​​​​​​ Louisiana Chapter Education

LA NATP 2024 Fall Education Seminar

This event will host Melinda Garvin, an IRS Liaison, and a LDR Liaison and will offer the following education:

• Toxic Concoction of Schedule C with EIC:
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  Here are some statistics from the IRS website about the Schedule C and EIC. IRS estimates that 31.6% of the EITC claims, or approximately $18.2 billion were paid in error in 2022. Income reporting errors are among the top 3 common EITC errors that account for more than 60% of the dollars paid in error annually. The most common Schedule C errors on returns with EITC, which fall into the income categories are: Over-stated expenses and losses on the Schedule C to bring income down to qualify for EITC, Inflated Schedule C income to maximize the amount of EITC, and Bogus Schedule C income to qualify for or maximize the amount of EITC. Approximately 28 million Schedule C are filed each year. Most of these represent small, often home-based businesses. This clearly is a situation where the IRS is focusing on so let's look at the ways in which we can pass the due diligence requirements. Presented by Melinda Garvin.
• All or Nothing- Strict Substantiation Rules:
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  Strict substantiation rules are currently being implemented during audits of taxpayers' records. Many taxpayers and even some tax professionals believe the Cohan Rule can always be applied. This session will look at §274(d), §280(A)(c)(1) and §170(f)(17) which cover travel, meals, business gifts, office and home, and charitable. This class will help you understand what documentation is required in order to take these deductions on a tax return. Upon completion of this session, you will be able to: Have an understanding of the Cohan Rule. Identify what wording is needed on certain charitable statements. Know what 'third party verification' is. Apply the concept of metropolitan area for the taxpayer. Presented by Melinda Garvin.
• S Corporation:
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  Learn to recognize and understand Form 1120S, U.S. Income Tax Return for an S Corporation, and the schedules that accompany it. We will do this by reviewing the forms and discussing this business returns uniqueness and learn how the numbers flow through the various forms and schedules. Upon completion of this session, you will be able to: Know the advantages and disadvantages of forming an S corporation. Determine what types of businesses are eligible to make the S election. Understand how to make an S election, including a late election. Analyze a basic Form 1120S, including Schedules L, M-1 and M-2. Determine the amounts to pass-through and allocate to each shareholder. Compare Schedules K and K-1 and how they affect the shareholder's personal return. Recognize the §179 expense rules for S corporations. Calculate the shareholder's basis in the S corporation. Determining how much of a pass-through loss is deductible after applying the basis, at risk and passive activity limitations. Understand the tax effects on the shareholder when distributions are received from an S corporation. Proper reporting of various pass-through items from Schedule K-1 and Form 1040, including unique items, such as the sale of property with §179. Presented by Melinda Garvin.
• Schedule K-1 (S Corporation Continued):
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  Basis is something that is so very important for S Corporation Shareholders – yet so very often never kept track of! Why is that? Use this session to learn how to re-construct basis for those clients coming to you with no basis tracking. Learn how to track basis and know where all the Schedule K-1 entries go on the S Corp Shareholders personal return. Upon completion of this session, you will be able to: Know the advantages and disadvantages of forming an S corporation. Determine what types of businesses are eligible to make the S election. Understand how to make an S election, including a late election. Analyze a basic Form 1120S, including Schedules L, M-1 and M-2. Determine the amounts to pass-through and allocate to each shareholder. Compare Schedules K and K-1 and how they affect the shareholder's personal return. Recognize the §179 expense rules for S corporations. Calculate the shareholder's basis in the S corporation. Determine how much of a passthrough loss is deductible after applying the basis, at-risk and passive activity limitations. Understand the tax effects on the shareholder when distributions are received from an S corporation. Proper reporting of various pass-through items from Schedule K-1 and Form 1040, including unique items, such as the sale of property with §179. Presented by Melinda Garvin.
• S Corporation- Case Study:
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  Often the best way to learn is through using a case study and real numbers. We will compute and calculate basis for a shareholder over a 5 year period. There will be profits, losses, Section 179, distributions, and non-deductible expenses. Upon completion of this session, you will be able to: Know the advantages and disadvantages of forming an S corporation. Determine what types of businesses are eligible to make the S election. Understand how to make an S election, including a late election. Analyze a basic Form 1120S, including Schedules L, M-1 and M-2. Determine the amounts to pass-through and allocate to each shareholder. Compare Schedules K and K-1 and how they affect the shareholder's personal return. Recognize the §179 expense rules for S corporations. 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. Understand the tax effects on the shareholder when distributions are received from an S corporation. Proper reporting of various pass-through items from Schedule K-1 and Form 1040, including unique items, such as the sale of property with §179. Presented by Melinda Garvin.
• Federal Updates:
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  It's important to stay current with the new tax laws as they distinguish you from other tax preparers that don't 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.
• Learning Losses & Limits- Passive Losses:
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  Exactly what losses are we talking about here? Let's see it could be Passive – NOL QBI or– EBL. Determining whether a loss from a rental, partnership or S corporation can be deducted on a taxpayer's income tax return can be very confusing. This topic sorts out the rules for deducting those losses and discusses how the limitations are calculated. We will talk about the dreaded PTP's. We'll also look at the new Qualified Business Losses and Excess Business Losses created by the TCJA and then reversed by Covid rules. Net Operating Losses are also new under the TCJA yet we still have to remember and maintain the 'old way'. So, we'll look at NOL's also! Plenty of loss types to cover and understand their interaction. Upon completion of this session, you will be able to: Identify which losses are associated with the various entities and/or individuals. Calculate the losses pre/postTCJA/CARES Act. Associate which forms report each loss. Determine what the rules, guidelines and laws are for each loss type. Presented by Melinda Garvin.
• Best Practices:
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  Let's take a look and see if your office is compliant. Information Security Rules require your business to have safeguards in place to protect the taxpayer data. Are you at risk for Title 26 – Internal Revenue Code (IRC) §301 7216.1 and §6713 penalties? The Gramm-Leach- Bliley Act has rules that you are subject to. There are a growing number of laws, regulations, standards, and best practices that cover the privacy and security of taxpayer data. This session will cover administration, facilities, personnel, computer systems, media and the various incidents in all facets of safeguarding the taxpayer data and ensuring your compliance with the IRS. Upon completion of this session, you will be able to: Determine compliance with the standards of practice per Circular 230. Learn how to implement best practices in the tax pro office. Establish weak areas in office procedures. Develop a written security plan. Build a defense system to prevent potential unethical practices. Discuss the 'tools' needed to face the challenges in our real-life office. Improve management of communications, employees and taxpayer data. Take pre-emptive steps to ensure compliance of Circular 230. Presented by Melinda Garvin.
• IRS Update presented by an IRS Liaison.
• Louisiana Department of Revenue Update presented by a LDR Liaison.

Date & Time:

September 23-25, 2024

• Attendee check-in on Sept. 23: 12:00 p.m. CT
• Education on Sept. 23: 12:40 p.m. - 4:30 p.m.
• Attendee check-in on Sept. 24 & 25: 7:30 a.m.
• Education on Sept. 24: 8:00 a.m. - 5:45 p.m.
• Annual Meeting on Sept. 24: 5:00 p.m. - 5:45 p.m.
• Education on Sept. 25: 8:00 a.m. - 3:30 a.m.

Location:

Courtyard by Marriott Lafayette South
200 Frem Boustany Drive
Lafayette, LA 70508
337-345-4450

Fees:

Early pricing ends August 29, 2024.
Electronic materials are included with registration fees and will be e-mailed 7 days prior to the event. Print materials are available for a $50 fee and will be available at the event.
Meals are on your own.

Cancellation Policy:

Cancellations must be submitted to NATP by September 5, 2024, and are subject to a $39 fee.

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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