Fall Conference & Annual Meeting

Transcription

1 Minnesota Chapter National Association of Tax Professionals Fall Conference & Annual Meeting September 19 & 20, 2017 Holiday Inn & Suites 75 South 37th Avenue St. Cloud, Minnesota

2 2 General Information Early Registration Monday, September 18, :30 6:30 pm Register early, get your books and enjoy a light supper while renewing friendships with those you haven t seen since last year. CANCELLATION POLICY All conference cancellations must be confirmed in writing. Cancellations will be accepted through September 5, 2017 minus a $50 administrative fee. Refunds will not be granted after September 5, Registration substitutions are accepted, provided nonmembers pay the nonmember fee difference. SPEAKERS Randy Lawshè: Randy Lawshé is an Enrolled Agent (EA) who holds a B.A. degree in management and an M.B.A. degree with a concentration in marketing and finance from Southeastern Louisiana University. After working for H&R Block, Inc., she now owns two H&R franchises where she is also licensed for mortgages and financial services. Randy serves on the Board for the Louisiana Chapter of NATP, as well as holding leadership positions in other business organizations. Karen Brehmer: Karen represents the IRS at educational and taxpayer outreach events working with tax professionals and small business organizations, as well as in conjunction with other Federal, State and local government agencies. Karen has been employed with the IRS since She has served as a customer service representative, a tax collector, and since 2009 she s been in education and outreach. She regularly speaks at meetings and workshops, both face-to-face and via webinars, on tax topics that are relevant to the given tax professional or small business audience. Karen holds a Bachelor of Arts degree from the University of Minnesota, majoring in Secondary Education with an emphasis in English and Speech/Communications. The Minnesota Chapter of National Association of Tax Professionals 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 addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN Website: CPE Credits There will be 15 CPE credits available for attending the entire conference. These will consist of 11 hours Federal Tax Law, 2 hours Federal Tax Updates and 2 hours of Ethics. This will meet the annual CPE requirements for AFSP.

3 General Information 3 Menus A light breakfast & lunch will be provided. **If you have any special dietary requests, you must contact us by September 5th!! Please debbie@countrytaxesko.com. Hotel Information Location Holiday Inn & Suites 75 S 37th Avenue St. Cloud, MN Reservations Call early to make your hotel reservation. Holiday Inn reservations must be received by August 18th to get the MN NATP group rate of $86.95 per night (plus tax) for double occupancy. Mention NATP FALL CONFERENCE. Smoking Policy Smoking is not permitted in the conference sessions. Conference Materials Conference materials will be available Monday from 4:30 6:30. Vendors Multiple vendors will be available in the vendor area. Reminder Casual and layered clothing is recommended due to tolerance levels of registrants to room temperatures. Charity This year s charity is Eagle s Healing Nest in Sauk Centre, MN. Their mission is healing the invisible wounds of war. We will be holding a silent auction please let us know if you have something you would like to contribute. Note Please remember to silence your cell phones. As part of our charity fundraiser, any individual whose cell phone rings during one of our sessions will be fined $5.00. All proceeds will be donated to the Eagle s Healing Nest. If you have any questions, please contact either Debbie Gellatly, Conference Chair debbie@countrytaxesko.com or Patrick Zierden, Chapter President patrick@taxmanmn.com

4 4 Conference Agenda TIME Event / Seminar CPE Qualification Tuesday, September 19, :30-7:30 Full Breakfast Buffet 7:30-7:55 MN NATP Annual Meeting 7:55-8:00 Announcements 8:00-9:50 Cost of Goods Sold 2.0 Hours CPE/ 9:50-10:00 Break 10:00-11:40 Dealing with Divorce Tax Issues 2.0 Hours CPE/ 11:40-12:40 Lunch 12:40-12:50 Announcements 12:50-2:30 HSA s 2.0 hours CPE/ 2:30-2:50 Break 2:50-4:30 Basis - Situations & Solutions 2.0 Hours CPE/ Wednesday, September 20, :30-7:30 Full Breakfast Buffet 7:30-7:45 Announcements 7:45-9:25 Ethics 2.0 hours CPE/ Randy Lawshè Ethics 9:25-9:55 Introduction of National Director/ MN NATP Installation of Officers 9:55-10:15 Break 10:15-11:55 Basis in an Entity 2.0 hour CPE/ 11:55-12:55 Lunch 12:55-1:10 Announcements 1:10-2:00 IRA s: Roth, Traditional or Self-Directed 1.0 hour CPE/ 2:00-2:50 Minnesota Tax Law Updates 2:50-3:05 Break 3:05-4:45 New Tax Legislation and 2.0 hours CPE/ IRS Updates Karen Brehmer Federal Tax Law Updates

