October / November 2017 NSA ConnectEd Webinars

The NSA has scheduled new CPE-credit webinars for autumn on topics like the ethical implications of legalized marijuana, and estate planning for small businesses. Check out the listings here, and on https://nsawebinars.nsacct.org.

NSA ConnectED webinars are offered both live and on-demand. 

Order four or more live or archived webinars in one order and receive a 20 percent discount.


Dealing with the Partnership K-1 on the 1040- What You Really Need to Know!  

Thursday, October 5, 2017
2:00-3:00 pm (EDT)
IRS CE: 1 Hour/Federal Tax Law
NASBA CE:  1 Hour/Tax

Register

Do you feel overwhelmed when your client hands you a Partnership K-1? Where do you start, what questions do you ask and what do you need to know? With the increasing popularity of pass through entities, it is more likely that you may be dealing with a K-1 from a partnership on your client’s tax return. This webinar will show you how to take the K-1 items to the 1040 tax return and practice points on issues such as passive and active participation, the Net Investment Income Tax, basis issues and unreimbursed partner expenses. This session includes real life examples, potential hazards and resources to keep you in compliance and help you report the K-1 correctly.

Presented by Kathy Hettick, EA, ABA, ATP and Gene Bell, EA, ATA, CFP


Up in Smoke: The Ethical and Tax Implications from the Legalization of Marijuana   

Tuesday, October 17, 2017
2:00-4:00 pm (EDT)
IRS CE: 2 Hours/Federal Tax Law
NASBA CE: 2 Hours/Taxes

Register

The convergence of federal and state law on the distribution and use of marijuana raises numerous legal issues for growers, distributors, marijuana users and attorney advisers, among others. This course will examine how interested parties navigate the legal haze surrounding the booming industry with a particular focus on the how the Rules of Professional Conduct and the tax code are implicated.

Presented by T. Joshua Wu


Form 706: The Estate Tax Return

Tuesday, October 24, 2017
2:00-4:00 pm (EDT)
IRS CE: 2 Hours/Federal Tax Law
NASBA CE: 2 Hours/Taxes

Register

While its daunting title “United States Estate (and Generation-Skipping Transfer) Tax Return” may overwhelm even the most seasoned professional all on its own, Form 706 schedules further serve to confuse and overwhelm.

This webinar will help the practitioner to put assets, liabilities, trust holdings, and community property allocations where  they belong and will provide sample entries to mitigate—and possibly eliminate—IRS scrutiny of the completed return.

Presented by Monica Haven, EA, JD


What is IRD?

Tuesday, October 31, 2017
2:00-4:00 pm (EDT)
IRS CE: 2 Hours/Federal Tax Law
NASBA CE: 2 Hours/Taxes

Register

“…income in respect of a decedent refers to those amounts to which a decedent was entitled as gross income but which were not properly includible in computing his taxable income for the taxable year ending with the date of his death or for a previous taxable year under the method of accounting employed by the decedent” [Treas. Reg. § 1.691(a)-1].

Clear as mud!

This webinar will slog through the muck and mire to identify sources of IRD as well as offsetting deductions; how and where to report each; and calculate a tax deduction for any estate tax that may result.

Presented by Monica Haven, EA, JD


Estate Planning for Small Business Owners

Wednesday, November 1, 2017
2:00-4:00 pm (EST)
IRS CE: 2 Hours/Federal Tax Law
NASBA CE: 2 Hours/Taxes

Register

The owners of a closely held business face numerous challenges.  Besides the obvious long hours needed to get the business off the ground and then continued long hours to keep the business going in a competitive marketplace, there are many obstacles, the owners may face problems due to reduction in income due to the death or disability of a key employee, burdensome regulations, need to have a competitive retirement plan in place to retain employees, liability issues, overhead, and creating a smooth transfer of the business to the family. Many of these problems can be avoided, or at least reduced, through proper planning.

This webinar will examine important considerations in the selection of the proper type of business entity for the business, describe the purpose and benefits of a buy-sell agreement, and analyze ways of saving estate taxes and income taxes upon the transfer of a closely held business.

