2009 
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Income Tax
Seminar
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Ethics
Seminar
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Introductory Tax
Preparation Seminar
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The Seminar

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The Income Tax Seminar is an intensive study of the tax law and regulation governing individuals, small businesses, and farms. It is designed for persons with tax experience. Preparation of both federal and state taxes will be covered. Experienced CPAs, EAs, Virginia Tech faculty, the IRS, and Virginia Tax Department will examine new tax laws and their implications. We offer a variety of evening sessions at selected locations focusing on specific topics of interest to practitioners.

Continuing Professional Education Credits
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CPE for CPAs
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CPE Logo 16 hours1 General Session
+ 2 hours1 for each subject Evening session not available at all locations
+ 2 hours of Ethics Evening session ($20 extra) 2
____ Total Hours

1. Delivery method = group-live, course type = update, & no prerequisites. Virginia Tech Continuing and Professional Education is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing and professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN,37219-2417. Web site: www.nasba.org.
2. The course content includes material required by the Virginia Board of Accountancy for the calendar year of 2007

CPE for Enrolled Agents
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CPE Logo16 hours General Session
+ 2 hours for each subject Evening session not available at all locations
+ 2 hours of Ethics Evening session ($20 extra)
____ Total Hours

This seminar is an approved sponsor of the Enrolled Agent credits with the IRS.

CE for CFPs
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CPE Logo 16 hours General Session credit only
The CFPTM Board accepts Land Grant University Tax Education Foundation (Virginia Tech is a member of this organization) program for CFPTM CE.

MCLE for Lawyers
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12 Hours General Session credit only
MCLE Credits were approved for Virginia from 1988 to 2008. Application will be made for 2009 credit. If you are interested in another state please contact us prior to registering.

CE for Insurance Agents
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16 Hours General Session credit only
(Income Tax School is a approved sponsor for continuing education credits in the state of Virginia for the 2007-2008 Biennium (Prometric) The 2009 Income Tax Seminar is being reviewed as an independent course for course approval.)

Locations & Schedule Register early as we expect many sites to fill! Late Fees Apply! Register
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Site Date
General Session
16hrs.
Farm
Session
2hrs.
Maryland
Session
2hrs.
$20extra Ethics
Session
2hrs.
Fee Fee
after
Oct. 1
Richmond I November 2 - 3 day1 none day2 $270 $300
Staunton November 4 - 5 day1 none day2 $250 $280
Bristol November 9 - 10 day1noneday2 $250 $280
Roanoke November 11 - 12 day1 none day2 $250 $280
Fallschurch Express
Metro access

November 16 - 17Express

none none none $280 $310
Lynchburg November 18 - 19 day1 noneday2 $250 $280
Reston Nov. 30 - Dec. 1 none day2 day1 $280 $310
Fredericksburg December 2 - 3 day1 none day2 $270 $300
Williamsburg December 7 - 8 day1 none day2 $270 $300
Chesapeake December 9 - 10 none none day1 $270 $300
Richmond II December 14 - 15 none none day2 $270 $300

Schedule: General session: 8:30am - 4:45pm (12:00pm Plated lunch) Evening sessions: start at 5:00pm and end at 7:00pm
Express Schedule: General session: 7:30am - 3:45pm (11:00am Box lunch) Evening sessions: none


Topics for 2009
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  • New legislation
  • Rulings and Cases
  • Individual Taxpayer Issues
  • Business Issues
  • Agriculutral Issues
  • Retirement
  • Investment Issues
  • Business Entities
  • IRS Issues
  • Ethics
 
  • Tax Practice
  • Tax Credits
  • Net Operating Losses
  • Tax Exempt Organization
  • Tax Rates and Useful Tables
  • Evening Sessions at selected locations
    • Farm Session
    • Maryland Tax Session
    • Ethics Session ($20 extra)
       
Learning Objectives
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Upon completion of this course, tax practitioners will be able to:

1. Identify the effective and sunset dates established by new tax legislation.

2. Verify selected new rulings and cases that were issued from September 2008 through August 2009 by the IRS and the courts..

