Description
NEW EVENT - The Ultimate Toolkit for Junior Tax Staff
that saves you $400!
The ISCPA Tax School 2024 content will help you establish core skills and expand practical tax knowledge, including key issues surrounding recent changes to taxation of pension plans and IRS distributions, Medicare payroll tax, NIIT, S corporation distributions, items affecting shareholder basis, passive activity loss rules and much more.
This 4-day experience includes 5 complete courses and covers key areas to ensure the newest members of the tax force are well prepared to begin their careers and support their firms.
- Individual Tax Fundamentals
- S Corporations: Key Issues, Compliance, and Tax Strategies
- Tax Fundamentals of LLCs and Partnerships
- Capitalized Costs and Depreciation
- Taxation of Property Transactions
Group dinners and an evening of entertainment included for all in-person attendees. Details will be shared as they are confirmed.
IRS CE approved
Designed For
- Junior accounting and tax professionals
- Beginning staff members who want to develop a strong set of core skills
Objectives
Provide a comprehensive education about tax fundamentals for early-career tax staff in a series of 5 complete courses.
- Individual Tax Fundamentals
- S Corporations: Key Issues, Compliance and Tax Strategies
- Tax Fundamentals of LLCs and Partnerships
- Capitalized Costs and Depreciation
- Taxation of Property Transactions
- each day may be registered for individually if you cannot attend the full week - see related events
- Day 1 - Individual Tax Fundamentals
- Determine the filing requirements for individual taxpayers.
- Calculate the self-employed health insurance deduction.
- Identify the rules for Health Savings Accounts.
- Identify the applicability of the Additional Medicare Payroll Tax on net investment income.
- Day 2 - S Corporations: Key Issues, Compliance and Tax Strategies
- Determine when an S corporation may be advantageous for a business.
- Identify the requirements to qualify for an S election.
- Recognize individuals and entities that are eligible to own S corporation stock.
- Determine when the S election becomes effective.
- Day 3 - Tax Fundamentals of LLCs and Partnerships
- Identify the effects of investor contributions and distributions on their basis in a partnership or LLC interest.
- Calculate the tax basis of assets transferred to a partnership or LLC at formation.
- Recognize the tax consequences of a transfer of liabilities to a partnership or LLC in connection with property transfers at formation.
- Calculate the partner's or member's remaining basis in their interest following a distribution of cash or property from the partnership or LLC.
- Calculate the amount of the guaranteed payment when the partner is to receive the lesser of a fixed dollar amount or a fixed percentage of partnership income.
- Distinguish between "book" allocations required under Section 704(b) and "tax" allocations required under Section 704(c).
- Identify the potential economic consequences of a special allocation to a partner or LLC member.
- Day 4 - Capitalized Costs and Depreciation (morning)
- Recall the initial tax basis and adjusted tax basis of business property.
- Identify the tax basis of self-constructed assets.
- Distinguish between deductible repairs and capitalized improvements
- Recall changes in the tax rules to the classification of expenditures such as materials, supplies, repairs, and improvements.
- Recall the fundamentals of modified accelerated cost recovery system (MACRS) depreciation
- Recognize which assets are considered listed property.
- Recognize the types of purchased intangible costs that must be capitalized.
- Day 4 - Taxation of Property Transactions (afternoon)
- Calculate gain or loss realized and recognized on business property dispositions.
- Identify the tax treatment of net Section 1231 gains and net Section 1231 losses.
- Determine the application of the Medicare contribution tax to property dispositions.
- Recall rules for depreciation subject to recapture when property was acquired in a nontaxable exchange transaction or by gift or bequest.
- Recall the requirements for deferring realized gain on an involuntary conversion.
- Understand the rules dealing with like-kind exchanges and involuntary conversions, all updated for tax reform.
- Apply proper treatment of involuntary conversions.
- Explain the deferral of realized gain or loss on a like-kind property exchange.
- Determine the amount of gain or loss on the sale of property.
- Determine the character of recognized gain or loss on the disposition of business property.
- Implement comprehensive property tax strategies to minimize taxes.
Highlights
- Day 1 - Individual Tax Fundamentals
- Filing requirements and personal exemptions
- Gross income inclusions, exclusions, and adjustments
- Travel and entertainment
- Standard and itemized deductions
- Tax and tax credits
- 0.9% Additional Medicare Payroll Tax
- 3.8% Net Investment Income Tax
- Income exclusions
- Hot tax planning strategies for individuals and small businesses
- Roth IRA, IRA, and retirement plan options
- Day 2 - S Corporations: Key Issues, Compliance and Tax Strategies
- S corporation qualifications
- Election of S corporation status
- Termination or revocation of S corporation status
- Pass-through of income and loss items to the shareholder
- Distributions to S corporation shareholders
- Reporting and filing requirements
- Choice of year-end
- Shareholder basis
- Day 3 - Tax Fundamentals of LLCs and Partnerships
- Basic tax structure of partnerships and LLCs
- Electing to be taxed as a partnership: "Check-the-box" rules
- Partnership distributions
- Compensatory payments to partners
- At-risk and passive activity limits
- Profit and loss allocations: general rules and restrictions
- Day 4 - Capitalized Costs and Depreciation
- Tax basis of property acquisitions
- Initial basis of property acquired in an exchange transaction
- Materials, supplies, repairs, and improvements
- Accounting method changes
- Depreciation: MACRS, Section 179, and bonus
- Intangible assets and amortization
- Organization and start-up costs
- Day 4 - Taxation of Property Transactions
- Sections 1231, 1245, 1250
- Depreciation recapture
- Capital gains and losses
- Non-recognition transactions
Advanced Prep
- Manual
- If you did not purchase a printed manual, download it from your upcoming events in "My CPE" on website, and bring it with you
- If you did purchase a printed manual and would also like an electronic copy be sure to download it
- Review ISCPA Parking Map - found in your email confirmation
If you need this reported to the IRS for CE credit, email CPE@idcpa.org
Register Now
Leaders
William Taylor
William (Bill) F. Taylor, CPA is a professional speaker and a CPA with a small tax and consulting practice. Bill is also an Adjunct Assistant Professor in the Masters of Business Administration program at the University of Mississippi. He recently retired as President of Renasant Bank in Water Valley, MS.
Bill has worked in the Accounting, employee benefit and investment fields for over 25 years, beginning his career as the Employee Benefits Coordinator in the Jackson, MS office of KPMG Peat Marwick and managing his own firm since 1999. A nationally known consultant and speaker, Bill has conducted seminars for the American Institute of Certified Public Accountants, the American Society of Pension Professionals and Actuaries, more than 40 state CPA and Bar associations and other organizations. He was awarded the AICPA Outstanding Discussion Leader award multiple times and the James L. McCoy Discussion Leader of the Year Award from Surgent CPE . Bill is the author of Taxation of Employee Benefits Volume I and Volume II, and his articles have appeared in numerous publications.