Previously Offered In-Depth Seminars - University of Illinois Tax School
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Previously Offered In-Depth Seminars

Our in-depth seminars offer a deeper examination of the topics chosen for instruction. Topics are selected in several ways. Some seminars are designed to specifically respond to participant recommendations. Others are selected because they include timely topics that address new tax legislation important for tax practitioners' success. Some topics help tax practitioners explore new areas of practice to enable them to expand and serve new clients. Our focus in offering these seminars is to effectively serve the needs of our customers.

Tax and Benefit Planning for Aging Clients: Crucial Conversations (Last Offered in 2017)

The number of people ages 65 and older is projected to increase from 46 million to 73 million by 2030, according to a late 2015 report by the Population Reference Bureau. Many soon-to-be retirees are financially unprepared for a long and comfortable retirement. An increasingly large number of people have many questions about tax and retirement planning. Initiating conversations with clients about retirement is more crucial than ever.

Your clients may be wondering...

  • What kind of retirement income can I expect?
  • When should I claim my social security benefits?
  • What medical assistance programs am I eligible to use?
  • Do I need long-term care insurance?
  • Do I need to be concerned about estate planning?
  • Should I consider a reverse mortgage?

In this course, Steven Siegel, JD, LLM, discusses tax and income planning issues associated with an aging population. He addresses the need for a well-considered estate plan. He reviews current government entitlement programs that will likely impact retirement such as social security, Medicare, and Medicaid. He covers retirement income planning options such as IRAs, employer-sponsored plans, income annuities, and explains how retirees could use their home as part of their retirement plans. If new tax legislation becomes law before October, its impact upon retirement planning will be included.

This seminar will give you the information you need to begin crucial tax planning conversations with your aging clients.

About Our Speaker

Steven Siegel Steven G. Siegel, JD, LLM, is president of The Siegel Group, based in Morristown, New Jersey. The company provides consulting services throughout the United States 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 presently serves 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.

Seminar Agenda

Seminar agenda PDF

Learning Objectives, Materials, Etc.

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

  • Identify basic estate planning documents that your clients need
  • Review estate and trust planning for clients with net worth below the estate and gift tax exemption
  • Describe various retirement plan income options and their tax implications
  • Explain how clients can make the most of available public benefits for their retirement years, such as social security, Medicare, and Medicaid
  • Advise clients about using their home in their retirement planning strategies
  • Identify the impact of any new tax legislation on retirement planning

Audience: Tax practitioners.

Materials: To come...

Delivery Method: Group-Live

NASBA Program Level: Overview

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

Prerequisite(s): Several years experience in preparing tax returns and advising clients

Advanced Preparation: None

Income Tax Aspects of Complex Farm Business Events (Last Offered in 2017)

About the Seminar

Periodically, farm clients experience unusual events that require their tax practitioner to have complex income tax knowledge. This seminar focuses on unique events that cause farm clients to need assistance from their tax professional.

When a utility crosses land, farmers receive payments including some that may be classified as involuntary conversion proceeds and need to know how to report these. A significant taxable event occurs when a retiring farmer decides to liquidate machinery and equipment; this can produce some challenging cash flow and tax liability results. Sometimes, economic situations arise that benefit from specialized tax planning such as when annual income is insufficient to cover debt service and living expenses.

Occasionally, partners in farm partnerships transfer partnership interests that require complicated basis computations and allocations of sales proceeds and partners acquiring a partnership interest may benefit from new basis adjustments to generate additional deductions. Although uncommon, farmers with large capital gains following the sale of land may not be able to pay their taxes because mortgage obligations leave them cash poor. Tax practitioners can help these clients by understanding the offer in compromise rules and collection procedures.

While these situations may occur infrequently, farmers rely on their tax practitioners to know how to help them address these complex events when they arise.

About Our Speakers

Kent Meister Kent Meister was employed by Pioneer FBFM from 1983 until his retirement in 2016. He consulted with farmers in McLean County where he assisted them with accounting, tax and estate planning services. Before joining FBFM, Kent was a high school agriculture teacher. Kent is an adjunct instructor at the University of Illinois, co-teaching retirement planning in the Agriculture and Consumer Economics Department. Kent has a Bachelor's and Master's degree from the University of Illinois and is an enrolled agent (EA). He resides in Bloomington with his wife, daughter, Kate, son, Eric and three grandchildren.

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.

Seminar Agenda

Seminar Agenda PDF

Learning Objectives, Materials, Etc.

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

  • Report payments related to utilities' eminent domain acquisitions including §1033 treatment.
  • Identify challenges and pitfalls related to liquidating farm machinery and equipment.
  • Advise farm clients about tax planning during uncertain economic times.
  • Calculate the gain on a sale of a partnership interest and the basis adjustments for the acquiring partner when the §754 election is used and §743(b) is applied to determine new deductions.
  • Guide financially stressed farm clients through the OIC rules and procedures when appropriate.

Audience: Tax practitioners.

Materials: To come...

Delivery Method: Group-Live

NASBA Program Level: Overview

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

Prerequisite(s): Several years of experience preparing tax returns for farmers

Advanced Preparation: None

Tailoring Taxation of LLCs: S Corporation vs. Partnership (Last Offered in 2017)

About the Seminar

An uncertain legislative climate makes business tax flexibility more critical than ever. There are strategic opportunities to apply different tax rules based on a client's situation.

During this 2-day seminar, we will compare LLCs taxed as partnerships with those taxed as S corporations. Depending upon the circumstances, either tax treatment can be beneficial. We will also address Illinois Series LLCs and LLC liability protection. By attending this seminar, you'll be able to advise clients about beneficial LLC tax options.

This very popular LLC seminar was last offered in 2014. The presentation and accompanying textbook, Limited Liability Companies: Electing Partnership vs. S Corporation Status, are updated for 2017.

Why you should attend

  • Recognize the benefits of LLC liability protection for your clients
  • Develop clear-cut solutions for business clients by understanding the different tax treatments available to LLCs
  • Create a plan to ensure the desired tax treatment for your LLC clients
  • Improve your ability to advise LLC clients and save them money
  • Identify clients that could benefit from organizing as Illinois Series LLCs

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 University of Illinois Tax School as an instructor since 2002. Sue also presents seminars nationally for National Association of Tax Professionals (NATP) and Premier Tax Seminars, Inc. She has served as an author and reviewer for the University of Illinois Federal Tax Workbook since 2002. Sue is an enrolled agent (EA) and has her own tax practice in Quincy, IL. She has been in tax practice for approximately 30 years.

Seminar Agenda

Seminar Agenda PDF

Learning Objectives, Materials, Etc.

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

  • Discuss advantages of LLC protection compared to the liability protection of a partnership or S corporation
  • Advise clients about the consequences of converting a business to an LLC
  • Clarify how the Tax Code deals with S corporations, partnerships, and LLCs during each entity's life cycle
  • Describe tax consequences (including new regulations) associated with LLCs from formation through dissolution when electing partnership or S corporation status
  • Explain when it would be advantageous to use an Illinois Series LLC as an entity choice for clients

Audience: Tax practitioners.

Materials: Limited Liability Companies: Electing Partnership vs. S Corporation Status, 2017 edition. Table of Contents PDF

Delivery Method: Group-Live

NASBA Program Level: Basic

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

Prerequisite(s): Several years' experience preparing entity tax returns and an understanding of basic partnership and S corporation tax rules and regulations.

Advanced Preparation: None

Cutting Edge Tax Opportunities for Growing Estates (Last Offered in 2016)

About the Seminar

Tax professionals typically have clients with differing estate and gift planning needs. Some clients with modest net worth require advice about wills, powers of attorney, and perhaps about planning for the lifetime exclusion and portability. Other clients with intermediate net worth need additional advice about the use of trusts, including special types of trusts, and estate and gifting strategies to minimize tax. A few clients have high net worth and the advice provided to them should focus on sophisticated tools to help reduce or eliminate estate and gift taxes.

As a client's wealth grows, they require different planning strategies. Tax professionals attending this seminar will identify estate and gift planning opportunities for clients with varying levels of net worth and hear about emerging trends in these areas.

Why Should You Attend?

Learn answers to these important questions...

  • If my client has a living trust, do they also need a will?
  • What estate planning strategies are beneficial for clients who have a modest estate?
  • Which estate and gift planning tools are useful for wealthy clients with a moderate estate?
  • What estate and gift planning opportunities are appropriate for high net-worth clients with large estates?
  • How are trusts used as an estate planning strategy?
  • Which emerging estate and gift planning issues should I make my clients aware of?

About our Speaker

Steven Siegel PhotoSteven G. Siegel, JD, LLM, is president of The Siegel Group, based in Morristown, New Jersey. The company provides consulting services throughout the United States 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.

Seminar Agenda

Seminar Agenda PDF

Learning Objectives, Materials, etc.

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

  • Identify the pros and cons of using a living trust instead of a will
  • Explain how the use of both basic and sophisticated estate planning techniques can minimize estate and gift taxes
  • Determine which estate planning tools address particular client estate and/or gift planning objectives
  • Advise clients about strategies that can leverage use of the lifetime exemption
  • Recognize when the generation skipping transfer tax (GSTT) applies and devise strategies to minimize this tax
  • Describe emerging trends in the estate and gift tax planning areas

Audience: Tax practitioners.

Materials: To be determined.

Delivery Method: Group-Live

Program Level: Overview

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

Prerequisite(s): Professional experience preparing tax returns and general familiarity with Form 1041 and the use of trusts in estate planning.

