New Legislation - Individual

14

This session covers recently enacted tax legislation and procedures, including changes to individual tax law changes in the recently passed H.R.1 - One Big Beautiful Bill Act.

New Legislation - Business

14

This session covers recently enacted tax legislation and procedures, including changes to business tax law changes in the recently passed H.R.1 - One Big Beautiful Bill Act.

Religious Organizations

2

After completing this session, participants will be able to: Explain the criteria for a religious organization to obtain tax-exempt status • Understand which activities can cause a religious organization to lose tax-exempt status • Identify and calculate the tax on unrelated business income • Understand the income and employment tax on a minister’s income • Explain the special tax rules for other religious organization employees and members

Trusts & Estates

3

After completing this session, participants will be able to: • Understand the tax rules that apply to a revocable trust • Explain the advantages of filing a combined return for an estate and a trust • Know when a trust or an estate can claim a deduction for a charitable contribution • Determine the basis of gifted and inherited property • Understand the consistent basis reporting requirements • Identify when a nonresident noncitizen’s estate or gifts may be subject to US estate or gift tax

IRS Issues

11

This session covers issues key IRS issues for practitioners, led by a representative from the IRS.

Home Ownership

7

After completing this session, participants will be able to: • Understand the itemized deduction for state and local property taxes • Explain the itemized deduction for home mortgage interest • Calculate the limit on the home mortgage interest deduction • Know when a taxpayer can claim a deduction for business use of the home • Know when a taxpayer can exclude gain on the sale of a principal residence • Discuss the exclusion for qualified principal residence indebtedness • Understand the special rules that apply to a principal residence in a disaster area

Individual Issues

10

After completing this session, participants will be able to: • Understand how a taxpayer chooses a filing status • Know when a taxpayer has constructive receipt of income • Explain the itemized deductions claimed on Schedule A (Form 1040) • Determine when a student-athlete has taxable income from a NIL agreement • Recognize that a contribution to a NIL collective is likely not eligible for a charitable deduction • Know how to report a child’s income • Explain eligibility for the earned income tax credit • Understand when to amend a return to take advantage of the extended qualified disaster relief

Installment Sales

5

After completing this session, participants will be able to: • Understand how to calculate installment sale income • Recognize when there is depreciation recapture on an installment sale • Know to report the sale of a business on the installment sale method • Explain how to recalculate installment sale income if the selling price is reduced • Explain how to calculate income on contingent payment installment sales • Know how to elect out of the installment sale method • Understand the special rules that apply to an installment sale to a related party • Discuss the tax treatment of an installment obligation received in a like-kind exchange • Know how to calculate gain or loss on the disposition of an installment obligation • Understand tax consequences upon the death of an installment note holder • Recognize the tax implications when installment sale property is repossessed

Business Entities

4

After completing this session, participants will be able to: • Understand the basis and holding period of property contributed to a corporation or partnership • Explain the character of gain or loss on the sale of a partnership interest • Know when property distributed from a partnership must be reported • Know when the sale or exchange of a partnership interest must be reported • Discuss the I.R.C. § 754 optional basis adjustment • Understand when a partnership makes an optional basis adjustment and how to calculate and allocate the optional basis adjustment • Explain how to request revocation of a section 754 election

Business Tax Issues

9

After completing this session, participants will be able to: • Understand the tax considerations when allocating the purchase price among business assets • Know how to correct depreciation errors • Understand how to deduct and amortize start-up and organizational expenses • Explain the types of equity-based compensation for a small business • Know how a taxpayer can claim the qualified commercial clean vehicle credit and clean energy credit

Ag & Natural Resources

8

This session covers several current issues for tax practitioners preparing returns for landowners, farmers and more

Kentucky Tax Update

This session covers key Kentucky issues for practitioners, led by a representative from the Kentucky Department of Revenue.

Retirement Issues

6

After completing this session, participants will be able to: • Understand when a taxpayer must take distributions from an inherited retirement account • Describe the requirements to designate a trust as a beneficiary of a retirement account • Know what contributions can be made to a Roth IRA • Explain the new rules for designated Roth contributions and Roth catch-up contributions • Know when a taxpayer can take a retirement account disaster distribution • Understand the taxation of ABLE account contributions and distributions • Understand when an education savings account can be rolled over to a Roth IRA • Identify when a taxpayer can make a qualified charitable distribution

Ethics - Issues

1

This session discusses Important issues that help tax practitioners comply with their ethical obligations, including: • New guidance on responding to noncompliance with laws and regulations • Proposed Circular 230 changes and their impact on representation before the IRS • Best practices under the proposed Circular 230 regulations for data security safeguards, addressing a mental impairment, and business continuity plans • Contingency fees and other disreputable conduct under the proposed Circular 230 regulations

Ethics - Case Studies

1

This session discusses important issues that help tax practitioners comply with their ethical obligations through case studies that illustrate real-life ethical scenarios