Agendas
Embedded Files
DAY 1 - Business Issues Update and Review
Registration 7:45 - 8:25
S Corporations: This course will cover everything from the creation to the liquidation of an S corporation. Code Section 351 tax-free incorporations of an existing business, S corporation basis, passive investment rules, built-in-gain tax, termination of S status, and S corporate liquidations to illustrate a completed liquidation example including Form 966, 1120S, 4797, 6252, 8594 and 8960. We will explain how to establish reasonable compensation for a shareholder/employee. We will also address the negative consequences of paying an unreasonably low amount of officer compensation, including potential penalties. Plus, we will also review the rules for international reporting, focusing on the filing requirements of Schedules K-2 and K-3.
Recent Developments: This course provides a review of new tax laws, court cases, IRS rulings, and other developments as we examine their impact on your business clients. This session is designed to move beyond the headlines, equipping you with the technical knowledge to optimize client deductions under the new 2026 standards. Plus, some strategic planning ideas you can use with your tax clients.
Like-Kind Exchanges: This session includes a discussion of qualified replacement property, replacement period, and the related party rules involved in a “tax-free exchange” under Code Sec. 1031. This section will include an example with completed Forms 1040, 4797, 8824 and Schedule D, depreciation schedules, and related worksheets as well as basis calculations, boot received, the build-to-suit exchange, and the reverse Starker exchange.
Foreclosures and Repossessions: The tax implications for the loss of property through foreclosure or repossession can be as complex as the legal proceedings. This course provides a comprehensive guide to treating these events as taxable dispositions. We will explore how to calculate gain or loss, determine the character of that gain based on asset type, and manage the tax treatment of debt discharge. Participants will also gain practical, hands-on experience with the rules for attribute and basis reduction, including a line-by-line walkthrough of Form 982.
Objectives: Upon completion of this course, you will be able to:
Recognize how to determine reasonable compensation for S corporation shareholders.
Determine and track S corporation shareholder basis to ensure accurate loss deductions and distribution reporting.
Apply the revived standards for immediate R&D expenses under Code Sec. 174.
Describe the essential tax reporting issues and obligations with a Code Sec. 1031 like-kind exchange.
Apply the specific rules for tax attribute and basis reduction and correctly complete Form 982.
CPE Credit Information
Business Issues Update and Review
Prerequisites: None. CE Offered: IRS 8 CE Hours (1 Hour Federal Tax Law Update, 7 Hours Federal Tax Review); NASBA 8 Credit Hours (Field of study – Taxes); CFP 8 Credit Hours (Classroom and Webinars); Wisconsin Insurance 8 Credit Hours; Wisconsin Attorneys 8 CLE Hours (Approval pending).
DAY 2 - (Individual Issues) Part 1 Update and Review
Agenda - 2026 Individual Issues Part 1
Registration 7:45 - 8:25
Taxing Topics: This session has become one of our more popular as we have compiled the most frequent and complex questions from your peers to provide practical solutions that you face during the heat of tax season. Our coverage will include the individual tax provisions of the One Big Beautiful Bill Act (OBBBA) for 2026. As always, we will also discuss recent rulings, court cases, and other federal developments which impact both you and your clients.
Trump Accounts: This session will provide a comparative framework against traditional savings vehicles like 529 Plans and Roth IRAs, highlighting key differences in flexibility and tax treatment. Participants will also receive a detailed briefing on the $1,000 pilot program for newborns and how to establish the accounts with Form 4547.
Ethics: This session focuses on the ethical mandates and regulatory framework that govern the professional conduct of tax practitioners. In addition, we will review the penalty provisions within the Internal Revenue Code and highlight the legal consequences of non-compliance and the importance of due diligence.
Working after Retirement: This session provides tax professionals with the technical depth and planning strategies required to advise clients who are balancing earned income with retirement benefits. We will move beyond basic compliance to focus on mitigating the hidden surtaxes that can devastate a senior’s net cash flow.
Life Estates: We will start with a deep dive into Life Estate arrangements - an essential tool for real estate and Medicaid planning - before expanding into additional tax saving strategies to help maximize client savings.
Injured vs. Innocent Spouse: When a joint tax return leads to unexpected debt or a seized refund, taxpayers often feel trapped by their spouse’s financial history or errors. This seminar provides a comprehensive deep dive into the legal requirements, filing procedures, and strategic differences between Injured Spouse Allocation and Innocent Spouse Relief.
Objectives: Upon completion of this course, you will be able to:
Identify and apply key individual provisions of the OBBBA which are effective for the 2026 tax year.
Understand the rules for opening, funding, and managing Trump Accounts.
Identify the specific duties and restrictions relating to practice before the IRS under Circular 230.
Distinguish between “Injured” and “Innocent” status based on the timing and nature of the tax debt.
CPE Credit Information
Part 1 Individual Issues Update and Review
Prerequisites: None. CE Offered: IRS 8 CE Hours (1 Hour Federal Tax Law Update, 6 Hours Federal Tax Review, and 1 Hour of Ethics); NASBA 8 Credit Hours (Field of study – 7 credits of Taxes and 1 credit of Regulatory Ethics); CFP 8 Credit Hours (Classroom and Webinars); Wisconsin Insurance 8 Credit Hours (includes 1 credit of Ethics); Wisconsin Attorneys 8 CLE Hours (Approval pending).
DAY 3 - (Individual Issues) Part 2 Update and Review
Agenda - 2026 Individual Issues Part 2
Registration 7:45 - 8:25
Federal Update: A COMPLETE “Form 1040 and Beyond” review of up-to-the-minute tax law and IRS form changes for 2026 tax returns, with a focused explanation and analysis of the more difficult areas. We will also provide numerous practical and useful illustrations to have you up and running for next tax season.
Complete Analysis of New 2026 Tax Legislation: An in-depth discussion of the new tax bills, and any additional tax laws that will affect the 2026 income tax return, as well as tax planning ideas for your clients.
Ethics: This session provides a comprehensive review of ethical standards under Circular 230, addressing the challenges tax professionals face in their daily practice.
State Tax Updates: All Part II participants will have the ability to view the Wisconsin and Arizona state updates for FREE. All Part II federal seminars will be the same at each location; we will send you a link to view the state update on-demand webinars and/or written materials as soon as they are available.
Note: The state updates are not available for CE/CPE credits.
Objectives: Upon completion of this course, you will be able to:
Understand the changes to the most recent federal tax legislation.
Complete Form 1040 for the 2026 filing season.
Identify and apply the ethical standards outlined in Circular 230 as a tax professional.
CPE Credit Information
Part 2 Individual Issues Update and Review
Prerequisites: None. CE Offered: IRS 8 CE Hours (2 Hours Federal Tax Law Update, 5 Hours Federal Tax Review, and 1 Hour of Ethics); NASBA 8 Credit Hours (Field of study – 7 credits of Taxes and 1 credit of Regulatory Ethics); CFP 8 Credit Hours (Classroom and Webinars); Wisconsin Insurance 8 Credit Hours (includes 1 credit of Ethics); Wisconsin Attorneys 8 CLE Hours (Approval pending).
Back to Basics Income Tax Seminars® is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. Sponsor ID # 108520
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