Advanced Preparation: None

Farm Family Life Stages: Practical Estate Planning Tax Tips (Last Offered in 2016)

About the Seminar

Over time, assets owned by farm families contribute to their lifetime wealth and this generates unique estate and gift planning opportunities. Preserving the wealth of family farms requires significant planning efforts for farmers at various life stages. What strategies can tax professionals share with farmers who are just starting out in the business? Are these strategies different for farmers who are married and have small children? What about farmers with grown children or who are married for the second time? How can retired farmers best deal with estate and gift planning challenges? Tax professionals attending this seminar will leave with practical estate and gift planning ideas to help their farm clients.

Why Should You Attend?

Learn answers to these important questions...

  • How does estate planning for farmers differ from strategies used by other types of taxpayers?
  • Which questions are important to ask my farm clients regarding their estate plans?
  • What estate planning advice is best for my farm clients at various life stages?
  • At which life stage can gifting strategies most effectively be used by farmers?
  • What do my farm clients need to be aware of regarding the basis of inherited farm property?

About our Speakers

Roger McEowen PhotoRoger McEowen, JD, is the Agribusiness and Cooperatives Tax Director in the Des Moines, IA office of CliftonLarsonAllen. He is a published author and prominent speaker, conducting more than 80 seminars annually across the United States for farmers, agricultural business professionals, lawyers, and tax professionals. His writing can be found in national agriculture publications, books, and a monthly publication, Kansas Farm and Estate Law. In addition, he is also the Kansas Farm Bureau Professor of Agricultural Law and Taxation at Washburn University School of Law.

Bob Rhea PhotoBob 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.

Seminar Agenda

Seminar Agenda PDF

Learning Objectives, Materials, etc.

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

  • Explain unique challenges for estate planning with farm assets
  • Evaluate estate planning objectives for farm family life stages
  • Identify successful estate planning strategies at various life stages
  • Apply objectives and strategies to practical examples
  • Describe the benefits and detractions of gifting strategies for estate planning
  • Consider the effect of IRS regulations regarding Form 8971 and basis of inherited farm property

Audience: Tax practitioners.

Materials: To be determined.

Delivery Method: Group-Live

Program Level: Overview

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

Prerequisite(s): Professional experience preparing farm tax returns and basic familiarity with farm estate planning strategies.

Advanced Preparation: None

Farm Business Operation: Traps, Tips, and Taxes (Last Offered in 2015)

About the Seminar

Farm businesses of all sizes continue to be impacted by increasing government regulation, high land prices, increasing input and maintenance costs and uncertain farm commodity prices. These pressures make it challenging to find ways to make today's farm business profitable and successful. Find out about the latest strategies and planning opportunities being used by today’s farming businesses to protect assets, respond to Affordable Care Act issues, and make use of advantageous Tax Code provisions.

At this seminar, Roger McEowen, JD, and Robert Rhea, EA will offer strategic information plus real-life tax scenarios to analyze ways your farm business clients can put the information into practice.

Learn answers to these important questions...

  • How should my client's farm business deal with health insurance issues?
  • How do I determine the best possible business entity for a farming business?
  • What are the steps to obtain additional asset protection for personal and business assets?
  • Why has there been a resurgence of Interest Charge Domestic International Sales Corporations (IC DISCs) among the farming community that exports commodities?
  • What are the advantages of using a charitable remainder trust within a farm estate plan?
  • What are the advantages of captive insurance (or self-insurance) for farms?

About our Speakers

Roger McEowen PhotoRoger McEowen, JD, is the Leonard Dolezal Professor in Agricultural Law at Iowa State University in Ames, Iowa, where he is also the Director of the ISU Center for Agricultural Law and Taxation. He develops and conducts an educational program in agricultural law and policy and is responsible for developing the curriculum and instructional program for the Iowa Farm Income Tax Schools. Professor McEowen conducts approximately 80-100 seminars annually across the United States for farmers, agricultural business professionals, lawyers, and other tax professionals.

Robert Rhea PhotoRobert Rhea, EA, 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, HAFBAS, and was previously that group's national president. Bob received his bachelor's degree from Western Illinois University and Master's degree from the University of Illinois. Bob is an Enrolled Agent and lives in Camp Point, Illinois with his wife and children.

Seminar Agenda

Seminar Agenda PDF

Learning Objectives, Materials, etc.

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

  • Evaluate the degree of farm business asset protection provided by various entities such as the C corporation, LLC, and partnership.
  • Comply with Affordable Care Act provisions that affect farm businesses, including HSA rules and health insurance provisions for family and employees.
  • Identify strategies to reduce the tax liability for large and small farm businesses.
  • Assess the factors involved in IC DISCs, captive insurance, and entity-related issues that have received recent increased attention by farm businesses.
  • Comply with tax rules associated with an easement grant or land disposition to a utility or pipeline company.

Materials: To be determined.

Delivery Method: Group-Live

Program Level: Overview

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

Prerequisite(s): Professional experience preparing tax returns.

Advanced Preparation: None

Common Clients, Uncommon Rules: Implications of
Foreign Asset Disclosure (Last Offered in 2015)

About the Seminar

Foreign asset disclosure requirements apply to an ever-increasing number of taxpayers, not just those who own Swiss bank accounts or large offshore investments. Taxpayers may be required to disclose foreign assets if they receive an inheritance, own a business, become a foreign trust beneficiary, study or travel abroad, or own foreign investments. Each year, more and more taxpayers and tax practitioners find themselves caught in the wide compliance net cast by the Department of Treasury and the Financial Crimes Enforcement Network. The significance of these disclosures cannot be emphasized enough because even a non-willful violation could result in a $10,000 penalty. At this 4-hour seminar, University of Illinois Tax School Assistant Director for Tax Outreach and Education, Marc Lovell, helps tax practitioners determine the right questions to ask clients when it comes to foreign asset disclosure.

Why Should You Attend?

Since 2010, the IRS has implemented approximately 58 Intergovernmental Agreements to obtain the identities and other information about offshore accountholders. To date, over 160,000 foreign financial intermediaries have agreed to cooperate with the IRS and make account-holder information transparent to U.S. authorities. Disclosure rules under the Bank Secrecy Act and the Foreign Account Tax Compliance Act are driving the enforcement activities.

Substantial civil and criminal penalties can be imposed for failure to comply with reporting and compliance rules. It is imperative that tax practitioners develop a working knowledge of the rules in order to properly advise affected clients.

Learn answers to these important questions...

  • Do the foreign asset disclosure requirements apply to my clients?
  • When does a client need to disclose foreign assets?
  • What are my due diligence obligations for gathering information from clients?
  • How are foreign assets properly disclosed?
  • When undisclosed foreign assets are discovered, what enforcement actions can be taken?
  • What are foreign asset information returns and when do I use them?
  • Where can I find resources to help me comply with the rules?

About our Speaker

Marc Lovell PhotoMarc Lovell, JD, LLM, 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.

Seminar Agenda

Foreign Asset Disclosure Seminar Agenda PDF

Learning Objectives, Materials, etc.

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

  • Differentiate the foreign asset disclosure rules associated with the Bank Secrecy Act from those included in the Foreign Account Tax Compliance Act (FATCA)
  • Identify and collect information from business and individual clients to determine applicability of the rules pertaining to foreign assets
  • Alert clients who must comply with the foreign asset disclosure requirements
  • Complete forms associated with the foreign asset disclosure requirements
  • Recognize penalties for failure to comply with foreign asset disclosure requirements and their potential impact upon clients and tax practitioners

Audience: Tax practitioners.

Materials: To be determined.

Delivery Method: Group-Live

Program Level: Overview

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

Prerequisite(s): Professional experience preparing tax returns and general awareness of disclosure requirements for certain foreign assets belonging to clients.

Advanced Preparation: None

Untangling Trust Tax Issues: Federal and Illinois (Last Offered in 2015)

About the Seminar

Trusts are unique entities that can accomplish various objectives for clients. As the population ages, more and more clients will use trusts as an estate planning tool. Therefore, it is essential that tax practitioners have a strong working knowledge of relevant federal and Illinois legal and tax rules.

This seminar covers critical trust law and taxation rules, both at the federal and state level. It identifies rules associated with properly preparing trust and trust beneficiary returns. It includes information necessary to effectively identify issues that can maximize client benefits. It also covers use of special purpose trusts and specific planning applications that tax practitioners need to know.

Why Should You Attend?

Does trust taxation tie you in knots? Do you want to expand your practice in this area? Look no further! Two noted trust attorneys address relevant federal and Illinois Form 1041 preparation and discuss uses of trusts, trust planning techniques (including techniques under Illinois law) and trust compliance issues.

Learn answers to these important questions...

  • How do trusts benefit clients and protect assets?
  • How are federal and Illinois trust returns completed?
  • What key trust tax rules do I need to know?
  • Are there special Illinois trust laws or cases that I need to know about?
  • For nonresident beneficiaries, what special reporting considerations are required for an Illinois trust?
  • How do I properly report trust income for beneficiaries?
  • What gray areas do I need to be concerned about?
  • How can snowbird clients avoid Illinois tax for themselves and the trusts they create?

About our Speakers

Steven Siegel PhotoSteven G. Siegel, JD, LLM, is president of The Siegel Group, based in Morristown, New Jersey. The company provides consulting services throughout the United States 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.

Steve Siebers PhotoSteve Siebers, JD, CPA, is an attorney with Scholz, Loos, Palmer, Siebers, Duesterhaus Law Firm in Quincy, Illinois. His law practice concentrates on estate planning, estate administration, business transactions and corporate law. He graduated from the University of Illinois Law School in 1979 and is a University of Illinois Tax School instructor.

Seminar Agenda

Trust Seminar Agenda PDF

Learning Objectives, Materials, etc.

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

  • Describe how trusts are taxed under federal and Illinois rules and how to prepare returns (Form 1041 and IL-1041)
  • Compare different trusts, including how and why they are used
  • Advise clients about important federal and Illinois trust tax issues, including those associated with taxation and planning opportunities
  • Comply with trust and beneficiary tax reporting requirements
  • Recognize the limits Illinois law imposes on asset planning with trusts
  • Identify how snowbird clients can avoid Illinois tax for themselves and the trusts they create

Audience: Tax practitioners.

