​​​​Tennessee Chapter Education

Events are listed chronologically, please scroll down to see all available Tennessee Chapter events.

TN Chapter Networking

This is a great networking opportunity for those attending Taxposium! Your Tennessee chapter is hosting a Meet the Board social event at Shula's Lounge in the Dolphin Hotel. This is a free social event and no registration is necessary. We will post event updates on our Facebook page!

Date & Time:

July 23, 2024
6:30 p.m. - 8:30 p.m. ET

Location:

Shula's Lounge
Swan & Dolphin Resort
1500 Epcot Resorts Blvd
Orlando, FL 32830
407-934-1362

TN Chapter Annual Meeting and Education Seminar

This event will host A.J. Reynolds, EA & Melinda Garvin, EA and will offer the following education:

• Partnership Schedules K-1 and Basis:
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  Basis in flow-through entities is very often a misunderstood topic due to its overwhelming nature. Who is supposed to keep track of the basis of a pass-through entity? We will learn how to track each Partnership's Partner basis efficiently. After the session you will be able to: 1. Identify how the different entries on Schedule K-1 affect basis. 2. Calculate partner basis. 3. Summarize what the difference between inside and outside basis is and why it is important. 4. Identify the partnership liabilities that increase a partner's basis. 5. Calculate a partner's outside basis. Presented by Melinda Garvin, EA.
• New Legislation Update:
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  Update and overview of the latest information and guidance that has transpired over the past months affecting your practice encompassing your business and individual clients. Learning Objectives: 1. Summarize any late breaking updates, Tax Related Legislation, and Guidance. 2. CTA/BOI -= Examination of current Treasury Guidance, FAQs and case guidance. 3. Overview of Energy Credits, Clean Vehicle Credits, and tax planning opportunities. 4. Analysis of RMD. 5. 2024 SECURE 2.0 issues. 6. Cybersecurity and Security Plans for your office. 7. Assessment of Form 1099K. Presented by A.J. Reynolds, EA.
• Virtual Currency: A Simple Approach & Overview:
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  Cryptocurrency is a decentralized digital currency otherwise known as Virtual currency. This course will provide you with the confidence to deal with Cryptocurrency and will enlighten tax pros on the language in this area. Learning Objectives are: 1. Survey recent Treasury and IRS guidance. 2. Define Virtual Currency, aka Cryptocurrency. 3. Demonstrate types of transactions. 4. Differentiate modes of "Wallett." 5. Examine and translate Crytpo's Vocabulary. 6. Discuss common Cryptocurrency tax events. 7. Inspect the 18 Tax Principals. 8. Analyze IRS notices, Revenue Rulings, FAQ's concerning Crypto. 9. Clarify the provisions of the Infrastructure Bill. 10. Critique recent Chief Counsel Advices'. 11. Asses and FinCEN regulation. 12. Identify and discuss Form 8938 and FinCEN 114 requirements. 13. Formulate best practices concerning Virtual Currency. 14. Establish and Engagement letter for our tax practices. Presented by A.J. Reynolds, EA.
• Schedule K-1 and Basis of S Corp Shareholder:
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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. This session will cover: Calculating 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. The tax effects on the shareholders 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, EA.
• 199A - Is a Rental a Trade or Business (Case Law & Discuss Safe Harbor):
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  Are you not yet convinced that a simple single-family rental qualifies for QBI? This class will investigate what is a Trade or Business under 199A. An exploration will be conducted if rental properties can be a Trade or Business under 199A; all while giving supporting case law for and against. We will discover that to be a trade or business, a taxpayer must be involved with continuity, regularity, primary purpose for profit, and is not necessarily based on material participation. Revenue Procedure 2019-38, Final Safe Harbor Rules for Real Estate activities will be critique. Also examined will be the importance of substantial authority and evaluation of authorities. Learning Objectives: Analyze IRC §199A & what is a Trade or Business. Interpret and determine what is a Trade or Business under IRC §199A regarding rental of real property. Deep dive and examination of Court Cases. Analyze IRS FAQs on this topic. Translate Rental Safe Harbor under Rev. Proc. 2019-38. Presented by A.J. Reynolds, EA.
• S Corp & Partnership Basis - Form 7203:
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  As a tax professional, it's imperative to know basis rules and calculations for our clients that are shareholders and or partners in Pass-through entities. Furthermore, we must analyze how basis rules affect their individual Form 1040 tax return. This session will provide a valuable and essential overview for Partnership and S Corporation basis issues. Learning Objectives: Determine when and why we need basis for our clients' pass-through entities. Analyze Form 7203. Examine the significance of basis. Explain who is responsible for keeping basis. Differentiate inside and outside basis. Review basis calculation for partners and shareholders. Assess the election pursuant to Regulation 1.1367-1(g). Presented by A.J. Reynolds, EA.
