CE/CPE Program Descriptions
Field of Study: Federal Tax Law Topics / Taxes
Who Should Attend: Enrolled Agents, CPAs, Tax Preparers, Tax Attorneys
Advanced Preparation: None
Wednesday, June 14, 2023
10:00 – Noon
Tax Impact of a Change in Accounting Method
presented by Mark F. Seid, CPA EA USTCP
(2 hours CE/CPE)
A taxpayer's method of accounting must clearly reflect income and be used consistently from year to year. Once adopted, a method of accounting cannot be changed without approval from the IRS; consequently, sound advice from a professional is vital to clients. This course reviews and defines the most common changes in accounting method, providing practitioners with the knowledge they need to properly advise their clients. Though detailed examples (complete with filled-in forms) attendees will learn how to properly complete Form 3115, which items are necessary and those that should be skipped, how to calculate and present IRC §481(a) adjustments, the required attachments under the latest revenue procedure, and recently revised filing instructions.
Learning Objectives:
Identify when a change in accounting method is needed
Learn where to find the filing requirements for Form 3115
Understand how to calculate the §481(a) adjustment
Learn when Form 3115 can be filed – the answer will surprise you!
Prerequisites: General understanding of tax accounting methods
Program Level: Intermediate
1:00 - 3:00 p.m.
§163(j) Business Interest Limitation in Full Swing
presented by Mark F. Seid, CPA EA USTCP
(2 hours CE/CPE)
Don’t deduct all that interest expense until you attend this course! §163(j) hits full stride on 2022 tax returns at 30% of ATI and no add back of depreciation and amortization. Business interest expense limitation began with TCJA and was substantially modified by the CARES Act, creating significant relief, pain, and planning opportunities. Two sets of final regulations gave us a new acronym TTI, confirmed the 11-step process of allocation to partners, modified what is considered interest and much more. The limitation is demonstrated through multiple-year examples and most importantly - provides details on how to get out the limitation entirely!
Learning Objectives:
Learn who is subject to the business interest limitation
Learn how to calculate the limitation for the current year and how to deal with carryovers
Understand how the limitations is applied to individuals, partnerships and S corporations
Learn how to avoid the limitation entirely
Prerequisites: General understanding of tax capitalization and deduction limitations
Program Level: Intermediate
3:00 - 5:00 p.m.
Penalty Abatement for Fun & Profit
presented by Mark F. Seid, CPA EA USTCP
(2 hours CE/CPE)
A lively romp through Code, Regulations and the IRM will help you learn how to do effective penalty abatement - profitably! Learn how to use the IRC, Regulations and IRM to fight the IRS with a proven method for getting penalties to disappear. This course provides citations, forms, and sample letters sure to get penalty relief. Learn the best fee structures, (even allowable contingent fee engagements) to make penalty abatement more than just fun - make it profitable.
Learning Objectives:
Learn when the IRS can assert various penalties
Learn the statutory exceptions to penalty assertion
Learn the IRM rules for penalty abatement
Learn the Circular 230 rules for contingent fee agreements and limitations on fees
Prerequisites: General understanding of tax law hierarchy
Program Level: Intermediate
Thursday, June 15, 2023
10:00 – Noon
Energy Credits: What Tax Pros Need to Know
presented by Patrick Knightly, EA
(2 hours CE/CPE)
This presentation will focus on Energy Credits available to taxpayers, how to use them, when to use them, and what some taxpayers have misheard about them so far. The presentation will include discussion of the current state and availability of Energy Credits, including residential credits, electric vehicle credits, solar credits, etc.
Learning Objectives:
Know the credits available to encourage energy saving improvements/purchases
Know the limits on credit amounts, both current and lifetime
Know what types of items qualify for the Energy Credits and how to find out if your client’s purchase qualifies (including Electric Vehicles)
Know the impact of adding qualified energy improvements during initial construction vs. post construction
Prerequisite: Basic knowledge of federal taxation in the U.S. to include the tax impact of refundable and non-refundable credits
Program Level: Intermediate
1:00 - 3:00 p.m.
Reporting Foreign Activity in PTEs (When and How to Complete K-2 & K-3 Forms)
presented by Patrick Knightly, EA
(2 hours CE/CPE)
This presentation will focus on the completion and filing of the K-2 and K-3 forms now required in some situations when filing tax returns for pass through entities (like S-Corps and Partnerships), including why the forms are now required, how to complete the forms, when to file them and for which companies/individuals you must complete the forms, as well as how these new forms may impact shareholder or partner personal returns.