Presented by Eric A. Smith, ATP, CFP, CLU, ChFC, CRPC


Form 709: The Gift Tax Return

Tuesday, November 7, 2017
2:00-4:00 pm (EST)
IRS CE: 2 Hours/Federal Tax Law
NASBA CE: 2 Hours/Taxes

Register

Oft ignored by the unwitting taxpayer and overlooked by the practitioner, gift tax returns are left unfiled. Find out when these returns are due and how to prepare them.

This webinar will take an in-depth look at a hypothetical client who has made multiple gifts over a period of years and now seeks your help to comply with all tax reporting requirements.

Presented by Monica Haven, EA, JD


The ABCs of FLPs (Family Limited Partnerships)

Thursday, November 9, 2017
2:00-4:00 pm (EST)
IRS CE: 2 Hours/Federal Tax Law
NASBA CE: 2 Hours/Taxes

Register

Family limited partnerships have become both a popular entity to perserve family owned businesses as well as a target for IRS scrutiny.

This webinar will examine the structure of a family limited partnership, the tax and non tax benefits to establishing such an entity, as well as update on IRS rule and Tax Court decisions on family limited partnerships.

Presented by T. Joshua Wu


GST: The “Grandparent” Tax

Tuesday, November 14, 2017
2:00-4:00 pm (EST)
IRS CE: 2 Hours/Federal Tax Law
NASBA CE: 2 Hours/Taxes

Register

Generation-skipping Tax (GST) is imposed on a direct transfer of property to a grandchild that might otherwise be subject to two levels of estate taxation.  Transfers made during lifetime are reported on Form 709; skips made at death are reported on Form 706 – thus, the GST cannot be escaped whether in life or after death!  Or can it?

Find out how direct skips, trust distributions and terminations are taxed; then discover GST minimization and avoidance strategies that work.

Presented by Monica Haven, EA, JD


Circular 230 and You: Real World Look into Circular 230

Wednesday, November 15, 2017
2:00-4:00 pm (EST)
IRS CE: 2 Hours/Ethics
NASBA CE: 2 Hours/Regulatory Ethics

Register

Most tax ethics courses take a high level theoretical approach to teaching ethics. In this course, former OPR attorney, Nick Preusch, will provide a more contextual approach to Circular 230 and other related tax ethic issues such as practitioner penalties.

This webinar will feature real world examples of violations of Circular 230, how the examples were resolved and what practitioners can do to avoid such breaches in ethics.

Presented by Nicholas Preusch, CPA


Gambling and Taxes: The Price of Winning 

Thursday, November 16, 2017
2:00-4:00 pm (EST)
IRS CE: 2 Hours/Federal Tax Law
NASBA CE: 2 Hours/Taxes

Register

Most states now have some form of legalized gambling.  As a result, more and more people have gambling winnings or losses.  Unfortunately, not all taxpayers maintain adequate records of wins and losses and become subject to IRS audits.

In Gambling and Tax: The Price of Winning, Robert E. McKenzie gives you an in-depth look at how gambling winnings and losses affect taxation. You’ll learn which winnings are taxable, which losses are deductible, and who needs to report. Case studies are used throughout the course to illustrate specific Tax Court rulings. The forms on which income is reported are also covered, with instructions on where to input necessary information from various gambling activities.

Presented by Robert McKenzie, EA, ESQ


The Art of Appraisals: Appraising for Tax Purposes 

Tuesday, November  21, 2017
2:00-4:00 pm (EST)
IRS CE: 2 Hours/Federal Tax Law
NASBA CE: 2 Hours/Taxes

Register

Assigning values – for income or estate tax purposes, separation agreements or business mergers, insurance and depreciation calculations – can be challenging and the results are indeed often challenged by the tax authorities.

This webinar examines valuation methodologies, contribution rules and restrictions, qualified appraisals, art appraisals, and fraudulent schemes.

Presented by Monica Haven, EA, JD


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