruled on various tax-related issues.

About Our Speaker

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.

Agenda

  1. New Forms
    1. 1040
    2. Schedule A
  2. Data Security
    1. Identity Theft
    2. Office security
  3. Updates to POA
  4. Implementing Passport Revocation or Denial under the FAST Act
  5. IRS Payment Options — Various Options Available to Taxpayers
  6. Taxpayer Advocate Service — Process, Stats, and Significant Issues Identified in Annual Report
  7. ITIN Program — Account Deactivation under the PATH Act
  8. EITC — Electronic Fraud Detection
  9. Current Status of IRS — Implementing Tax Reform Legislation, Online Taxpayer Accounts
  10. Additional IRS Updates not in book
  11. Significant Rulings and Cases between September 2017 and August 2018.

Learning Objectives, CPE, and More

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

  • Describe recent changes in IRS tax forms.
  • Identify IRS programs and services available to taxpayers and tax preparers and how to access them.
  • Evaluate the effectiveness of their current client data protection policies.
  • Describe IRS actions in response to enacted laws such as passport revocations/denials for seriously delinquent tax debtors, and ITIN deactivations.
  • Consider the effects of court rulings when the IRS challenges taxpayer positions on tax returns.
CPE credits Up to 1.5 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (1.5)
IRS Categories Federal Tax Law Update (1)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1.25)

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.

2018 Fall Tax School Webinar: Individual Taxpayer Issues (Presented in 2018)

About This Webinar

The Tax Cuts and Jobs Act (TCJA) is the LARGEST overhaul of the Tax Code in 30 years. How does it apply to your individual taxpayer clients? Will they pay more or less tax for 2018? Are any of your clients cybercurrency miners, investors, or traders?

In this webinar, we explain how to calculate gains and losses on cybercurrency transactions whether your client is a miner, investor, or trader. We review cybercurrency reporting requirements and IRS enforcement activities related to underreporting of this income.

We also identify qualifications and explain how to calculate the child tax credit and the new family tax credit. Tax planning opportunities related to itemized deductions for state and local taxes and charitable contributions are explored in this session. In addition, AMT considerations are addressed post-TCJA.

About Our Speaker

Tom O'Saben Tom O'Saben has been an instructor for the Tax School since 2009. During that time, 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. Cybercurrency
    1. Tax treatment
    2. IRS enforcement activities
  2. Losses
    1. Net Operating Losses
    2. Excess Business Losses
  3. Credits
    1. Child tax credit requirements and calculation
    2. Family tax credit requirements and calculation
  4. Deductions
    1. State and local taxes
    2. Charitable contributions and qualified charitable distributions
    3. Home equity debt
    4. Miscellaneous itemized deductions
  5. AMT under the TCJA

Learning Objectives, CPE, and More

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

  • Define cybercurrency terms.
  • Compute gains and losses on cybercurrency transactions.
  • Advise clients regarding treatment of NOLs and excess business losses under the TJCA.
  • Identify qualified individuals for the child tax credit and the family tax credit and calculate the credits.
  • Discuss planning opportunities for itemized deductions to minimize tax liability.
  • Compare AMT impact pre- and post-TCJA.
CPE credits Up to 1.5 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (1.5)
IRS Categories Federal Tax Law Update (1)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1.25)

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.

2018 Fall Tax School Webinar: Putting Ethics Into Practice (Presented in 2018)

About This Webinar

A tax professional's practice before the IRS is governed by regulations established in Circular 230, the privacy and safeguards rules of the Gramm-Leach-Bliley Act (GLBA), and other statutory provisions. Client situations can occasionally give rise to ethical challenges for tax professionals even when they are sincere in their adherence to the governing regulations. This webinar explores various client situations, highlights best practices, and proposes ways to navigate ethical challenges presented by clients in these situations.

About Our Speaker

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. Bob is the national executive director for his professional organization, NAFBAS, and previously was that group's national president. 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

Included in this webinar are various client scenarios (listed below) that require ethical considerations through the lens of Circular 230 and other regulatory provisions.

  1. Video gaming machines in restaurants
  2. Unreimbursed educator expenses
  3. Qualified business income deduction
  4. Earned Income Credit
  5. Home equity loans
  6. State and local taxes
  7. Reasonable Compensation
  8. Client data protection

Learning Objectives, CPE, and More

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

  • Apply sections of Circular 230, Regulations Governing Practice before the Internal Revenue Service, to your everyday tax practice.
  • Describe statutory tax preparer penalties.
  • Evaluate the GLBA client data protection rules as they apply to your tax practice
CPE credits Up to 2.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Behavioral 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: Regulatory Ethics

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

2018 Fall Tax School Webinar: Entity Comparison (Presented in 2018)

About This Webinar

The Tax Cuts and Jobs Act (TCJA) includes provisions that affect your business clients' decisions about entity type. They could decide to structure their new businesses to take advantage of the qualified business income deduction (QBID) under IRC §199A. They may decide they want to convert an existing business to a new entity structure to take advantage of the lower 21% corporate tax rate or the new QBID. They may decide to increase their W-2 wages to take advantage of the QBID. Your role as the trusted tax advisor can be enhanced with the information you gain at this webinar. You could become an "all-star" for your clients when you provide valuable advice about their entity structure under the TCJA.

About Our Speaker

Tom O'Saben Tom O'Saben has been an instructor for the Tax School since 2009. During that time, 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. Tax Cuts and Jobs Act — impact on entity choices, corporate tax rate, and qualified business income deduction
  2. Pass-Through Entity Comparisons for QBID — sole proprietorship, partnership, S corporation
  3. C Corporation and Pass-Through Entity Comparisons
    1. Income levels
    2. Wage levels
  4. Entity Conversions
  5. S Corporation Reasonable Compensation — How the IRS determines this
  6. Liability Protection Considerations

Learning Objectives, CPE, and More

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

  • Explain the provisions included in the TCJA that affect entity choice for business clients.
  • Compare the differences between organizing a business as a sole proprietorship, partnership, and S corporation in relation to the QBID.
  • Compare options for business organization as a C corporation, sole proprietorship, and S corporation when considering net business income and tax liability under the TCJA.
  • Identify the effect of W-2 wages on overall net income and tax liability under the TCJA for a C corporation, sole proprietorship, and S corporation.
  • Describe reasonable compensation for S corporation owners and how the IRS determines reasonable compensation in disputes with taxpayers.
  • Discuss liability protection considerations with clients when considering business organizational structure.
CPE credits Up to 1.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (1)
IRS Categories Federal Tax Law Topics/Federal Tax Related Matters (1)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1)

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.

2018 Fall Tax School Webinar: Divorce (Presented in 2018)

About This Webinar

This webinar helps you navigate tax complexities associated with divorced taxpayers. There are many common and not-so-common tax effects of divorce. Many questions arise such as:

  • What options are available for filing status, child dependency exemption, and allocation of tax benefits?
  • What are the tax effects of property division?
  • How are spousal payments, such as alimony, handled?
  • What are the options for transferring retirement assets incident to a divorce and what are the tax ramifications?
  • When are innocent and injured spouse relief available and how are they applied?
  • When are legal fees deductible?

