Kansas Income Tax Institute

REGISTER
Program Description and Learning Objectives

The Kansas State University Department of Agricultural Economics invites you to attend the 73rd annual Kansas Income Tax Institute. The program is for tax professionals and is designed to provide up‐to‐date training on current tax law, regulations, and updates.

This year’s program will review recent cases and rulings and key legislation, provide an in‐depth review and analysis of a number of tax areas, and cover newly enacted regulations and procedures critical to tax practitioners. The program stresses practical information to facilitate the filing of individual, small‐business, and farm returns. By participating in this program, participants will: a) Understand the topics below; b) Be able to recognize how to apply this understanding and use it in filing accurate and efficient tax returns for their clients. 

The K-State Department of Agricultural Economics has been approved as a registered sponsor on the National Registry of CPE sponsors of the National Association of State Boards of Accountancy (NASBA), for Group Internet Based programs. The sponsor identification number is 141219. The online programs below now qualify for CPE credit for Kansas accountants. The in-person programs provide credit for Kansas accountants, but are NOT certified by NASBA, so attendees from other states will need to determine if this meets requirements for their state.  

Additional Information and Policies

Participants will earn 16 CPE credits for accountants and 16 hours of CLE credit for attorneys. There are 15 hours of IRS credit for EAs and OTRPs and 15 hours for CFPs, as well as 6 hours of real estate credit available. 

Field of Study: Taxes

Prerequisites: Knowledge and experience in tax preparation and key issues surrounding taxation

Program level: Intermediate

Advance preparation: None required, though program participants may want to review the topic areas and bring questions they would like addressed during the program.

Delivery method: Group Internet Based, for NASBA-registered online programs. 

Registration may be canceled with a full refund up until 3 days prior to the first day of the Institute for which you are registered. After that date, a service fee of $25 will be assessed. No refunds are available on or after the first day of the Institute.

For more information regarding refunds, concerns or program cancellation policies, please contact Rich Llewelyn at rvl@ksu.edu.

The Kansas Income Tax Institute via it's sponsoring agency, the K-State Department of Agricultural Economics, 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.

Dates & Location
December 8 - 9, 2021

Pittsburg

PSU Overman Student Center
1701 S. Broadway
Pittsburg , KS

Register: http://commerce.cashnet.com/KSUAGECON

Questions: Rich Llewelyn - rvl@ksu.edu

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December 13 - 14, 2021

Webinar 2 - Zoom

Webinar 2 - Zoom

Register: http://commerce.cashnet.com/KSUAGECON

Questions: Rich Llewelyn - rvl@ksu.edu

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Garden City

Clarion Inn
1911 E. Kansas
Garden City , KS

Questions: Rich Llewelyn - rvl@ksu.edu

Hays

Rose Garden Banquet Hall
2350 E. 8th St.
Hays , KS

Questions: Rich Llewelyn - rvl@ksu.edu

Webinar 1 - Zoom

Webinar 1 - Zoom

Questions: Rich Llewelyn - rvl@ksu.edu

Salina

Tony's Pizza Events Center (formerly Bicentennial Center)
800 The Midway
Salina , KS  67401

Questions: Rich Llewelyn - rvl@ksu.edu

Lawrence

DoubleTree by Hilton
200 McDonald Dr.
Lawrence , KS

Questions: Rich Llewelyn - rvl@ksu.edu

Wichita

DoubleTree by Hilton, Wichita Airport
2098 Airport Rd.
Wichita , KS

Questions: Rich Llewelyn - rvl@ksu.edu

Continuing Education

The live onsite programs are designed to meet the continuing education guidelines of:

1. Kansas Board of Accountancy: 16 hours (no ethics).
2. Accreditation Council for Accountancy & Taxation: 16 hours. (no ethics).
3. Kansas Continuing Legal Education Commission (CLE): 16 hours  (no ethics).
4. CFP Board of Standards: 15 hours. (no ethics).
5. Kansas Real Estate Commission, 6 elective hours.
6. IRS Enrolled Agent Program: 10 hours of Federal Tax Law; 5 hours of Federal Tax Update onsite; no ethics.
7. Other Tax Return Preparers (OTRP): 10 hours of Federal Tax Law; 5 hours of Federal Tax Update; no ethics.

