2016
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Income Tax Seminar and Tax Ethics
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CPA Ethics Seminar
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Introductory Tax Preparation Seminar
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56th Tax Seminar

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The Income Tax Seminar is a two day continuing education program providing 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, and the IRS will examine new tax laws and their implications.

Continuing Professional Education Credits
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CPE for Enrolled Agents
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16 Hours Credit - General Session1
+ 2 Hours Credit per Evening session subject2
18 Potential Total Credit Hours

1. This seminar is an approved CP provider with the IRS.
2. Not available at all locations.


CPE for CPAs
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National Association of State Boards of Accountancy Logo

Virginia Board of Accountancy

16 Hours Credit - General Session
+ 2 Hours Credit per Evening session subject1
+ 2 Hours CPA Ethics Credit - Evening session ($80 extra) 2
20 Potential Total Credit Hours

1. Not available in all locations. 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 professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.
2. The course content includes ethics material required by the Virginia Board of Accountancy for the calendar year of 2016
.

CE for CFPs
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CPE Logo 16 Hours Credit - General Session
The CFPTM Board accepts Land Grant University Tax Education Foundation (Virginia Tech is a member of this organization) program for CFPTM CE for 2015. Application will be made for 2016.

MCLE for Lawyers
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13.5 Hours Credit - General Session
MCLE Credits were approved for Virginia from 1988 to 2015. Application will be made for 2016 credit. If you are interested in another state please contact us prior to registering.

CE for Insurance Agents
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16 Hours Credit - General Session
The Income Tax School is an approved sponsor for continuing education credits in the state of Virginia for the 2016-2017 Biennium (Sircon).

 


2016 Locations & Schedule

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Location
General Session
16 Hours
Farm
Session
2 Hours

General Session Fee 16 Hours

General Session w/ Late Fee
(after Oct. 25)

CPA Ethics 2 Hours (Additional $80)

Richmond I

Marriott West
4240 Dominion Blvd.
Glen Allen, VA 23060

Oct. 31 -
Nov. 1
Oct. 31
$350 $380
Nov. 1

Falls Church

VT NOVA Center
7054 Haycock Road
Falls Church, VA 22043

Nov. 2 - 3

Not Available

$320 $350
Not Available

Abingdon

Southwest Higher Ed Center
1 Partnership Circle Abingdon, VA 24210

Nov. 7 - 8
Nov. 7
$315 $345
Nov. 8

Lynchburg

Hilton Garden Inn
4025 Wards Road Lynchburg, VA 24502

Nov. 9 - 10
Nov. 9
$315 $345
Nov. 10

Roanoke

Sheraton Roanoke Hotel and Conference Center
2801 Hershberger Rd NW Roanoke, VA 2401

Nov. 14 - 15
Nov. 14
$330 $360
Nov. 15

Weyers Cave

Blue Ridge Community College
College Lane
Weyers Cave, VA 24486

Nov. 16 - 17

Nov. 16
$315 $345
Nov. 17

Dulles*

Holliday Inn Dulles
45425 Holiday Drive
Dulles, VA 20166

*Maryland Tax Preparers

Nov. 28 - 29

Nov. 29

MD TAX

$350 $380
Nov. 28

Fredericksburg

Fredericksburg Expo and Conference Center
2371 Carl D. Silver Pkwy Fredericksburg, VA 22401

Nov. 30 - Dec. 1

Nov. 30
$330 $360
Dec. 1

Williamsburg

Fort Magruder
6945 Pocahontas Trail Williamsburg, VA 23185

Dec. 5 - 6
Dec. 5
$325 $355
Dec. 6

Chesapeake

Chesapeake Conference Center
900 Greenbrier Circle Chesapeake, VA 23320

Dec. 7 - 8
Not Available
$325 $355
Not Available

Richmond II

Double Tree by Hilton
1021 Koger Center Blvd Richmond, VA 23235

Dec. 12 - 13
Not Available
$325 $355
Not Available

Schedule:

  • General Session: 8:30am - 4:45 PM (12:00pm Plated lunch)
  • Farm Session: 4:50 PM - 6:30 PM
  • Ethics sessions: 4:50 PM - 6:30 PM; for CPA's who signed up for standalone ethics
  • There will be a Maryland Tax presentation from 4:50 - 6:30 PM on Nov. 29, 2016 at no additional fee.