Materials: To be determined.

Delivery Method: Group-Live

Program Level: Overview

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

Prerequisite(s): Professional experience preparing tax returns and general familiarity with Form 1041 and the use of trusts.

Advanced Preparation: None

1040 Issues Seminar (Last Offered in 2014)

About the Seminar

The annual 1040 Issues Seminar focuses on Form 1040 areas that are sometimes troublesome or confusing. Each year, we select different topics related to Form 1040 that have been updated due to recent tax law or regulatory changes, or that have been requested by many of our seminar participants.

Topics covered in this year's 1040 Issues Seminar include:

  • Elder issues
  • Capital gains and losses
  • Net operating losses
  • Select rules for retirement plans
  • Special taxpayers, including:
    • Employees with business expenses
    • Buyers and sellers of securities
    • Military reservists
    • Internet businesses
    • Homeowners

Agenda

Seminar Agenda PDF

Learning Materials, Objectives, etc.

Course Objective: Upon completion of this seminar, participants will be able to:

  1. Apply specific concepts and strategies covered in the seminar while preparing 2014 tax returns, and
  2. Advise clients about planning strategies applicable to their situations.

Delivery Method: Group-Live Presentation

NASBA Field of Study: Taxes

IRS Topic Area: Federal Tax

Prerequisite: At least a few years of experience as a professional tax preparer and an understanding of tax rules and regulations associated with individual tax returns

Advance Preparation: None

NASBA Program Level: Overview

Affordable Care Act: An Annual Tax Check-Up (Last Offered in 2014)

About the Seminar

As the Affordable Care Act (ACA) is implemented in stages, tax practitioners need to be aware of its impact on their clients. In 2014, the Affordable Care Act individual mandate took effect for all taxpayers… but its impact was not shared equally. Recent procedural changes associated with the employer mandate created confusion for employers regarding which aspects of the law will be implemented and when. And for those provisions already enacted, critical planning opportunities exist.

This seminar can help tax practitioners decipher applicable ACA rules, determine how mandates will be implemented, and calculate the costs of compliance and/or penalties. It will also provide insights into planning opportunities to minimize the tax consequences of the additional Medicare tax and net investment income tax.

Why Should You Attend?

This seminar will arm you with critical tools to assist clients as they address the realities of our changing tax climate under the ACA.

Learn the answers to these important questions...

  • How will the employer mandate be phased in for 2015 and beyond?
  • What strategies can you use to minimize the impact of the net investment income tax?
  • What pitfalls surround the additional Medicare tax and how can you help clients avoid them?
  • Which "gray areas" were clarified by the IRS last year and which areas remain unclear?
  • What events trigger penalties and how are penalties calculated?
  • How will the premium assistance credit rule changes for 2015 affect your clients?

About our Speaker

Steven G. Siegel, JD, LLM, is president of The Siegel Group, based in Morristown, New Jersey. The company provides consulting services throughout the United States 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.

Seminar Agenda

Affordable Care Act Update Agenda PDF

Learning Objectives, Materials, etc.

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

  • Describe the latest ACA information, regulations, and rules that affect clients, including reporting requirements and penalties
  • Develop the best strategies for business clients to use in implementing the ACA requirements
  • Calculate costs to meet the employer mandates for 2015 onward
  • Determine which ACA provisions have a delayed enforcement date and what effect this has on clients
  • Advise clients about the effects of mandates and changing obligations through 2016 and beyond
  • Identify clients that may qualify for an exemption

Materials: To be determined.

Delivery Method: Group-Live

Program Level: Update

Prerequisite(s): At least a few years of experience in preparing tax returns and an understanding of basic tax rules and regulations

Advanced Preparation: None

Farm Estate Strategies: Cultivating Multi-Generation Opportunities (Last Offered in 2014)

About the Seminar

Estate planning continues to be a significant activity for farm families, especially with growing asset values and differences between the federal and Illinois laws. Additionally, farm businesses are greatly affected by recent tax changes, including Affordable Care Act rules. This seminar can help tax practitioners understand how these rules impact farms and offer planning tools to develop effective multi-generation estate planning strategies for farm clients.

Why Should You Attend?

This seminar offers multi-generation estate planning tools to assist farm clients.

Learn the answers to these important questions...

  • What business entity provides the highest degree of liability protection for farms in Illinois?
  • How does the net investment income tax affect the farmer’s income and asset sales?
  • What could cause your client’s estate to owe Illinois estate tax even if no federal estate tax is due?
  • How can I prepare my farm client for the estate planning process?
  • What can be done to help the younger generation be successful within a multi-generation estate plan?
  • What is a QTIP trust and how is it used in the farm estate plan?
  • What is the difference between a general and non-general power of appointment?

About our Speakers

William A. Peithmann limits his law practice to select tax, wealth management, and related matters, with an emphasis on multi-generation family farm operations. A frequent contributor to legal publications on estate planning matters and lecturer at various tax and estate planning institutes, he is a past Chair of the Illinois State Bar Association's Trusts & Estates Section Council, a Fellow of the American College of Trust and Estate Counsel, and is listed in The Best Lawyers in America in both the "Trusts and Estates" and "Tax" categories. He actively manages several small central Illinois farm operations. His website can be found at www.peithmannlaw.com.

Robert Rhea, EA, 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, HAFBAS, and was previously that group's national president. Bob received his bachelor's degree from Western Illinois University and Master's degree from the University of Illinois. Bob is an Enrolled Agent and lives in Camp Point, Illinois with his wife and children.

Seminar Agenda

Farm Estate Strategies: Cultivating Multi-Generation Opportunitites Agenda PDF

Learning Objectives, Materials, etc.

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

  • Evaluate the current farm income and asset value environment and how it impacts estate planning
  • Identify the similarities and differences between federal and Illinois estate tax law
  • Describe how to use current estate and gift tax law to create advantageous multi-generational estate plans for today’s farm business owners
  • Recognize the importance of the proper use of certain estate planning tools
  • Develop strategies that allow the younger generation to be successful
  • Determine how various Affordable Care Act provisions (net investment income tax, additional Medicare tax, individual mandate and employer mandate) impact a farm business
  • Examine annotated multi-generation estate planning forms, including targeted farm management, family fiduciary, and asset protection provisions.

Materials: To be determined.

Delivery Method: Group-Live

Program Level: Intermediate

Prerequisite(s): At least a few years experience preparing farm tax returns and an understanding of tax rules and regulations associated with farming.

Advanced Preparation: None

Tailoring Taxation of LLCs: S Corp vs. Partnership (Last Offered in 2014)

About the Seminar

Changing tax rates, new Medicare taxes, and an uncertain legislative climate make business tax flexibility more important than ever. There are strategic opportunities to apply different tax rules based on a client's situation.

During this 2-day seminar, we will compare LLCs taxed as partnerships with those taxed as S corporations. Depending upon the circumstances, either tax treatment can be beneficial. We will also address developments related to Illinois Series LLCs and LLC liability protection. By attending this seminar, you'll be able to advise clients about beneficial LLC tax options.

Why Should You Attend?

  • Develop clear-cut solutions for business clients by understanding the different tax treatments available to LLCs
  • Create a step-by-step guide to ensure the desired tax treatment for your LLC clients
  • Improve your ability to advise LLC clients and save them money

About our Speakers

Gary J. Hoff, EA, recently retired as Associate Director of the University of Illinois Tax School. He was editor of the annual Federal Tax Workbook, which is used during the University of Illinois Fall Tax School and sold to programs held in 15 other states. Gary is an enrolled agent (EA) with over 40 years of experience preparing tax returns and teaching tax professionals.

Sue Voth, EA, has been affiliated with the University of Illinois Tax School as an instructor and author and reviewer for the University of Illinois Federal Tax Workbook since 2002. Sue is an EA and has her own tax practice in Quincy, Illinois.

Seminar Agenda

Tailoring Taxation of LLCs Agenda PDF

Learning Objectives, Materials, etc.

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

  • Discuss advantages of LLC protection compared to the liability protection of a partnership or S corporation
  • Advise clients about the consequences of converting a business to an LLC
  • Clarify how the Tax Code deals with S corporations, partnerships, and LLCs during each entity's life cycle
  • Describe tax consequences associated with LLCs from formation through dissolution after electing partnership or S corporation status
  • Explain when it would be advantageous to use an Illinois Series LLC as an entity choice for clients

Materials: Limited Liability Companies: Electing Partnership vs. S Corporation Status

CPE Credits: Based on attendance, up to 16 CPE credits (CPA, EA, CFP®, IL Insurance) and up to 13.25 credits (MCLE)

Delivery Method: Group-Live

Program Level: Intermediate

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

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

Advanced Preparation: None

Farm Tax Strategies: A Changing Landscape (Last Offered in 2013)

About the Seminar

With several months left, 2013 has already been a year of major changes that affect farmers. New tax rules from the American Taxpayer Relief Act (ATRA) passed on January 2, 2013, may impact the typical family farm in a variety of ways. ATRA changes, coupled with a new 3.8% Medicare tax and a 0.9% additional Medicare tax, make 2013 a key year for which farm tax practitioners must be well informed. Practitioners need to understand how these new rules apply within the agricultural context and be able to develop effective tax strategies to minimize the impact on clients. This seminar will include up-to-date information on the pending federal Farm Bill and recent, important court cases involving farm operations.

Learn answers to these important questions...

  • What provisions of ATRA directly impact farm tax planning?
  • How do new Medicare taxes affect farm tax planning decisions?
  • Should gifting of FLP units to nonfarming family members be limited?
  • How should passive farming activities be grouped?
  • What special liability concerns are associated with farm trust tax preparation?
  • What relevant issues are associated with dissolving a farm C corporation?