The online webinars are designed to meet the CE guidelines for credit for:

1. Kansas Board of Accountancy: 16 hours (no ethics)
2. Accreditation Council for Accountancy & Taxation: 16 hours. (no ethics).
NASBA-registered for Group Internet Based. Registry number: 141219.

3. Kansas Continuing Legal Education Commission (CLE): 16 hours  (no ethics).
4. IRS Enrolled Agent Program: 10 hours of Federal Tax Law; 5 hours of Federal Tax Update onsite; no ethics.
5. Other Tax Return Preparers (OTRP): 10 hours of Federal Tax Law; 5 hours of Federal Tax Update; no ethics.
6. CFP Board of Standards: 15 hours. (no ethics).

Note: Continuing Education is NOT required for OTRPs, but is voluntary. This program fulfills the Federal Tax Law and Federal Tax Update continuing education requirements for EAs and OTRPs, but not the ethics requirement.

Day 1 alone provides 8 hours of total credit, with IRS credit of 5 credits of Federal Tax Law CPE credit and 2 hours of Federal Tax Update.
Day 2 alone provides 8 hours of total credit, with IRS credit of 5 credits of Federal Tax Law CPE credit and 3 credits of Federal Tax Update credit.

 

Topics

■ Day 1 Topics: 
New Developments – Part 1
Ag Issues and Rural Investments - Part 1 - West
      (Garden City; Hays; and Online 1)
Schedule C (Part 1)
Rulings and Cases (Part 1)
Transferring Interest in Entity (Part 1)
Small Business Issues (Part 1)
State of Kansas - Kansas Dept. of Revenue

■ Day 2 Topics:
New Developments (Part 2)
Financial Distress
Representation Before the IRS
Ag Issues and Rural Investments—Part 2-West
     All on Day 2: Other locations and Online 2
Select Trust Topics
Individual Taxpayer Issues
Schedule C (Part 2)
Rulings and Cases (Part 2)
Transferring Interest in Entity (Part 2)
Small Business Issues (Part 2)

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Daily Sub-Topics

■ Day 1:

New Developments (Part 1)

  • Tax Treatment of Forgiveness of PPP Loans
  • Modification and Extension of the Employee Retention Credit
  • Extension of the Employee Retention Credit
  • Credits for Paid Sick and Family Leave (page 13)
  • Credits for Paid Sick and Family Leave (page 20)
  • Extension of Excess Business Loss Limitation
  • Suspension of Tax on Unemployment Compensation
  • Tax Treatment of Restaurant Revitalization Grants
  • Clarification of Tax Treatment of EIDL Loan Forgiveness
  • Tax Treatment of Targeted EIDL Advances
  • Election of Waive Application of Certain Modifications to Farming Losses
  • Disaster Tax Relief
  • Emergency Financial Aid Grants
  • Minimum Low-Income Housing Tax Credit Rate
  • Depreciation of Residential Rental Property Over 30 Years
  • Provisions Permanently Extended
  • Provisions Temporarily Extended

Agricultural Issues and Rural Investments (Part 2 for Garden City, Hays, Online 1; ALL on Day 2 for other locations)

  • PPP and ERC: Unresolved Issues
    • Paycheck Protection Program (PPP): Background
    • Employee Retention Credit (ERC): Background
  • NOLs
    • Tax Cuts and Jobs Act (TCJA)
    • CARES Act
    • COVID-Related Tax Relief Act of 2020
  • Final QBI Regulations: Agricultural/Horticultural Cooperatives
    • Background
    • 2018 Modification: New IRC §199A(g)
    • Agricultural Cooperatives and Patrons After the CAA
    • Proposed Regulations
    • Final Regulations
  • Federal Farm Programs and Adjusted Gross Income (AGI) Computation
    • Overview
    • Defining AGI: The FSA Way
    • Schedule K Issues
    • Certifying Income: Form CCC-941
    • Exception for Exceeding the AGI Threshold

