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Two-Day In-Depth Program

Designed for experienced tax preparers, the two-day in-depth program provides participants with the opportunity to explore important aspects of small business and farm tax preparation.  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

      Business Entity Issues
      This chapter discusses issues for partnership and tax exempt entities. Topics include:

      • The new partnership audit rules
      • Practical considerations in partnership reorganizations and liquidations
      • New developments for tax exempt entities
      • Organization, taxation, and reporting for homeowners’ associations

      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.

      Trusts and Estates
      This chapter covers how (and when) to elect portability on Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, and it explains the new basis consistency rules.  It also includes an overview of the various types of trusts, and some of their tax and non-tax purposes.

      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

      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.

The schools are offered each October/November/December in various locations in New York State.  This program has been offered for over 20 consecutive years and continues to grow in numbers.  The instructors are from Cornell University, New York State Certified Public Accountants, Internal Revenue Service and Agribusiness Professionals.  Continuing Professional Education credits (CPE) are available to New York State Certified Public Accountants and Enrolled Agents.

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