Investments – This presentation will discuss the tax treatment of various types of investments including: class action settlements, bonds purchased at a premium or discount, mutual funds (including a partial liquidation), stocks (including allowable methods for calculating basis when multiple purchases of the same stock are made), and tax-exempt bonds.
Schedule K-1 – Discussion will include how information on the K-1 is reported on Form 1040 and the typical challenges a K-1 presents to a tax preparer. The passive loss issues and at-risk problems, including basis will be discussed. Other problems to be examined will include determining basis for the new client, dealing with a K-1 showing a large loss and passthrough credits, and the correct treatment of a K-1 that is obviously incorrect or with which the client disagrees.
IRS Issues and Update – A representative from the IRS will present important information what will help you better work with the IRS. Topics include money service business and its filing requirements, who must file a Form 8300, plus other current information to help you.
Oklahoma Tax Commission Update – A representative from the OTC will present information from the recent legislative session.
Elder Issues – Several important issues will be presented: the current status of social security including when to draw benefits, the deductibility of Medicare premiums on Schedule A, and employer reimbursement of a retired employee's premium. Discussion will also include appeal rights to the Medicare B premium, how to handle the receipt of a Form 1099 LTC, and the new rules regarding the donation of an IRA to a charity.
Entity Issues – The following areas will be discussed. Tax issues regarding selling assets of a controlled entity. Comparison of selling or contributing assets and taking an interest in the entity ownership (i.e. stock). Is §351 mandatory? How does this transaction fit into §1239? Working with a new client that does not have a completed Schedule L. Correcting the Schedule L if it is wrong. Shareholder loans, computing imputed interest, and using AFR tables
Agricultural Issues – Topics of interest will include: installment sale of a farm and separating out the personal residence for the §121 exclusion, a Chapter 12 bankruptcy update in light of the latest court ruling, and income averaging including situations when capital gains are present.
Other Topics include:
- New Tax Legislation
- Death of a Taxpayer
- S-Corporations
- Retirement Issues
- Business Issues
- Individual Taxpayer Issues