Prepare yourself to help clients who are divorced or who are getting ready to divorce, and encourage them to work with their attorney to consider tax consequences when structuring the divorce.

About Our Speaker

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.

Agenda

  1. Tax Return Issues
    1. Filing status issues
    2. Dependency exemption — who claims, how to transfer
    3. Allocating tax benefits between divorced parents
  2. Division of Property
    1. Nonrecognition rules
    2. Carryforward rules
    3. Sale of home
  3. Alimony and separate maintenance payments: pre- and post-TCJA divorce decrees and modifications
  4. Division of Retirement Assets
    1. Rules for IRAs
    2. Qualified retirement plans
    3. Pensions
    4. Nonqualified plans
  5. Innocent Spouse — rules and qualifications
  6. Injured Spouse — applying for relief
  7. Legal Fees — pre- and post-TCJA

Learning Objectives, CPE, and More

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

  • Explain tax ramifications that taxpayers face during a divorce including filing status requirements, dependency exemption options, and division of property.
  • Identify alimony and legal fee deductibility changes implemented under the Tax Cuts and Jobs Act.
  • Review requirements for dividing retirement assets.
  • Describe when a client qualifies as an innocent spouse or an injured spouse.
CPE credits Up to 1.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (1)
IRS Categories Federal Tax Law Topics/Federal Tax Related Matters (1)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1)

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.

2018 Fall Tax School Webinar: C Corporations (Presented in 2018)

About This Webinar

The Tax Cuts and Jobs Act (TCJA) eliminated graduated tax rates and AMT for C corporations. All corporations are now taxed at a flat 21% beginning January 1, 2018. On the surface, this change may seem like an incentive to use the C corporation structure for conducting a business. However, there are many factors other than tax rates to consider when evaluating whether a business should be organized as a C corporation.

In this webinar, you will analyze whether it makes sense for your business clients to maintain their C corporation or to convert to a pass-through entity. Pass-through entities can take advantage of the 20% qualified business income deduction. C corporations cannot. Does it make sense for a new business to form as a C corporation? Should an S corporation revoke its election and convert to a C corporation? What are the consequences of the complete liquidation of a C corporation? How about for an S corporation?

About Our Speaker

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.

Agenda

  1. Tax Considerations for Entity Structure
    1. Tax rates and fiscal year rate computations
    2. Pass-through entity factors
    3. Distributed income
  2. Other Considerations
    1. Accumulated earnings tax
    2. Personal holding company tax
    3. Sale of Business
  3. Tax-Free Incorporation Rules
  4. Converting S to C corporation
    1. Revoking S election
    2. Accounting issues
    3. Post-termination distributions
    4. Suspended losses
  5. Converting C to S corporation
    1. Built-in gain issue
    2. Passive income
    3. Minimizing social security tax
  6. Liquidations
    1. C corporation
    2. S corporation
    3. Death of S corporation shareholder

Learning Objectives, CPE, and More

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

  • Describe the impact of the TCJA on corporate taxation.
  • Explain factors for business taxpayers to consider when evaluating the C corporation entity structure.
  • Identify procedures for converting a business from a C to an S corporation, or an S to a C corporation.
  • Advise taxpayers about the tax consequences of corporate liquidations.
CPE credits Up to 1.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (1)
IRS Categories Federal Tax Law Topics/Federal Tax Related Matters (1)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1)

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.

2018 Fall Tax School Webinar: Agricultural Issues (Presented in 2018)

About This Webinar

The Tax Cuts and Jobs Act (TCJA) contains many provisions that uniquely impact farm taxation. In this session, we will briefly explore new provisions that affect your farm clients in areas such as commodity gifts, SALT deductions, loss limitations, depreciation, and like-kind exchanges. We will spend the majority of time discussing the new qualified business income deduction and explaining how it is calculated. Unique farm situations impact the availability and amount of the deduction. Lastly, we will update you on important farm-related taxation issues based on new rulings and cases.

About Our Speaker

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. Bob is the national executive director for his professional organization, NAFBAS, and previously was that group's national president. 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. New provisions under the TCJA
    1. Loss limitations
    2. Cost recovery — §179 and bonus depreciation provisions
    3. Repeal of the like-kind exchange rules on personal property trades
  2. New IRC §199A: The Qualified Business Income Deduction
    1. What is QBID?
    2. Calculations
    3. Capital gain treatment
    4. Impact of rents and wages
    5. Aggregation rules
    6. Patrons of cooperatives
    7. Trusts and Estates
  3. Additional Ag tax topics
    1. CCC Loans & USDA payments
    2. SE Tax on Farm Rental
    3. Rulings & Cases

Learning Objectives, CPE, and More

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

  • Identify important ag-related provisions of the TCJA.
  • Calculate the tax impact of a farm machinery trade after the TCJA.
  • Explain and calculate the new qualified business income deduction for farm clients.
  • Describe current developments on farm rental income subject to self-employment tax.
CPE credits Up to 1.0 based on attendance duration and completion of engagement activities
Field of Study (NASBA) Taxes (1)
IRS Categories Federal Tax Law Topics/Federal Tax Related Matters (1)
CFP N/A
IL Insurance N/A
IL MCLE Taxes (1)

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.

2017 Fall Tax School Webinar: Illinois Tax Update (Presented in December 2017)

About This Webinar

This webinar discusses Illinois tax changes enacted within the past year. Learn about the latest IDOR developments, issues, and alerts that the tax professional should know before filing season begins. Get updated on 2017 Illinois tax rates, withholding issues, tax calculation methods, credit changes and other provisions affecting Illinois taxpayers.

Learn answers to these questions:

  • When do tax rate changes take effect?
  • How are tax withholdings affected by the tax rate changes?
  • What 2017 tax computation methods are available?
  • What changes are there to existing tax credits?
  • Which new/re-instated tax credits are now available to Illinois taxpayers?
  • What is the Secure Choice Savings Program?
  • How does the Invest in Kids Act of 2017 affect my clients?
  • What other Illinois tax changes should tax practitioners be aware of?

About Our Speaker

Marshall Heap Marshall Heap, Phd, EA, is a Tax Content Development and Instruction Specialist at the University of Illinois Tax School. An enrolled agent since 1984, Marshall is an ex-Senior Manager of PriceWaterhouseCoopers and has seven years of recent experience as an approved IRS continuing education provider. Marshall's academic background is in Computing and associated fields with degrees from the following UK Universities: The Open University (BSc), London, Birkbeck College (MSc), and Reading (PhD).

