32nd Annual Spring Seminar
Presented by Virginia Society of Enrolled Agents
Wednesday - Friday, June 3-5, 2020
12 Hours IRS CE
Via Live Webinar
$200 Members / $250 Non-Members
Click here for downloadable brochure.
To register online, scroll all the way down and click the "Register" button on the bottom left of the screen. Members should enter the discount code when prompted for the registration code. If you are a member of VASEA or NAEA and don't already have the discount code, please contact the VASEA office at admin@vasea.org.
Wednesday, June 3, 2020
11:00 a.m. – 1:00 p.m. Eastern Time
Notice of Deficiency: Your Ticket to Tax Court (2 Hours Tax CE)
Mark F. Seid, EA CPA USTCP
Before the IRS assesses additional tax from an examination they issue a Statutory Notice of Deficiency (SNOD). The SNOD is the taxpayer's ticket to dance - in Tax Court. This course examines why the IRS issues a SNOD and what you should (and should not) do when your client gets their ticket to dance. Learn when to request a SNOD, a rescission, an audit reconsideration, or let the time to file a petition in Tax Court expire.
Learning Objectives:
- Learn why the IRS issues a Statutory Notice of Deficiency
- Understand the options available to your clients when a SNOD is received
- Learn when it is the best course of action to request a SNOD
- Understand the limitations on representation of clients with a SNOD
2:00 p.m. – 4:00 p.m. Eastern Time
Schedule D, Form 8949 & Publicly Traded Partnerships (2 Hours Tax CE)
Mark F. Seid, EA CPA USTCP
Delve into the details of Schedule D and the fine points of Form 8949. We start with a complete technical review of capital assets and the requirements for the special tax rates applied to long-term capital gains. The materials provide examples of each type of transaction that is reported on Schedule D and Form 8949. The accompanying workbook includes exercises complete with source documents that demonstrate proper reporting for dozens of transactions.
Learning Objectives:
- Learn the definition of a capital asset
- Understand how other forms flow into schedule D
- Understand how to calculate capital loss carry forward
- Learn how to report the disposition of a PTP
Thursday, June 4, 2020
11:00 a.m. – 1:00 p.m. Eastern Time
Partnership/S-Corps (Pen to Paper) (2 Hours Tax CE)
Jane Ryder, EA, CPA
This session details preparation of Form 1065 (Partnerships & LLCs filing as partnerships) and Form 1120-S (S-Corps). See examples of the most common issues, including certain elections such as Section 754 and S-Corp elections, shareholder and partner loans or contributions, or buy-out reporting requirements. Learn best practices for cost of goods sold, shareholder and partner basis issues, tax reporting options to maximize QBI deductions, retained earnings, partner capital accounts and more. Start with the client’s financial reports, use worksheets and examples to make needed tax adjustments, then translate to a complete and accurate business tax return.
Learning Objectives:
- Learn hands-on Form 1065 and Form 1120-S step by step preparation with complete examples.
- Understand how to report common elections such as Partnership Section 754 and S-Corp S-Election.
- Determine best strategies for reporting basis components, partner or shareholder loans and distributions.
- Learn reporting decisions to maximize taxpayer's tax benefits and QBI deduction.
- Develop practices for working with clients' financial reports and training clients for better reports.
2:00 p.m. – 4:00 p.m. Eastern Time
Reporting Rental Real Estate Advanced Tax Issues (2 Hours Tax CE)
Jane Ryder, EA, CPA
This session covers many tax aspects of rental real estate including: average days rental reporting requirements, allocating expenses among co-owners, applying the active participation rules, mixed use properties, vacation rentals, commercial rentals, interest deduction criteria including interest tracing rules, real estate professional qualifications, home office, travel expenses and more. We'll cover the five rental loss limitations: Basis, At Risk, Passive Activity, Excess Business Loss, and the new Business Interest Limitation. We'll also discuss material participation, grouping elections, depreciation and repair regs, QBI Section 162(a) vs. the Safe Harbor, elections to capitalize repair costs and more.
Learning Objectives:
- Determine the allowed interest expense for rentals after refi or other rental loans
- Understand five loss limitations: Basis, At Risk, Passives, Excess Business Loss, & Business Interest Limitation
- Learn important elections for real estate rentals
- Evaluate your client's best options for QBI and determine Section 162(a) vs. Safe Harbor for each client
- Learn specific criteria for reporting average days rented, mixed use property, Gig rentals and vacation property
Friday, June 5, 2020
11:00 a.m. – 1:00 p.m. Eastern Time
What To Do When a Client Dies (2 Hours Tax CE)
Claudia Hill, EA, MBA
Death prematurely stops the individual's tax year and triggers filing requirements for the entity that follows. Often the decedent’s executor or personal representative doesn't have a clue of their responsibilities for so many tasks and tax duties in winding up their loved one’s final debts to IRS. Using a “Key Issues” and case study approach, this workshop provides a guide to the process, filing requirements, and checklists for use along the way.
Learning Objectives
- Provide a basic understanding of the post-death tax compliance process
- Distinguish what income is included on Form 1040 v. Form 1041
- Compare the process when a taxpayer has a will or trust vs. dying intestate
- Take-home checklists you will use whenever a client dies
- Use a case study approach to explain examples
2:00 p.m. – 4:00 p.m. Eastern Time
Show Me the Money – The Ethics of Fees (2 Hours EA Ethics CE)
Claudia Hill, EA, MBA
Most practitioners don't enter this profession for their health. They expect to earn a respectable living from their expertise. There is both an art and an ethical consideration when setting fees and deciding how one charges for their services. This session looks at the ethical issues, many of which are not settled for Enrolled Agents, and then asks the audience to participate in scenarios featuring such issues.
Learning Objectives
- Review constraints from Circular 230 and case law affecting the charging of fees
- Consider the four typical ways tax accountants set their fees
- Discuss issues with conflicts of interest and fees charged
Registration Info
Registration includes live webinar instruction and downloadable handout materials for each session registered. IRS CE credit and emailed certificate for each session attended. You must remain logged in and answer polling questions during the webinar to receive the credit. Access to the webinar recording is not included in your webinar registration fee.
NAEA/VASEA Member Registration Fees:
Member Discounts
Member pricing applies to members of NAEA and VASEA, associates of VASEA, and their staff. Registration fees must be paid by a member in order to receive the discount.
Non-Members Registration Fees
Phone, Fax, or Email Registration Options
There are additional charges for registrations taken over the phone or via fax or email. Please see hard copy registration form.
Refund Policy
Refunds will be honored if written notification is received at the Administrative Office by Friday, May 22, 2020. A processing fee of $25 will be deducted from the refund. Cancellations after May 22nd will not be accepted. Substitutions are allowed if received 48-hours prior to the start of the webinar. “No Shows” will forfeit their fees.
Questions
Contact Heather Greenwell, CAE, VASEA Administrator, at (804) 723-5888.