Schedule C (Part 1)

  • COVID-19 Issues
    • ERC
    • Sick and Family Leave Credits
    • EIDL and PPP
  • Part I: Income
    • Gross Receipts (Line 1)
    • COGS (Line 4)
    • Other Income (Line 6)
    • Assignment of Income
  • Part II: Expenses
    • Advertising (line 8)
    • Car and Truck Expenses (Line 9)
    • Commissions and Fees (Line 10)
    • Contract Labor (Line 11)
    • Depletion (Line 12)
    • Depreciation (Line 13)
    • Employee Benefit Programs (Line 14)
    • Insurance (Line 15)
    • Interest (Line 16)
    • Legal and Professional Services (Line 17)
    • Office Expenses (Line 18)
    • Pension and Profit-Sharing Plans (Line 19)
    • Rent or Lease Payments (Line 20)
    • Repairs and Maintenance (Line 21)
    • Supplies (Line 22)
    • Taxes and Licenses (Line 23)
    • Travel, Meals, and Entertainment (Line 24)
    • Utilities (Line 25)
    • Wages (Line 26)
    • Other Expenses (Line 27)
    • Business Use of Home (Line 30)
    • At-Risk Rules (Line 32)
  • Part III: COGS
    • Method(s) Used to Value Closing Inventory (Line 33)
    • Inventory (Line 35)
    • Items Withdrawn for Personal Use (Line 36)
    • Materials and Supplies (Line 38)
    • Manufacturing Example
  • QBID
    • Statutory Employees and QBID

Rulings & Cases (Part 1)

  • Hierarchy of rulings and cases
  • Noteworthy rulings and cases decided from August 2020 through July 2021

Transferring Interest in Entity (Part 1)

  • Sole Proprietorship Transfer Options
    • Placing Personal Assets into a New Sole Proprietorship
    • Transferring Assets to an SMLLC
    • Transfer to a Partnership/Multimember LLC (MMLLC)
    • Transfers to Corporations
  • Transfer by Sale
    • Disposition of Assets by a Sole Proprietorship
    • Sale of Member’s Interest in an SMLLC (Disregarded Entity)
    • Sale of the Partner’s Interest in a Partnership
    • Sale of the Assets of the Business

Small Business Issues (Part 1)

  • Coordination of COVID-19 Small Business Benefits
    • Emergency Economic Injury Disaster Loans (EIDL)
    • First Draw PPP Loans
    • PPP Second Draw Loans
    • ERC for 2020
    • ERC for 2021
    • Emergency Paid Sick Leave Credit
    • Emergency FMLC Credit
    • Work Opportunity Tax Credit (WOTC)
    • Targeted EIDL Advance and Supplemental Targeted Advance
  • Excess Business Losses
  • Changes to Small Business Tax Deductions
    • Farming NOLs
  • Small Business Tax Credits
    • FICA TIP Credit
    • Credit for Increasing Research Activities
    • Minimum Tax Credit
    • Small Employer Automatic Enrollment Credit
    • Small Employer Pension Plan Startup Cost Credit

■ Day 2:

New Developments (Part 2)

  • IRS Establishes Tax Pro Accounts
  • Reporting of Third-Party Network Transactions
  • Treatment of Student Loan Forgiveness
  • Child Tax Credit (page 26)
  • Modification of Child and Dependent Car Credit
  • Expanded Premium Tax Credit
  • Additional 2020 Recovery Rebates for Individuals
  • 2021 Recovery Rebates for Individuals
  • Premium Assistance for COBRA Continuation Coverage
  • Temporary Special Rule for Determination of Earned Income
  • Charitable Contributions Deductible by Non-Itemizers
  • Modification of Limitations on Charitable Contributions
  • Temporary Allowance of Full Deduction for Business Meals
  • Temporary Rules for Flexible Spending Arrangements
  • Extension of Certain Deferred Payroll Taxes
  • Guidance Clarifying Application of Educator Expense Tax Deduction
  • Application of Special Rules to Money Purchase Pension Plans

