Our office will be closed Monday and Tuesday May 23rd and 24th, for continuing professional education.

The staff will be attending the 2016 ALSEA Spring Seminar in Birmingham, a two day event designed to provide up-to-date crucial training that will be of great importance to many of our clients in the coming months. Our Enrolled Agents, Accredited Tax Advisors and Certified Public Accountants are required to obtain a specified number of approved continuing professional education hours annually in order to maintain their licenses.

AGENDA FOR MONDAY – May 23, 2016

07:15 – 08:00 REGISTRATION

08:00 – 08:10 WELCOME OPENING REMARKS

08:10 – 10:00 FOREIGN TAX ISSUES

10:00 – 10:20 BREAK

10:20 – 11:10 EMPLOYEE STOCK OPTIONS

11:10 – 12:00 INTERNET CURRENCY/PAPERLESS CASH

12:00 – 13:00 LUNCH

13:00 – 14:50 AFFORDABLE CARE ACT UPDATE

14:50 – 15:10 BREAK

15:10 – 17:00 NEW REPAIR REGULATIONS

17:00 – 17:15 CLOSING REMARKS

Note: Monday after class you will have an opportunity meet and mingle with your peers. Don’t miss this important chance to discuss, share and learn.

17:15 – 19:15 GALA (ALSEA SOCIAL EVENT)

 

AGENDA FOR TUESDAY – May 24, 2016

08:00 – 08:10 OPENING REMARKS

08:10 – 10:00 TAX UPDATES

10:00 – 10:20 BREAK

10:20 – 11:10 CAREGIVER CALAMITIES

11:10 – 12:00 OFFER IN COMPROMISE

12:00 – 12:30 LUNCH

12:30 – 14:20 ETHICS

14:20 – 14:30 BREAK

14:30 – 16:20 HOBBY LOSSES VS FOR-PROFIT BUSINESSES

16:20 – 16:25 CLOSING REMARKS & ADJOURNMENT

 

 

 

 

Course Details

 

ACA Health Care Update (2 hours)

PROGRAM # 92EIT-U-00032-16-1

We will discuss the recent tax season changes and clarify unresolved problems. Our discussion will go in depth on the Employer Mandate, Shared Responsibility Payments, Look-back Periods, Exempt Employees, Variation Methods, SHOP Exchanges, and how it all fits together.

Interactive Examples will be used during the session to assess understanding of the material and concepts. Attendees will answer a quiz at the end, followed by a group discussion.

Will walk through cases and use worksheets/forms to enhance understanding of the material.

Caregiver Calamities – Proper Reporting of Medical Expenses & Care Giver Income (1 hour)

PROGRAM # 92EIT-T-00033-16-1

The proper reporting of caregiver income will be the most important topic for tax professionals over the next decade. Why? Because we will be dealing with 10’s of thousands of dollars being paid to caregivers for “baby-boomers” as they age. Not only is IRS involved, but the Department of Labor, Social Security, and State Unemployment Offices. Mishandling this item could create a disaster for your clients and a legal “night-mare” for you.

Asking the right questions and proper reporting of income will be discussed. Proper substantiation, doctor’s authorizations, and ADLs will also be discussed.

Attendees will answer a quiz at the end, followed by a group discussion and a case study.

2016 Tax Update (2 hours)

PROGRAM # 92EIT-U-0034-16-1

Discussion on the most recent changes in tax law and regulations. Expect a broad base of audience participation on this issue. I have good examples and material to keep this subject interesting as we explore the new thresholds for 2016 and the related tax issues.

Interactive Examples encourage audience participation and learning. Attendees will answer a quiz individually, followed by a group discussion.

Will walk through examples and illustrations to enhance understanding of the material.

Employee Stock Options, Restricted Stock, & related issues (1 hour)

PROGRAM #92EIT-T-00035-16-1

This topic will generate a discussion and understanding on how to report ISOs, RSUs, ESPP, and other related employee stock purchases. We will use examples to clarify these topics and how AMT factors into the equation. The discussion will finish with the tax impact of selling stock and timing issues.

Interactive Examples will be used during this session to assess understanding of the material and concepts. Attendees will answer a quiz individually, followed by a group discussion.