Learning Objectives:
Know when the K-2 and/or K-3 are required
Know when the K-2 and K-3 are not required, and when you should file them anyway.
Know the way to allocate income, expenses, credits, etc on the K-2 and how that information passes through to the K-3
Know the repercussions for failing to file the K-2 and K3 when required
Prerequisites: Basic knowledge of federal taxation in the U.S. as it applies to pass through entities like S-Corporations and Partnerships.
Program Level: Intermediate/Advanced
3:00 - 5:00 p.m.
Avoiding Common Accounting & Tax Mistakes when Serving Houses of Worship & Clergy
presented by Ericka S. Williams, EA
(2 hours CE/CPE)
In this seminar, we’ll dig deep into client advisory and tax opportunities for accounting professionals who want to serve the vertical market of Houses of Worship (HOW). You’ll gain valuable insights and hear fresh ideas and opportunities as we look at Houses of Worship from both sides of the pulpit. We will be uncovering common accounting misconceptions and from the vantage point of the House of Worship as well as often‐overlooked tax strategies from the Clergy’s perspective.
Learning Objectives:
Find, communicate, and eradicate common misconceptions and mistakes made by HOWs and the Clergy.
Setup workflows utilizing QBOnline Payroll for Clergy and Houses of Worship.
Review a Case Study of a minister’s tax return and apply all of their specialized tax laws to the minister’s tax situation.
Immediately implement new advisory service offerings to Houses of Worship as well as tax strategies for the individual Clergy.
Prerequisites: Basic knowledge of federal taxation in the U.S.
Program Level: Basic/Intermediate
Friday, June 16, 2023
10:00 – Noon
Help! My passport has been revoked! Representing a Non-Filer with Delinquent Tax Issues
presented by Ericka S. Williams, EA
(2 hours CE/CPE)
In this course, you’ll learn how to represent clients who don’t file their tax returns. You’ll learn how to resolve IRS issues related to non-filing.
Learning Objectives:
Determine the best strategies to get the client into compliance.
Understand the process of reinstating a revoked passport.
Analyze the clients tax liability and provide the best collection strategies.
Learn techniques to keep the clients informed during the collection process.
Prerequisites: Basic knowledge of federal taxation in the U.S.
Program Level: Basic/Intermediate
1:00 - 3:00 p.m.
How to Successfully Defend a Client in an IRS Audit
presented by Ericka S. Williams, EA
(2 hours CE/CPE)
Meeting with an IRS agent can be stressful to a taxpayer who doesn’t not understand tax law. In this seminar, we will embark on a case study of an IRS audit from start to finish. You will learn how to communicate with the IRS Audit and be prepared to successfully defend your client and reduce or eliminate their IRS liability.
Learning Objectives:
How and when to communicate with the IRS Auditor from the beginning of the issuance of the Audit Letter to the completion.
Learn how to read an Information Document Request and the tools needed to prepare the taxpayer for the interview.
Learn how to use the IRS Audit Technique guides to defend your client.
Learn how to read the examination report and check for miscalculations.
Learn the other alternative options your client has if there’s a balance due upon completion of the audit.
Prerequisites: Basic knowledge of federal taxation in the U.S.
Program Level: Basic/Intermediate
3:00 - 5:00 p.m.
Business Entity Examination Issues
presented by Ericka S. Williams, EA
(2 hours CE/CPE)
This course provides an overview of common issues encountered when the IRS examines a business entity tax return.
Learning Objectives:
Understand the reasonable compensation requirements for S corporations and what is reasonable compensation for an S corporation shareholder.
Compute basis in the business entity interest and how to potentially reconstruct basis if records are incomplete.
Describe when a worker is an employee or contractor for federal tax purposes.
Describe any other issues currently being scrutinized by the IRS.
Prerequisites: Basic knowledge of federal taxation in the U.S.
Program Level: Intermediate
NASBA Disclaimer
Virginia Society of Enrolled Agents 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.nasbaregistry.org.
Questions
Contact Heather Greenwell, CAE, VASEA Administrator, at admin@vasea.org or (804) 723-5888 if you have any questions.