About our Speaker

Roger McEowen, JD, is the Leonard Dolezal Professor in Agricultural Law at Iowa State University in Ames, Iowa, where he is also the Director of the ISU Center for Agricultural Law and Taxation. He develops and conducts an educational program in agricultural law and policy and is responsible for developing the curriculum and instructional program for the Iowa Farm Income Tax Schools. Professor McEowen conducts approximately 80-100 seminars annually across the United States for farmers, agricultural business professionals, lawyers, and other tax professionals.

Learning Objectives, Materials, etc.

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

  • Determine the effects of major, permanent tax changes for 2013 onward so that timely tax strategies can be developed for farm clients
  • Describe how key features of ATRA and the two new Medicare taxes affect a farm operation
  • Analyze livestock insurance contracts and properly report them
  • Develop tax planning strategies for high-income farmers
  • Identify the relevant tax issues associated with a C corporation farm dissolution
  • Differentiate between succession planning strategies for high-equity and low-equity farmers

Materials: Participants will receive Professor McEowen's manual, Farm Tax Strategies: A Changing Landscape

CPE Credits: Based on attendance, up to 8 CPE credits (CPA, EA, CFP®, IL Insurance) and up to 6.5 credits (MCLE)

Delivery Method: Group-Live

Program Level: Basic to Intermediate

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

Prerequisite(s): Experience preparing tax returns, including Schedule F, and an understanding of basic tax rules and regulations.

Advanced Preparation: None

Affordable Care Act: Tax Prescriptions for Your Clients (Last Offered in 2013)

About the Seminar

The 2,400-page Affordable Care Act ushered in sweeping changes that will have a significant impact on both Individual and business clients. Many clients are already affected by the new Medicare taxes that became effective January 1, 2013. Others will be subject to the new healthcare mandates that will become effective January 1, 2014, with the enforcement of some provisions delayed until January, 2015.

Get updated on the reasons for the delayed enforcement date for some of the key provisions and how this delay affects your clients.

In this 1-day seminar, Steven Siegel will provide critical information that tax professionals will need in order to help their clients navigate the complexities of the new law. Gain important knowledge for advising your clients. Proper planning has never been more important!

Why Should You Attend?

As regulations associated with the Patient Protection and Affordable Care Act (PPACA) are published by the IRS, taxpayers will become increasingly aware of the law's impact.

Provisions effective in 2014 (some of which were recently delayed until 2015) will require significant tax planning strategies to minimize their effects. Your professional advice will save clients substantial tax and penalties down the road.

As a tax professional, you need to know the "sore" spots of the law. How can you relieve your clients' pain? We have the tax planning prescription that your clients need.

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.

Learning Objectives, Materials, etc.

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

  • Identify the choices that employers (including commonly-controlled employers) must make under the penalty rules and how to avoid penalties
  • Calculate employer costs to meet the employer mandates for 2015 onward
  • Determine which ACA provisions have been given a delayed enforcement date and how this affects your clients
  • Advise business and individual tax clients about mandates and the new Medicare taxes
  • Explore the role that state exchanges have on both employers and individuals who must comply with new requirements
  • Determine how businesses can outsource healthcare compliance
  • Discover "other" areas of the ACA that affect clients, such as excise taxes on health reimbursement arrangements and changes to FSAs and HSAs.

CPE Credits: Based on attendance, up to 8 CPE credits (CPA, EA, CFP®, IL Insurance) and up to 6.5 credits (MCLE)

Delivery Method: Group-Live

Program Level: Basic to Intermediate

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

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

Advanced Preparation: None

Like-Kind Exchanges: Techniques & Traps (Last Offered in 2013)

About the Seminar

As the real estate market begins to improve, investors are looking for strategies to make the most of their equity in order to continue to build wealth. Many will be looking to participate in like-kind exchanges to defer taxes. Tax professionals play a vital role in these transactions. This seminar reviews the advantages and disadvantages of like-kind exchanges, clarifies the requirements for §1031 exchanges, and reviews how to file Form 8824. What you will learn will help your clients avoid costly mistakes.

Why you should attend...

Failed IRC §1031 exchanges are costly. Learn the steps required to complete successful like-kind exchanges.

About our Speaker

Tom O'Saben, EA, CFP, has been a Tax School instructor since 2009. He also was associated with NATP and served as their Training Specialist, where he developed curriculum, wrote textbooks and taught seminars. Tom's practice, established in 1991, provides tax services to approximately 1,000 clients. Tom holds degrees in Political Science and Finance from Southern Illinois University–Edwardsville.

Learning Objectives, Materials, etc.

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

  • Explain advantages and disadvantages of like-kind exchanges.
  • Advise clients about IRC §1031 and the requirements for tax-deferred exchanges, including reporting on Form 8824.
  • Complete value-debt-equity calculations associated with like-kind exchanges.
  • Calculate replacement property depreciation.

Materials: Attendees receive An Accountant's Guide to Like-Kind Exchanges, 2013 Edition, by Gary J. Hoff, EA.

CPE Credits: Up to 8 CPE credits, based on the length of your attendance.

Delivery Method: Group-Live

Program Level: Intermediate

Field of Study: Taxes (Federal Tax for IRS purposes)

Prerequisite(s): Experience in preparing tax returns and basic knowledge of selling business property

Advanced Preparation: None

Protecting the Family Farm Legacy: Estate and Succession Planning (Last Offered in 2013)

About the Seminar

Estate tax laws changed in 2013 with the American Taxpayer Relief Act of 2012. This new law impacts estate and succession planning decisions for the family farm. The University of Illinois Tax School and Farm Credit are pleased to announce a seminar to update farmers on these critical changes.

Attorneys, a CPA, a farm consultant, and a certified financial planner comprise the team of highly-qualified presenters who will discuss various issues farmers must address during estate and succession planning. These include the pros and cons of choosing the best type of entity for the farm's operation, understanding complicated terminology associated with estate planning, selecting the best type of trust for farm assets, how effective gifting can reduce the estate tax, and how to successfully finance retirement.

Seminar topics include:

  • Training Heirs (both farming and nonfarming heirs)
  • Entity Choices for Farms
  • Planning for Retirement
  • Estate Tax Basics
  • Gifting Strategies
  • Use of Trusts for Farm Assets

About our Presenters

Sharon Allen, CFP, CTFA, is a Certified Financial Planner (CFP®) and a Certified Trust and Financial Advisor©(CTFA) in Champaign, Illinois. She is founder and President of Sterling Wealth Management, Inc. where she has managed finances for affluent families and individuals since 1993. Sharon is a graduate of the University of Illinois in Finance and is currently a guest lecturer for courses focusing on financial planning, business, and investment topics for the Department of Agricultural and Consumer Economics at the University of Illinois.

Mike Barton, JD, is a managing partner of Bellatti, Barton & Cochran, LLC Law Office in Springfield, Illinois. His practice concentrates on real estate, business planning, income tax planning, estate planning, and trust and estate administration for farmers and farm owners. He has been identified as a Leading Illinois Attorney in Agricultural Law. Mike graduated from the University of Illinois Law School in 1983.

Rod Gieseke, EA, is one of the farm business management field staff in the Blackhawk Farm Business Farm Management Association serving cooperators in Stephenson and Winnebago counties since 1988. His focus is on the management and financial analysis of active farm business owners. Rod received a bachelor's degree in Dairy Science from the University of Illinois.

Todd Gleason, Media Communications Specialist, produces radio and television agricultural news programs for the University of Illinois. He works for the College of Agricultural, Consumer and Environmental Sciences through the University of Illinois Extension, and with the public radio station, WILL. Todd hosts the daily Closing Market Report and Commodity Week programs. Todd will moderate the seminar.

Kent Meister, EA, is one of the farm business farm management (FBFM) field staff in the Pioneer Farm Business Farm Management Association serving cooperating members in McLean County since 1983. His focus is on the management and financial analysis of active farm business owners. Kent received both bachelor's and master's degrees in Agricultural Education from the University of Illinois.

Steve Siebers, JD, CPA, is an attorney with Scholz, Loos, Palmer, Siebers, Duesterhaus Law Firm in Quincy, Illinois. His law practice concentrates on estate planning, estate administration, business transactions and corporate law. He graduated from the University of Illinois Law School in 1979. Steve also serves as a University of Illinois Tax School instructor.

Rich Walden, CPA, is a certified public accountant in private practice in Carlinville, Illinois. Prior to forming his practice, he worked for the IRS as a revenue agent for 6.5 years. Rich is a long-time instructor with the University of Illinois Tax School. Agricultural taxation and business planning are some of his specialties. Rich is a graduate of Blackburn College in Carlinville.

Learning Objectives, Materials, etc.

Learning Objectives: By attending this seminar, you will learn:

  • How to manage family dynamics and adequately prepare heirs of the family farm
  • The pros and cons of various entity choices available to farmers
  • How to finance retirement
  • Estate and succession planning basics in light of new estate tax laws
  • How gifting can lower estate tax
  • Which is the best type of trust for farm assets

Intended Audience: Farmers, farm owners and professionals who advise these individuals

Estate Planning in 2013 and Beyond: Estate, Gift and GST Taxes (Last Offered in 2013)

About the Seminar

With the recent enactment of the American Taxpayer Relief Act of 2012 (ATRA 2012), the estate, gift and generation-skipping transfer taxes became permanent. This new law raises several questions:

  • How do the new law and its large exemption impact your clients?
  • Does portability make all planning moot?
  • Is the credit shelter trust dead?
  • What about GRITs, GRATs, GRUTs, FLPs, ILITs, and IDGTs?
  • Does charitable giving continue to have a role in estate and income tax planning?
  • What impact does the new law have on state estate and inheritance taxes?