Agenda

  1. Income and corporate tax rate increases
  2. 2017 Illinois tax withholding rates for nonresident members of certain fiscal year entities
  3. Methods for determining 2017 Illinois income taxes of fiscal year taxpayers
  4. Changes to existing Illinois tax credits
  5. New and reinstated tax credits
  6. Miscellaneous provisions
  7. Questions/answers (as time permits)

Learning Objectives, CPE, and More

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

  1. Define income and corporate tax rate increases
  2. Calculate the appropriate 2017 Illinois tax withholding for nonresident members of fiscal year partnerships, S corporations and trusts
  3. Differentiate between the apportionment and specific accounting methods for determining the 2017 Illinois income taxes of fiscal year taxpayers (i.e. individuals, corporations, exempt organizations, trusts, and estates)
  4. Review changes to existing Illinois tax credits (e.g. earned income, education expense, and Illinois property tax credits)
  5. Describe the new instructional materials and supplies credit and the re-instated research and development credit
  6. Describe miscellaneous provisions affecting the personal exemption allowance, domestic activities production deduction, unitary businesses, and sales and use taxes
  7. Review the provisions of the Invest in Kids Act of 2017 including; the tax credit for contributions to a scholarship granting organization (SGO) for the benefit of eligible students attending Illinois nonpublic schools, the scholarship application process, and the requirements for obtaining SGO status.
  8. Describe the Secure Choice Savings Program for Illinois workers without access to employer-sponsored retirement savings plans including the 2018–2020 implementation schedule.
CPE credits Up to 0.5 based on attendance and completion of engagement activities
Field of Study (NASBA) Taxes (0.5)
IRS Categories N/A
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

Advanced Preparation: None

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

2017 Fall Tax School Webinar: Federal Tax Update (Presented in January 2018)

About This Webinar

This webinar includes information about the Tax Cuts and Jobs Act signed into law on December 22, 2017, which contains many provisions for both individuals and businesses. This webinar will provide an overview of the most significant provisions and will facilitate conversations with your clients for planning during the upcoming tax season. There are still many unanswered questions related to the new act that will require IRS clarification over the next several months. Those provisions will be noted so participants will be able anticipate further regulations and rulings. Tax provisions repealed under the new law will be summarized.

This webinar also includes information on the 21st Century Cures Act enacted in December 2016. This act includes provisions that allow qualified small employer HRAs to be used to reimburse employees for their medical expenses, including health insurance premiums, starting in 2017.

In addition, this webinar will identify extenders and expiring provisions for 2017 and beyond. It also will mention the impact of the Fiduciary Rule issued by the Department of Labor in April 2016.

As time permits, the instructor will identify important rulings and cases that occurred between September 2016 and August 2017.

About Our Speaker

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.

Agenda

  1. Overview of individual tax provisions included in the Tax Cuts and Jobs Act
  2. Overview of business tax provisions included in the Tax Cuts and Jobs Act
  3. Summary of current provisions repealed or suspended under the Tax Cuts and Jobs Act
  4. The 21st Century Cures Act: reimbursing employee medical expenses, including health insurance premiums
  5. Other tax provisions expiring in 2017
  6. Significant rulings and cases between September 2016 and August 2017

Learning Objectives, CPE, and More

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

  1. Identify individual and business provisions included in the Tax Cuts and Jobs Act that was enacted on December 22, 2017.
  2. Review current provisions repealed or suspended under the Tax Cuts and Jobs Act.
  3. Explain the impact of the 21st Century Cures Act as it applies to use of HRAs to reimburse employee medical expenses, including premiums for health insurance obtained through a health insurance exchange.
  4. Identify which tax provisions expire in 2017.
  5. Examine the effects of certain court cases when the IRS challenges taxpayer positions on tax returns.
CPE credits Up to 3.0 based on attendance and completion of engagement activities
Field of Study (NASBA) Taxes (3)
IRS Categories Federal Update (3)
CFP Taxation (3)
IL Insurance N/A
IL MCLE Taxation (2.5)

Please see our CPE FAQ for more information.

Delivery Method: Internet-Based Group

Program Level: Overview

Advanced Preparation: None

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

2017 Fall Tax School Webinar: Small Business Issues (Presented in December 2017 and January 2018)

About This Webinar

As an issues webinar, this session addresses various common tax-related concerns of small business owners. In particular, this session focuses on profit vs. not-for-profit activities and comparing tax treatment when the activity does not rise to the level of profitable activity.

Other issues addressed in this webinar include:

  • The benefits of qualified small employer HRA plans and rules that became effective January 2017
  • The distinction between investors vs. traders and between landlords vs. real estate professionals
  • The rules for loss recapture on the sale of business assets
  • Correcting depreciation errors

About Our Speaker

Tom O'Saben Tom O'Saben has been an instructor for the Tax School since 2009. During that time, 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. Define business income
    1. Not-for-profit income
    2. Individual vs entity
  2. Investor versus trader
    1. Mark-to-market election
  3. Landlord versus real estate professional
    1. Active versus material participation
  4. Small business stock (IRC §§1202 and 1244)
  5. Small business deductions for HSAs, FSAs and HRAs
  6. Sale of business assets
  7. Correcting depreciation errors
  8. Like-kind exchanges

Learning Objectives, CPE, and More

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

  • Distinguish between the tax treatment of activities engaged in for profit compared to not-for-profit activities
  • Identify situations that allow individuals to deduct stock losses as ordinary income
  • Explain the benefits of QSE HRA plans to business owners
  • Calculate depreciation recapture on the sale of an asset
  • Show clients how to correct errors in calculating depreciation
CPE credits Up to 1.5 based on attendance
Field of Study (NASBA) Taxes (1.5)
IRS Categories Federal Tax (1)
CFP Taxation (1.5)
IL Insurance N/A
IL MCLE Taxation (1.25)

Please see our CPE FAQ for more information.

Delivery Method: Internet-Based Group

Program Level: Overview

Field of Study: Taxes

Advanced Preparation: None

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

2017 Fall Tax School Webinar: Partnership Issues (Presented in December 2017 and January 2018)

About This Webinar

When two or more persons agree to engage in a common business activity, is this arrangement considered a partnership? Are all such types of arrangements required to file a Form 1065? You may be surprised. Tax professionals who prepare returns for a group of clients who engage in a common business activity may actually be dealing with a partnership, even though a written or verbal agreement is nonexistent. If it walks like a duck (partnership) and quacks like a duck (partnership)... it's a duck (partnership). This webinar provides essential information to help tax professional understand the intricacies of partnership tax aspects from computing capital accounts, dealing with the impact of partnership liabilities and the benefits of making a §754 election, reporting and taxing distributions, to dealing with the disposition of a partnership interest.

About Our Speaker

Tom O'Saben Tom O'Saben has been an instructor for the Tax School since 2009. During that time, 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. What is a partnership?
  2. Electing out of subchapter K
  3. Capital accounts
    1. Computing capital accounts
    2. Distributions
    3. Guaranteed payments
  4. Partnership liabilities
    1. Recourse liabilities
    2. IRC §754 election
  5. Allocations
  6. Distributions, dispositions and terminations
    1. Taxability of distributions
    2. Hot assets
    3. Reporting sale/exchange of §751 property on Form 8308

Learning Objectives, CPE, and More

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

  1. Advise clients about tax benefits associated with choosing a partnership entity form
  2. Compute capital accounts correctly on Schedule K-1 (Form 1065)
  3. Report tax on guaranteed payments properly
  4. Distinguish between recourse and nonrecourse loans
  5. Explain the benefits of making an IRC §754 election
  6. Explain when distributions may be taxable
  7. Identify which property is considered a "hot asset"
  8. Decide when to report a sale of a partnership interest on Form 8308
CPE credits Up to 1.5 based on attendance and completion of engagement activities
Field of Study (NASBA) Taxes (1.5)
IRS Categories Federal Tax (1)
CFP Taxation (1.5)
IL Insurance N/A
IL MCLE Taxation (1.25)

Please see our CPE FAQ for more information.