Financial Distress

  • Potential Warning Signs of Financial Distress
  • Cancelled Debt
    • Small Business Administration (SBA) Loan Forgiveness
    • Recourse vs. Nonrecourse Debt
    • Bankruptcy
    • Insolvency
    • Qualified Farm Indebtedness
    • Qualified Real Property Business Indebtedness
    • Student Loan Debt Cancellation
    • Qualified Principal Residence Indebtedness (QPRI)
  • Mortgage Relief Programs Available in 2021
    • Foreclosure Moratorium and Right to Request Forbearance
    • Refinancing Relief Options
    • Tax Implications
  • Foreclosures ad Repossessions
    • Calculating Gain or Loss
    • Installment Sales
  • Abandonment
    • Form 1099-A
    • Ordinary Income from Cancelled Debt
    • Abandoned Business Property
  • Alternatives to Bankruptcy Filing for Tax Debts
    • Installment Agreement (IA)
    • Offer in Compromise
    • Collection Delay Request

Representation Before the IRS

  • Responsibility to Determine the Correct Tax Liability
    • Authorities
    • Penalties and Other Sanctions
    • Illustrative Examples
  • Client Engagement Letters
    • Scope of the Engagement
    • Responsibilities and Requirements
    • Fees and Payment Terms
    • Disengagement
    • Sample Representation Engagement Letter
  • Communicating with the IRS
    • Circular 230 Responsibilities
    • Tax Information Authorization
    • IRS Notices
    • Penalty Relief
    • Taxpayer and Practitioner Resources
  • IRS Examinations
    • Selection for Audit
    • Statute of Limitations
    • Amended Returns
    • Notification
    • Types of Audit
    • Request for Taxpayer Records
    • Audit Outcome
  • IRS Appeals
    • Fast Track Settlement (FTS)
    • Audit Reconsideration
    • Risk Analysis of Appeal
    • IRS Hazards of Litigation
    • Appeals Conference
    • Settlement Agreements
    • Closing Agreements
    • Post Appeals Mediation (PAM)
    • Litigation
  • IRS Collections
    • Taxpayer Billing and Payment
    • Collection Actions
    • Collection Relief Available
    • Collection Statute Expiration Date
    • Collection Appeals
  • Criminal Investigations
    • Attorney versus Practitioner Role
    • Statute of Limitations
  • Nonfilers
    • Types of Nonfiler
    • Definition of a Return
    • IRS Substitute for Return (SFR) Programs
    • Statute of Limitations
    • Voluntary Disclosure Practice
    • Bankruptcy

Agricultural Issues and Rural Investments (Part 2 for Garden City, Hays, Online 1; ALL on Day 2 for other locations)

  • Cancellation of Debt Income
    • Overview
    • Exceptions
    • Determining Insolvency
    • Loan Forgiveness: American Rescue Plan Act of 2021 (ARPA)
  • Farmland Lease Income: Proper Tax Reporting
    • Reporting Farmland Lease Income
    • Cash-Rent Income: Potential Drawbacks
  • Selling Fam Business Assets: Special Tax Treatment
    • Basic Structure
    • Scope of §1231 Property
  • Deferred Payment Contracts for Sales of Agricultural Commodities
    • General Rule
    • Deferral Arrangements
  • Current Developments: Conservation Easements
    • Overview
    • IRS Concerns
    • Extinguishment Regulation
  • Developments in the U.S. Tax Court
    • Team Roping Activities gets lassoed for no profit intent
    • All Hat. No Cattle. No Deduction.
    • Five Strikes — You’re Out
    • Hemp and Marijuana