Will walk through examples, illustrations, and worksheets to enhance understanding of the material.

New Repair Regulations (2 hours)

PROGRAM # 92EIT-T-00036-16-1

This topic should generate the interest of anyone that prepares business returns. We will discuss Units of Property, Safe Harbor Elections, Ameliorating Material Conditions, Pre-existing conditions, Changes in Accounting Method, Capitalization vs. Repair, “Deemed” 3115 filings, and many other insightful issues that deal with the 2014 final regulations.

Many Interactive Examples will allow us to work with Form 3115 and discover its many uses. Attendees will answer a quiz individually, followed by a group discussion.

Will also walk through examples, illustrations, and worksheets to enhance understanding of the material.

Foreign Tax Issues Update (2 hours)

PROGRAM # 92EIT-T-00037-16-1

This issue will traverse the time requirements, travel restrictions, and pertinent issues involved in filing for foreign earned income exclusion and foreign tax credits. We’ll further explore the special rules that affect Expatriates who reside outside the US and offer strategies to minimize their income tax and audit risks.

Interactive Examples will allow us to work with Forms 2555, 1116 and discover their distinct benefits. Attendees will answer a quiz individually, followed by a group discussion.

Will also walk through examples, illustrations, and worksheets to enhance understanding of the material.

Hobby Losses v. For-Profit Businesses under – Section 183- (2 hours)

PROGRAM # 92EIT-T-00038-16-1

This topic will take us into the world of dreamers that will never turn a profit. Recognize the difference between a “For-Profit” Business and a Hobby under Code Section 183. We’ll use examples and explain how to report hobby income and expense that has no profit motive. Good refresher for experienced tax professionals.

Interactive Examples will allow us to work with Forms 1040. Schedule C and other related forms. Attendees will answer a quiz at the end, followed by a group discussion.

Will also walk through examples, illustrations, and worksheets to enhance understanding of the material.

The New Internet Currency and Paperless Cash – (1 hour)

PROGRAM # 92EIT-T-00039-16-1

We will travel into the new digital world where hiding cash transactions through cellphone transfers, EFTs, PayPal, Green Dot Cards, bit-coins, and Web Money are a way of life. This topic and the discussion that follows will help develop an understanding of what to beware of in cash businesses and ways to uncover unreported income. We will even talk about firing clients that might have plans to implicate their practitioner if they get caught hiding under-reported income.

Interactive Examples will be used during the session to assess understanding of the material and concepts. The discussion group issues will take the place of a traditional quiz.

Offer in Compromise (1 hour)

PROGRAM # 92EIT-T-00040-16-1

We will walk through an IRS adjustment to your client’s tax return and how to file an Offer in Compromise. If unsuccessful, we will look at your options to defend your position, which include a CDP Hearing and even filing for Tax Court. Whether you are new or experienced in representation, the discussion should be interesting.

Attendees will answer a quiz that follows which will open into a group discussion.

Will also walk through examples, illustrations, and worksheets to enhance understanding of the material.

Ethics – Circular 230: New Client Interviews and Office Procedures (2 hours)

PROGRAM # 92EIT-E-00040-16-1

Asking the right questions in the client interview is not only an ethical issue, but a Circular 230 requirement. We’ll discuss the subtle change to §10.22 where we went from being preparers to verifiers. OPRs new position that Organizers are no longer sufficient. Asking the right clients questions. We’ll help with these issues and other office policies including engagement letters, 7216 disclosures, conflict of interest statements, and more.

Interactive worksheets and forms will be used during the session to assess understanding of the material and concepts. Attendees will answer a quiz individually, followed by a group discussion and a case study.

 

Guest Speaker

Ben Tallman is a Tax Practitioner from Atlanta, Georgia. Ben is an officer of the US Tax Court, an Enrolled Agent, and a Fellow of the National Tax Practice Institute (NTPI). He is an instructor on the local, state, and national levels. Ben has served as an NAEA Education Foundation Trustee, as a member of the IRS Regional Liaison Committee and a prior Educational Director for GAEA and GA-NATP. He appeared on Tax Talk Today in a discussion on the Affordable Care Act and has written an article for the EA JOURNAL concerning the Affordable Care Act. Ben recently celebrated 40 years in tax preparation.