Topics
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  • New Legislation
  • Rulings and Cases
  • Affordable Care Act
  • Death of a Taxpayer
  • Business Issues
  • Agricultural & Natural Resource Issues
  • Individual Issues
  • IRS Issues
 
  • Ethics
  • Domestic Production Activities Deduction
  • Retirement
  • Business Entity Issues
  • Financial Distress
  • Related Pary Issues
  • Taxation of Foreign Income
  • Penalties and Defenses 
Learning Objectives
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Upon completion of this course tax practitioners will be able to:

1. Have a better understanding of new tax legislation that was enacted late in 2015 and 2016, including the following:

  • A brief summary of each provision
  • Cross-references to other chapters to help participants find further information on some of the topics
  • A table of effective dates to help participants keep track of when provisions expire

2. Verify selected rulings and cases that were issued from September 2015 through August 2016 to give participants an update on issues that are being addressed by the IRS and the courts.

3. Better understand Affordable Care Act with emphasize on issues for smaller employers. Topics include:

  • Updates and new guidance
  • Determining whether an employer is an applicable large employer
  • Premium tax credit issues

4. Understand individual income tax, fiduciary income tax, and estate tax issues following the death of a taxpayer. A discussion on trust planning given the increased exemption amount and portability, and tips for dealing with an older estate plan that cannot be changed will be covered. It also includes basis issues involving life estates, joint tenancy, and community property.

5. Understand complexity of business return forms, including:

  • Updates and new guidance on the repair regulations
  • Casualty losses
  • Schedules K-1 for S corporations and partnerships
  • Repair regulations applicable to rentals

6. Identify key agricultural and natural resources issues that affect farmers, including:

  • New bonus depreciation rules for plants, vines, and trees
  • Valuation of growing crops
  • Conservation Reserve Program issues
  • Payments to 4-H or FFA members

7. Review individual tax return issues such as:

  • Characterization of crowdfunding and fantasy sports income
  • Airplane and automobile expenses
  • Newly proposed regulations on innocent/injured spouse relief
  • Deducting expenses of home care for children and seniors
  • Taxaxation of clergy, Mennonite, and Amish

8. Review key issues the IRS is targeting for practitioners including:

  • New Form 2848, Power of Attorney
  • Identity Theft
  • IRS Appeals
  • IRS Future State initiative to increase e-filing and payment options, and expand services

9. Recognize practitioner ethical obligations such as:

  • New Due Diligence requirements
  • Engagement letters (including a sample letter)
  • Conflicts of Interest (including a sample waiver)
  • Adopting a security plan to safeguard data

10. Understand the mechanics of the Domestic Production Activities Deduction (DPAD). Flow through of the DPAD at the individual level along with special rules related to cooperatives.  DPAD discussion and examples specific to the construction, agricultural, and manufacturing industries will also be included.

11. Understand common retirement tax planning issues including:

  • Taxability of social security benefits
  • Self-directed IRAs
  • Retirement distributions, including required minimum distributions
  • Choosing a retirement plan for a business

12. Better advise clients who own a small business entity as to the following:

  • S corporation elections and conversions
  • Fringe benefits such as health insurance and HSA contributions in an S corporation
  • New proposed hot asset regulations for partnerships
  • Form 1023-EZ update
  • New procedures for submission and review of applications for tax exempt status

13. Identify clients in financial distress and assist in tax planning for industry. Topics include:

  • Forms 1099-A and 1099-C, including the distinction between cancellation and discharge of debt
  • Tax consequences of foreclosure and deeds in lieu of foreclosure
  • Bad debt
  • Cancellation of Debt (COD) income and exclusions from COD income

14. Better advise related parties in tax planning. Practitioners will be able to understand the Internal Revenue Code special rules for transactions between related parties; rules in the context of installment sales; sale of property at a loss; I.R.C. § 179; gain on sale or exchange of depreciable property; educational assistance programs, and I.R.C. § 139 disaster relief payments.

15. Identify key issues in taxation of foreign income, including:

  • Streamlined compliance procedures to remedy a failure to report foreign financial assets
  • Reporting and taxation of foreign pension distributions (e.g. Canadian pensioners)
  • Nonresident alien filing issues, including exemptions for nonresident dependents, and ITIN requirements

16. Advise clients of penalties and defenses such as failure to file, pay, or deposit, estimated tax penalties, and information reporting penalties.  Practitioner will understand how to reduce or eliminate these penalties. Tax practitioners will understand:

  • Reasonable cause
  • First time penalty abatement
  • Administrative waivers
  • Undue hardship
  • Statutory exceptions

 

Book, CD & More
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The searchable CD covers the 2016, 2015, 2014, & 2013 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

Glenna Mackenzie EA
Lillian Young CPA
Vaughan M. Long EA
Larry Ford
Vaughan M. Long EA
IRS Instructors

©2016 Virginia Tech Income Tax School