Kansas Income Tax Institute

Tax Update Webinar – Consolidated Appropriations Act (CAA) 2021 

Instructor: Roger McEowen

Purchase recording and slides. No CPE credit for recording. 

Fee: $70

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

For onlne meeting only: 2.0 CPE Hours: IRS (EAs/OTRPs) = 2 hours of Federal Tax Update.
CPAs = 2 hours. NASBA sponsor identification number: 141219. 
NO Kansas CLE credit or CFP credit. 

Field of Study: Taxes
Prerequisites: Knowledge and experience in tax preparation and key issues surrounding taxation
Program level: Intermediate
Advance preparation: None
Delivery method: Group Live Online Broadcast

In late December of 2020, the President signed into law the CAA, 2021.  The CAA, 2021 contains many individual, business, payroll, disaster and energy-related tax provisions.  The legislation also extends many provisions that were set to expire at the end of 2020.  Other provisions on the new law are virus-related, including additional “stimulus” payments and an extension of payroll credits as well as pension and other employee benefit provisions and modifications to the Payroll Protection Program (PPP). In addition, changes were made to the rules surrounding the deductibility of business meals provided by restaurants in 2021 and 2022.  For farmers and ranchers, the CAA, 2021 makes changes to the existing Coronavirus Food Assistance Program (CFAP) and appropriates additional funds for various agricultural programs.    

This webinar will bring practitioners up to speed on the key changes for clients. provide insight on how the new law impacts farm and non-farm businesses, and suggest steps that clients should be taking now basedon the new law. 

 

Federal Tax Workbook from the University of Illinois is available for $100.
Link to order: http://commerce.cashnet.com/KSUAGECON

 

The Kansas State University Department of Agricultural Economics invites you to attend the 72nd annual Kansas Income Tax Institute. The program is intended for tax professionals and is designed to provide up-to-date training on current tax law, regulations, and updates. The program stresses practical information to facilitate the filing of individual, small-business, and farm returns.

This year's program has obviously been affected by the COVID-19 pandemic. There are four in-person meetings planned, as well as three online events. We obviously don’t know what will happen this fall and it may be that it will not be possible to hold some or all of the in-person meetings. If that happens, there will be online meetings conducted on those dates, so that you will not have to change your schedule.

The Kansas Income Tax Institute will begin at 8:00 a.m. and adjourn at 4:30 p.m. each day, with registration and sign-in at 7:30 a.m. Lunch will be served on-site each day at 12:00-1:00 p.m. There will be a morning and afternoon break each day.

On November 3, 2020, notification was received that the K-State Department of 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 CPAs. 

Registration may be canceled with a full refund up until 3 days prior to the meeting for which you are registered. After that date, a service fee of $25 will be assessed. No refunds are available on or after the day of the meeting. For more information regarding refunds, concerns or program cancellation policies, please contact Rich Llewelyn at rvl@ksu.edu.

Questions? Rich Llewelyn at rvl@ksu.edu.

 

 

Dates & Location

Topeka

Ramada Convention Center
420 SE 6th St.
Topeka , KS  66607

Questions: Rich Llewelyn - rvl@ksu.edu

Wichita

Villa Luna
8406 W Central
Wichita , KS

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

Webinar 3 - Zoom

Webinar 3 - Zoom

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 Continuing Legal Education Commission (CLE): 16 hours  (no ethics).
2. IRS Enrolled Agent Program: 10 hours of Federal Tax Law; 5 hours of Federal Tax Update onsite; no ethics.
3. Other Tax Return Preparers (OTRP): 10 hours of Federal Tax Law; 5 hours of Federal Tax Update; no ethics.
4. CFP Board of Standards: 15 hours. (no ethics).
K-State has begun the process to become approved by NASBA as an online course sponsor; however, at this time, we are still waiting on approval.  Until and unless NASBA certification is received, the online course does not qualify for CE credit for Kansas CPAs. 