5 Course Descriptions 5 Cost of Goods Sold 2.0 CPE Credits Field of Study: Taxes Course Level: Intermediate Prerequisite: Basic knowledge of federal taxation COURSE DESCRIPTION: Is it a supply item, or is it a cost of goods sold (COGS)? Do you need to have inventory in order to have cost of goods sold? How should inventory be valued? In this session, we ll review the guidelines for COGS and inventory. At least one IRS fact sheet addresses the correlation of COGS and the tax gap, and in this session, we review the fact sheet and how it may impact our clients. After this class, you will have the tools necessary to adequately distinguish between supplies and COGS, and be in a better position to advise your clients on their inventory issues. Dealing with Divorce Issues 2.0 CPE Credits Field of Study: Taxes Course Level: Basic Prerequisite: None COURSE DESCRIPTION: During this 2-hour session, the tax professional will review these, and other, aspects of divorce: Identify the most appropriate filing status for separated or divorced taxpayers, and at what point is the marriage actually ended. Distinguish which parent is eligible to claim a child as a dependent. Recognize the difference between custodial and noncustodial parent for tax purposes. Differentiate between alimony, child support and property settlements, and when alimony may need to be recaptured Summarize the tax treatment of a qualified domestic relations order (QDRO). Determine if a divorced taxpayer has a carryover of an NOL, capital loss or passive loss. Analyze the effects of the divorce on the basis of assets coming out of the property settlement HSA s 2 CPE Credits Field of Study: Federal Tax Law Course Level: Intermediate Prerequisite: Basic knowledge of individual taxation COURSE DESCRIPTION: It s a triple treat and surprisingly powerful for the taxpayer the money goes in tax-free, grows tax-free and is not taxable when you take it out for health care costs! In light of efforts to repeal the ACA, the HSA is expected to become a centerpiece of managing health carerelated expenses going forward. Yet, when asked, too many tax professionals admit to not knowing enough about this powerful tool that offers tax relief when paying for health carerelated expenses, while also wearing some retirement savings features. Let s look at the HSA so you can guide and assist your clients in this area with superior tax knowledge. Basis Situations and Solutions 2.0 CPE Credit Field of Study: Federal Tax Law Course Level: Intermediate Prerequisite: Basic knowledge of federal taxation COURSE DESCRIPTION: Using examples and comprehensive situations, this session will: Identify how the different entries on Schedule K-1 affect basis Calculate shareholder basis Summarize what outside basis in a partnership is and why it is important Identify the partnership liabilities that increase a partner s basis Calculate a partner s outside basis Calculate the basis of the individual partnership interest in the entity. Apply the rules for increases or decreases to the partnership basis. Determine if a pass-through loss from the entity to the partner is allowed or suspended due to basis limitations. Distinguish between current and liquidating distributions and how they impact basis

6 6 Course Descriptions Ethics - with a concentration on EITC and AOTC 2.0 CPE Credits Field of Study: Ethics Course Level: Basic Prerequisite: None COURSE DESCRIPTION: As a follow-up to the Due Diligence requirements, in this session, we will take the facts learned in the previous session, apply them to real life situations, and further discuss ways that you can protect yourself as a preparer, including but not limited to: Identity the risks you take if EIC due diligence is not followed Accurately calculate the taxpayer s EIC Identify potential issues as to dependency of children which affect EIC List the necessary documentation and worksheets associated with EIC returns What are the requirements for the American Opportunity Tax Credit What will the IRS be asking for, and accepting, in the event of an AOTC audit. How do you handle clients with information that doesn t sound accurate? Basis in an Entity 2.0CPE Credits Field of Study: Taxes Course Level: Intermediate Prerequisite: Basic knowledge of federal taxation COURSE DESCRIPTION: Using some of the same examples in the other Basis session, in this 2-hr session we will determine the impact on the inside basis. We will apply the rules for increases or decreases to Partnership basis, and examine the differences between outside and inside basis. IRA s: Roth, Traditional or Self Directed 1.0 CPE Credit Field of Study: Federal Tax Law Updates Course Level: Advanced Prerequisite: Practical knowledge & understanding of federal taxation and IRS terminology COURSE DESCRIPTION: Self-directed IRAs are becoming more popular because of the alternative investments that are permitted, including private company stock, oil and gas limited partnerships, precious metals, real estate and private mortgages. Because of the various types of investments now available, the filing requirement for Form 990-T is becoming more frequent. In this session, we look at the 60-day rollover rule and the conversion and contribution rules of Roth IRAs. The session also includes a summarized review of the required minimum distribution (RMD) rules to ensure that your clients are withdrawing their RMDs properly. Minnesota Individual Income Tax update Field of Study: State Tax Law Course Level: Basic Prerequisite: None COURSE DESCRIPTION: Learn about legislative changes for the new tax season. IRS Updates & New Tax Legislation 2 CPE Credits Field of Study: Federal Tax Law Updates Course Level: Basic Prerequisite: None Delivery Method: Group - Live COURSE DESCRIPTION: New Legislation tax issues will be covered with up-to-date information on expirations, extensions, extenders, new tax laws and important tax bills in process. IRS Tax Updates will cover important IRS policies or procedures for the practitioner. Specific examples will illustrate these IRS policies or procedures and applications.

7 Conference Fees & Registration 7 Registrations are being handled by the National N.A.T.P. office The registration form can be accessed at: You can also access it by logging onto their website Click on Chapters and then on Minnesota to get to our state chapter page. At that time you can choose to register online, by mail, by fax or by phone. You can also find the link on our MN Chapter website Registrations must be received by 9/5/17. After that date, please register at the door. (Early bird discount available if registration is RECEIVED PRIOR to August 14, 2017) Registration Fees MEMBER NON MEMBER Full Conference Early Bird $330 $365 (prior to 8/14/17) Full Conference $365 $405 (received after 8/14/17) Spouse/Guest $115 $115 There will also be a $35 discount for first time attendees See you next year at the Holiday Inn in St. Cloud. MN NATP 2018 Fall Conference September 17-18, 2018

8 MN NATP Fall Conference Patrick Zierden, President Advantage Tax Service Plus, Inc. 207 W Broadway, PO Box 548 Monticello, MN 55362