Sessions

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. Plus, some strategic planning ideas that you can use with your tax clients. 

Partnerships: From formation to termination. This session is designed to address some of the more difficult areas of the partnership return and how to address the information on the Form 1065, Schedule K-1 and correctly report it on the partner’s Form 1040. Topics include: How to compute a partner’s basis, how (and when) to make a §754 election, unreimbursed expenses, guaranteed payments, debt cancellation and other separately stated items. Plus, we will review the reporting requirements for the Schedule K-2 and K-3 for a partnership. 

Federal Developments: We will review the retirement plan provisions of the “SECURE 2.0 Act” and discuss how the new tax law impacts business owners for 2023 and beyond. Some of the topics include: How sole proprietors (and SMLLCs) can set up a solo 401(k) after the end of the year, The automatic enrollment rules for new 401(k) and 403(b) plans, The new rules for part-time workers who qualify for 401(k) coverage, The SIMPLE plan enhancements, The key changes associated with “Starter 401(k)s” for small business owners. The Corporate Transparency Act (CTA) requires most companies (foreign and domestic) that do business in the U.S. to report to the Treasury Department specific information about the business entity and the individuals who have “substantial control” of that business. We will review the rules and the FinCEN reporting process, so you can help your clients report the required information.

Objectives: Upon completion of this course, you will be able to:

• Compute a §754 election for a partnership upon the death of a partner.

• Report debt cancellation from the partnership at the individual partner level. 

• Determine the partner’s basis in a partnership.

• Explain the new increased catch up contribution rules. 

• List the changes affecting employer sponsored plans including the automatic enrollment requirements. 

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 Live-Stream ebinars); Wisconsin Insurance 8 Credit Hours; Wisconsin Attorneys 8 CLE Hours (Approval pending). 

Taxing Topics: We address various tax issues including a compilation of the most popular tax questions received from our seminar participants. This session has become one of our more popular as we address common tax issues practitioners face during tax season. As always, we will discuss recent rulings, cases, and other federal developments which impact you and your clients.

Recent Developments: We will review the individual tax law provisions of the “SECURE 2.0 Act” and discuss how the new tax law impacts taxpayers going forward. Topics include: Explanations of the new rules for catch up contributions, summary of the new increased age for mandatory RMDs, the expended list of exceptions to the 10% early withdrawal penalty, the new federal government matching fund program for low and middle-income taxpayers. 

Divorce: A practical guide to help you and your clients when they are involved in a separation or divorce. We will discuss the tax treatment of alimony, child support, qualified domestic relations order (QDRO), property settlement issues, packed with pitfalls and planning opportunities. 

Rental Property: An in-depth analysis of rental properties, active participation rules for real estate professionals, net investment income tax (NIIT) as it relates to rental properties, §199A safe harbor review as related to rental properties and Form 1099-NEC filing requirements as a Schedule E filer. 

Ethics: This session will address the rules of practice before the IRS under Circular 230. We will also review how you can protect yourself with the use of client interview worksheets.  

Objectives: Upon completion of this course, you will be able to:

• Identify the exceptions for the 10% early withdrawal penalty. 

• Summarize the tax implications of a divorce.   

• Explain the new increased catch up contribution rules.  

• Explain the new age requirements for required minimum distributions (RMDs).  

• Summarize the duties and responsibility requirements for tax professionals under Circular 230. 

CPE Credit Information

Part 1 Individual Issues Update and Review 

Prerequisites: None. CE Offered: IRS 8 CE Hours (2 Hour 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 Live-Stream Webinars); Wisconsin Insurance 8 Credit Hours (includes 1 credit of Ethics); Wisconsin Attorneys 8 CLE Hours (Approval pending). 

Federal Update: – A COMPLETE “Form 1040 and Beyond” review of up-to-the-minute tax law and IRS form changes for 2022 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 2022 Tax Legislation: – An in-depth discussion of the new tax bills, and any additional tax laws that will affect the 2022 income tax return, as well as tax planning ideas for your clients.

Ethics: This section covers statutory, regulatory, and ethical standards governing those who practice in the tax field, emphasizing current issues in the application of the rules of professional conduct, under Circular 230.

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 and we will send you a link to view the state update(s) when as soon as they are available. 

Note: The state updates will be available online only; and they are not available for CE 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 2022 filing season.

• Provide your clients with planning considerations for the upcoming year.

• Understand the key provisions of Circular 230 and how they apply to your practice.

CPE Credit Information

Part 2 Individual Issues Update and Review 

Prerequisites: None. CE Offered: IRS 8 CE Hours (2 Hour 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 Live-Stream Webinars); Wisconsin Insurance 8 Credit Hours (includes 1 credit of Ethics); Wisconsin Attorneys 8 CLE Hours (Approval pending).