 

Note: Continuing Education is NOT required for OTRPs, but is voluntary. If taken with the Ethics Circular 230 Webinars from KSU/WU School of Law, this program fulfills all continuing education requirements for EAs and OTRPs.

Day 1 alone provides 5 credits of Federal Tax Law CPE credit and 2 hours of Federal Tax Update. 
Day 2 alone provides 5 credits of Federal Tax Law CPE credit and 3 credits of Federal Tax Update credit. 

 

 

Topics

■ Day 1 Topics and Objectives: 

NOLs and EBLs 
Understand the new rules for the carryforwards and carrybacks of NOLs, both farm and non-farm and how to apply them in various situations; understand how the EBL rules work in conjunction with the NOL rules. 

Unexpected Issues for Individual Taxpayers
Understand the difference in unique situations between taxable and nontaxable income; how to make adjustments to uncommon miscellaneous income items; learn the various tests for material participation depending on the particular Code section at issue; understand the application of the NIIT in various scenarios.

Small Business Issues
Death of a Business Owner: learn the rules that apply when handling income and expense items commonly incurred when a business owner dies.

New Legislation/Developments (Part 1)
Get up-to-date on new legislation and changes in the law and how the new rules apply to client situations. 

Retirement Plan Distributions
Understand the new rules surrounding retirement planning as a result of the SECURE Act and the CARES Act and the planning opportunities/changes provided. 

Depreciation
Learn the application of various depreciation rules and techniques to farm and non-farm business including bonus, expense method, and unique depreciation rules that apply when asset are sold and well as applied to high-income clients. 

Rulings and Cases (Part 1)
Learn how recent cases decided by the courts and rulings from the IRS apply to client situations and how the developments impact existing positions taken on tax returns.

State of Kansas Tax Issues: become updated on how rules at the state level impact a KS taxpayer's return. 

 

■ Day 2 Topics and Objectives:

New Legislation/Developments (Part 2)
This is a continuation from Day 1, with the same objectives. 

Small Business Issues
Hobby Activities and Home Office Refresher: learn how to apply the home office rules to taxpayers that work out of their home; understand the distinction between a for-profit business activity and one that is a hobby and the factors the IRS and the courts use for making the distinction. 

2020 Form W-4 Analysis
Understand the recent revisions to Form W-4 and what they mean to clients.

Uncommon Miscellaneous Income (and Adjustments)
Learn the unique issues associated with uncommon income items and what is taxable and what is not, and what to look for in a client's information and facts that might lead to the presence of unique items of income, and how to report it once found.

Ag Issues and Rural Investments
Understand some of the unique areas of farm taxation including tax issue associated with "solar farms"; the Qualified Business Income Deduction"; real estate trades; passive losses; as well as farm-related case rulings and IRS developments.

Trust Income Tax Essentials
Learn the basics of trust taxation and how to properly prepare a basic income tax return for a trust.

Schedule E
Gain an understanding of the items of income that are reported on Schedule E and why;  understand how to report the various types of rental income.

Rulings and Cases (Part 2)
This is a continuation from Day 1, with the same objectives. 

 

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): $300 for two days. $250 for one day.
Registration fee (online): $240 for two days. $200 for one day.

The registration fee includes both volumes of the 2020 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: West: Garden City; Webinar 1
Paul G. Neiffer: CPA; Principal, Agribusiness & Cooperatives, CliftonLarsonAllen, LLP, Kennewick and Yakima, WA; author of the farmcpatoday.com blog

Roger A. McEowen: Kansas Farm Bureau 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: East and Central: Topeka, Wichita, and Salina; Webinar 2 and Webinar 3
Lori McMillan, Professor of Law, Washburn University School of Law. 

Randy Carlson: Accountant, Sink Gordon and Associates, Clay Center, KS. Member of the National Society of Accountants, member of the Accreditation Council for Accountancy and Taxation, and a past president of the Public Accountants Association of Kansas (PAAK).

 

Day 2: All Locations

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