Income Tax Seminar Topics

2017 Fall Topical Income Tax Update (see details below):

  1. 2017 Tax Legislation–Overview
  2. Hobby Loss
  3. Hot Issues for 2017
  4. Ethics
  5. Real Estate Foreclosures & Repossessions
  6. Crowd Funding
  7. Foreign Tax Issues

2017 Year-end Income Tax Update (see details below):

  1. 2017 Tax Legislation–Analysis
  2. Capital Gains & Loss
  3. State Tax Updates
  4. Federal Income Tax Update (includes 2017 Federal Tax Form 1040 Review)
  5. Ethics & the Disciplinary Standards
  6. IRS Practice & Procedures Review
  7. Day Care Providers in the Home
  8. Equitable Beneficial Ownership

2017 Fall Topical Income Tax Update Details

2017 TAX LEGISLATION–OVERVIEW: You’ll get a look at any new 2017 tax legislation passed by Congress through July. We’ll also provide a preview of several pieces of additional tax legislation likely to pass Congress this year and go over Congress’s plans to (or not to) extend tax provisions that expired at the end of 2016.

HOBBY LOSS: Can you distinguish between an Active Trade or Business and a Hobby? This is a subject that is gaining popularity in the tax community as we see an increase in litigation related to hobby loss. How might hobby loss rules apply to non-hobby activities and rental activity? What are some of the practical consequences? Speakers will discuss the factors in establishing a profit motive and provide questions as well as a check list to use with clients.

HOT ISSUES FOR 2017: What’s new in the field? We will present topics including: Employee vs. Independent Contractor, Domestic Production Activity Credit, Miscellaneous Income, Penalties, Conversion of C to S Corporations, Reasonable Compensations Issues, and Related Party Transactions. These topics are a direct result of last year’s feedback from our participants.

ETHICS AND THE TAX CLIENT: During the past several years, news rules have been adopted or proposed that impact how we interact with our clients. This segment will provide a look at the latest IRS regulations and changes to professional standards. We’ll look at the new ethics standards for Enrolled Agents, the updated CPA standards of professional conduct and other new professional standards for tax preparers. We’ll examine issues like independence, billing, conflicts of interest, communications, confidentiality, and a number of other ethical issues that may arise as you work with a tax client.

REAL ESTATE FORECLOSURES & REPOSSESSIONS: This section will focus on the tax ramifications of real estate foreclosures and repossessions. Take a deep dive into the potential for hidden costs as a result of lender foreclosures as well as programs developed by the government to assist homeowners. A review of Internal Revenue Code §61(a)(12) as well as Forms 1099-A and 1099-C will be provided. Presenters will deliver examples of gain or loss calculations and related issues.

CROWDFUNDING: Do you have clients who have raised money for various reasons using online platforms? This topic is gaining momentum as it relates to the tax profession. This section will define the common terms of crowdfunding, describe the various crowdfunding models, and provide examples of typical ventures. Presenters will provide a detailed example of donation based funding and a 1099-K.

FOREIGN TAX ISSUES: This section focuses on issues or challenges you could encounter as a tax professional with regards to filing foreign taxes. FinCEN 114, Form 8938, OVDP, SDP, DIRP, SOCP: “It’s all Greek to me”. This section will examine which financial assets are reportable, and which are not. There are required forms that must be filed and several programs that are available if clients fail to report foreign assets. Speakers will provide a checklist of questions that can be used during tax preparation. An overview of ITINs and Canadian tax returns will be presented as well.

2017 Year-end Income Tax Update Details

2017 INCOME TAX LEGISLATION: You’ll get a look at any new 2017 tax legislation passed by Congress through October. We’ll go over how your 2017 income tax filings will be affected by the 2017 tax legislation and by the many changes enacted in prior years that will be effective for your clients’ 2017 tax filings. We’ll also provide a preview of several pieces of additional tax legislation likely to pass Congress this year and go over Congress’s plans to (or not to) extend tax provisions that expired at the end of 2016.

