The Master's Tax & Financial Services
(707) 544-5732
FAX 866-649-8853
Tax@TMTFS.com

Tax Education in Spring 2007

As tax professionals we are continuing taking education to enhance our skills. From time to time we are asked about what classes we take. Recently at a 3-day seminar we took the following classes:

JanelleRichard
Basic Trust & Estate Income Tax Preparation Workshop (4 hours)
Start at the beginning, with reading and understanding the trust document. Our goal will be to help you identify necessary information you need to obtain before you begin, distinguish 1040 preparation rules from 1041 rules, understand who pays taxes on trust income, and help the client understand the value of your services. Plan to put your mind to work and pencil to paper in this four-hour workshop.
Ethics When Representing a Taxpayer Before the IRS (2 hours)
Circular 230 has recently been revised and it has imposed new duties and responsibilities upon practitioners who represent taxpayers before the IRS. Anyone who represents taxpayers on audit or collection matters must comply with these requirements. This session will give you a broad perspective of the best ways to ethically practice before the IRS including new Circular 230 duties, potential conflicts of interest, correction of taxpayer mistakes, what fees are unconscionable, and what taxpayer confidences you may disclose to the IRS. Every practitioner who represents taxpayers needs to understand their duties to the tax system and to their client. This session will assist you in balancing those duties.
Update Your Knowledge on S Corporations (2 hours)
The S corporation is still a popular entity choice but is it right for your client? Reasonable compensation, losses limited to basis and health insurance deductions have made the IRS take a closer look at S corporations in 10,000 NRP audits in the last two years. Be prepared and find out what you need to know about corporate tax law to help your client form, operate and shut down their S corporation. Refresh your knowledge on the rules for contributions, distributions, payroll, losses, basis and built in gains. Get up-to-date on what’s new from the IRS and the Courts regarding your S corporation client.
What to do When a Client Dies: Estate Administration (2 hours)
You are informed of the death of a client. How should you respond? In what ways can you help? This session will examine the various roles the Enrolled Agent can assume in the family’s hour of need. No one is better prepared to collect the information needed by everyone, including the lawyer, the insurance companies, and the taxing authorities. What you need are tools to determine what to collect and tools to assist you in organizing the data. What do I need to know? When do I need to know it? What format should I use? Whom do I need to inform? The answers are the easy part; the questions are the hard part.
Update Your Knowledge on Partnerships and LLCs (2 hours)
The Limited Liability Company still gets lots of publicity as the hot new entity choice. Find out what’s good and bad about the LLC. Hear why the LLC is the right choice for lots of small start up businesses. Learn what you need to know about partnership tax law to help your client form, operate and shut down the LLC. Refresh your knowledge on the rules for contributions, distributions, losses, basis and the check-the-box regs. Get up-to-date on what’s new from the IRS and the Courts regarding the LLC.
Reengineered IRS Audits (4 hours)
The IRS has reengineered its examination process. It has created new methods for selecting returns for audit and for the methods used during the audit. It has also substantially increased its level of audits of high income and self-employed taxpayers at the same time; the IRS Appeals Division has created new and innovative ways to settle cases. In this session you will learn about IRS examination procedures, IRS tax shelter initiatives, audit priorities and the best ways to settle IRS examinations. At the end of this session you will be better able to represent your client during an examination.
Estate Planning - Beyond The Basics (4 hours)
The field of estate planning is increasingly complex. Finding appropriate solutions to a client's estate issues can involve many facets of corporate, estate, trust and securities law. This session provides you with a look at some of the more sophisticated tools and techniques available to you in your existing estate planning practice. You will learn the requirements and tax implications of a charitable deduction, when to use a charitable split interest trust and its requirements, tax implications of a private annuity, where the split interest purchase of property is a valuable planning tool, when to use a GRAT, GRUT or QPRT, and advantages of a life insurance trust and planning techniques with their use.
Reach Out and Touch - Communicating with the IRS (2 hours)
The key to successfully dealing with the IRS is communication, and IRS is giving your clients the opportunity to communicate with them a lot more often recently. This session will help you interpret IRS inquiries and understand how to respond with authority on behalf of your client. The focus will be on the most frequent types of IRS contacts: summary assessment notices and under-reporter proposed assessments.
Post Mortem Estate Planning Issues (2 hours)
