2022 General Topics
■ Day 1 Topics:
New Developments – Part 1
Individual Taxpayer Issues
Exempt Organizations
Ag Issues and Rural Investments - Part 1 - West (Garden City; Hays; and Online 1)
U.S. Expatriates - Select International Tax Issues
Small Business Issues - Part 1
Rulings and Cases – Part 1
State of Kansas - Kansas Dept. of Revenue
■ Day 2 Topics:
Partnership Basics
Elder Issues
Terminating a Business Interest
Tax Considerations in Distribution of Estate Assets
Ag Issues and Rural Investments—Part 2-West. All on Day 2: Other locations and Online 2
Small Business Issues - Part 2
IRS Topics
Rulings and Cases – Part 2
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Daily Sub-Topics
Garden City, Hays, and Online 1
Day 1: [Roger McEowen; Paul Neiffer; and Carl York]
New Developments
- Inflation Reduction Act of 2022
- Digital assets
- Schedules K-2 and K-3
- Form 7203 – Back to the Basics of Basis
- Research & development tax credit update
- Expiring provisions
Individual Taxpayer Issues
- Dependency issues
- Pass-through entity tax: partners and shareholders
- Schedule K-1, including exploring the form, basis limitations, and SE implications
Exempt Organizations
• Criteria for exempt status
• Tax-exempt status
• Return filing requirements for exempt organizations
• UBTI
• Officer issues
• Bylaw issues
• Representing the exempt organization before the IRS
Ag Issues
- Emergency Relief Program update
- Update on farm NOLs
- Joint tenancy and income tax basis at death
- Estate tax exemption 2022 University of Illinois Federal Tax Workbook
- Livestock confinement buildings and SE tax
- Tax benefits to demolishing farm buildings and structures
- Agriculture-related non-depreciable items
- Correcting depreciation errors
- S corporation dissolution
- Captive insurance
- Tax issues with customer loyalty programs
U.S. Expatriates – Select International Tax Issues for Individuals
• U.S. tax returns
• Foreign tax returns
• Tax planning focus
• U.S. tax savings opportunities
• Foreign asset reporting requirements
• Tax treaties
• Social security agreements
• Foreign tax savings opportunities
• Expatriation tax
• Military personnel
Rulings and Cases (Part 1)
Kansas Department of Revenue (12:45-1:45 p.m.)
- SALT PARITY ACT PTEs have the option to “shift” the incidence of state and local taxes from the owners of a pass-through entity to the pass-through entity themselves, which are not subject to the federal cap.
- COVID-19 Retail Storefront Property Tax Relief
- Aerospace and Aviation Tax Credits
- Reduction of the State Sales Tax Rate for Food & Food Ingredients.
- Research & Development Credit Expanded
- Elimination of accelerated monthly tax filing frequency
- Change in Sales Tax filing thresholds
- Historic Kansas Act Restoration and Preservation Credit
- Employer provided child day care service credit
- Expanded Homestead and Property Tax Refunds
- Additional Personal Exemption for Disabled Veterans
- Short line Railroad Credit
- Teacher Classroom Supply Tax Credit
Day 2: [Roger McEowen and Cathy Murphy]
Partnership Basics
• Nature and creation of partnerships
• Electing out of Subchapter K
• Capital accounts
• Adjustments for transfers of partnership interests
• Property contributions to a partnership
• Determining a partner’s tax basis
• Other issues, such as new Schedules K-2 and K-3, IRS audits of partnership returns, QBID, and SE issues
Elder Issues
• Social security benefits
• Medicare income-related monthly adjustment amount
• Retirement plans and elderly taxpayers
• Tax issues of aging-in-place
• Long-term care issues Terminating a Business Interest
• Sale of a service business, including timeline, type of sale, and special considerations for the sale of a tax practice
• LLC member dissolving S corporation to sole proprietorship
Terminating a Business Interest
• Sale of a service business, including timeline, type of sale, and special considerations for the sale of a tax practice
• LLC member dissolving S corporation to sole proprietorship
Tax Considerations in the Distribution of Estate Assets
• Estate tax
• Basis of property from a decedent
• Gross estate
• Marital deduction
• Portability election
• Filing estate return if not required
Small Business Issues
• Pass-through entity tax
• Tax issues of in-home care providers
• House flipping: investment or business activity?