• Ethics: Protecting Client Privacy - Obligations and Best Practices for the Tax Professional:
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  As a tax professional, protecting client privacy is paramount to maintain trust, confidentiality, complying with our ethical obligations and understanding it is also a legal requirement. By adhering to these best practices, tax professionals can maintain the trust and confidence of their clients while safeguarding their sensitive information. Cybercrime invades a person's privacy by stealing their personal details, including sensitive data, photos, and communication records, which can be used for blackmailing or any malicious purpose. We as Tax Professionals have all the information needed in our databases to create a fraudulent tax return, expose bank account routing numbers and account numbers and other personal information that can be used by cybercriminals. We need to practice cybersecurity and uphold our obligation to protect a client's privacy "Ethics knows the difference between what you have a right to do and what is RIGHT to do." - Associate Justice of the Supreme Court of the United States, Potter Stewart. Learning Objectives: Define cybersecurity.Understand the Taxpayer Bill of Rights that deals with privacy and confidentially. Overview of the laws surrounding IRS confidentiality and the privacy of tax information. Define our security requirements under the Gramm-Leach-Bliley Act (GLBA) and the FTC Safeguards Rule. IRC § 7216 Consent/Disclosure. Identify best practices when fighting cybercrime and upholding our ethical values. Identify the resources available to us and our client in fighting against cyber criminals. Ethical Decision Making. Due diligence, everyday ethical issues & conflicts, substantial authority. Presented by A.J. Reynolds, EA.
• Closing an S Corporation:
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  The taxpayer is excited and quick to elect tax status or set up the S Corporation, but rarely understand all that is necessary to close the S Corporation. This session will cover the steps you need to take and the tax consequences of closing. We will look at the assets at the time of closing and the decisions needing to be made in a timely manner. Upon completion of this session, you will be able to: Identify required steps in closing an S Corp. Correctly handle the disposition of assets and the Final 1120S. Understand the tax impact of liquidation on shareholders. Know the forms required and completion of them for liquidation. Presented by Melinda Garvin, EA.
• Tax Planning, Sales Allocation and More:
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  Simply put, IRS Form 4797 is the form used specifically for reporting the gains or losses resulting from the sale or exchange of business and income producing property used in a trade or business. However, Form 4797 often generates a countless amount of uncertainty and anxiety. This course will assist tax pros in determining whether a transaction is a capital gain or ordinary income and what tax consequences are associated with each. Furthermore, it will clarify what parts of Form 4797 need to be completed and their holding periods. Allocation of sales price and tax planning will also be examined. This course will provide you with the confidence to deal with these situations. So, join us in deciphering the mystery of Form 4797. Learning Objectives: Correctly identify § 1231 Property. Examine the difference between §§ 1245 and 1250 Property. Ascertain the Sales Price. Calculate Basis. Categorize transactions into their appropriate parts on Form 4797. Differentiate between depreciation recapture and capital gain. Identify Un-Recapture Depreciation. Detailed examples on the Sale of Business & Rental Property will be provided and analyzed. Presented by A.J. Reynolds, EA.
• 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, EA.
• Lisa Booker, IRS Sr Stakeholder Liaison for our area will do a presentation and be available for questions from 4:00 p.m. - 5:00 p.m. on Friday, Aug. 2.

Date & Time:

August 1-2, 2024

• Attendee check-in on Aug. 1: 7:30 a.m. CT
• Education on Aug. 1: 8:00 a.m. - 5:00 p.m.
• Attendee check-in on Aug. 2: 7:15 a.m.
• Annual Meeting on Aug. 2: 7:30 a.m. - 7:50 a.m.
• Education on Aug. 2: 8:00 a.m. - 5:00 p.m.

Location:

Murfreesboro Municipal Airport (enter terminal and go left to meeting room)
1930 Memorial Blvd
Murfreesboro, TN 37130
615-848-3254

Fees:

Early pricing ends July 15, 2024.
Electronic materials are included with registration fees. Attendees will receive an email on how to download their electronic materials several days prior to the event.
Registration includes a catered lunch on site. You will really get your fill with the meal and the information from this conference. Guest meals are available for a $50 fee.

Cancellation Policy:

Cancellations must be submitted to NATP by July 20, 2024.

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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