2015
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Income Tax Seminar and Tax Ethics
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CPA Ethics Seminar
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Introductory Tax Preparation
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55th Tax Seminar

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The Income Tax Continuing Education 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, 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 General Session
+ 2 hours for each subject Evening session not available at all locations
18 Potential Total Hours

This seminar is an approved CP provider with the IRS.

CPE for CPAs
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National Association of State Boards of Accountancy Logo

Virginia Board of Accountancy

16 hours General Session
+ 2 hours1 for each subject Evening session not available at all locations
+ 2 hours of Ethics Evening session ($80 extra) 2
20 PotentialTotal 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 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 2015

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 for 2014. Application will be made for 2015.

MCLE for Lawyers
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13.5 Hours General Session credit only
MCLE Credits were approved for Virginia from 1988 to 2014. Application will be made for 2015 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 an approved sponsor for continuing education credits in the state of Virginia for the 2015-2016 Biennium (Sircon)

 


Locations & Schedule

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Location Date
General Session
16hrs.
Farm
Session
2hrs.
$80 extra CPA Ethics
Session
2hrs.
Fee Fee
after
Oct. 15
Richmond I
November 2-3
Nov. 2
Nov. 3
345 375
Abingdon
November 9-10
Nov. 9
Nov. 10
305 335
Lynchburg
November 11-12
Nov. 11
None
305 335
Weyers Cave
November 16-17
Nov. 16
Nov.17
305 335
Falls Church
November 18-19
None
None
315 345
Roanoke

November 23-24

Nov. 23
Nov. 24
325 355
Dulles
Nov. 30 - Dec. 1
None
Dec. 1
345 375
Fredericksburg
December 2-3
Dec. 2
Dec. 3
320 350
Williamsburg
December 7-8
Dec. 7

Dec. 8

320 350
Chesapeake
December 9-10
None
Dec. 10
320 350
Richmond II
December 14-15
None
Dec. 15
320 350

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 for CPA's who signed up for standalone ethics: starts at 4:45 PM and ends at 6:45PM.


Topics
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  • New legislation
  • Affordable Care Act
  • Net Investment Income Tax
  • Individual Taxpayer Issues
  • Agricultural & Natural Resource Issues
  • Business Entities
  • Tax Practice
  • IRS Issues
  • Retirement
 
  • Form 4797
  • Repair and Capitalization Regulations
  • Fiduciary Tax Issues
  • Foreign Tax Issues
  • Selected Rulings and Cases
  • Evening Sessions at selected locations
    • Farm Session
    • Ethics Session ($25 extra)
       
Learning Objectives
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Upon completion of this course, tax practitioners will be able to:

1. Understand the Affordable Care Act mandates for health insurance for individuals and employers, as well as understand the tax practitioners role in implementing these mandates

2. Verify selected new rulings and cases that were issued from September 2014 through August 2015 by the IRS and the courts.

3. Apply the Net Investment Income Tax (NIIT), including reporting net investment income to and from Schedules K-1.

4. Tax rules to assist the Individual Taxpayer in the following areas:

  • Tax Issues for parents of disabled children
  • Hobby rules/losses
  • Dealing with identity theft
  • Portability of the estate tax exemption equivalent

5. Analyze Business Issues and recommend the apprpriate tax treatment for the tax payers in the following areas:

  • Uniform Capitalization rules under I.R.C. § 273A.
  • Per diem Rules
  • Automobiles
  • Amending and making late elections
  • Startup expenses
  • Correction depreciation errors
  • Method of accounting

6. Understand Agricultural and Natural Resource Issues that affect clients in the follwing areas:

  • Allocating crop insurance payment between crop loss and revenue loss
  • Christmas Trees
  • Water Issues
  • Ethanol Credits and carry-forwards
  • Material participation
  • Lease versus purchase of farm assets

7. A single member LLC as a disregarded entity or an S corportaion. They will know how to make the S election, understand adequate compensation, gifting shares to family members, and terminating the S election.

8. Know which key issues the IRS highlights for practioners, including employment tax issues, audit reconsideration, and collection issues.

9. Ethics for the IRS

10. Review what tax practice issues may be encountered by tax preparers, including but not limited to:

  • Working with incomplete records
  • Pro's and con's of extending the statute of limitations
  • What triggers an audit
  • Power of attorney issues
  • How to report tax practioner misconduct

11. Understand Retirement issues that affect tax practioners in the following areas:

  • myRA accounts
  • Inherited IRA's
  • IRA rollover tax law changes
  • Taxable social security benefits
  • One-participant 401(k) plans

12. Apply and understand the use of Form 4797 for reporting certain property transactions, including:

  • I.R.C. § 1231 treatment
  • Casualty gains and losses
  • Depreciation recapture
  • Installment sales
  • Recapture of I.R.C. § 179 deductions

13. Understand the effects of repair and capitalization regulations on small and large businesses and how they are affected differently. They will also know when Form 3117 is not required by small businesses; why a "unit of proprty" matters; and how rental proprety is affected.

14. Fidicuciary Tax issues including:

  • Income Distribution
  • Income in respect of a decedent
  • Basis of assets for simple estates

15. Foreign Tax Issues: understand common issues tax practitioners face with clients who have foreign income or foreign accounts, including the foreign tax credit and filing requirements for U.S. citizens living abroad.

16. CPA Ethics if CPA Ethics Session is attended

 

Book, CD & More
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The searchable CD covers the 2015, 2014, 2013, & 2012 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

Rick Beason CPA
George C. Gretes EA
Glenna Mackenzie EA
Lillian Young CPA
IRS Instructors
 

©2015 Virginia Tech Income Tax School