About our Speaker

William N. Kulsrud, PhD, CPA, is Associate Professor of Accounting and Chair of the Master of Science in Accounting (MSA) program at the Kelley School of Business at Indiana University-Purdue University-Indianapolis. In addition to winning multiple teaching awards from IUPUI, Dr. Kulsrud was named the 2009 Outstanding CPA by Indiana Business Magazine. Dr. Kulsrud previously taught three courses for the University of Illinois Tax School: Taxation of Estates and Trusts (2012), C Corporation Webinar Series (2011), and Form 1041 Essentials: Trusts and Estates (2006).

Learning Objectives, Materials, etc.

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

  • Review the operation of the estate, gift and GST taxes.
  • Identify provisions found in ATRA 2012 that impact estate planning.
  • Advise clients about various estate, gift, and GST tax planning strategies.
  • Analyze the impact of state estate tax provisions.

Materials: Attendees will receive William Kulsrud’s book, Estate Planning: An Introduction to the Estate, Gift and Generation Skipping Transfer Taxes.

CPE Credits: Up to 8 CPE credits, based on the length of your attendance.

Delivery Method: Group-Live

Program Level: Intermediate

Field of Study: Taxes

Prerequisite(s): Experience in preparing tax returns and basic familiarity with estate, gift, and GST taxes

Advanced Preparation: None

Taxation of Estates and Trusts (Last Offered in 2012)

About the Seminar

It is estimated that 10,000 baby boomers will reach retirement age every day through 2025. Many of these retirees may decide to establish trusts, an important cornerstone of a sound estate plan. There are unique tax challenges and consequences for trusts and estate returns. Are you prepared to help your clients with their preparation of estate and trust tax returns?

In this 1-day seminar, Dr. William Kulsrud will explain various estate and trust taxation issues, including taxation consequences, trust classifications, special considerations such as a personal residence held by trust or estate, revocable trusts, and more. Dr. Kulsrud is an extremely popular presenter who is able to make the most complex issues understandable. You will not only leave his seminar with a full picture of trusts and estates taxation, but also with information to help you best advise your estate and trust clients on their taxation issues.

About our Speaker

William N. Kulsrud, PhD, CPA, is Associate Professor of Accounting and Chair of the Master of Science in Accounting (MSA) at the Kelley School of Business at Indiana University-Indianapolis. In addition to winning multiple teaching awards from IUPUI, Dr. Kulsrud was named the 2009 Outstanding CPA by Indiana Business Magazine. Dr. Kulsrud previously taught two courses for the University of Illinois Tax School: C Corporation Webinar Series (2011) and Form 1041 Essentials: Trusts and Estates (2006).

Learning Objectives, Materials, etc.

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

  • Describe the consequences of establishing trusts and estates
  • Explain the difference between simple and complex trust calculations
  • Calculate fiduciary taxable income, distributable net income, and the distribution deduction
  • Complete Form 1041

Materials: All attendees will receive a copy of William Kulsrud's book, Income Taxation of Estates and Trusts.

CPE Credits: Up to 8 CPE credits, based on the length of your attendance.

Delivery Method: Group-Live Presentation

Program Level: Intermediate

Field of Study: Taxes

Prerequisite(s): Experience in preparing tax returns and familiarity with trusts and estates

Advanced Preparation: None

Farm Succession Planning (Last Offered in 2012)

About This Seminar

In this one-day seminar, you will learn how to transfer assets from one generation to another within the unique constraints of farm succession planning. This seminar takes an in-depth look at topics such as entity types, considerations in choosing the proper business structure, equitable treatment of heirs not in the business, asset transfer strategies, and the use of trusts in succession planning. We will also cover post-mortem planning and planning for the potential of requiring long-term health care.

Topics include:

  • Entity comparisons, including corporations, partnerships, LLCs and LLPs
  • Considerations when choosing a business structure
  • Equitable treatment of heirs who are not in the business
  • Asset transfer strategies
  • Use of trusts in succession planning
  • Post-mortem planning
  • Planning for the potential of using long-term health care

About our Speakers

Roger McEowen, JD, is the Leonard Dolezal Professor in Agricultural Law at Iowa State University in Ames, Iowa, where he is also the Director of the ISU Center for Agricultural Law and Taxation. He develops and conducts an educational program in agricultural law and policy and is responsible for developing the curriculum and instructional program for the Iowa Farm Income Tax Schools. Professor McEowen conducts approximately 80–100 seminars annually across the United States for farmers, agricultural business professionals, lawyers, and other tax professionals.

Rich Walden, CPA, has served as chapter author and reviewer of the University of Illinois Federal Tax Workbook, and has been an instructor with the Illinois Tax Schools and Agricultural Issues Seminars since 1982. A graduate of Blackburn College, Rich was employed by the IRS as a revenue agent for 6.5 years. He owns a private practice in Carlinville, IL and serves in various board member roles for several banks, a software company and a community hospital.

Learning Objectives, Materials, etc.

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

  • Compare and contrast various farm entity types
  • Review considerations when choosing a business structure for the farm
  • Discuss strategies for equitable treatment of heirs not in the farming business
  • Identify asset transfer strategies
  • Review the use of trusts in farm succession planning
  • Explain post-mortem planning strategies
  • Evaluate potential long-term care planning needs

CPE Credits: Up to 8 CPE credits, based on the length of your attendance.

Delivery Method: Group-Live Presentation

Program Level: Intermediate

Field of Study: Taxes

Prerequisite(s): Experience preparing tax returns and familiarity with farm estate and business planning.

Advanced Preparation: None

Working With Your Client from Prep to Rep (Last Offered in 2012)

About the Seminar

As a registered tax practitioner, you are called upon to not only best prepare your clients' taxes but to also represent them in the case of an audit. Let's be honest — some clients are easier to deal with than others. But what strategies do you use with clients who withhold information, provide false figures, or ask you to be dishonest?

In this 1-day hands-on workshop, you will explore and analyze issues related to representation before the IRS. This session engages you in discussions, decision making and commentary that follow a taxpayer's and representative's plight beginning with the preparation of a return, proceeding through the audit, and investigative and collection processes. Throughout the workshop you are confronted with procedural, substantive, ethical, and practical issues that tax professionals often face. Learn to resolve realistic preparation, audit and collection issues. Enhance your skills as you explore, critique and solve practical problems facing those who prepare returns and represent taxpayers before the IRS.

About our Speaker

Theodore A. Sinars, J.D. is a partner in the Chicago tax law firm of Madden, Jiganti, Moore & Sinars. For over 40 years, his areas of concentration include IRS civil and criminal taxation, procedure and litigation including civil audits, Appeals, Tax Court, criminal tax investigations, IRS and Department of Justice Tax Division review, United States Attorneys Office and federal district court and appellate matters. Mr. Sinars is an Adjunct Professor of Law, Masters Tax Program, at DePaul University Graduate School of Law. He is a frequent speaker and author on tax matters for many professional organizations including The National Tax Practice Institute, the Chicago, Federal and American Bar Associations, Illinois Institute for Continuing Legal Education, the IRS/Tax Practitioner Symposium and CPA, accountant and enrolled agent organizations throughout the United States. He has been a guest speaker of the IRS at its agent training programs and has testified before Congress in federal taxation matters. He serves as Chairman of the IRS Illinois IRS/Practitioner Liaison Committee. Mr. Sinars is a past chairman of the Chicago Bar Association's Federal Taxation Committee and he has been a member of the executive committee for over 15 years. He is a past president of the Federal Bar Association, Chicago Chapter and continues to sit on its board of directors.

Learning Objectives, Materials, etc.

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

  • Resolve preparation issues involving:
    • Taxpayers who withhold information from the preparer
    • Due diligence
    • Standards of inquiry
    • Preparer penalties
    • Liability exposure
  • Make decisions involving examination issues including:
    • IRS audit techniques
    • Practitioner involvement in the audit
    • Ethics and disclosure
    • Client participation
  • Deal with collection issues involving:
    • Clients who cannot or are reluctant to pay
    • Asset protection strategies
    • Offers in compromise
    • IRS disclosure policies

Materials: All attendees will receive seminar materials that cover:

  • IRS Notice of Audit
    • Information Document Request
    • IRS Publication
    • Customer Feedback Form 10004
    • Form 4822
  • IRS Letter 950
    • Examination Report
    • Cash Flow Analysis
    • Form 482 — Completed
  • Revised Collection Standards
    • Form 433-A
    • Form 433-B
    • Final Notice — Notice of Intent to Levy and Notice of Your Right to a Hearing
  • Breakout Questions
  • Circular 230 (in Part)
  • IRS Due Diligence Position and Penalties Imposed

CPE Credits: Up to 8 CPE credits, based on the length of your attendance. (EAs and RTRPs: IRS-approved for 4 hours Ethics and 4 hours Federal Tax)

Delivery Method: Group-Live Presentation

Program Level: Intermediate

Field of Study: Taxes, Regulatory Ethics

Prerequisite(s): Experience in preparing tax returns and familiarity with IRS audits of client returns

Advanced Preparation: None

Farm Estate & Business Planning Seminar (Last offered in 2011)

About the Seminar

Why you should attend...

  • Provide up-to-date estate planning advice to your clients
  • Understand the impact of asset valuation
  • Provide strategies for asset protection

This one-day seminar will give you the information necessary to help your clients prepare to transfer their assets from one generation to another. Professor McEowen is very popular with farm tax preparers because of his active involvement in all agricultural issues. This seminar provides an in-depth look at estate planning issues including practical issues in discounting asset values, post-death IRA distributions, asset protection strategies, and entity selection issues.

