Course Information Mississippi Annual Income Tax Course

Tax Law Update

We invite you to attend a webinar on TAX LAW UPDATES & CHANGES on Wednesday January 10 at 12:00 – 1:00 CST.  This webinar is sponsored by the University of Minnesota and will grant 1 CPE hour to the IRS for attendance.

To register, follow this link:

https://z.umn.edu/tax_law_updates_and_changes_webinar

Topics

New Legislation
This chapter covers tax legislation that was enacted late in 2016 and in 2017. It is organized by subject matter to help participants quickly fi nd topics of interest and includes:
• A brief summary of each provision
• Cross-references to other chapters to help participants fi nd further
information on some of the topics
• A table of effective dates to help participants keep track of when provisions
expire

Individual Issues
This chapter covers several issues tax practitioners encounter when preparing individual income tax returns, including:
• Tax issues for individuals in the military
• Charitable contribution deductions, valuation, and substantiation
• New developments under the Affordable Care Act
• Disaster tax relief
• Taxes and the sharing economy (e.g. renting a spare bedroom or providing
car rides or household chores)

Business Issues
This chapter discusses some of the issues tax practitioners encounter when they prepare returns for clients who have rental property or operate a business. 
Topics include:
• Expensing real estate improvements
• Start-up and organizational expenses
• Electing out of Subchapter K
• Tax on marijuana and hemp sales

Retirement
This chapter covers common retirement tax planning issues including:
• A comparison of different types of retirement plans
• Distributions from retirement plans, including early distributions and
required minimum distributions
• The impact of income on social security benefits and Medicare premiums

Tax Practice
This chapter contains important tax practices and procedures, including:
• Tips to submit a successful off er in compromise
• Collection statute of limitations and rules that stop the statute from running
• Third party liability, such as transferee and nominee liability

IRS Issues
This chapter covers issues the IRS targets as key issues for practitioners. Topics include:
• The most prevalent identity theft and impersonation scams
• E-Services online tools for tax professionals
• The new IRS use of private debt collectors
• How to use IRS audit techniques guides

Like-Kind Exchanges
This chapter is a practical guide to like-kind exchanges. It explains the tax implications of an exchange, including basis adjustments and the recognition of gain or loss; and the requirements for a reverse or deferred exchange. It includes a discussion and examples of reporting an exchange. It also explains when a taxpayer can exchange a vacation residence, timberland, easements, and long-term leases.

Loss Limitations
This chapter provides step-by-step instructions to determine whether a loss is limited. It includes a discussion of at-risk and passive activity loss limitations, basis limitations for an S corporation shareholder and a partner in a partnership, and hobby loss and vacation home loss limitations.

Business Entity Issues
This chapter discusses issues for partnership and tax-exempt entities. Topics include:
• The new partnership audit rules
• Practical considerations in partnership reorganizations and liquidations
• New developments for tax exempt entities
• Organization, taxation, and reporting for homeowners’ associations

Ethics
Tax practitioners store a great deal of confidential information on computers and transmit that data across networks to other computers and mobile devices.  This chapter discusses cybersecurity, and the protection of computers, networks, programs, and data from unintended or unauthorized access, change, or destruction of information. It explains the risks of a data security threat and how to mitigate those risks. It includes other important ethical issues:
• When client communications are confidential and/or privileged
• Ethical obligations upon the sale or discontinuance of a tax practice
• Nondisclosure rules when hiring independent contractors
• Tax practitioner’s responsibilities when encountering fraud or other misdeeds
• 10 case studies to illustrate how to handle real-life ethical issues

Locations

Hattiesburg

Dates: December 4-5, 2017 – Monday and Tuesday
Location: 
Lake Terrace Convention Center
One Convention Center Plaza
Hattiesburg, MS  39401

Phone: 601-268-3220

Ridgeland (Jackson area)

Dates: December 5-6, 2017 – Tuesday and Wednesday

Location: Embassy Suites Jackson – North/Ridgeland
200 Township Place
Ridgeland, MS 39157

Phone: 601-607-7112

Oxford (NEW LOCATION)

Dates: December 7-8, 2017 – Thursday and Friday

Location: Oxford Conference Center
102 Ed Perry Blvd
Oxford, MS 38655

Phone: 662-232-2367

Credits

Credits for the 2017 course have not been finalized yet.

The following table lists the Continuing Education Credit hours applied for by granting authorities for the 2016 Tax Insight Annual Income Tax Course.

Annual Income Tax Course

 

 Ethics

 Federal Tax Updates

Federal Tax Law 

Tax Law   

IRS Enrolled Agents 

 2

 3

 10

   

IRS Other Tax Return Preparer

 2

 3

 10

   

Mississippi Board of Accountancy

 2    

 14

Mississippi Judiciary

 2

   

 11

Certified Financial Planners

     

 16

For IRS Credit:

Tax Insight reports your continuing education credit hours to the IRS if you have provided us with your PTIN (Preparer Tax Identification Number).  Credits are determined by your sign-in and sign-out for each segment of the course.  Failure to sign in or out for a segment will result in no hours reported for that segment.

