Illinois Chapter Education
Illinois Chapter NATP Conference
This event will offer the following education:
- Farm Retirement and Transition Planning:
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Farm succession planning, tax planning prior to retirement, tax planning for after retirement, tax strategies for heirs. Discussion will include planning for a successful succession and a tax strategy to meet the retirement needs of each generation. We will cover what forms are required, information to collect and instructions on completing them correctly. Presented by Les Marti, EA.
- Illinois Topics:
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This session will include discussions about general Illinois tax law, the availability and use of tax credits, and cover any update information that is available at the time of conference.Hopefully, everyone will enjoy the reminder of basic items and also find information on new topics that they were unaware of. There will be no CPE credits available. Presented by Kristin Clay, CPA.
- Stakeholder Liaison Area 3 Q&A:
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Q&A with IRS Stakeholder Liaison for Area 3, Dan Belarmino. Dan would like to take a moment to introduce himself to all of our members. He wants to make sure that he provides an opportunity for tax professionals to visit with him about any questions or concerns that they may have. He will also be available for all 3 days of the conference. There will be no CPE credits available.
- S Corp Basis and Sch K-1 Case Study:
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When the shareholder in an S Corporation gets that K-1 do you know where to report the income, deductions, credits, draws or losses? Can you report them on the shareholders personal return? Do you understand the various limitations that apply to basis? This session will take shareholder basis from the formation of the S corporation through profits, losses, draws, shareholder changes and shareholder terminating. It will contain a worksheet case study to fill out during the session for hands-on involvement. Upon completion of this course, you will be able to: Calculate the shareholder's basis in the S Corporation. Determine how much of a pass-through loss is deductible after applying the basis, at-risk, and passive activity limitations. Analyze the shareholder's tax effects when distributions are received from an S corporation. Complete a shareholder's basis worksheet and reconstruct past year basis worksheets including debt basis. Calculate the taxable portion, if any, of loan repayments. Presented by Melinda Garvin, EA.
- HSA Used the Right Way:
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It's a triple treat and surprisingly powerful for the taxpayer. The money goes in Tax Free, It Grows Tax Free, and It's not Taxable when You Take it Out for Health Care Costs! The HSA is expected to become a centerpiece of managing health care-related expenses going forward regarding ACA repeal efforts. Yet, when asked, too many tax professionals admit to not knowing enough about this powerful tool that offers tax relief when paying for health-related expenses while also wearing some retirement-savings features. Let's look at this Health Savings Account so you can guide and assist your clients in this area with superior tax knowledge. Upon completion of this session, you will be able to know: What and who qualifies for an HSA. Who can contribute and the limits to the HSA. The special rules such as: Last-Month and One-Time Rollover. How to report contributions and distributions. Ways to communicate to your client the benefits of this tax saving tool. Presented by Melinda Garvin, EA.
- CYA (Cover Your Assets) - Tax Office Compliance:
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A successful office will implement operating 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'. The audits of our offices often resulting in $10K-plus penalties. So, we have choices to make – continue doing business as usual, which in my mind is like playing the lottery and hope that our office doesn't get audited…. or make the necessary changes and show our clients they can trust us and count on us to always provide the latest security for their private and confidential information. All the tax knowledge in the world is not enough for a successful Circular 230 compliant tax office. It's not enough to just know how to competently prepare tax returns. You must create a contemporaneous documentation system that will protect you from the IRS preparer penalties. Paid tax return preparers are held to a higher standard. It is very clear that these standards are changing, and we need to keep up. Upon completion of this session, you will be able to: Learn what the IRS expects from 'Best Practices' and such phrases used in Circular 230. Identify the areas in your tax office that do and don't meet Circular 230 Compliance. Establish how to make the changes to your tax office to comply with Circular 230. Develop a contemporaneous documentation system that will protect you from the IRS preparer penalties. Determine your willingness to modify how you do business. Presented by Melinda Garvin, EA.
