Topics Covered:

Course Title: Individual and Business Federal Tax Updates

Course Description:

This course is designed to keep tax professionals up-to-date with the latest changes, trends, and developments in individual and business tax law. As tax laws and regulations continue to evolve, staying informed is crucial for ensuring compliance and providing accurate advice to clients.

Throughout this course, participants will review recent updates in federal tax policy, focusing on individual tax issues and business tax issues including 1099-Ks, BOI Reporting, Digital Assets, the upcoming Taxageddon (when TCJA sunsets, and any important judicial rulings that affect individual and business taxpayers.

Course Title: Form 3115

Course Description:

This comprehensive course focuses on Form 3115, the IRS Application for Change in Accounting Method, an essential tool for tax professionals navigating changes in accounting methods for businesses. The course will provide an in-depth understanding of the form’s purpose, requirements, and the procedures for successfully filing it with the IRS.

Students will learn about the various types of accounting method changes, including changes to depreciation methods, inventory accounting, revenue recognition, and more.

Key topics covered will include:

• The types of accounting method changes that require Form 3115

• Understanding the automatic consent procedures and the conditions for eligibility

• Evaluating the tax impact of a method change, including the need for section 481(a) adjustments

Course Title: Ethics of a Client Engagement and Disengagement with a little Taylor Swift.

Course Description:

This course provides tax professionals with the essential knowledge and practical skills needed to draft and understand Engagement and Disengagement Letters. These key documents serve as the foundation for establishing clear, professional relationships between tax preparers and clients, defining the scope of services, and outlining the expectations for both parties.

Students will explore the purpose, structure, and content of tax engagement letters, including the identification of services provided, fee arrangements, timelines, and limitations of liability. The course will also cover disengagement letters, which formalize the conclusion of a professional relationship and protect both the tax professional and client from potential disputes.

• Effectively communicate the scope and boundaries of tax services

• Manage client expectations and reduce misunderstandings

• Address legal and ethical considerations in the engagement process

• Identify risks and establish protections in disengagement letters

Course Title: Hobby versus Business: It is an actual thing and it matters.

Course Description:

This course delves into IRC Section 183, which governs the tax treatment of activities that are not engaged in for profit, commonly referred to as the “hobby loss” rule. The section outlines when an activity’s expenses are deductible and when they are limited due to a lack of profit motive, providing critical guidance for tax professionals advising clients with side businesses, hobbies, or mixed-purpose activities.

Participants will gain a thorough understanding of the criteria used by the IRS to determine whether an activity is for profit, including the nine factors outlined by the Tax Court and how they are applied in real-world scenarios. The course will also cover the IRS’s “presumption of profit” rule and the implications for deductions related to hobby losses, as well as the impact on other tax considerations such as self-employment tax and the passive activity loss rules.

Key topics include:

• The definition of “activity not engaged in for profit” under IRC Section 183

• Detailed analysis of the nine factors used to determine profit motive

• How to distinguish between a business and a hobby for tax purposes

• Tax treatment of hobby-related income and expenses

• Case studies and IRS rulings on IRC 183 determinations

• Planning strategies to minimize the risk of an activity being classified as a hobby

• Practical considerations for tax reporting and documentation to substantiate profit motive

Course Title: A guide to Disaster and Causality Losses for an overworked tax professional

Course Description:

This course provides tax professionals with an in-depth understanding of the tax treatment of disaster and casualty losses under the Internal Revenue Code. Individuals and businesses affected by natural disasters or other unexpected events may face significant financial challenges, and understanding the proper reporting, deductions, and credits related to these losses is essential for tax compliance and effective client advisory. Participants will also explore the nuances of claiming losses for personal and business property, and the rules governing the treatment of insurance reimbursements, federal disaster relief aid, and other recoveries.

Key topics include:

• Defining disaster and casualty losses under IRS rules

• Identifying qualifying events (fires, storms, theft, accidents, etc.) and the timing of losses

• Calculating and documenting disaster and casualty losses, including limitations and special rules

• Impact of federal disaster declarations on tax relief and recovery provisions

• The treatment of insurance proceeds, federal disaster assistance, and other forms of recovery.

Course Title: Effective Tax Research Strategies including AI

Course Description:

This course equips tax professionals with the skills and techniques necessary to conduct efficient and thorough tax research. In an ever-evolving tax landscape, the ability to quickly find, interpret, and apply relevant tax laws, regulations, and guidance is essential for providing accurate advice and ensuring compliance.

The course covers a step-by-step approach to tax research, from identifying the research problem to reaching well-supported conclusions. Key topics include using the IRS code, regulations, revenue rulings, tax court cases, and other authoritative sources.

Key topics include:

• Navigating primary sources: Internal Revenue Code (IRC), Treasury Regulations, Revenue Rulings, and IRS Notices

• Evaluating and applying court decisions, IRS guidance, and legislative intent

• Practical strategies for handling ambiguous or complex tax questions

• Best practices for organizing, documenting, and presenting research results

• Tools and technology for efficient tax research (e.g., LexisNexis, CCH, Thomson Reuters)

Course Title: Navigating Self-Employed Health Insurance Tax Rules

Course Description:

This course provides tax professionals with an in-depth understanding of the tax treatment of health insurance for self-employed individuals, including sole proprietors, independent contractors, and partners in partnerships. With health insurance premiums often representing a significant expense for self-employed taxpayers, it is essential to understand how these premiums can impact tax filings and what deductions are available under the Internal Revenue Code. The

course will cover the specific tax benefits and limitations for self-employed health insurance, including eligibility requirements, the deduction of premiums, and Long-Term Care premiums.

Key topics include:

• Eligibility requirements for self-employed health insurance deductions

• Detailed breakdown of the deduction for health insurance premiums, including spouses and dependents

• Reporting self-employed health insurance premiums on Schedule C, Form 1040, Form 7206, and other relevant tax forms including Long Term Care Insurance.

• Common pitfalls and compliance challenges, including substantiation and record-keeping

Speakers:

Amy E. Brosnan, EA NTPI Fellow

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Location: Sheraton Tampa Brandon

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