3. Apply tax rules to assist the Individual Taxpayer in the following areas:

      • Sale of a vacation home following rental property treatment
      • Stock options and AMT
      • Foster care
      • Adoption and surrogate mother
      • Reverse mortgages
      • Sabbaticals

4. Analyze Business Issues and recommend the appropriate tax treatment for the tax payers in the following areas:
     

      • Business use of home: planning—tax effect of claiming the business use of home deduction including the effect on listed property and the effect on sale of home
      • Cell phones and land lines as fringe benefits;
      • Internet and computers
      • Passive loss
      • Constructive receipt and expense deduction (checks at end of year)
      • I.R.C. § 179 deduction income limit
      • Energy credits/provisions

 

5. Advise tax payers on the implication of how to and when to terminate a multiple-member entity using an LLC as the example.

6. Evaluate and apply the following practitioner issues:

      • EITC due diligence
      • Notices from more than one campus for the same taxpayer and the same tax year
      • Substitute for returns
      • Transferring collection cases to local offices
      • Tax audits: explanation of the different types of audit
      • How to communicate with IRS to fix problems
      • How to perfect a general power of attorney

7. Measure the tax consequences of retirement distributions and the options for those distributions.

8. Assess the income tax consequences of financial distress. The tax practitioner assess the tax consequences of transfer of property, debt forgiveness, the new law on home mortgages and abandonment of property.

9. Examine the application of ethics in the tax practice.  An examination of  the AICPA’s Statements on Standards for Tax Services; the IRS’s Circular 230; and relevant penalty provisions in the Internal Revenue Code affecting both tax professionals and their clients.  Tax practitioner will be informed of  ways for the tax professionals to strengthen their ethical awareness.

10. Formulate investments tax strategies for tax clients based on the application of tax rules in the following areas:

      • Basis of mutual funds and other investments
      • Form 1041: expenses subject to the 2% of adjusted gross income floor
      • Sales of royalties and working interests
      • Stock options and credits
      • Real Estate Issues: financial distress; I.R.C. § 1031 exchanges; and easements

 

11. Extrapolate income  tax rules that affect claiming deductions for the cost of owning and operating a vehicle. Topics include:

      • Standard mileage rate and recapture
      • Passenger automobile limits
      • I.R.C. § 179 deduction
      • Partial business use of automobiles
      • Leasing an automobile
      • Trade-in of vehicle
      • Employee use of vehicle
      • Reimbursement of employee for vehicle use
      • Entity versus employee ownership of vehicles
      • Safe harbor for farmers
      • Recapture provisions
      • Energy credits

12. Evaluate taxpayers loss deduction limits in the following areas:
     

      • Hobby losses and vacation home limits
      • Basis limitation
      • At risk rules
      • Passive activity losses
      • Net operating losses
      • C Corporations

13. Examine the taxation of military personal and the tax implications of events surrounding the call to active duty and problems of active duty to include taxation of:

      • Military pay
      • Combat zones (timing of bonuses)
      • Financial distress issues
      • Family issues
      • Schedule A (Form 1040) deductions
      • Basic return filing information
      • Retirement issues
      • Educational assistance

 

14. Translate the restaurant or hospitality income tax issues for a small business as well as some issues that are unique to their industry. Issues are illustrated with examples such as  depreciation; smallwares; tips; and other labor issues.

15. Review and find Tax Rates and Useful Tables.

 

Book, CD & More
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The searchable CD covers the 2009, 2008, & 2007 Textbooks. The textbook covers, in detail, the topics listed. It is a comprehensive study manual written and reviewed by CPAs, tax attorneys, IRS agents, and tax practitioners. The text is used in more than 25 states. The speakers focus on selected topics from the book and provide additional materials. A supplement will provide additional material from the state and the speakers.

Instructors
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L. Leon Geyer JD
Larry Andrews EA
Mark J. Rocawich EA
Rick Beason CPA

George C Gretes EA

Glenna McKenzie EA

IRS Instructors
Virginia Department of Taxation Instructors

©2009 Virginia Tech Income Tax School