Delivery Method: Internet-Based Group

Program Level: Overview

Advanced Preparation: None

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

2017 Fall Tax School Webinar: Partner Issues (Presented in December 2017 and January 2018)

About This Webinar

When tax professionals receive a Schedule K-1 (Form 1065) from a client who is a partner in a partnership, there are a number of areas where additional information is needed before the Form 1040 can be completed. Determining a partner's basis in the partnership is an important first step. Dealing with the effect of the three loss limitations is another essential component. Knowing which information reported on the K-1 to use and how it impacts basis, income, and loss for the partner prevents tax preparers from making costly errors on the partner's individual return. Some partners are required to pay self-employment tax and others are not. Knowing which situation applies to your client and calculating SE tax for them is one more important component of offering them high quality and accurate return preparation service.

About Our Speaker

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. Bob is the national executive director for his professional organization, NAFBAS, and previously was that group's national president. Bob received his bachelor's degree from Western IL University and Master's degree from the University of Illinois. Bob is an enrolled agent (EA) and he lives in Camp Point with his wife, Debbie, sons Tracy and Casey, and daughter Ashley.

Agenda

  1. Overview of taxation of partnership income to partners and transactions between the partnership and partners
  2. Outside basis in partnership interest
    1. Basis rules
    2. Liabilities effect on basis
  3. The 3 Loss Limitations
  4. Taxable events for partners
    1. Guaranteed payments
    2. Self-employment income
    3. IRC §179 deductions
    4. Loans by a partner

Learning Objectives, CPE, and More

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

  1. Appreciate the importance of basis and how to calculate it
  2. Differentiate the three loss limitations and calculate losses
  3. Use select information included on Schedule K-1 (Form 1065) when preparing returns for partners
  4. Determine self-employment income from the partnership
CPE credits Up to 1.0 based on attendance and completion of engagement activities
Field of Study (NASBA) Taxes (1)
IRS Categories Federal Tax (1)
CFP Taxation (1)
IL Insurance N/A
IL MCLE Taxation (1)

Please see our CPE FAQ for more information.

Delivery Method: Internet-Based Group

Program Level: Overview

Advanced Preparation: None

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

2017 Fall Tax School Webinar: Investments (Presented in December 2017 and January 2018)

About This Webinar

With the significant increases in stock market values over the past few years, many taxpayers may experience a variety of income and gains to report. Although the consolidated Form 1099 is not new, there are multiple places on the form that report income and expenses. Some of which can be confusing. When is Form 8949 required and when can everything be reported on Schedule D? When must each transaction be listed separately on the Form 8949 and when can a summary be attached? When is a Form 6781 required and how is that income taxed?

Many tax professionals rarely deal with some investment-related activities such as reporting the sale of employer securities (ESOPs), and earnings on savings bonds. Although these activities are uncommon, it is important to know what to do when your client has these situations.

By attending this webinar, you will know what to look for and where to report it.

About Our Speaker

Catherine Riddick Catherine Riddick has been associated with the Tax School since 2008 as an instructor and as a reviewer for the University of Illinois Federal Tax Workbook. She is a CPA and licensed attorney with nearly 25 years of experience in tax planning and preparation. 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 for the past 15 years. 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.

Agenda

  1. Unusual items found on investment statements
    1. Consolidated Form 1099
    2. Form 1099-DIV
  2. Complete Schedule D and Form 8949 using information from Form 1099-B
  3. Below-market loans and how to report interest income from these loans
  4. Employer securities (ESOPs) and tax savings strategies

Learning Objectives, CPE, and More

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

  • Explain the appropriate treatment for unusual items found on the Consolidated Form 1099
  • Describe how to treat most items found on Form 1099-DIV
  • Complete Schedule D and Form 8949 using information contained on Form 1099-B
  • Identify types of below-market loans and apply rules for reporting the corresponding interest income
  • Advise clients about tax saving strategies related to employer stock ownership plans (ESOPs)
CPE credits Up to 1.0 based on attendance and completion of engagement activities
Field of Study (NASBA) Taxes (1.0)
IRS Categories Federal Tax (1)
CFP Taxation (1.0)
IL Insurance N/A
IL MCLE Taxation (0.75)

Please see our CPE FAQ for more information.

Delivery Method: Internet-Based Group

Program Level: Overview

Advanced Preparation: None

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

2017 Fall Tax School Webinar: Installment Sales (Presented in December 2017 and January 2018)

About This Webinar

Tax professionals need to be aware of potential pitfalls associated with installment sales. Being aware of the rules and regulations can enable tax practitioners to adequately advise clients on strategies that will allow them to benefit from installment sales and avoid costly problems. If you have clients who may benefit from installment sales, this webinar will help you prepare them to successfully engage in this type of arrangement.

About Our Speaker

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.

Agenda

  1. Define installment sale and the general rules governing these types of transactions
  2. Calculate installment sale income (reviewing several client examples)
  3. Electing out of installment method
  4. Receiving installment sale payments and how to treat the them
  5. Depreciation recapture and unrecaptured §1250 gain
    1. Sale of §1245 property and depreciation recapture
    2. Sale of §1250 property and depreciation recapture
  6. Disposition of an installment obligation
  7. Repossession of property sold under an installment sale
  8. Self-canceling installment note

Learning Objectives, CPE, and More

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

  1. Describe when a client should or should not enter into an installment agreement
  2. Identify tax rules and consequences for various client scenarios involving the use of installment sales
CPE credits Up to 1.0 based on attendance and completion of engagement activities
Field of Study (NASBA) Taxes (1)
IRS Categories Federal Tax (1)
CFP Taxation (1)
IL Insurance N/A
IL MCLE Taxation (0.75)

Please see our CPE FAQ for more information.

Delivery Method: Internet-Based Group

Program Level: Overview

Advanced Preparation: None

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

2017 Fall Tax School Webinar: Individual Taxpayer Issues (Presented in December 2017 and January 2018)

About This Webinar

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.

About Our Speaker

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.

Agenda

  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, CPE, and More

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
Field of Study (NASBA) Taxes (1)
IRS Categories Federal Tax (1)
CFP Taxation (1)
IL Insurance N/A
IL MCLE Taxation (0.75)

Please see our CPE FAQ for more information.

Delivery Method: Internet-Based Group

Program Level: Overview

Advanced Preparation: None

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

2017 Fall Tax School Webinar: Putting Ethics Into Practice (Presented in December 2017 and January 2018)

About This Webinar

A tax professional's practice before the IRS is governed by regulations established in Circular 230. Client situations can occasionally give rise to ethical challenges for tax professionals even when they are sincere in their adherence to Circular 230. This 2-hour webinar includes various client situations and proposes ways to navigate ethical challenges presented by clients.