• Form 4797 basics
IRS Topics [Supplemental Material]
Ruling and Cases (Part 2)
=====================================================================
Lawrence, Salina, Wichita, Pittsburg, Online 2
Day 1: [Ed Morse and Carl York]
New Developments
- Inflation Reduction Act of 2022
- Digital assets
- Schedules K-2 and K-3
- Form 7203 – Back to the Basics of Basis
- Research & development tax credit update
- Expiring provisions
Individual Taxpayer Issues
- Dependency issues
- Pass-through entity tax: partners and shareholders
- Schedule K-1, including exploring the form, basis limitations, and SE implications
Exempt Organizations
• Criteria for exempt status
• Tax-exempt status
• Return filing requirements for exempt organizations
• UBTI
• Officer issues
• Bylaw issues
• Representing the exempt organization before the IRS
U.S. Expatriates – Select International Tax Issues for Individuals
• U.S. tax returns
• Foreign tax returns
• Tax planning focus
• U.S. tax savings opportunities
• Foreign asset reporting requirements
• Tax treaties
• Social security agreements
• Foreign tax savings opportunities
• Expatriation tax
• Military personnel
Small Business Issues
• Pass-through entity tax
• Tax issues of in-home care providers
• House flipping: investment or business activity?
• Form 4797 basics
Rulings and Cases (Part 1)
Kansas Department of Revenue (12:45-1:45 p.m.)
- SALT PARITY ACT PTEs have the option to “shift” the incidence of state and local taxes from the owners of a pass-through entity to the pass-through entity themselves, which are not subject to the federal cap.
- COVID-19 Retail Storefront Property Tax Relief
- Aerospace and Aviation Tax Credits
- Reduction of the State Sales Tax Rate for Food & Food Ingredients.
- Research & Development Credit Expanded
- Elimination of accelerated monthly tax filing frequency
- Change in Sales Tax filing thresholds
- Historic Kansas Act Restoration and Preservation Credit
- Employer provided child day care service credit
- Expanded Homestead and Property Tax Refunds
- Additional Personal Exemption for Disabled Veterans
- Short line Railroad Credit
- Teacher Classroom Supply Tax Credit
Day 2: [Roger McEowen and Cathy Murphy]
Partnership Basics
• Nature and creation of partnerships
• Electing out of Subchapter K
• Capital accounts
• Adjustments for transfers of partnership interests
• Property contributions to a partnership
• Determining a partner’s tax basis
• Other issues, such as new Schedules K-2 and K-3, IRS audits of partnership returns, QBID, and SE issues
Ag Issues
- Emergency Relief Program update
- Update on farm NOLs
- Joint tenancy and income tax basis at death
- Estate tax exemption 2022 University of Illinois Federal Tax Workbook
- Livestock confinement buildings and SE tax
- Tax benefits to demolishing farm buildings and structures
- Agriculture-related non-depreciable items
- Correcting depreciation errors
- S corporation dissolution
- Captive insurance
- Tax issues with customer loyalty programs
Elder Issues
• Social security benefits
• Medicare income-related monthly adjustment amount
• Retirement plans and elderly taxpayers
• Tax issues of aging-in-place
• Long-term care issues Terminating a Business Interest
• Sale of a service business, including timeline, type of sale, and special considerations for the sale of a tax practice
• LLC member dissolving S corporation to sole proprietorship
Terminating a Business Interest
• Sale of a service business, including timeline, type of sale, and special considerations for the sale of a tax practice
• LLC member dissolving S corporation to sole proprietorship
Tax Considerations in the Distribution of Estate Assets
• Estate tax
• Basis of property from a decedent
• Gross estate
• Marital deduction
• Portability election
• Filing estate return if not required
Small Business Issues
• Pass-through entity tax
• Tax issues of in-home care providers
• House flipping: investment or business activity?
• Form 4797 basics
IRS Topics [Supplemental Material]
Rulings and Cases (Part Two)