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Income Tax
Introductory Tax Preparation Seminar

The Seminar

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

CPE for Enrolled Agents
15 hours General Session
+ 2 hours for each subject Evening session not available at all locations
____ Total Hours

This seminar is an approved CP provider with the IRS.

CPE for CPAs

CPE for CPAs

Virginia Board of Accountancy

16 hours1 General Session
+ 2 hours1 for each subject Evening session not available at all locations
+ 2 hours of Ethics Evening session ($25 extra) 2
____ Total Hours

1. Delivery method = group-live, course type = update, & no prerequisites. The Virginia Board of accountancy generally accepts relevant and qualifying CPE from Accredited college or universities offering semester or quarter-hour credits [Virginia Board of Accountacny Board Policy #2, January 8, 2013]
Virginia Tech is an Accredited College and University offering semester or quarter hour credits.
2. The course content includes material required by the Virginia Board of Accountancy for the calendar year of 2012

CE for CFPs
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 for 2011. Application will be made for 2012.

MCLE for Lawyers
13.5 Hours General Session credit only
MCLE Credits were approved for Virginia from 1988 to 2011. Application will be made for 2012 credit. If you are interested in another state please contact us prior to registering.

CE for Insurance Agents
16 Hours General Session credit only
Income Tax School is an approved sponsor for continuing education credits in the state of Virginia for the 2012 (Sircon) The 2013 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
Site Date
General Session
$25extra Ethics
Fee Fee
Oct. 15
Richmond I November 4 - 5 day1 none day2 $300 $330
Abingdon November 11 - 12 day1 none day2 $280 $310
Weyers Cave November 13 - 14 day1noneday2 $280 $310
Lynchburg November 18 - 19 day1 none day2 $280 $310

November 20 - 21

day1 none day2 $280 $310
Dulles December 2 - 3 none day1 day2 $310 $340
Fredericksburg December 4 - 5 day1 none day2 $300 $330
Williamsburg December 9 - 10 day1 none day2 $300 $330
Chesapeake December 11 - 12 none none day1 $300 $330
Richmond II December 16 - 17 none none day1 $300 $330

Schedule: General session: 8:30am - 4:45pm (12:00pm Plated lunch). Evening Farm Session: Starts at 4:45PM and ends at 6:45PM. Evening Ethics sessions: start at 3:45 PM and end at 5:45PM.

Topics for 2013
  • New legislation
  • Rulings and Cases
  • Individual Taxpayer Issues
  • Business Issues
  • Agricultural & Natural Resource's
  • Retirement
  • Business Entities
  • IRS Issues
  • Tax Practice
  • Ethics
  • Fiduciary Tax Issues
  • Gifts and Inheritances Issues
  • Business Assets
  • Evening Sessions at selected locations
    • Farm Session
    • Maryland Tax Session
    • Ethics Session ($25 extra)
Learning Objectives


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 2012 through August 2013 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
The searchable CD covers the 2013, 2012, & 2011 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.

L. Leon Geyer JD
Larry Andrews EA
Rick Beason CPA
George C. Gretes EA

Glenna MacKenzie EA

David Zimmer, CPA

IRS Instructors

©2013 Virginia Tech Income Tax School