This course will look at scenarios between tax preparers and clients on topics such as:

  • Hobby loss
  • PATH Act
  • Divorced individuals filing separately
  • Inadequate previous information
  • Amended returns
  • Use of social media
  • New audit client

About Our Speaker

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. Bob is the national executive director for his professional organization, NAFBAS, and previously was that group's national president. Bob received his bachelor's degree from Western IL University and Master's degree from the University of Illinois. Bob is an enrolled agent (EA) and he lives in Camp Point with his wife, Debbie, sons Tracy and Casey, and daughter Ashley.

Agenda

  1. Client scenario dealing with hobby loss
  2. Client scenario dealing with the PATH Act
  3. Client scenario dealing with divorced individuals filing separately
  4. Client scenario dealing with inadequate previous information
  5. Client scenario dealing with amended returns
  6. Client scenario dealing with use of social media
  7. Client scenario dealing with new audit client
  8. Client scenario dealing with a public setting

Learning Objectives, CPE, and More

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

  • Apply sections of Circular 230, Regulations Governing Practice before the Internal Revenue Service, to your everyday tax practice.
CPE credits Up to 2.0 based on attendance and completion of engagement activities
Field of Study (NASBA) Regulatory Ethics (2)
IRS Categories Regulatory Ethics (2)
CFP Taxation (2)
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

Advanced Preparation: None

Field of Study: Regulatory Ethics (this webinar qualifies for CFP general CPE but not CFP "Ethics" CPE)

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

2017 Fall Tax School Webinar: Employment Issues (Presented in December 2017 and January 2018)

About This Webinar

Tax issues associated with employment require employers to properly report tens of thousands of dollars in payroll taxes. Proper classification of workers is required. Occasionally, employers who want to save on employment tax misclassify workers as independent contractors. Many times, these workers are actually employees.

In addition to employee classification, this webinar includes other employment issues such as: reporting household worker compensation on Schedule H; providing employee compensation in the form of property; the tax treatment of legal awards and settlements; tax treatment of moving expenses for a worker; taxation of fringe benefits; and employer responsibilities associated with foreign workers.

About Our Speaker

Tom O'Saben Tom O'Saben has been an instructor for the Tax School since 2009. During that time, 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. Employee vs. independent contractor classification of workers
    1. Right-to-control test
    2. 3 Categories — Financial control, behavior control, relationship to parties
    3. Tax court test
    4. IRS enforcement
    5. Relief provisions
  2. Dealing with excess social security tax payments
  3. Receipt of property as compensation
  4. Legal expenses in connection with employment
  5. Legal awards and settlements
    1. Damage awards
    2. Workers' compensation benefits
    3. Disability insurance
    4. Accident or health insurance
  6. Treatment of moving expenses
  7. Fringe benefits taxation
  8. Statutory employees and nonemployees
  9. Household employees and Schedule H
  10. Employer responsibilities associated with foreign workers

Learning Objectives, CPE, and More

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

  1. Differentiate workers classified as employees vs. independent contractors
  2. Identify various relief provisions for misclassified workers
  3. Comply with reporting requirements for household workers
  4. Explain reporting procedures when an employee receives payments other than cash for services
CPE credits Up to 1.5 based on attendance and completion of engagement activities
Field of Study (NASBA) Taxes (1.5)
IRS Categories Federal Tax (1)
CFP Taxation (1.5)
IL Insurance N/A
IL MCLE Taxation (1.25)

Please see our CPE FAQ for more information.

Delivery Method: Internet-Based Group

Program Level: Overview

Advanced Preparation: None

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

2017 Fall Tax School Webinar: Beneficiary and Estate Issues (Presented in December 2017 and January 2018)

About This Webinar

Don't have high-income clients with sophisticated estate plans? This webinar contains information for helping all your clients, regardless of wealth and income. It also helps you advise clients who are beneficiaries of estates. Some questions to be answered during this webinar include:

  • Is the portability election beneficial only for high-income taxpayers?
  • What are planning pointers for moderate-wealth taxpayers?
  • Does every client need a will?
  • When can simplified reporting be used for Form 706?
  • Have you missed the deadline for filing an estate tax return for 2011? You may still have time to file under Rev. Proc. 2017-34.
  • Who needs to file Form 8971? Have any of your clients received a Schedule A of Form 8971 as beneficiaries of an estate?
  • Where do you report the expenses associated with selling a decedent's principal residence?

About Our Speaker

Catherine Riddick Catherine Riddick has been associated with the Tax School since 2008 as an instructor and as a reviewer for the University of Illinois Federal Tax Workbook. She is a CPA and licensed attorney with nearly 25 years of experience in tax planning and preparation. 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 for the past 15 years. 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.

Agenda

  1. Estate taxes — transfer taxes
    1. Unlimited between spouses
    2. Portability election
    3. IL estate tax
  2. Estate planning basics
    1. Joint tenancy
    2. Transfer on death (TOD)
    3. Wills
    4. By-pass and credit shelter trusts
  3. Estate issues
    1. Basis step up
    2. Power of appointments
    3. Closing letter
    4. Form 8971
  4. Taxable income of estates/trusts
    1. Distributions of income from estates
    2. Sale of decedent's personal residence
  5. Estate termination
    1. Timing
    2. Excess deductions
    3. Executor fees and administrative costs
  6. Other beneficiary issues
    1. Discounts on family limited partnerships
    2. Life estates and remainder estates

Learning Objectives, CPE, and More

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

  1. Make a portability election on Form 706
  2. Determine whether an estate has a filing requirement
  3. Report the sale of a decedent's personal residence properly
  4. Recognize planning techniques for achieving income tax basis step up for beneficiaries
  5. Recognize the importance of distribution and termination timing from an income tax planning perspective for beneficiaries
CPE credits Up to 1.5 based on attendance and completion of engagement activities
Field of Study (NASBA) Taxes (1.5)
IRS Categories Federal Tax (1)
CFP Taxation (1.5)
IL Insurance N/A
IL MCLE Taxation (1.25)

Delivery Method: Internet-Based Group

Program Level: Overview

Advanced Preparation: None

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

2017 Fall Tax School Webinar: Agricultural Issues and Rural Investments (Presented in December 2017 and January 2018)

About this Webinar

The Tax Code contains unique rules that impact farm taxation. This session includes information about some of the latest issues affecting farm clients. For example, one of the newest construction trends in production agriculture requires tax preparers to choose wisely when selecting among depreciation methods... what the HOOP is up with farm building depreciation? For farm clients who experienced a poor financial year, use of a net operating loss can provide a significant benefit. For these clients, the IRS may be their best friend this year! Is it possible for farmers to obtain double deductions? The Backemeyer court case provides an interesting set of facts and outcomes.

If you serve farm clients, this webinar will help you stay current on important issues within this specialized area of tax practice.

About Our Speaker

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. Bob is the national executive director for his professional organization, NAFBAS, and previously was that group's national president. Bob received his bachelor's degree from Western IL University and Master's degree from the University of Illinois. Bob is an enrolled agent (EA) and he lives in Camp Point with his wife, Debbie, sons Tracy and Casey, and daughter Ashley.

