​​​​​​​​​Wisconsin Chapter Education

• Preparing S Corporation Returns:
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  This session will cover completing the 1120-S - S Corporation Tax Return from beginning to end. How to identify businesses eligible to make the S election. Preparation of Form 2553- Election by a Small Business Corporation. Choosing a tax year and accounting method for the S Corporation. Preparing a basic Form 1120-S, including Schedules K, K-1, L, M-1, and M-2. Summarize the unique fringe benefit rules for more-than-2% shareholders. List income and expenses items that differ for book and tax purposes. After completing this course, you will be able to prepare basic S Corporation tax returns. Presented by Steve O'Rourke & Elizabeth Balke.

Register for June 5!

June 6, 2024

• Let's Check the Inner Workings of Your Office:
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  In 2018, the IRS expanded its ISAC (Identity Theft Tax Refund Fraud Information Sharing and Analysis Center) to focus on tax preparer security standards. A major initiative was to ensure better awareness among tax preparers on ways to safeguard against identity theft. Publication 4557 was updated to assist in these undertakings. It is believed these efforts will include enforcement and additional education. This session will give you a jump-start in making sure your office is prepared! Upon completion of this course, you will be able to 1) develop a written information security plan (WISP) 2) establish weak areas in office procedures 3) improve management of communications, employees, and taxpayer data and 4) build a defense system to prevent potential unethical practices. Presented by Melinda Garvin.
• Client Interviews Done Right:
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  The client interview worksheet, yes you actually should talk to your client, is a vital tool to a successfully completed tax return. It should be designed to use best practices that are compliant with circular 230, encompass enough questions to comply with due diligence requirements, document taxpayer responses to questions, and provide signature areas for accountability after review. Upon completion of this course you will be able to 1) understand the communication with taxpayers and how it relates to the accuracy of their return 2) identify potential information that could be incomplete, inconsistent, or incorrect 3) illustrate how a skilled tax professional extracts information using an effective interview worksheet and 4) recognize potential pitfalls and the need to modify the current worksheet as needed. Presented by Melinda Garvin.
• Knowing When to Say No!:
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  Income versus risk is what we all instantly think about when it comes to this topic. When should you tell your client no? This session will use case studies to help us discover scenarios when telling a client no should be considered. After completing this course you will be able to 1) develop discovery tools to evaluate previous tax filings and bookkeeping, 2) identify risks from new and existing clients 3) determine thresholds of personal and professional comfort 4) examine ethical and professional ways to say no and 5) explore potential corrections to rectify a professional relationship. Presented by Melinda Garvin.
• Ethics - (Cover Your Assets!) - Tax Office Compliance:
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  A successful office will implement office procedures that establish and validate our tax knowledge and be compliant with Circular 230 while safeguarding the taxpayer. Learn exactly what the IRS expects you to have in place to meet their categories of 'Best Practices', 'Standards of Practice', 'Professional Responsibility', and 'Professional Conduct'. After completing this course you will 1) learn what the IRS expects from 'Best Practices' and such phrases used in Circular 230 2) Identify the areas in your office that do and don't meet Circular 230 compliance 3) establish how to make the changes to your tax office to comply with Circular 230 4) develop a contemporaneous documentation system that will protect you from the IRS preparer penalties and 5) determine your willingness to modify how you do business. Presented by Melinda Garvin.

Register for June 6!

All tax preparers are responsible to verify the number of credits they receive each year and the related state or federal reporting requirements to maintain their credentials.

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