Participants will receive a copy of the latest version of Professor McEowen's 200-page manual, Estate and Business Planning. Topics include:

  • Estate planning for 2011-2012: election for 2010 estates, portability of the estate and gift tax exclusion, gifting strategies for 2011 and 2012, planning implications of the act, fiduciary income tax for estates and trusts, a summary of the estate planning implications of the act and estate planning in conjunction with special use valuation
  • Practical issues in asset valuation discounting
  • Post-death IRA distributions
  • Current developments in estate planning
  • Asset protection strategies
  • Entity selection issues

About our Speaker

Roger McEowen, JD, is the Leonard Dolezal Professor in Agricultural Law at Iowa State University (ISU) in Ames, Iowa, where he is also the Director of the ISU Center for Agricultural Law and Taxation. He develops and conducts an educational program in agricultural law and policy and is responsible for developing the curriculum and instructional program for the Iowa Farm Income Tax Schools. Professor McEowen conducts approximately 80-100 seminars annually across the United States for farmers, agricultural business professionals, lawyers, and other tax professionals.

Learning Objectives, Materials, etc.

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

  • Assist clients with estate planning for 2011-2012 using provisions under the 2010 Tax Relief Act
  • Apply strategies for discounting asset values in farm estate plans
  • Explain taxation issues for post-death IRA distributions
  • Discuss asset protection strategies for farm clients
  • Review entity selection issues for farm taxpayers

Materials: Each participant will receive a copy of Professor McEowen's 200-page book, Estate and Business Planning.

CPE Credits: Up to 8 CPE credits, based on the length of your attendance.

Delivery Method: Group-Live Presentation

Program Level: Intermediate

Field of Study: Taxes

Prerequisite(s): Experience with farm estate and business planning

Advanced Preparation: None

Why LLC Status Matters: Partnership vs. S Corporation (Last offered in 2011)

About the Seminar

Why you should attend...

  • Explain options to C corporation clients who want to escape the high corporate tax climate in Illinois
  • Build your knowledge about LLC taxation options in order to best advise your clients
  • Gain perspective on how the Tax Code treats LLCs, partnerships and S corporations

With the increase in Illinois corporate income taxes, the state anticipates that many corporations will change their entity classification from C corporation to LLC. Making such a change can have significant tax consequences.

During this two-day seminar, LLCs taxed as partnerships will be compared with LLCs taxed as S corporations. Depending on the circumstances, either status can be beneficial. By attending this seminar, you can better advise your clients about utilizing various LLC tax options to their advantage.

Textbook chapters include:

  • LLC formation
  • LLC operations
  • Distributions for an LLC
  • Sale of a member interest
  • Withdrawal of a member
  • Death of a member

Each chapter is presented from both a partnership and an S corporation perspective.

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 40 years experience preparing tax returns.

Sue Voth has been affiliated with the University of Illinois 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. She taught for the Missouri Society of CPAs' Tax Schools using the University of Illinois Federal Tax Workbook and teaches for Advanced Tax Practitioner's Institute in the State of Washington using the same matrials. Sue is an enrolled agent (EA) and has her own tax practice in Quincy, Illinois.

Learning Objectives, Materials, etc.

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

  • Discuss advantages of LLC protection compared to the liability protection of a straight partnership or S corporation
  • Advise clients about the consequences of converting a C corporation to an LLC
  • Clarify for your clients how the Tax Code deals with S corporations, partnerships and LLCs during each entity's life cycle
  • Describe the tax consequences associated with LLCs electing either partnership or S corporation status, throughout the entity's life cycle.

Materials: Each participant will receive a copy of the book, Limited Liability Companies: Electing Partnership vs S Corporation Status, published 2011 by The University of Illinois Tax School.

CPE Credits: Up to 16 CPE credits, based on the length of your attendance.

Delivery Method: Group-Live Presentation

Program Level: Intermediate

Field of Study: Taxes

Prerequisite(s): Experience preparing entity tax returns and an understanding of basic partnership and S Corporation taxation tax rules and regulations.

Advanced Preparation: None

Key Farm Tax Issues for Practitioners and Their Clients (Last offered in 2010)

Topics

This one-day seminar focuses on today's key issues in farm taxation. This seminar will benefit anyone that prepares a farm tax return, whether their client is an active farmer or a rural investor. Prof. McEowen is very popular with farm tax preparers because of his active involvement with all agricultural issues. He will be discussing any late breaking issues as well as the topics shown below. The Agricutural Issues and Rural Investments chapter from the 2010 Federal Tax Workbook will also be covered.

Topics include:

  • Qualified production activities deduction as applied to agricultural cooperatives and their patrons
  • Prepaid expense limitations
  • Drawing the line between capital expenses and repairs
  • Tax aspects of gifting commodities
  • NOL carryback rules specific to agriculture
  • Tax shelter farm rules
  • Information reporting issues
  • And more...

About our Speaker

Roger A McEowen, J.D., is the Leonard Dolezal Professor in Agricultural Law at Iowa State University in Ames, Iowa, where he is also the Director of the ISU Center for Agricultural Law and Taxation. He develops and conducts an educational program in agricultural law and policy and is responsible for developing the curriculum and instructional program for the Iowa Farm Income Tax Schools. Professor McEowen conducts approximately 80-100 seminars annually across the United States for farmers, agricultural business professionals, lawyers, and other tax professionals.

Learning Objectives, Materials and More

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

  • Accurately compute the IRC §199 deduction.
  • Unravel the mysteries of an NOL as it relates to your farm client.
  • Distinguish between capital expenses and repairs.
  • Provide better tax planning for your clients.

Materials: Each participant receives a copy of the Agricultural and Rural Investment Issues chapter of the 2010 Federal Tax Workbook and a manual prepared by Professor McEowen covering all the topics presented at this seminar.

CPE Credits: Up to 8 CPE credits, based on the length of your attendance.

Delivery Method: Group-Live Presentation

Program Level: Intermediate

Field of Study: Taxes

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

Advanced Preparation: None

Social Security Planning: Preparing for the Silver Tsnunami (Last offered in 2010)

Topics

The Social Security system is about to be put to the ultimate test as the Baby Boomers begin retiring. This one-day seminar will give you the tools to best advise these clients on developing and implementing a comprehensive plan for drawing Social Security benefits.

Tax practitioners will also personally benefit from the information presented at this seminar.

This one-day seminar helps tax practitioners craft the correct social security plan or strategy for their clients. Tax practitioners will also personally benefit from the information presented at this seminar.

Topics include:

  • An overview of governmental influences on social security benefits
  • Considerations for an appropriate social security strategy
  • Social security strategies for the younger earners, middle-aged earners, and those approaching retirement
  • How to apply for social security benefits
  • Tax planning strategies for the self-employed
  • Planning strategies for those receiving commodity wages
  • Social security planning strategies for corporations and partnerships including the impact of fringe benefits

About our Speaker

Ronald Woltjer, EA owns and operates a diversified investment, consulting and financial services practice in Little Falls, Minnesota. He also holds a position as Principal Tax Specialist and Senior Business Consultant with Agstar Financial Services in Minnesota. His social security specialization includes authoring three books and a software product that tracks interactions with the social security system from cradle to grave. His materials have been used nationally by more than 100,000 tax and finance professionals.

Seminar Agenda

Learning Objectives, Materials and More

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

  • Describe various government programs and their impact upon social security benefits.
  • Explain the formulas and computations used to arrive at the social security benefit
  • Discuss the impact of the new health care bill on social security and Medicare benefits for seniors
  • Develop appropriate strategies for maximizing social security benefits
  • Advise clients about tax planning strategies for social security benefits that are appropriate to their situation

Materials: Each participant receives a workbook prepared by Mr. Woltjer covering all the topics presented at this seminar.

CPE Credits: Up to 8 CPE credits, based on the length of your attendance.

Delivery Method: Group-Live Presentation

Program Level: Basic to Intermediate

Field of Study: Taxes

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

Advanced Preparation: None

Strategies for Today's Economy (Last offered in 2009)

Many of your clients are experiencing economic hardship. Some want to take advantage of financial opportunities. They all come to you with questions. This symposium gives you the tools to answer their questions.

  • Economic hardship doesn't need to derail your client's retirement plan
  • Special 2009 tax rules provide great opportunities for current homeowners and buyers
  • The truth about reverse mortgages
  • When does long-term care insurance make sense, and is it deductible?

CPE Credit: Up to 8 CPE credits, based on the length of your attendance.

About our Topics and Speakers

Tax Implications of Advising Clients in Good Times... and Bad

Gary J. Hoff, EA, Extension Specialist in taxation at the University of Illinois, will explain recent tax implications related to the strategies presented by the other speakers. He will be speaking throughout the day following each speaker's presentation.

Each personal finance topic covered throughout the day has tax implications associated with it. Tax ramifications affect advice preparers give to clients. Examples of topical areas affected by tax law are:

  • Tax requirements that must be satisfied in order to be considered a first-time homebuyer
  • Using the buyer's credit as part of the down payment
  • Home mortgage debt forgiveness
  • Tax rules pertaining to the purchase of LTC insurance and the payments received to cover care when it's needed
  • Tax law changes in the RMD rules
  • Tax consequences of IRA conversions
  • Rental real estate as a tax shelter

Home Ownership: A Major Asset

Kathy Sweedler, is a Visiting Extension Educator for Consumer and Family Economics at the University of Illinois Champaign Extension Office. Kathy specializes in financial planning and consumer credit issues.

What do you tell clients who ask whether they can afford to purchase a home, or who want to refinance with an ARM, or who want to pull equity out of their home for living expenses?

The current economic situation and the first-time homebuyer credit provide unique opportunities for homeowners. Low interest rates and falling home prices may allow some people to buy their first home or add to their real estate portfolio. Low interest rates—and a better understanding of some of the drawbacks of ARMs—may motivate current homeowners to refinance their loans. Older adults, who may have recently experienced a significant decline in their investment portfolios and investment income, may consider using their home equity to provide cash for daily needs. Others may face losing a significant asset through foreclosure. This session examines your clients' homeownership questions and explores resources they need to find answers. Each participant receives a CD containing decision-making software to help clients answer homeownership affordability questions.

