Major Topics

New Legislation: Federal Tax Legislation enacted in late 2016 and in 2017.

Rulings and Cases: September 2016 to August 2017 issues under review by the IRS and the courts.

Agriculture and Natural Resource Issues: topics that affect farmers, including: agricultural income and expenses, buying and selling farmland, equipment and land rentals, and demolition of structures.

Business Entity Issues: issues for partnership and tax exempt entities, including: the new partnership audit rules, practical considerations in partnership reorganizations and liquidations, new developments for tax exempt entities, and organization, taxation, and reporting for homeowners’ associations.

Loss Limitations: step-by-step instructions to determine whether a loss is limited, including a discussion of at-risk and passive activity loss limitations, basis limitations for an S corporation shareholder and a partner in a partnership, and hobby loss and vacation home loss limitations.

Business Issues: issues tax practitioners encounter when they prepare returns for clients who have rental property or operate a business, such as: expensing real estate improvements, start-up and organizational expenses, electing out of Subchapter K, tax on marijuana and hemp sales.

Like-Kind Exchanges: tax implications of an exchange, including basis adjustments and the recognition of gain or loss; and the requirements for a reverse or deferred exchange.  Discussion and examples of reporting an exchange. It also explains when a taxpayer can exchange a vacation residence, timberland, easements, and long-term leases.

Trusts and Estates: how (and when) to elect portability on Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, and it explains the new basis consistency rules. Finally, an overview of the various types of trusts, and some of their tax and non-tax purposes.

Individual Issues: issues tax practitioners encounter when preparing individual income tax returns, including: tax issues for individuals in the military, charitable contribution deductions, valuation, and substantiation, new developments under the Affordable Care Act, disaster tax relief, and taxes and the sharing economy (e.g. renting a spare bedroom or providing car rides or household chores).

Foreign Tax Issues: tax issues that affect US citizens living abroad and nonresident aliens living in the US, such as: reporting and tax requirements for US citizens living in foreign countries, the foreign earned income exclusion, and reporting, withholding, and tax requirements for nonresident aliens with US income.

Tax Practice: important tax practices and procedures, including: tips to submit a successful offer in compromise, collection statute of limitations and rules that stop the statute from running, and third party liability, such as transferee and nominee liability.

IRS Issues: issues the IRS targets as key issues for practitioners: the most prevalent identity theft and impersonation scams. e-services online tools for tax professionals, the new IRS use of private debt collectors, and how to use IRS audit techniques guides

Retirement: common retirement tax planning issues including: a comparison of different types of retirement plans, distributions from retirement plans, including early distributions and required minimum distributions, and the impact of income on social security benefits and Medicare premiums

SC-DOR Issues: SC Legislation, SCDOR Security Updates, Update on South Carolina E-File and MyDORWay.

Ethics: important issues that help practitioners comply with their ethical obligations. Topics include: when client communications are confidential and/or privileged, ethical obligations upon the sale or discontinuance of a tax practice, nondisclosure rules when hiring independent contractors (with sample confidentiality agreement), tax practitioner’s responsibilities when encountering fraud or other misdeeds, case studies to illustrate how to handle real-life ethical issues and adopting a security plan to safeguard data.