CAPITAL GAIN/LOSS: A potentially confusing concept in tax law, yet there are special circumstances that a tax professional must comprehend in order to provide clients with the most favorable approach. When are repairs considered a capital improvement? How do we report the disposal of retired assets? Speakers will discuss Form 3115 and when or why to use it. Examples of capital gains and loss will also be presented and discussed.

STATE TAX UPDATES: Each Part II Seminar includes a thorough review of state law and form changes for Illinois, Iowa, Nebraska, Ohio, or Pennsylvania. Each seminar will cover the state in which the seminar is held, with the following exceptions:

  • Illinois and Iowa reviews will both be presented at the Davenport seminar.
  • Nebraska and Iowa reviews will both be presented at the Omaha & Sioux City seminars.
  • Ohio and Pennsylvania reviews will both be presented at the Pittsburgh and Youngstown seminars.

The review for each state includes explanations of revised forms and analysis of troublesome areas that may affect filings. Each state review also includes coverage of important new state rulings and other state income tax developments.

FEDERAL INCOME TAX UPDATE: Our thorough “Form 1040 & Beyond” review of up-to-the-minute tax law and IRS form changes for 2017 will include line-by-line explanations and analysis of troublesome areas. Our review will be fully integrated with any 2017 tax acts, as well as with the numerous tax law changes enacted under prior acts. We’ll also cover some of this year’s most important tax court cases, IRS rulings, and other federal tax developments. The seminar includes many practical and useful illustrations to have you “up and running” for next year’s tax season and ready to answer your clients’ questions about the new tax laws.

ETHICS–THE TAX PROFESSIONAL’S DISCIPLINARY STANDARDS: Today, every tax professional faces rapidly expanding ethical responsibilities as courts and governmental agencies challenge the nature of traditional client relationships. With special emphasis on the disciplinary standards, we’ll look at how professional associations and licensing boards are modifying professional standards and how those changes impact tax preparation and tax planning. We’ll examine recent IRS and Congressional proposals to direct the tax professional’s focus toward client compliance and how these proposals are likely to impact tax avoidance planning. We’ll also look at a number of other ethical issues facing our profession. This segment is directly related to your professional responsibilities and includes materials taken from the ABA Model Rules, as well as other disciplinary standards and rules established for attorneys, certified public accountants, enrolled agents, and certified financial planners.

IRS PRACTICE AND PROCEDURES REVIEW: This year we are providing a “how to” guide for use as a reference. It will be located in the Supplement section and will cover everything from “soup to nuts”. This is a result of the most common questions our speakers are asked during the seminars as well as from their colleagues. It’s the tax professional’s survival guide.

DAY CARE PROVIDERS IN THE HOME: There is an increase in the need for different childcare options; a popular choice is a provider who is licensed to operate out of their home. There are several unique tax rules that apply to this situation. Speakers will discuss “Regular Use”, “Food Program”, “Home Depreciation”, and several other unique regulations that must be in the tax professional’s knowledge toolbox.

EQUITABLE BENEFICIAL OWNERSHIP: Don’t be fooled by the old wives’ tale that “No legal title equals no tax deduction.” Speakers will review the requirements of when and how you can deduct mortgage interest and real estate tax on a personal residence that is not “legally titled” to you. Support your decisions with relevant case laws discussed in this section.



* Ohio CPAs: Each seminar is approved for 8 hours of CPE including 1 hour of professional standards and responsibilities for all CPAs who have already taken the mandatory 3-hour professional standards and responsibilities course. CPAs whose license expired prior to 2006 should have already taken that course. Ohio’s Accountancy Board requires that CPAs attend a special 3-hour professional standards and responsibilities course before an Ohio CPA can renew their initial license. Those who have not yet taken the mandatory course will receive 8 hours of CPE in taxation.

* Attorneys: Each of our seminars are approved for 6.75 sixty-minute hours of CLE including 1 hour of ethics by the CLE accrediting agencies in states where we present our seminars and by the Federal Courts. In Pennsylvania, each of our seminars is approved for 6.5 sixty-minute hours of CLE including 1 hour of ethics.

* CFPs: Although Certified Financial Planners will receive 8-hours of CE credit for attending each of our 2017 seminars, none of the hours will qualify for CFP ethics credit.


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