The field of estate planning is increasingly complex. Finding appropriate solutions to a client's estate issues upon the death of a client is critical to a number of areas. These areas include the estate tax return of the decedent, the decedent’s final income tax return, the income tax return of the estate of the decedent, and the estate and financial planning issues of the heirs of the decedent. This session provides you with a look at the planning issues facing the estate of an individual and the practitioner serving that estate. You will learn alternative valuation date issues, installment payments of estate taxes, QTIP elections, the use of qualified disclaimers, basis issue, estimated taxes, medical expenses of final illness, savings bond interest acceleration, estate fiscal year and accounting method elections, passing out administrative expenses to maximize benefits to beneficiaries, the 65-day rule election, income and deductions in respect of the decedent, and qualified plans and IRAs.
Small Business Start-ups and Acquisitions (2 hours)
The small business client is the backbone of many tax practices. The lifecycle of the business begins with either a purchase of assets or ownership interest, or development over time by the owner(s) through “sweat equity”. The task of recording a client’s purchase of a business on his tax return and “booking” it to the general ledger can be a challenge. Even the business entity type and anticipation of subsequent disposition will have a part to play in the process. Proper structure of a transfer of assets for stock requires consideration. Handling purchase price adjustments, intangibles and amended Forms 8594 Asset Acquisition Statements are a few of the topics to be explored in this informative session.
Integrating the K-1 into the 1040; When is a Pass-through Investment NOT a Passive Investment? (2 hours)
This session will focus on what types of joint investments can fall outside passive activity limitations,including working interest in oil & gas, material participation trades of businesses, those in the trade or busines of actively trading personal property for their own account, and those that may qualify for the active participation exception. Examples of such K-1s and how they are integrated into the 1040 will be illustrated.
California Update – Farther from Federal Than Before (4 hours)
In this year’s California update we will cover new conformity and nonconformity, tax preparer audits, tax shelters and FTB penalties, FTB installment agreements and Offers in Compromise, post tax season filing issues, nonresident update, and other new California laws.
Asset Protection Strategies and Techniques – Expanding Your Practice (4 hours)
The current litigation explosion has created tremendous interest in asset protection. This session is designed to survey opportunities for asset protection that can arise during tax planning and to determine how to properly report such transactions. Asset protection vehicles are explored, including revocable and irrevocable trusts, the use of corporations, family limited partnerships, multiple & tiered entities, marital agreements, statutory exclusions, family transfers, limited liability companies, and family transfers. You will learn an introduction to asset protection planning, non-grantor irrevocable trusts, domestic asset protection trusts, foreign trusts, the proper use of the family partnership and dynasty trusts, private annuities and self-canceling installment notes.
Retirement Planning Strategies and Techniques – Expanding Your Practice (2 hours)
Retirement planning is a critical issue in the area of personal financial planning and in the operation of any business (especially to the executive and/or business owner). How retirement planning issues are arranged makes a considerable difference in the tax implications and ultimate cost effectiveness to individuals and businesses. This session covers the financial planning, tax, and business ramifications of various retirement planning arrangements. You will learn the difference between Qualified and Non Qualified retirement plans, how to best design a retirement plan, how and when to use a Defined Benefit Plan, Defined Contribution Plan, 401(K) Plan, SIMPLE Plan, Profit Sharing Plan, health insurance. IRA’s, ROTH, Money Purchase Pension Plan, and other employee benefits – 125 plans, company car, Educational assistance, etc.
Social Security and Medicare Update (2 hours)
When can I retire? How much will I receive? Will my benefits be taxed? How does Medicare work, and why am I paying more than others? Your clients have questions about Social Security and Medicare and here’s where you can find the answers. Social Security and Medicare explored from the perspective of the tax practitioner, focusing on what you need to know to advise your clients. Worksheets and references to allow you to be “in the know” the next time your client asks about Social Security or Medicare.
All About Form 4797 (2 hours)
The Form title “Sales of Business Property” can be very misleading when we look at the many items that are reported on this form. When do you use Part I, II, III or IV given various tax scenarios? What is an “ordinary Gain or Loss?” How about all those Code Sections in Part III? Recapture? We will sort out this puzzle with examples and case studies so we can confidently make the statement, “I know it goes on this form somewhere and now I know where.”

"Tax software is no substitute for tax knowledge."

Any views expressed herein are based on our best information. The content of this web site was written as general information without specific individual information and thus may not apply in all situations. This material was not written, and cannot be used by the taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer.

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Janelle Ogg, EA
Richard Ogg, EA