2020 Wisconsin Annual Income Tax Course Information

Message from the team

Because of the current uncertainty associated with holding large events in the fall, we have made the difficult decision to move our Annual Federal Income Tax Schools online. While this was not our preferred choice (we really look forward to seeing you each year), we are excited to offer the same course format, the same book (mailed to you in advance), and familiar speakers, all in a format best suited for 2020. We have worked hard to create multiple options to allow you to choose the schedule that best meets your needs.

These will be specially-tailored online classes that retain the look and feel of our traditional in-person courses, but you can participate from the comfort and safety of your home or office. If you haven’t tried an online course, we don’t think you will be disappointed. Even before COVID-19, hundreds of practitioners opted to participate in our Iowa tax schools online each year because of the convenience. These will be highly interactive classes, with dedicated Q & A sessions, and opportunities for live feedback throughout. If you are worried about technology, we will work with you to ensure that you are ready to go when your tax school begins.

Many of you have attended Tax Insight events for decades. We value our relationship with you and will do everything we can to maintain it. We can’t thank you enough for your continued support. While we are disappointed that we will not see you in person this fall, we look forward to hosting in-person tax schools again in 2021. In the meantime, we look forward to seeing you online this fall and preparing you for the 2021 filing season.

Topics

These are the topics covered in the National Income Tax Workbook 2020, the text for this course.  (NOTE: Not all topics may be covered in the course.  Further information will be made available later in the season.) 

National Income Tax Workbook 2020 CHAPTERS:

Financial Distress. This chapter discusses the tax consequences of foreclosures, repossessions, and abandonments. It explains when cancellation of indebtedness must be included in income and when it can be excluded. This chapter provides comprehensive examples of the reduction in tax attributes that must occur when cancelled debt is excluded from income. This chapter also explains the bad debt deduction for business and non-business bad debts.

Ethics. This chapter discusses important issues that help tax practitioners comply with their ethical obligations. Topics include the following:

  • Due diligence for a tax practitioner who helps a self-employed taxpayer claim the earned income credit, who prepares a return for a taxpayer who does not have records to substantiate material participation, or who performs valuations of a business
  • Best practices in making and accepting referrals, including referrals from an online referral service
  • When a tax practitioner can disclose information through the IRS Whistleblower Program
  • Ethical considerations for tax practitioners using online faxing, digital storage and backups, and online portals
  • Ten case studies that illustrate real-life ethical scenarios

Qualified Business Income Deduction Issues. This chapter discusses select issues related to the section 199A deduction. It explains how to calculate the qualified business income (QBI) deduction and the limitations on the deduction. This chapter also explains when trades or businesses can be aggregated, how to net and carryover QBI losses, and when a taxpayer can claim the QBI deduction for rental real estate income.

S Corporation Tax Issues. This chapter reviews important tax issues for S corporations, including the choice of entity rules and the S corporation election. It explains issues that the IRS has identified in its compliance campaigns, including S corporation distributions, the built-in-gains tax, and S corporation loss limitations. This chapter also includes an explanation of calculating basis and required basis reporting on Schedule E (Form 1040).

Agriculture and Natural Resource Issues. This chapter covers emerging topics that affect farmers and ranchers, including the following:

  • Family members working for each other on farm or ranch, including the reinstated kiddie tax rules
  • Farm or ranch employer-provided meals and lodging
  • Special use valuation
  • Depreciation of farm property
  • Self-employment tax on agricultural activities

Business Issues. This chapter discusses some of the issues that tax practitioners encounter when they prepare returns for clients who operate a business. Topics include the following:

  • Tax issues for a taxpayer engaged in a multi-level marketing business
  • Opportunity zones
  • Bonus depreciation
  • New health reimbursement arrangements for small businesses

Individual Issues. This chapter covers several issues tax practitioners encounter when preparing individual income tax returns, including the following:

  • Deductions for health insurance and other health expenses
  • Casualty losses and gains
  • Deductions, credits, and exclusions for education
  • Who can claim the child tax credit, credit for other dependents, education credits, and other individual income tax credits

Business Entity Issues. The chapter reviews new partnership reporting requirements. It discusses the taxation of section 501(c)(7) social clubs and 501(c)(10) fraternal organizations, including eligibility for exemption, recordkeeping and reporting requirements, and income tax issues. This chapter also includes new rules, regulations, and filing requirements for nonprofit entities.

Investment and Retirement. This chapter covers investment and retirement tax planning issues, including the following:

  • Required minimum distributions and the SECURE Act modification of the required distribution rules
  • Planning for IRA beneficiary designations under the new rules
  • Testamentary charitable remainder trusts
  • Qualified charitable distributions
  • Taxation of common investments such as interest-bearing bank accounts, certificates of deposit, and savings bonds

Trust and Estate Issues. This chapter discusses estate planning to preserve the increased exemption amount before it expires at the end of 2025. It reviews the definition of a gift, use of the annual gift tax exclusion, and when it is necessary to file a gift tax return. This chapter also explains how a tax practitioner can identify different types of trusts, and how those trusts report income tax to their beneficiaries.

