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Two Day Annual Income Tax Update Program

The Annual Income Tax Update School concentrates on Form 1040 items and includes a 2 hour Ethics presentation which meets IRS requirements (but is not approved for CPAs or CFPs). The school is designed for preparers with intermediate levels of experience and is taught by tax experts. The program will not include Business Partnership, LLC, Corporate, Entity or Estate and Gift Issues. Participants receive the same reference book that is used by over 37,000 tax professionals in 37 other states. The school covers a variety of topics from the reference book and emphasizes practical hands-on experience. The topics covered may include:

      • New Legislation
        This chapter covers tax legislation that was enacted late in 2016 and in 2017. It is organized by subject matter to help participants quickly find topics of interest and includes:

        • 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

        Rulings and Cases
        This chapter summarizes selected rulings and cases that were issued from September 2016 through August 2017 to give participants an update on issues that are being addressed by the IRS and the courts. The rulings and cases are organized under topic headings that match the titles of other chapters.

        Agriculture and Natural Resource Issues
        This chapter covers topics that affect farmers, including:

        • Agricultural income and expenses
        • Buying and selling farmland
        • Equipment and land rentals
        • Demolition of structures

        Loss Limitations
        This chapter provides step-by-step instructions to determine whether a loss is limited. It includes a discussion of at-risk and passive activity loss limitations, basis limitations for an S corporation shareholder and a partner in a partnership, and hobby loss and vacation home loss limitations.

        Business Issues
        This chapter discusses some of the issues tax practitioners encounter when they prepare returns for clients who have rental property or operate a business. Topics include:

        • Expensing real estate improvements
        • Start-up and organizational expenses
        • Electing out of Subchapter K
        • Tax on marijuana and hemp sales

        Like-Kind Exchanges
        This chapter is a practical guide to like-kind exchanges. It explains the tax implications of an exchange, including basis adjustments and the recognition of gain or loss; and the requirements for a reverse or deferred exchange.  It includes a discussion and examples of reporting an exchange. It also explains when a taxpayer can exchange a vacation residence, timberland, easements, and long-term leases.

        Ethics Part One (only covered at the Annual Income Tax Update School)
        This chapter discusses important issues that help practitioners comply with their ethical obligations. Topics include:

        • When client communications are confidential and/or privileged
        • Ethical obligations upon the sale or discontinuance of a tax practice
        • Nondisclosure rules when hiring independent contractors (with sample confidentiality agreement)
        • Tax practitioner’s responsibilities when encountering fraud or other misdeeds
        • 10 case studies to illustrate how to handle real-life ethical issues

        Ethics Part Two (only covered at the Annual Income Tax Update School)
        Tax practitioners store a great deal of confidential information on computers and transmit that
        data across networks to other computers and mobile devices. This chapter discusses cybersecurity, and the protection of computers, networks, programs, and data from unintended or unauthorized access, change, or destruction of information. It explains the risks of a data security threat and how to mitigate those risks.

        Individual Issues
        This chapter covers several issues tax practitioners encounter when preparing individual income tax returns, including:

        • Tax issues for individuals in the military
        • Charitable contribution deductions, valuation, and substantiation
        • New developments under the Affordable Care Act
        • Disaster tax relief
        • Taxes and the sharing economy (e.g. renting a spare bedroom or providing car rides or household chores)

        Foreign Tax Issues
        This chapter discusses tax issues that affect US citizens living abroad and nonresident aliens living in the US. Topics include the following:

        • Reporting and tax requirements for US citizens living in foreign countries
        • The foreign earned income exclusion
        • Reporting, withholding, and tax requirements for nonresident aliens with US income

        Tax Practice
        This chapter contains important tax practices and procedures, including: 

        • Tips to submit a successful offer in compromise
        • Collection statute of limitations and rules that stop the statute from running
        • Third party liability, such as transferee and nominee liability

        IRS Issues
        This chapter covers issues the IRS targets as key issues for practitioners. Topics include:

        • The most prevalent identity theft and impersonation scams
        • E-Services online tools for tax professionals
        • The new IRS use of private debt collectors
        • How to use IRS audit techniques guides

        Retirement
        This chapter covers common retirement tax planning issues including:

        • A comparison of different types of retirement plans
        • Distributions from retirement plans, including early distributions and required minimum distributions
        • The impact of income on social security benefits and Medicare premiums

         Tax Rates and Useful Tables
        This chapter reports the tax rates, deduction limits, credit limits, and income thresholds and limits that change each year. It includes information for 2016, 2017, and 2018 to the extent that information is available.

      Continuing Professional Education credits (CPE) are available to qualifying program attendees. See our brochure for additional information.

 

For more information contact: taxschools@cornell.edu