Agenda

  1. Farm audit issues
    1. Hobby farms
    2. Meals and lodging furnished to employees
  2. C corporation penalty taxes and methods to avoid these
    1. Accumulated earnings
    2. Personal holding company
  3. Cash method of accounting for farmers
    1. Backemeyer case
  4. Depreciation strategies in agriculture
    1. HOOP structures
    2. Tangible personal property regulations
    3. Use of §179 even if a loss results
  5. Tax-related loss issues in agriculture
    1. NOL — 5-year/2-year carryback
    2. Farm Service Agency excess losses
  6. Using Schedule J to manage farm income
  7. Financial distress
    1. Chapter 12 eligibility

Learning Objectives, CPE, and More

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

  • Explain the IRS pilot project for Hobby Schedule F
  • Determine when accumulated earnings tax and personal holding company tax applies to C corporations
  • Explain the tax benefit provisions decided in the Backemeyer case
  • Evaluate choices for depreciation method of HOOP structures
  • Identify the options for farm NOL utilization
  • List the eligibility rules for Chapter 12 bankruptcy
CPE credits Up to 1.0 based on attendance and completion of engagement activities
Field of Study (NASBA) Taxes (1)
IRS Categories Federal Tax (1)
CFP Taxation (1)
IL Insurance N/A
IL MCLE Taxation (0.75)

Delivery Method: Internet-Based Group

Program Level: Overview

Advanced Preparation: None

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

2016 Illinois Tax Update (Presented in January of 2017)

About this Webinar

It's important to stay up-to-date on important tax information for the state of Illinois. This webinar will cover a number of key areas that are significant to you as a tax practitioner, as well as to your clients. Find out about the following topics.

  • Procedures an identity-theft victim should follow to notify the state and to request a copy of a fraudulently filed tax return
  • Allowable subtractions from Illinois income for federally taxed social security and other retirement income
  • How IRS proposed regulations affect the formation and taxation of Illinois series LLCs
  • How to determine if a business has nexus with other states
  • What an employer's tax withholding requirements are for Illinois and neighboring states
  • How an Illinois trust should classify receipts as income or principal
  • When an Illinois trust should withhold Illinois income tax from a beneficiary's share of income

About our Speaker

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 SB/SE Communications and Stakeholder Outreach 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.

Webinar Agenda

Webinar Agenda PDF

Learning Objectives, CPE, and More

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

  • Identify recently enacted Illinois tax legislation and its impact on taxpayers and tax preparers.
  • Describe IDOR's response and recommendations to address identity theft.
  • Review procedures for reporting retirement earnings and allowed subtractions.
  • Apply NEXUS rules to taxpayer business situations involving sales of good and services across state lines.
  • Describe employers' withholding requirements for compensation paid in Illinois and neighboring states.
  • Review Illinois tax procedures associated with designation of trust receipts as income or corpus and the withholding requirements for beneficiary distributions.

CPE Credits: Up to 1.5, based on attendance and completion of engagement activities.

Delivery Method: Internet-Based Group

Program Level: Overview

Field of Study: Taxes

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

Advanced Preparation: None

Audience: Tax professionals

Transforming Your Office with Technology (Presented in January of 2015)

Learn best practices for the tax professional's office such as converting to a paperless office, using electronic signatures with engagement letters and Form 8879, client information security measures, using technology to engage staff, improving your profits and freeing up time during tax season.

Topics include:

  • Circular 230 responsibilities for client information
  • Are emails really safe? What alternatives do I have?
  • Am I at risk for a security breach?
  • What do I do when a security breach happens? What will it cost?
  • Why move to the Cloud and best practices for cloud security?
  • Whose mobile device is it and what type of security/policies do you have for use?
  • Using technology to improve bottom-line performance and attract talent
  • Cool gadgets/ideal technology set-up

About our Speaker

Catherine Riddick has been associated with the Tax School since 2008 as an instructor and as a reviewer for the University of Illinois Federal Tax Workbook. She is a CPA and licensed attorney with nearly 25 years of experience in tax planning and preparation. 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 for the past 15 years. 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.

Webinar Agenda

Webinar Agenda PDF

Learning Objectives, CPE, and More

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

  • Review a tax practitioner's Circular 230 requirements as the rules apply to client information
  • Identify opportunities within a tax practice for using technology to transform office practices
  • Describe pros and cons of various technology tools such as email, Cloud storage and communicating via mobile devices
  • Evaluate risks of security breaches and identify steps to take when one happens
  • Assess the return on investment associated with transforming office practices with technology
  • Decide which technology tools are best for your office transformation

CPE Credits: Up to 2, based on attendance and completion of engagement activities.

Delivery Method: Internet-Based Group

Program Level: Basic

Field of Study: Business Management & Organization

Advanced Preparation: None

Prerequisite(s): A basic understanding of computer use and how to access the Internet is required.

Illinois 2013 Tax Changes (Presented in January of 2014)

This webinar discusses Illinois tax changes enacted within the past year. Learn about the latest IDOR developments, issues, and alerts that the tax professional should know before filing season begins. Get updated on the Illinois tax rules in various areas including the residency rules, estate taxes, pass-through reporting for trusts and partnerships, and tax reporting in Illinois for multistate businesses.

Learn answers to these questions:

  • How are clients affected by the latest case law developments with the Illinois residency rules?
  • How are trust and partnership pass-through items reported in Illinois?
  • How are the Illinois estimated tax rules different than the federal rules and how can penalties be avoided?
  • When is a multistate business subject to Illinois tax and how should income and expenses attributable to Illinois be reported?
  • Can an Illinois QTIP election be used separately from the federal election?
  • How will the new Illinois Independent Tax Tribunal (effective January 1, 2014) impact tax disputes with IDOR?

About our Speaker

Marc Lovell is Assistant Director, Tax Outreach, at the University of Illinois Tax School. Prior to joining Tax School, he worked in his private law practice (2001-2010) with principal area of practice in federal, state, and local taxation and tax litigation. Marc serves as assistant editor of the annual Federal Tax Workbook and co-authored Limited Liability Companies: Choosing Partnership versus S Corporation Status. Marc earned his law degree and Masters of Law in Taxation from Wayne State University.

Marc is a member of the Massachusetts Bar, Washington DC Bar, and U.S. Tax Court Bar. He sat on the Massachusetts Bar Association Taxation Section Council from 2005 to 2009 where he worked on various legislative initiatives, research projects, and technical articles and analyses for tax practitioners.

Learning Objectives, CPE, and More

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

  • Identify strategies to help avoid Illinois estimated tax penalties.
  • Describe recent developments and case law associated with the Illinois residency rule and how this affects taxpayers, including "snowbird" clients who spend winters outside of Illinois.
  • Report Illinois pass-through items on Illinois Schedules K-1-T (for trusts) and K-1-P (for partnerships).
  • Review Illinois estate tax rules, estate tax calculations, and tax reporting on Illinois Form 700.
  • Explain timely filing season information such as IDOR identity theft measures, debit-card option for refunds, and how the Illinois Independent Tax Tribunal operates.

