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      2019 Clemson University Income Tax Course, FLORENCE, SC in Florence


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      November 5, 2019

      Tuesday   8:00 AM

      450 Country Club Boulevard
      Florence, South Carolina 29501

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      2019 Clemson University Income Tax Course, FLORENCE, SC

      2019 Clemson University Income Tax Course Florence, South Carolina November 5 and 6 Tuesday and Wednesday 2019 Income Tax Course Topics Include (expected): Qualified Business Income Deduction – Non-Specified Service Trades or Businesses. How to calculate the qualified business income (QBI) deduction for proprietorships, partners in partnerships, and S corporation shareholders. Comprehensive examples of the income that qualifies for the deduction, and two limitations on the deduction: the taxable income limit and the W-2 wage and capital limit. When trades or businesses can be aggregated, how to net and carryover QBI losses, and how pass-through entities must allocate and report QBI items. Qualified Business Income Deduction – Specified Service Trades or Businesses. How to calculate the SSTB limitation on the QBI deduction given a specified service trade or business (SSTB). Detailed examples of the SSTB limitation for a taxpayer with taxable income below, above, and within the phase-in range. The de-minimis rule that allows a business to have a small amount of specified service activity, and an anti-abuse rule that prohibits certain business arrangements that avoid the SSTB limitation. Ethics. Important issues that help tax practitioners comply with their ethical obligations. Initiating, maintaining, and terminating representation of a client with diminished capacity. Validity and scope of a power of attorney, and when to revoke an IRS power of attorney. Due diligence under the centralized partnership audit regime; large, suspicious, or unusual items on a tax return; and due diligence for social media and email marketing. Ten case studies that illustrate real-life ethical scenarios. Limited Liability Tax Issues. Important tax issues for LLCs, including the choice of entity rules, husband and wife LLCs, allocation of profit and loss, calculation of inside and outside basis, and basis elections upon the death of a member or the sale of an LLC interest. LLC compensation issues; and the tax implication of conversion of a single- member LLC to a multi-member LLC (and vice versa). Religious Organization Tax Issues. Comprehensive discussion of tax issues that arise for religious organizations, their service providers, and their members. Requirements for tax-exempt status, unrelated business taxable income, taxation of compensation paid to employees and contractors, and IRS audits of religious organizations. Some unique tax issues for Amish and Mennonite members. Agriculture and Natural Resource Issues. Emerging topics that affect farmers and ranchers. Conservation easements, including recent case law on the scope and purpose of the easement. The QBI deduction for cooperatives. Tax planning for farms. Farming C corporations that elect S corporation status. Getting out of the business of farming. Business Issues. Issues that tax practitioners encounter when they prepare returns for clients who operate a business. Travel and transportation expenses. The business interest limitation. The excess business loss disallowance rule. Taxation of health care plans for small businesses. Real Estate Tax Issues. Broad range of tax issues for the real estate investor, including short-term rentals, the passive activity loss limits, the QBI deduction for real estate activities, and investing in opportunity zones. The ramifications of a disposition of real estate, including capital gains and losses, depreciation recapture, and installment sales. Discussion of important information for the real estate owner, including the deduction for business use of the home, and the exclusion of gain on the sale of a principal residence. Foreign Tax Issues. US persons with foreign income or assets may have reporting and disclosure requirements. Penalties for failure to comply are high. Overview of the more common reporting and disclosure requirements. The new foreign tax laws and the withholding rules that apply to a non-US person who is selling US real property. Individual Issues. Issues tax practitioners encounter when preparing individual income tax returns. The charitable contribution deduction and the limits on the deduction. Tax credits, such as the earned income credit, the child tax credit, and the credit for other dependents. Taxation of the earned and unearned income of children. Gambling income and losses. Investment and Retirement. Investment and retirement tax planning issues. Virtual currency. Annuities and life insurance. Retirement planning for small businesses. Stock options and employee stock option plans. Trust and Estate Issues. Estate planning to preserve the increased exemption amount before it expires at the end of 2025, and the continued need for A-B trust planning. How to determine basis in inherited assets, and the tax ramifications of below-market loans. When a trust or estate (or its beneficiary) can claim the QBI deduction, and how to calculate that deduction. IRS Issues. Issues the IRS targets as key issues for practitioners. Cybersecurity. Penalty abatement. The impact of bankruptcy on tax debt. Taxpayer liability for the trust fund recovery penalty. The paycheck checkup. New and Expiring Legislation. Recently enacted tax legislation and procedures organized by subject to help participants quickly find topics of interest and includes: 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, and a table of tax provisions that expired in 2017 or 2018, and provisions that are set to expire in 2019 through 2027. Rulings and Cases. Summaries of selected rulings and cases that were issued from September 2018 through August 2019. It gives participants an update on issues that are being addressed by the IRS and the courts. Tax Rates and Useful Tables. The tax rates, deduction limits, credit limits, and income thresholds and limits that change each year. Information for 2018, 2019, and 2020 to the extent that information is available. South Carolina - Department of Revenue Issues: SC Tax Legislation, SC-DOR Security Updates, and update on South Carolina E-File.   Continuing Education Credits: For CPA and Enrolled Agents: 18 hours total Federal Tax Law: 11.5 hours Federal Ethics: 2 hours Federal Tax Law Updates: 3 hours South Carolina Tax Law Updates: 1.5 hours   AFSP, RTRP and other Tax Return Preparers: 16.5 hours total Federal Tax Law: 11.5 hours Federal Ethics: 2 hours Federal Tax Law Updates: 3 hours   Attorneys: 15 CLE credit hours total Tax Law: 13 hours Ethics: 2 hours   Certified Financial Planners: 16 hours total   “We have entered into an agreement with the Office of Director of Practice, Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, Section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors and length of class hours. This agreement does not constitute an endorsement by the Director of Practice as to the quality of program or its contribution to the professional competence of the enrolled individual.”   Program Faculty: Ronny Burkett, CPA, President, Burkett, Burkett & Burkett Certified Public Accountants PA, Columbia, SC Mark J. Hendrix CPA, Executive Vice-President, Burkett, Burkett & Burkett Certified Public Accountants PA, Columbia, SC Daniel L. Crowson CPA, Manager, Burkett, Burkett & Burkett Certified Public Accountants PA, Columbia, SC Keith J. Wicker, CPM, Special Projects Coordinator, SC Department of Revenue – SCDOR Marquita Simmons, Tax Law Coordinator, Employee & Taxpayer Education, SC Department of Revenue – SCDOR Taxpayer Advocate, US Internal Revenue Service – IRS Taxpayer Advocate, SC Department of Revenue – SC-DOR (Columbia only)   PROMOTIONAL CODE is available for pre-approved SC-DOR employees only.

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