For Certified Financial Planners Credit:

Forms are available at the registration table.  You must fill out the form and return it to the registration table.  Tax Insight then reports your attendance.

For Mississippi Judiciary

Attorneys are required to report their own attendance.  Credit hours are based on a 60 minute hour.

Registration by Phone, Mail, or On-line

To register via mail, go to the Registration Information page.

To register by phone or receive a copy of the brochure, contact Tax Insight directly at: (phone) 608-831-1040, (fax) 608-831-1065.

You may also register by faxing your registration form to 608 831-1065.

To register on-line, select the course and location from the COURSE REGISTRATION menu in the top banner and follow instructions from there.

We cannot guarantee on-site registration.

Time Schedule

Day One
     Registration: 7:30 a.m. – 8:30 a.m.
     Morning Session: 8:30 a.m. – 12 noon
     Lunch: 12 noon – 1:00 p.m. (Lunch is on your own)
     Afternoon Session: 1:00 p.m. – 5:00 p.m.
 
     Day Two
     Sign in: 7:30 – 8:00
     Morning Session: 8:00 a.m. – 12:00 noon
     Lunch: 12:00 noon – 1:00 p.m.  (Lunch is on your own)
     Afternoon Session: 1:00 p.m. – 4:30 p.m.

Materials

Participants will receive the 2017 Income Tax Workbook authored by Professor Philip E. Harris (University of Wisconsin-Madison) ), Linda Curry (Kelley School of Business, Indiana University-Purdue University Indianapolis), and Nina S. Collum (Richard C. Adkerson School of Accountancy, Mississippi State University) with contributions from tax experts from around the country.  Participants will also receive a searchable CD containing the past few years’ Tax Workbooks.

Fees

The fee for this 2-day course is $320 and will include materials, certificate of participation, and a.m and p.m. refreshments.  Lunch is not provided and is on your own.  Space is limited at each location, we recommend registering early.  Onsite registration is not guaranteed, but will be accepted based on space and materials availability.

Instructors

 

Ken Wundrow, EA; Seventeenth year speaking for Tax insight; taught for H&R block for 8 years; solo practice for 3 years before joining Mennenga Tax and Financial; presenter for several annual seminars; completes 525 returns annually; teacher for 25 years.

 

 

Kari Apel:  Returning for her third year as a speaker at the Kari ApelAnnual Income Tax Course, Kari A. Apel, CPA, is the CEO and owner of Apel Associates, Inc. of Prairie du Sac, Baraboo and Johnson Creek, WI. Kari has co-authored and edited several tax and accounting publications including the US Dept. of Agriculture Farm Tax Management publication and several years of the National Income Tax Workbook. Currently she serves on many advisory boards as well as speaking for various organizations such as UW Extension and Tax Insight, LLC. Kari specializes in small business and agricultural management from tax law to strategic business planning.

Bill Klump, CPA, was the sole shareholder of William R. Klump, PSC, a certified public accounting firm located in Louisville, Kentucky for 17 years.  His work was generally in the areas of federal and state income taxation.  Bill has been an instructor for the University of Kentucky income tax seminars held throughout the Commonwealth of Kentucky for the past 19 years.  Bill is a member of the American Institute of Certified Public Accountants and the Kentucky Society of Certified Public Accountants.

The Internal Revenue Service speaker will be Aaron Steele, Mid-South area of Mississippi.

The Mississippi Department of Revenue speaker will be Lauren Windmiller, Bureau Director of Individual Income.

Lodging

Please make your own reservations directly with the hotel, usually where the meeting is held.  Rooms are available on a first-request basis.

Inclement Weather Policy

In case of inclement weather (determined by Phil Harris, Director, Tax Insight, LLC or by Mississippi State University) participants will receive a full refund.

Special Accommodations

If you need special accommodations or have special requests, please advise us when you send your registration form or register on-line.

Tax Deduction for educational expense

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 when we process your registration which will serve as a receipt for fees paid. If you do not receive a confirmation letter after two weeks, contact Tax Insight at 608 831-1040 to confirm your registration. Please bring the confirmation letter to your tax course in case there is a question about your registration.

Cancellation Policy

To cancel a registration and receive a refund, you must contact Tax Insight at least 7 days before a scheduled tax course. We deduct a $10 cancellation fee from the amount refunded.  We do not give refunds for cancellations we receive fewer than 7 days before a course.

If a course is cancelled by Mississippi State University/Tax Insight, participants will receive a full refund.

Transfer Policy

You may transfer to a different location up to 7 days before a course.  There is no transfer fee.

Substitution Policy

You may make substitutions at any time at no charge.  We appreciate advance notice of substitutions to speed on-site registration.

On-site Registration

We accept on-site registrations if space and materials are available.  Please bring a completed registration form with you to speed up the registration process.