Retirement Planning Issues

Karen Chan, CFP, is an Extension Educator for Consumer and Family Economics at the University of Illinois Countryside Extension Office. Karen specializes in both retirement planning and tax breaks for higher education.

With the value of investment accounts down and unemployment levels high, it's more important than ever for clients to make wise decisions about their retirement savings. This session provides examples and a checklist for tax advisors to use with clients. Topics include:

  • Employer matching contributions
  • Vesting
  • Selection of traditional versus Roth IRA plans
  • Handling of preretirement distributions
  • Pension benefit formulas
  • Government pensions and social security benefits

Financing Options for Long-Term Care

Paul McNamara, MPP, PhD, is an Extension Specialist and Associate Professor of Agricultural and Consumer Economics at the University of Illinois at Urbana-Champaign. One of Paul's research interests is the economic analysis of long-term care insurance issues.

People need help planning for long-term care needs. The most common question is, "Do I need long-term care insurance?" The workshop provides unbiased, quality information about long-term care financing options. Without good information, research indicates people may fail to plan or may make poor financial decisions, such as buying long-term care insurance that they cannot afford to maintain. Also, planning ahead provides people with more financial options. This session discusses the financing options available and the pros and cons of each.

Learning Objectives

Participants will be able to:

  • Evaluate home ownership decisions.
  • Guide clients through decisions about retirement plans and IRAs.
  • Advise clients about their financing options for future long-term care needs.
  • Identify tax changes available under the ARRA that clients can use to improve their financial situation.
  • Help clients recover or benefit from the financial downturn.

Materials: Each registrant receives a CD containing software that compares home prices and interest rates with a client's cash flow (a $25 value), and other written materials.

Delivery Method: Group-Live Presentation

Program Level: Basic to Intermediate

Field of Study: Taxes

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

Advanced Preparation: None

Advanced S Corporation Issues (Last offered in 2009)

IRS Responds to Abuse Concerns with Increased 1120S Audits

Don't miss a chance to hear a nationally-recognized taxation expert present an advanced course on S corporation issues.

  • What does the IRS plan to inspect when they audit your client?
  • What factors should be considered when determining whether an LLC should "check the box" and make an S election?
  • What types of trusts (including ESBTs and QSSTs) are allowed to own S corporation stock?
  • How much shareholder compensation is enough?
  • When is a fringe benefit taxable?
  • How is the built-in gains tax avoided when a conversion takes place?
  • How should one treat payment of life insurance premiums and charitable contributions?
  • Can one avoid CODI if a shareholder converts a loan into a capital contribution?
  • When should a §338(h)(10) election be considered?

CPE Credit: Up to 8 CPE credits, based on the length of your attendance.

About our Speaker

Mark A. Vogel, JD, LLM, CPA, is Associate Professor of Taxation and Director of the Graduate Tax Program at the University of Denver. Professor Vogel is a frequent speaker at conferences and seminars on taxation. He is co-chair of the Denver Tax Institute and a member of the Illinois Society of CPAs. He is an author and frequent contributor to textbooks and journals.

Learning Objectives

By attending this seminar, you will be able to:

  • Prepare your clients for S corporation audits based upon what the IRS teaches revenue agents to examine.
  • Be aware of the factors to consider when advising a client whether to check the box and make an S election.
  • Identify problems to consider if advising a client to establish an ESBT or QSST.
  • Analyze whether your S corporation clients are receiving adequate compensation.
  • Plan for optimal utilization of fringe benefits, including health insurance premiums.
  • Identify strategies to minimize the built-in gains tax on C corporation conversions.
  • Optimize distributions to avoid problems with AAA and sub C E&P.
  • Identify strategies to employ when a shareholder disposes of an interest in an S corporation.

Materials: Each registrant receives a CD containing a 700-page S corporation textbook and a copy of Professor Vogel’s PowerPoint slides.

Delivery Method: Group-Live Presentation

Program Level: Advanced

Field of Study: Taxes

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

Advanced Preparation: None

Agricultural Taxation Symposium (Last offered in 2009)

Advise, Select, Prepare, Complete

This one-day seminar brings together experts to discuss topics including:

  • Handling farm litigation and IRS tax liens
  • Impact of the 2008 Farm Bill on entity selection
  • Government money available for young farmers to purchase land
  • Yet unpublished Farm Audit Training Guide

CPE Credit: Up to 8 CPE credits, based on attendance.

About our Speakers

Lawrence Crosby, JD, practices agricultural law in the Upper Midwest from Saint Paul, MN. He has litigated against the IRS and other federal farm-related agencies and he has extensive appellate experience.

Stan W. Wilson is Chief Agricultural Program Specialist for the USDA-FSA in the Springfield Office. One of his current responsibilities is farm program payment limitations and payment eligibility.

Jeff Koch is Farm Loan Chief for the Illinois Farm Service Agency in Springfield, Illinois. In this position, he has responsibilities for direction and oversight of the farm loan program.

Gary Hoff, EA, is Extension Specialist, Taxation at the University of Illinois Tax School. He is the author of numerous tax education materials and is the editor of the annual Federal Tax Workbook which is used each fall at the University of Illinois Tax School. Gary is a member of the IRS's Pub. 225, Farmer's Tax Guide Committee.

Learning Objectives

By attending this seminar, you will be able to:

  • Advise your farm clients when it is appropriate to seek legal counsel and go to court.
  • Determine which entity is the best choice taking into consideration the impact of the 2008 Farm Bill.
  • Inform your young farm clients about government money available to purchase land.
  • Prepare for farm audits using the unpublished Farm Audit Training Guide.

Delivery Method: Group-Live Presentation

Program Level: Basic to Intermediate

Field of Study: Taxes

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

Advanced Preparation: None

Tax-Exempt Organizations: 2009 - A Year of Change (Last offered in 2008)

If you thought the IRS Form 990, Return of Organization Exempt from Income Tax, was confusing before, wait until you see the completely revised 2008 version!

Errors made on the new, lengthier Form 990 could cause your client to lose its exempt status.

The seminar also focuses on other ways your clients might lose tax-exempt status. In addition, presenters will discuss the differences between private foundations and public charities.

This is your opportunity to hear from the IRS, as well as a practicing attorney who specializes in exempt organization problems.

CPE Credit: Up to 8 CPE credits, based on attendance.

About our Speakers

Joyce Hoover has been with the IRS for over 15 years. She is a senior exempt organization reviewer.

Stephen Clarke, J.D., has been a tax law specialist with the IRS since 2005. He currently serves as Project Manager for the IRS Form 990 redesign.

Michael Clark, J.D., is a partner in the Chicago office of Sidley Austin LLP. His practice focuses on advising tax-exempt organizations and representing them before the IRS.

Learning Objectives

By attending this seminar, you will be able to:

  • Identify activities that jeopardize your clients' exempt status
  • Analyze the differences between a private foundation and a public charity and review classification issues
  • Familiarize yourself with the new Form 990 and information required of exempt organizations

Delivery Method: Group-Live Presentation

Program Level: Intermediate

Field of Study: Taxes

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

Advanced Preparation: None

Agricultural Taxation Symposium (Last offered in 2008)

Counseling Farmers in Today's Environment

This one-day seminar brings together experts to discuss topics including:

  • Tax aspects of the 2008 Farm Bill
  • Tax planning strategies for high income years
  • Analyzing cash rents and land prices
  • Preparing for increased farm income tax audits

CPE Credit: Up to 8 CPE credits, based on attendance.

About our Speakers

Dale Lattz, Paul Ellinger, Ph.D., and Gary Schnitkey, Ph.D., are University of Illinois Agricultural Economists who specialize in cash rent and farm land values.

Robert Rhea, E.A., assists farmers with accounting, tax and consulting services in west-central Illinois through the University of Illinois Farm Business Farm Management program. He writes and reviews materials for the annual Federal Tax Workbook used at the University of Illinois Tax Schools. He is the Executive Director of the National Association of Farm Business Analysis Specialists.

Richard Walden, C.P.A., owns a private tax and accounting practice in Carlinville, Illinois. He writes and reviews materials for the annual Federal Tax Workbook used at the University of Illinois Tax Schools. He also teaches for the Illinois Tax School and at Agricultural Tax Issues Seminars.

Darrell Dunteman is a partner in Bonnett and Dunteman, CPAs and Consultants. Dunteman worked for the Illinois FBFM Association before establishing his own private practice. Dunteman is a frequent contributor to Farm Futures, Illinois Prairie Farmer, and Dairy Herd Management, and publishes the Farm and Ranch Tax Guide. He is co-author of the Ag Executive Farm and Ranch Lease Guide.

Learning Objectives

By attending this seminar, you will be able to:

  • Identify provisions of the 2008 Farm Bill that apply to your clients
  • Provide high income tax planning tips to your clients
  • Analyze what a farmer can afford to pay considering high cash rent and farm land prices
  • Plan for increasing farm income tax audits

Delivery Method: Group-Live Presentation

Program Level: Intermediate

Field of Study: Taxes

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

Advanced Preparation: None

Successful College Funding: A Tax Professional's Guide (Last Offered in 2007)

College costs continue to rise

Your clients need tools to successfully plan for education funding.

  • Are you maximizing education tax benefits for your clients?
  • Can you help your clients understand and capitalize on tax benefits associated with college funding?
  • Do you know how existing tax benefits interact with the financial aid process?

CPE Credit

Up to 8 CPE credits, based on attendance.

Course Materials

Success Strategies for College Funding: a Guide for Tax Professionals, a 300 page reference manual

About our Speaker

Alice Orzechowski, CPA, CMA, EA is a nationally-recognized speaker and expert on college funding strategies. She is the author of 101 Tips for Maximizing College Financial Aid, Tax Planning for College Expenses and Tax Incentives for Paying/Saving for College. Alice owns Financial Education Institute, LLC, a tax education business.