- Partnership Basis and Sch K-1 Case Study:
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Basis in flow-through entities is very often a misunderstood topic due to its overwhelming nature. The answer to the question, "Who is supposed to keep track of the basis of a pass-through entity?" has multiple answers – the owner, the tax professional, or the software. What's the right answer? Technically the owners of the pass-through entities are to keep track of basis but they do not know the tax laws behind tracking basis. The best answer to this question is the tax preparer who prepares the owner's individual income tax return, Form 1040. Attend this session to learn how to track each Partnership's Partner basis efficiently. It will contain a worksheet case study to fill out during the session for hands-on involvement. Upon completion of the session, you will be able to: Identify how the different entries on Schedule K-1 affect basis. Calculate partner basis. Summarize what the difference between inside and outside basis is and why it is important. Identify the partnership liabilities that increase a partner's basis. Calculate a partner's outside basis. Presented by Melinda Garvin, EA.
- Is it a Pitfall or a Plus?:
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From the tax viewpoint, should aging parents deed their home to children? We often get asked that question by our clients, but do you really know how to answer it? Like most answers, it starts with "it depends." This session will address what happens to the sale of the parents' home in a couple of different scenarios and it might surprise you whether you've been doing it right in the past. Let's look at Form 1099-S from a real-world perspective of all parties in this unique situation. Upon completion of this session, you will be able to: Identify the pros and cons of transferring property to a retained life estate. Determine the value of the life interest and remainder interest. Calculate the sale of life estate property during transferor's lifetime. Understand the use of Form 706 for the portability exclusion. Presented by Melinda Garvin, EA.
- Federal Updates:
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It is important to stay current with the new tax laws as they distinguish you from other tax preparers that do not keep up on the latest issues and changes. This discussion will focus on those tax issues and the updates for 2023 and 2024. Get the latest clarifications and details on Individual and Business Tax Updates. Upon completion of this session, you will be able to: Identify any tax law provisions that were extended. Analyze recently enacted tax legislation and apply the new tax laws. Develop tax-saving strategies for the taxpayer. Differentiate between the various Acts and their contents. Presented by Melinda Garvin, EA.
Register Now!
Date & Time:
November 13-15, 2024
Attendee Check-In on Nov. 13: 12:30 p.m.
Education on Nov. 13: 1:30 p.m. - 5:30 p.m.
Attendee Check-In on Nov. 14 & 15: 8:00 a.m.
Education on Nov. 14: 8:30 a.m. - 4:40 p.m.
Education on Nov. 15: 8:15 a.m. - 4:40 p.m.
Annual Meeting on Nov. 15: 8:15 a.m. - 8:30 a.m.
Location:
Par-a-dice Hotel Casino
21 Blackjack Blvd
East Peoria, IL 61611
309-699-7711
Please reference group TAXK24C when booking your hotel room. This hotel code is valid until October 22, 2024, or until all rooms are booked.
Fees:
Early registration ends October 22, 2024.
Print materials are included with registration fees. Electronic materials are available for a $10 fee. Please contact Tracy Danzer at tdanzer@ramsaycpa.biz or Patricia Meece at patriciameeceea@gmail.com. These materials will be provided on a flash drive at the conference.
No meals served on November 13. Meals on November 14 & 15 are included with registration. Guest meals for November 14 & 15 are available for a $65 fee.
Cancellation Policy:
Cancellations must be submitted to NATP by November 6, 2024 and are subject to a $75 fee.
Credits/Hours | Field of Study | | |
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2 | Federal Tax Law Update | | |
14 | Federal Tax Law Topic | | | |
2 | Ethics | | |
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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.
Previous Events
Illinois Chapter Annual Conference 2023
| Nov. 2023 | East Peoria |
IL Chapter Annual Conference 2022
| Nov. 2022 | East Peoria |
IL Chapter Annual Conference
| Nov. 2021 | East Peoria |
IL Annual Meeting
| Dec. 2020 | Webinar |
IL Credits and Modifications
| Sept. 2020 | Webinar |
Annual Conference | Oct. 2019 | East Peoria |
Annual Conference | Oct. 2018 | East Peoria |
Annual Conference | Oct. 2017 | East Peoria |