IRS Issues. This chapter covers issues the IRS targets as key issues for practitioners. Topics include the following:

  • Cybersecurity
  • Virtual currency
  • IRS Withholding Estimator
  • Taxation of the gig economy
  • IRS information sources

New and Expiring Legislation. This chapter covers recently enacted tax legislation and procedures, including comprehensive coverage of the tax provisions in the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It is organized by subject to help participants quickly find topics of interest and includes the following:

  • A summary of each provision
  • Cross-references to other chapters to help participants find further information
  • Effective dates to help participants keep track of when provisions begin and when they expire
  • A table of tax provisions that expired or are set to expire

Rulings and Cases. This chapter summarizes selected rulings and cases that were issued from September 2019 through August 2020. It gives participants an update on issues that are being addressed by the IRS and the courts.

Tax Rates and Useful Tables. This chapter reports the tax rates, deduction limits, credit limits, and income thresholds and limits that change each year.

Dates and Times

4 Ethics & Filing Considerations Track – 2 full days

Nov 12-13, 8 AM to 5 PM
Nov 19-20, 8 AM to 5 PM
Dec 10-11, 8 AM to 5 PM
December 14-15, 8 AM to 5 PM

3 Financial Distress & Agricultural Issues Track – 2 full days

Nov 10-11, 8 AM to 5 PM
Nov 17-18, 8 AM to 5 PM
Dec 8-9, 8 AM to 5 PM

3 Ethics & Filing Considerations Track –  4 half-days (Tu, Wed, Thur, Fri)

Nov 10-13, 8 AM to Noon
Nov 17-20, 1 PM to 5 PM
Dec 8-11, 8 AM to Noon

3 Financial Distress & Agricultural Issues Track – 4 half-days (Tu, Wed, Thur, Fri)

Nov 10-13, 1 PM to 5 PM
Nov 17-20, 8 AM to Noon
Dec 8-11, 1 PM to 5 PM

Credits

The following table lists the Continuing Education Credit hours applied for by granting authorities for the 2020 Wisconsin Annual  Tax Course.

Ethics & Filing Considerations Track

 

 Federal Tax Updates

Federal Tax Law 

 Ethics

Tax Law   

 
 

IRS Enrolled Agents 

4

 10

 2

 

 

IRS Other Tax Return Preparer

4

10

 2

 

 

Wisconsin Office of the Commissioner of Insurance

 

 

 2

 14

 

Wisconsin Continuing Legal Education

 

 

 2

 14

 

Certified Financial Planners

 

 

 

 16

 

Bonus Farm & Financial Distress Course taken in addition to the Ethics Track

1

3

 

 

 

 

 

Financial Distress & Agricultural Issues Track

 

Federal Tax Updates

 Federal Tax  Law

 Ethics 

Tax Law   

IRS Enrolled Agents 

4

 12

 

   

IRS Other Tax Return Preparer

 4

12

 

   

Wisconsin Office of the Commissioner of Insurance

 

 

   

 

 16

Wisconsin Continuing Legal Education

 

   

16

Certified Financial Planners

     

 16

 

Bonus Ethics and Filing Considerations Course taken in addition to the Financial Distress Track

1 1 2

 

NOTE:  GoToWebinar, our conferencing software, will monitor your attention during the course and your attendance will be reported accordingly.  Several times an hour a polling question will be asked.  You must respond in order for your time in that period to be counted.  Correct answers are not required.

For IRS Credit:

We will report your continuing education credit hours to the IRS if you have provided us with your PTIN (Preparer Tax Identification Number). 

For Commissioner of Insurance Credit:

Attendees must attend an entire 4 hour block to receive credit for it.  The Commissioner of Insurance grants NO credit hours for partial attendance. We will report your attendance to the Office of the Commissioner of Insurance in complete 4 hour blocks.
There is a Insurance filing fee that will be due at registration.  The fee is $20 for either the Ethics Track or the Financial Distress Track, $5 additional for taking a bonus class, and $10 for taking the Ag Tax Issues course.

For Certified Financial Planners Credit:

If you provide us with your CFP# we will report your credits.

For Wisconsin Continuing Legal Education Credit:

Attorneys are required to report their own attendance.

For Wisconsin CPA Credit:

CPA’s are required to report their own attendance.

Registration by Phone, Mail, or On-line

via mail; go to the Registration Information page.

by phone (or to receive a copy of the brochure); contact Tax Insight directly at: 608-831-1040.

on-line; click REGISTER NOW and follow instructions from there.