CPE Credits: Up to 2, based on attendance and completion of engagement activities.

Delivery Method: Internet-Based Group

Program Level: Intermediate

Field of Study: Taxes

Advanced Preparation: None

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

Taxes After DOMA: Amending Returns and Other Same-Sex Marriage Issues (Presented in January of 2014)

The Supreme Court's landmark decision in U.S. v. Windsor on June 26, 2013 has already had a major impact on several tax areas for same-sex couples. In light of this decision, the IRS announced that individuals of the same sex will be considered lawfully married for all federal tax purposes as long as they were legally married in a jurisdiction that authorizes such marriages. By attending this seminar, the tax professional will gain essential information about how post-DOMA regulations impact a same-sex married couple's income tax, estate tax, and gift tax status and whether it is beneficial to amend returns for open years. This webinar also covers other same-sex marriage tax-related considerations such as employee benefits.

About Our Speaker

Steven G. Siegel, JD, LLM, is president of The Siegel Group, based in Morristown, New Jersey. The company provides consulting services to attorneys, accountants, business owners, family offices and financial planners. Steven has delivered hundreds of lectures to thousands of attendees throughout the United States on tax, business and estate planning topics. He is presently serving as Adjunct Professor of Law in the Graduate Tax Program (LLM) at the University of Alabama. He also has served as an Adjunct Professor of Law at Seton Hall and Rutgers University Law Schools.

Webinar Agenda

Webinar Agenda PDF

Learning Objectives, Materials and More

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

  • Identify how interaction of federal tax law and applicable state law impacts same-sex couples
  • Recognize areas of post-DOMA tax law that are relevant for same-sex couples
  • Analyze whether amended tax returns are beneficial for same-sex couples
  • Advise same-sex couples on post-DOMA tax regulations

CPE Credits: Up to 3, based on attendance and completion of engagement activities.

Delivery Method: Internet-Based Group

Program Level: Intermediate

Field of Study: Taxes

Advanced Preparation: None

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

Illinois 2012 Tax Changes (Presented in January of 2013)

Presented with the Illinois Department of Revenue, this webinar discusses Illinois tax changes enacted within the past year. Represented from IDOR will be on hand to answer your questions.

About our Speakers

Adrianne Suits Bailey currently works in the Electronic Commerce Division at the Illinois Department of Revenue. She is an outreach coordinator and is currently acting as the project manager for MyTax Illinois. Adrianne has a Bachelor of Arts and Master of Arts in Communication from the University of Illinois at Springfield. She has worked for IDOR for 13 years.

Donald D. Gibbs is currently an electronic commerce administrator for the Illinois Department of Revenue's Electronic Commerce Division. His roles at the Department include reviewing IL-1040, ST-1, and IL-941 transmissions, dealing with software developers, and answering tax preparer questions regarding rejected returns. At this time he also continues coordinating professional education and training seminars concerning electronic commerce and managing the IL-941 WebFile program. He formerly oversaw programs including: the Fed/State EFTPS program for Illinois withholding payments, the Sales Tax TeleFile program, and the Fed/State Individual Income Tax TeleFile program.

Donald holds a Bachelor of Science degree in Business Management from Southern Illinois University at Carbondale and earned his Master of Business Administration degree from University of Illinois at Springfield.

Learning Objectives, Materials and More

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

  • Utilize MyTax, the new online account management service offered by IDOR .
  • Advise clients about the electronic filing options for Illinois withholding taxes.
  • Prevent Illinois income tax filing errors by understanding the most prevalent errors.

CPE Credits: Up to 2, based on attendance.

Delivery Method: Internet-Based Group

Program Level: Intermediate

Field of Study: Taxes

Advanced Preparation: None

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

American Taxpayer Relief Act of 2012 (Presented in January of 2013)

Don't miss this opportunity to learn about the American Tax Relief Act of 2012. This webinar highlights the tax law changes in the 154-page bill. Coverage includes tax increases for high-income taxpayers, capital gain rate update, depreciation, the permanent patching of AMT, education credits, the elimination of the payroll tax holiday, and estate and gift tax changes.

About our Speaker

Gary J. Hoff, EA is an Extension Specialist in Taxation and Associate Director at the University of Illinois Tax School. He is the author of numerous tax education materials, including LLCs Taxed as Partnerships: Formation to Dissolution. He is the editor of the annual Federal Tax Workbook used during the Fall Tax School offered by the University of Illinois Tax School. He presents tax topics nationally, specializing in Agricultural Taxation and Business Taxation topics. Additionally, Gary has over 30 years experience preparing tax returns.

Learning Objectives, Materials and More

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

  • Answer client questions regarding the impact of the ATRA on their taxes
  • Plan for tax advantages offered by the ATRA
  • Discuss individual and business tax relief

CPE Credits: Up to 1, based on attendance.

Delivery Method: Internet-Based Group

Program Level: Intermediate

Field of Study: Taxes

IRS CPE Category: Federal Tax Update

Advanced Preparation: None

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

Options for Financially Distressed Clients (Presented in October of 2012)

In this webinar, you will learn various tax considerations to help your financially distressed clients. We'll provide an overview of typical bankruptcy proceedings and cover special bankruptcy tax rules and the discharge of tax debts. We'll also cover options regarding retirement assets, "creditor-proof" accounts, forced distributions, and tax penalty exceptions. In addition, you will analyze actions that affect credit scores.

About our Speaker

Marc Lovell is a Tax Materials Specialist at the University of Illinois Tax School. Prior to joining Tax School, he worked in his private law practice (2001-2010) with principal area of practice in federal, state, and local taxation and tax litigation. Marc serves as assistant editor of the annual Federal Tax Workbook and co-authored Limited Liability Companies: Choosing Partnership versus S Corporation Status. Marc earned his law degree and Masters of Law in Taxation from Wayne State University.

Marc is a member of the Massachusetts Bar, Washington DC Bar, and U.S. Tax Court Bar. He sat on the Massachusetts Bar Association Taxation Section Council from 2005 to 2009 where he worked on various legislative initiatives, research projects, and technical articles and analyses for tax practitioners.

Learning Objectives, Materials and More

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

  • Describe a typical bankruptcy proceeding
  • Explain how retirement assets, "creditor-proof" accounts, forced distributions and tax penalty exceptions are treated
  • Review special bankruptcy tax rules and the discharge of tax debts
  • Identify actions that affect credit scores

CPE Credits: Up to 2, based on attendance.

Delivery Method: Internet-Based Group

Program Level: Intermediate

Field of Study: Taxes

Advanced Preparation: None

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

Illinois Series LLCs (Presented in September of 2012)

This webinar will examine Series LLCs in Illinois, including statutory provisions and requirements for a Series LLC. You will explore the benefits of using a series LLC including liability protection considerations. We'll discuss legal issues regarding Series LLCs and early judicial decisions and cover the IL Series LLC formation process. You will also review filing tax returns for Series LLCs.