Select Trust Topics

  • Getting Started
    • Parties to the Will or the Trust
    • Nexus for State Taxation
    • File Form 56
    • Trust Categories
    • Elections
    • Possible Income Tax Issues
    • Nonjudicial Settlement Agreements
  • Charitable Contribution Deduction
    • Requirement
    • Set-Aside Deduction
    • Charitable Throw-Back Election
    • No Distribution Deduction
  • Capital Gains and Losses
    • General Rule
    • Capital Losses
    • Exception 1: Gains Allocated to Income
    • Exception 2: Gains Utilized Consistently in Determining Distributions
    • Exception 3: Actually Distributed or Used to Determine Distribution
    • Examples
  • Other Capital Gain/Loss Issues
    • IRC §643(e) Election
    • Distributions in Satisfaction of Specific Bequest
  • Miscellaneous Itemized Deductions
    • Ownership Costs
    • Tax Preparation Fees
    • Investment Advisory Fees
    • Appraisal Fees
    • Certain Fiduciary Expenses
    • Bundled Fees
  • Excess Deductions on Termination
    • Beneficiaries Succeeding to Property
  • IRC §645 Election
    • Definitions
    • Making the Election
    • Employer Identification Numbers
    • Filing Requirements
    • Return Preparation
    • End of Election Period
    • Period of the Election
    • Income Tax Effects of §645 Election
  • The Secure Act
    • Required Minimum Distributions
    • Post-2019 RMD Rules
    • Effective Dates
    • Grandfathered RMDs
    • Effect on Trusts as Beneficiaries
    • Action Items and Planning
    • Post 70½ IRA Contributions
  • Appendix - §645 Election Checklist
    • QRT with no Related Estate
    • QRT with Related Estate

Individual Taxpayer Issues

  • Amended Returns
    • Reasons to Amend
    • Forms Used
    • When to Amend
    • Electronic Filing
  • Filing Status
    • Available Filing Statuses
    • Filing Status Issues
  • Identity Theft
    • Prevention and Detection
  • Individual Tax Credits
    • Child Tax Credit
    • Education Tax Credit
    • Energy Credits
  • Virtual Currency
    • Tax Reporting
    • Hard Forks, Soft Forks, and Airdrops
    • Organizer Questions

Schedule C (Part 2)

  • Business or Hobby
    • Engaged in for Profit
    • The 9-Factor Test
    • Hobby Reporting
    • COGS
  • Schedule C Filers
    • Statutory Employee
    • Sole Proprietor
    • SMLLC
    • Decedents
    • QJV
    • Spouses Living in Community Property States
    • Survivors of Deceased Insurance Agents Receiving Residuals
  • Gig Economy
  • Business Information
    • Business or Professional Activity (Line A)
    • Principal Business or Professional Activity Code (Line B)
    • EIN (Line D)
    • Method of Accounting
    • Material Participation (Line G)
    • Form 1099 Filing Requirement (Lines I and J)

Rulings & Cases (Part 2)

  • Hierarchy of rulings and cases
  • Noteworthy rulings and cases decided from August 2020 through July 2021

Transferring Interest in Entity (Part 2)

  • Transfer by Gifting
    • Gifting, Valuation, Discounts, and Lifetime Exclusion
    • Transfers by Gift of an Interest in an FLLC
    • Transfer by Gift of an Interest in a Partnership
    • Transfer by Gift of Shares in an S Corporation
  • Transfer by Inheritance or Bequest
    • QSST and ESBT During Period of Administration
    • Basis
  • Involuntary Transfer by Bankruptcy or Reorganization
    • Basis of an SMLLC to the Bankruptcy Estate
    • Basis of a Partnership to the Bankruptcy Estate
    • Basis of an S Corporation to the Bankruptcy Estate
    • Basis of an SMLLC after the Bankruptcy Estate
    • Basis of a Partnership after the Bankruptcy Estate
    • Basis of an S Corporation after the Bankruptcy Estate
    • Other Issues
  • Appendix
    • Transfer Flowchart
    • Tax Issues When Transferring from an LLC Entity Back to an SMLLC
    • Sample Transfer Questions to Ask Clients