In order to guarantee workbook delivery in time for the online sessions, you must register by the end of business on Tuesday, October 20.  Registrations will be accepted after that date, but we cannot guarantee that you will receive your printed book in time for your online classes.  This book is copyrighted by the Land Grant University Tax Education Foundation so you may not copy it of share it with others.  We cannot ship to PO boxes.  You must provide a street address for shipment.

Remember to register early so you are assured of getting your materials in time for your sessions.

Materials

Participants will receive the 2020 National Income Tax Workbook produced by the Land Grant University Tax Education Foundation, Inc., with contributions from tax experts from around the country.  They will also receive access to the past few years’ materials via secure link to the cloud.  Note the additional shipping information under the topic REGISTRATION BY PHONE, MAIL, OR ON-LINE above.  

Fees

The fee for the 2-day course is $300.  It will increase to $335 after October 20, 2020.

NOTE: There is an additional $20 fee collected at the time of registration if you are requesting Insurance continuing education credits. (There is also a $5 fee if you are adding a BONUS course.)

Instructors

 

 

Ken Wundrow, EA, is returning for his 20th year of speaking at our Wisconsin Annual Income Tax Courses.  Ken has served as a tax preparer/planner for 39 years.  He retired from Mennenga Tax and Financial Service in Madison, Wisconsin, where he prepared more than 525 returns annually for his clients.  He was also a Financial Advisor through HD Vest and served as the Financial Manager for Mennenga Tax and Financial Service.  From his 25 years in public education, he is an excellent teacher who draws on his practical tax and financial experience to relate to attendees at our courses.

 

Speaking for her fourth year, Kristine Tidgren is an attorney and the assistant director for the Center for Agricultural Law & Taxation at Iowa State University, where she speaks and writes frequently on agricultural law and tax matters. Her writing includes an online blog and tax school course materials, including sections of the National Income Tax Workbook.  Kristine enjoys researching and analyzing complex tax issues. She speaks to a number of groups throughout the year regarding current tax topics and is a regular instructor for Iowa’s Federal Income Tax Schools.  Kristine is the Director of Wisconsin Annual Tax Courses by Iowa State University.

 

 

Kari Apel, owner of Apel Associates, Inc., Wisconsin

Kari is president and CEO of Apel Associates, which she founded in 2008.  Kari’s professional experience includes working as an accountant for an ag-based financial organization and holding accountant positions at several larger CPA firms.

 

Joe Kristan, CPA, Partner at Eide Bailly LLP, Des Moines, IA

Joe has been a tax practitioner since 1984 working primarily with closely held businesses and serving the agriculture, distri-bution and manufacturing industries. Joe is the author of the popular Tax News & Views blog, www.eidebailly.com/taxblog.

 

Amie Kuntz, Owner of Amie K Consulting, LLC, Des Moines, IA.

Amie is a tax professional with over a decade of diverse experience, both in public accounting and private industry. She is a frequent contributor to various technical tax publications and provides tax consulting primarily for businesses and their owners.

 

David Repp, Attorney, Dickinson Mackaman Tyler & Hagen PC, Des Moines, IA.

David practices primarily in the area of taxation. He  provides a broad range of tax counsel on topics including  federal and state income tax planning, taxation of employee benefits, equity structure and mergers.

 

The Internal Revenue Service speaker will be Karen Brehmer, IRS Stakeholder Liaison Small Business/Self Employed Division, Minneapolis, MN. Karen has been employed with the IRS since 1987, recently  focusing on educational and taxpayer outreach events and  working with tax professionals, industry and trade associations, and small business owners.

Tax Deduction for Educational Expenses

Treasury Regulation §1.162-5 permits an income tax deduction for educational expenses undertaken to: (1) maintain or improve skills in one’s employment or other trade or business, or (2) meet express requirements of an employer or a law imposed as a condition for retention of employment, job status, or rate of compensation.

Registration Confirmation

We will send a confirmation letter to you by email from our Wisconsin office when we process your registration.  It will include details on the dates and times of the course. If you do not receive a confirmation letter after two weeks, contact Tax Insight at 608 831-1040 (or email: [email protected]) to confirm your registration. 

Cancellation/Substitution/Transfer Policy

NEW Registration fees are NON-REFUNDABLE because a workbook will be mailed to each registrant.  Requests to TRANSFER a registration to another person or a different class will be accommodated.  These transfers must be completed one week prior to the scheduled session and are subject to availability of alternative sessions.  If you need additional information or need to make a correction to your registration, please call us at 608-831-1040.

Completion Certificate

We will e-mail a Completion Certificate showing the hours you attended to the e-mail address you provide on your registration form.  This generally occurs within 10 business days of the course conclusion.