About our Speaker

Marc Lovell is Assistant Director, Tax Outreach, at the University of Illinois Tax School. Prior to joining Tax School, he worked in his private law practice (2001-2010) with principal area of practice in federal, state, and local taxation and tax litigation. Marc serves as assistant editor of the annual Federal Tax Workbook and co-authored Limited Liability Companies: Choosing Partnership versus S Corporation Status. Marc earned his law degree and Masters of Law in Taxation from Wayne State University.

Marc is a member of the Massachusetts Bar, Washington DC Bar, and U.S. Tax Court Bar. He sat on the Massachusetts Bar Association Taxation Section Council from 2005 to 2009 where he worked on various legislative initiatives, research projects, and technical articles and analyses for tax practitioners.

Learning Objectives, Materials and More

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

  • Review IL statutory provisions and requirements for an IL Series LLC
  • Discuss the benefits of using a Series LLC including liability protection considerations
  • Describe the IL Series LLC formation process
  • Explain legal issues with Series LLCs and early judicial decisions
  • File federal tax returns for Series LLCs

CPE Credits: Up to 2, based on attendance.

Delivery Method: Internet-Based Group

Program Level: Intermediate

Field of Study: Taxes

Advanced Preparation: None

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

Illinois 2011 Tax Changes (Presented in January of 2012)

Presented with the Illinois Department of Revenue, this webinar discusses Illinois tax changes enacted within the past year. This webinar is free to attend; no CPE credit is available for this webinar.

About our Speakers

Donald D. Gibbs is a Continuing Education and Marketing Coordinator, as well as a Project Manager for the Illinois Department of Revenue's Electronic Commerce Division. His roles at the Department include coordinating professional education and training seminars concerning electronic commerce, overseeing the Department's sales tax TeleFile program, and managing the IL-941 WebFile program. He also assists in developing and promoting marketing campaigns for the Electronic Filing Section at the Illinois Department of Revenue. He formerly oversaw the Fed/State EFTPS program for Illinois withholding payments.

Donald holds a Bachelor of Science degree in Business Management from Southern Illinois University at Carbondale and earned his Master of Business Administration degree from University of Illinois at Springfield.

Adrianne L. Suits is a Project Manager and Marketing Coordinator for the Illinois Department of Revenue's Electronic Commerce Division. Her roles at the Department include coordinating professional education and training seminars concerning electronic commerce, overseeing the Department's electronic W-2 filing program, and developing and managing projects as they are initiated. She also assists in developing and promoting marketing campaigns for the Electronic Filing Section at the Illinois Department of Revenue.

Adrianne holds a Bachelor of Arts degree in Communications from the University of Illinois at Springfield and earned her Master of Arts in Communication degree with an emphasis on Public Relations and Organizational Communication from the University of Illinois at Springfield.

Learning Objectives, Materials and More

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

  • Describe Illinois tax changes enacted in 2011
  • Plan for the 2011 filing season

CPE Credits: No CPE credit is being offered for this webinar.

Delivery Method: Internet-Based Group

Program Level: Basic

Field of Study: Taxes

Advanced Preparation: None

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

This was a free webinar that offered no CPE.

Tax Legislation Update (Presented in January of 2011)

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (HR 4853), which President Obama signed into law on December 17, 2010, is much more than an extender bill of the Bush-era tax cuts.

A few of the important provisions that were covered in the webinar include:

  1. The 50% bonus depreciation was increased to 100% for qualifying purchases after September 8, 2010, and before January 1, 2012. The 50% bonus depreciation will be available for 2012 purchases. This can have a major impact on the Illinois state income tax.
  2. The $500,000 IRC §179 deduction is extended to years beginning in 2011. For years after 2011 the limit is $125,000 (indexed for inflation.)
  3. The employees' share of FICA was reduced from 6.2% to 4.2% for calendar year 2011 earnings. This will require a change in the payroll tax tables. Workers that are included in state and local retirement plans rather than social security will not benefit from this change.
  4. Individual income tax rates and the capital gains/dividend rate are extended for two more years.
  5. The federal estate tax exemption was set at $5 million at a rate of 35% for taxpayers dying after December 31, 2009. The estate assets will receive a stepped-up basis. However, the estate can elect to use the old 2010 law with no estate tax and using a carryover basis.

About our Speaker

Gary J. Hoff, EA is an Extension Specialist in Taxation at the University of Illinois Tax School. He is the author of numerous tax education materials, including LLCs Taxed as Partnerships: Formation to Dissolution. He is the editor of the annual Federal Tax Workbook used during the Fall Tax School offered by the University of Illinois Tax School. He presents tax topics nationally, specializing in Agricultural Taxation and Business Taxation topics. Additionally, Gary has over 30 years experience preparing tax returns.

Learning Objectives, Materials and More

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

  • Answer client questions regarding the impact of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 on their taxes
  • Plan for tax advantages offered by the Act
  • Discuss individual and business tax relief

CPE Credits: 1 CPE credit, based on the length of your attendance.

Delivery Method: Internet-Based Group

Program Level: Basic

Field of Study: Taxes

Advanced Preparation: None

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

This webinar discusses Illinois tax changes enacted within the past year. All attendees were eligible to receive 1 hour of CPE.

Illinois Tax Changes (Presented in December of 2010)

Presented with the Illinois Department of Revenue, this webinar discusses Illinois tax changes enacted within the past year. All attendees were eligible to receive 1 hour of CPE.

Preparer Licensing (Presented in 2010)

Starting September 1, 2010, the IRS will require all paid tax return preparers to register and obtain Preparer Tax Identification Numbers (PTIN). Preparers that currently have an IRS assigned PTIN must reregister, but will be issued the same PTIN. Other requirements for paid tax return preparers include competency tests, CPE requirements, and ethics training.

Because of the complexity of this new IRS ruling, the University of Illinois Tax School offered a free webinar that shed some light on the new rules and requirements for tax preparers. This webinar was held on Wednesday, May 26.

Topics covered included:

  • Who is affected by the new licensing requirement?
  • What is required and what are the deadlines to meet these requirements?
  • What is the continuing education requirement and when does it begin?
  • What happens if I'm not in compliance?

CPE Credit: This webinar offered no CPE credit.

About our Speakers

Gary J. Hoff, EA is an Extension Specialist in Taxation at the University of Illinois Tax School. He is the author of numerous tax education materials, including LLCs Taxed as Partnerships: Formation to Dissolution. He is the editor of the annual Federal Tax Workbook used during the Fall Tax School offered by the University of Illinois Tax School. He presents tax topics nationally, specializing in Agricultural Taxation and Business Taxation topics. Additionally, Gary has over 30 years experience preparing tax returns.

Leann Ruf is currently the Communications Project Lead for the implementation of the new IRS Return Preparer Regulations. She is responsible for development of a strategy to inform over one million federal tax return preparers, 100,000 IRS employees, and millions of taxpayers about the landmark effort to increase oversight of return preparers. Previously, Leann was the Chief of External Communications for the IRS Small Business/Self-Employed Division and has held numerous other positions since joining the IRS in 1986 including more than ten years with the Taxpayer Advocate Service. Leann resides in Nashville, Tennessee, and holds a Bachelors Degree in Economics from Tennessee Technological University.

Last updated 6/4/2020 8:27:02 AM

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