Small Business Issues (Part 2)

  • Taxable Compensation Issues
    • Compensation Considered Wages
    • Compensation Not Considered Wages
    • Noncash Payments
    • Payments for Casual Labor
  • Tax Planning with Advanced Premium Tax Credit (APTC)
    • Old Law
    • New Law for 2021 and 2022

 

Registration

1. Register online with a credit card:  http://commerce.cashnet.com/KSUAGECON

2. Download BROCHURE and mail registration with a check to:
KANSAS INCOME TAX INSTITUTE
Dept. of Agricultural Economics
314 Waters Hall
1603 Old Claflin Place
Manhattan, KS 66506

Registration fee (in-person): $350 for two days. $300 for one day.
Registration fee (online): $290 for two days. $240 for one day.
Fees increase by $40 per person within two weeks of each meeting. 

The registration fee includes both volumes of the 2021 Federal Tax  Workbook.  Workbooks will be distributed at each location and mailed to online participants. The fee also includes lunch on-site both days, as well as refreshments during breaks.

Cancellation and Refund Policy
Registration may be cancelled with a full refund up until 3 days prior to the first day of the Institute for which you are registered. After that date, a service fee of $25 will be assessed. No refunds are available on or after the first day of the Institute.

Questions: Rich Llewelyn - rvl@ksu.edu

Faculty

Day 1: Garden City, Hays; Webinar 1
Paul G. Neiffer: CPA; Principal, Agribusiness & Cooperatives, CliftonLarsonAllen, LLP, Kennewick and Yakima, WA; author of the farmcpatoday.com blog

Roger A. McEowen: Professor of Agricultural Law and Taxation, Washburn University School of Law, Topeka, KS;  Member of Iowa and Kansas Bar Associations and admitted to practice in Nebraska.

Day 1: Salina, Lawrence, Wichita, and Pittsburg; Webinar 2

Edward A. Morse: McGrath, North Endowed Chair in Business Law at Creighton University School of Law in Omaha, NE. Member of the Nebraska Bar and also a CPA in Iowa. 

Daniel J. Waters: Partner, Lamson Dugan & Murray, Attorneys-at-Law, in Omaha, NE. Licensed in Nebraska and Iowa.

Alternate Speaker - Day 1: Salina, Lawrence, Wichita, and Pittsburg; Webinar 2

Erin K. Artz: Attorney, Lamson Dugan & Murray, Attorneys-at-Law, in Omaha, NE. Licensed in Nebraska.

Day 1: All Locations/Sessions

Carl York, Kansas Department of Revenue (KDOR).

Day 2: All Locations/Sessions

Roger A. McEowen: Professor of Agricultural Law and Taxation, Washburn University School of Law, Topeka, KS;  Member of Iowa and Kansas Bar Associations and admitted to practice in Nebraska.

Ross Hirst: Former IRS Senior Stakeholder Liaison for Kansas, retired.

For more information, contact Rich Llewelyn at the phone or email below:
Phone: 785-532-1504  Email: rvl@ksu.edu


Kansas State University is committed to making its services, activities and programs accessible to all participants. If you have special requirements due to a physical, vision, or hearing disability, contact Rich Llewelyn, (785) 532-1504 or Director of Affirmative Action, Kansas State University, (TTY) 785.532.4807. K-State Research and Extension is an equal opportunity provider and employer. Issued in furtherance of Cooperative Extension Work, Acts of May 8 and June 30,1914, as amended. Kansas State University, County Extension Councils, Extension Districts, and United States Department of Agriculture Cooperating, J. Ernie Minton, Director.