Learning Objectives

Participants will be able to:

  • Analyze the financial aid process
  • Maximize education tax benefits for your clients
  • Explore tax advantaged ways to save for college
  • Discuss tax implications of scholarships, grants, gifts and alternative ways to pay for college

Delivery Method: Group-Live Presentation

Program Level: Intermediate

Field of Study: Taxes

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

Advanced Preparation: None

LLCs Taxed as Partnerships - Formation to Dissolution (Last Offered in 2007)

  • Are most of your LLC clients subject to the partnership taxation rules?
  • Do you know the difference between an IRC §743(b) adjustment and a §734(b) adjustment?
  • Do you give your clients the advantage of a §754 election?

CPE Credit

Up to 16 CPE credits, based on attendance.

Course Materials

LLCs Taxed as Partnerships: Formation to Dissolutions, 2007 Edition, a 200 page reference manual, by Gary Hoff, EA.

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.

Sue Voth, EA is a nationally-recognized tax education presenter. She is an author and technical reviewer for the annual Federal Tax Workbook and is also an instructor for the Fall Tax School. Sue owns a tax and accounting practice in Quincy, Illinois.

Learning Objectives

Participants will be able to:

  • Apply subchapter K provisions to various stages of the LLC lifecycle
  • Complete partnership forms and schedules
  • Calculate basis and basis adjustments
  • Describe tax consequences for transfer of interest due to sale, death, or retirement
  • Identify when IRD is recognized

Delivery Method: Group-Live Presentation

Program Level: Intermediate

Field of Study: Taxes

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

Advanced Preparation: None

Agricultural Taxation Symposium (Last Offered in 2007)

Make sense of tax opportunities for your farm clients!

This one-day seminar brings experts together to discuss topics including:

  • Farm Estate Planning
  • Farm Government Programs in the 2007 Farm Bill
  • Like-Kind Exchanges
  • Common Tax Traps and Ag related Rulings and Cases

CPE Credit

Up to 8 CPE credits, based on attendance.

About our Speakers

Mike Barton, JD is a member of Bellatti, Barton, Hamill & Cochran, LLC in Springfield, Illinois. He practices in the areas of Farm Law; Income Tax; Estate and Gift Taxation; Business Planning Law; Probate Law; Trust Law.

Robert Thompson, PhD is Gardner Chair in Agricultural Policy at the University of Illinois. He serves on the USDA-USTR Agricultural Policy Advisory Committee for Trade and as Chairman of the International Food and Agricultural Trade Policy Council.

Bob Rhea, EA assists farmers with accounting, tax, and consulting services in west-central Illinois through the University of Illinois FBFM program. He writes and reviews materials for the annual Federal Tax Workbook used at the University of Illinois Tax Schools, and occasionally teaches at the Fall Tax Schools. Bob is the national executive director for his professional organization, NAFBAS.

Gary Hoff, EA is Extension Specialist, Taxation at the University of Illinois Tax School. He is the author of numerous tax education materials and is the editor of the annual Federal Tax Workbook. Gary has over 30 years experience preparing tax returns.

Rich Walden, CPA owns a private tax and accounting practice in Carlinville, and serves on several bank boards. He writes and reviews materials for the annual Federal Tax Workbook. He also teaches for the University of Illinois Tax School and at Agricultural Tax Issues Seminars.

Learning Objectives

Participants will be able to:

  • Discuss how accountants can collaborate with a client's attorney during estate planning
  • Review current developments in farm estate planning
  • Analyze the tax implications for the anticipated 2007 Farm Bill
  • Describe tax consequences for like-kind exchanges in which your farm client might be involved
  • Identify common tax traps for farmers
  • Review recent court cases and IRS rulings affecting farmers

Delivery Method: Group-Live Presentation

Program Level: Intermediate

Field of Study: Taxes

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

Advanced Preparation: None

Form 1041 Essentials: Trusts and Estates (Last Offered in 2006)

Do You Know the Difference Between Form 1041 for an Estate and for a Trust?

  • Which box do you check?
  • What if you check the wrong box?
  • How do the rules differ?

Participants will learn about:

  • Preparation of Form 1040 for decedent's final return
  • Preparation of Form 1041 for trusts and estates
  • How to calculate correct distribution amounts
  • To understand and work with Grantor Trusts

CPE Credit

Up to 8 hours, based on attendance.

Course Materials

Introduction to Income Taxation of Estates and Trusts, by William Kulsrud, PhD, CPA

About our Speaker

William Kulsrud specializes in federal income taxes for corporations and individuals and is a member of the editorial boards of the Tax Advisor, Journal of Accountancy, and the Journal of the American Taxation Association. He is also the author and editor of four textbooks on taxation. Dr. Kulsrud is Chairperson of the Indiana University's MPA Program in the Kelley School of Business and an Associate Professor of Accounting.

Learning Objectives

Participants will be able to:

  • Prepare Form 1040 for decedent's final return
  • Prepare Form 1041 for trusts and estates
  • Calculate correct distribution amounts
  • Understand and work with Grantor Trusts

Delivery Method: Group-Live Presentation

Program Level: Intermediate

Field of Study: Taxes

Prerequisite: Familiarity with Form 1041

Advanced Preparation: None

Advising Your Aging Clients: Tax and Beyond (Last Offered in 2006)

Help Your Aging Clients Chart Their Future!

Aging issues expert, Julie Steinbacher, provides advice on how to help your clients address essential issues facing the aging population.

Participants will learn about:

  • Basic estate planning documents that are needed for their clients
  • Retirement planning options and their tax implications for clients
  • Issues regarding long-term care options and their tax implications for clients
  • Types of trusts and available public benefits that clients can use to pay for care needed during retirement years
  • Advising clients on gifting issues and completing Form 709

CPE Credit

Up to 8 hours, based on attendance

About our Speaker

Julieanne E. Steinbacher is an attorney with a BS in Gerontology. A significant portion of her practice at Steinbacher Law Firm is Elder Law. Her areas of practice include Wills, Powers of Attorney, Trusts, Estates, Medicare/Medicaid, Nursing Home Law, Disability Law, and Enforcement Litigation. Prior to becoming an attorney, she was employed by AARP and as a social worker at Valley View Nursing Facility. She has been a speaker for Penn State Tax Institutes and Tax Week, PICPA - Pennsylvania Institute of Certified Public Accountants, National Association of Tax Practitioners - PA Chapter, and Pennsylvania Society of Public Accountants.

Learning Objectives

Participants will be able to:

  • Explain basic estate planning documents to their clients
  • Describe retirement planning options and their tax implications to their clients
  • Clarify issues regarding long-term care options and their tax implications for their clients
  • Review types of trusts and available public benefits that clients can use to pay for needed care during retirement years
  • Advise clients on gifting issues and complete Form 709.

Delivery Method: Group-Live Presentation

Program Level: Intermediate

Field of Study: Taxes

Prerequisite: Interest in advising clients as they age

Advanced Preparation: None

Farm Income Taxation (Last Offered in 2006)

Join nationally recognized expert, Roger McEowen in this seminar that will help the farm tax professional effectively plan and prepare returns for his farm clients.

A few of the timely topics he will discuss include:

  • Correctly calculate and apply the manufacturing deduction (IRC Sec. 199)
  • Adeptly manage spousal rental arrangements to avoid self-employment tax issues
  • Analyze the tax issues associated with the sale of a farm
  • Understand passive loss issues and apply to farm entities
  • Revisit the farm medical expense reimbursement deduction in light of the Speltz case.

CPE Credit

Up to 8 hours, based on attendance.

Delivery Method: Group-Live Presentation

Program Level: Intermediate

Field of Study: Taxes

Prerequisite: Experience preparing farm returns

Advanced Preparation: None

The Complete Guide to IRC §199: Maximizing Your Client's Share of the $76 Billion §199 Benefit (Last Offered in 2006)

Have YOU ignored IRC §199 because the regulations

  • Are unclear,
  • Are incomplete, or
  • Were issued too late to interpret for your clients?

Do YOU believe these following myths?

  • It takes too long to calculate the §199 deduction.
  • It's not worth the fee I would have to charge.
  • This doesn't apply to my clients.

If so, make sure your liability insurance is up to date!!

CPE Credit

Up to 8 hours, based on attendance.

Course Materials

Practical Guide to the Sect. 199 Deduction, by James Kehl, CPA, published by CCH, 2006 (a $95 value!)

About our Speaker

James M. Kehl, CPA, is the author of CCH's popular new book Practical Guide to the Sec. 199 Deduction. He has also authored several tax articles that have been published in professional tax magazines, including recent articles on the new Section 199 manufacturing deduction CCH's TAXES: The Tax Magazine and the Journal of Passthrough Entities. He was the instructor for two interactive seminars sponsored by CCH on Code Section 199 and has also published an article concerning allocating costs under Code Section 199 in the Daily Tax Report.

Kehl has more than 33 years of public accounting experience with a concentration on taxation. While at a Big Eight firm, he authored an internal firm-wide manual on Section 1031 exchanges. He has taught courses in taxation for numerous professional societies and private firms.

Kehl is a partner in the accounting firm of Meehan & Roby in Timonium, Maryland. He received a B.A. in accounting from Loyola College of Baltimore and received a Masters of Science in Taxation from the University of Baltimore.

Learning Objectives

Participants will be able to:

  1. Quickly recognize situations where §199 applies.
  2. Calculate the §199 deduction using case studies from various industries.
  3. Maximize the §199 benefit for clients.

Delivery Method: Group-Live Presentation

Program Level: Advanced

Field of Study: Taxes

Prerequisite: Familiarity with IRC §199

Advanced Preparation: None

Last updated 10/10/2017 8:18:50 AM

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