Events & Education

The North Carolina Chapter of NATP

Invites You to Join Us at Our:
Annual Meeting and Conference
Monday, October 24, and Tuesday, October 25, 2022

To Be Held At:

DoubleTree by Hilton Hotel Raleigh-Durham Airport at Research Triangle Park
4810 Page Creek Ln
Durham, NC 27703

Hours:
Monday, October 24th
Registration 7:00 – 8:00 AM
Conference 8:00 AM – 4:50 PM

Tuesday, October 25th
Conference 8:00 AM – 3:10 PM

 To Register Visit: https://www.natptax.com/Chapters/Pages/NorthCarolinaChapterEducation.aspx

Registration Fees:

 NATP Members: (Before 10/1/2022)     $375

                               (After 9/30/2022)        $395

Non-Members:  (Before 10/1/2022)      $425

                               (After 9/30/2022)        $465

Course materials will be distributed electronically via email on 10/20/2022.
No printed materials will be provided.

Accommodation Information:

Room rate will be $139/night plus applicable taxes and fees.
Location address: 4810 Page Creek Lane; Durham, NC 27703
For Reservations:
Call: Call 1-800-HILTONS (request NC Chapter of NATP rate)
Visit: https://group.doubletree.com/5byga4

Course Offerings:

Form 4797, A Deep Dive, Sale of Business Property [2 Hours CPE]

Simply put, IRS Form 4797 is a tax form that’s used specifically for reporting the gains or losses made from the sale or exchange of business and income producing property used in a trade or business. However, this form 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. A detailed example on the Sale of Business and Rental Property will be provided. 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.
  • Calculate 199A in reference to §§ 1231, 1245, and 1250.
  • Detailed example on the Sale of Business & Rental Property will be provided and analyzed.

2022 Legislation Tax Update: [2 Hours CPE]

As a tax professional, it’s crucial to know how the new tax laws will affect your clients and their businesses. It’s necessary to understand the various tax deductions, credits, and incentive programs available to assist your clients. This course will provide the latest up-to-date information, guidance, and any new law passage.

Each Tax Year brings new challenges and 2022 will be no exception. Join us for this fast-paced, must-attend update where you will receive noteworthy guidance, updates, and provisions that are impacting your practice and clients.

Learning Objectives:

  • Analysis & updates of recent IRS guidance.
  • Assess Virtual Currency.
  • Status of & Evaluate Corporate Transparency Act.
  • Decipher new 1099-K reporting requirements.
  • S Corporation & Partnership Basis concerns.
  • Retirement planning changes and highlights and any updates on Secure 2.0.
  • What is our 2022 game plan?
  • Due diligence, Substantial Authority and significance of IRS FAQs.
  • Express importance of Office practices and Security.

IRS Penalty Abatement – Reasonable Cause & Removal of Penalties: [1 Hour CPE]

This course presents numerous topics within the subject of Reasonable Cause. We will demonstrate how to navigate a first-time Abatement Program. We will show by using the Internal Revenue Manual, IRC, Regulations and case law how to navigate and support your clients reasonable cause position. This webinar will provide valuable techniques to assist our clients to reduce penalties imposed by the Internal Revenue Service in various situations. Come join us for this indispensable webinar to assist your clients in their time of need.

Learning Objectives:

  • Describe the glossary of terms to Know
  • Explain and depict Reasonable Cause Assistant {RCA}
  • Interpret First Time Abatement {FTA} Program and distinguish when to use and when not to
  • Explain Revenue Procedure 84-35 and will offer an update if still available since the new
  • Partnership Audit Regime
  • Analyze, Discuss and translate Reasonable Cause issues for penalty abatement
  • Explore Delinquent FBAR. Fin Cen 114 filings
  • Illustrate and present Abatement and or Appeal Letter Formats
  • Educate and discuss Form 843 and when to use
  • Enlighten on the procedure for filing and usage on Form 8275

Decedent Estate and Final 1040 [2 hours CPE]

Join us for this essential class on critical issues affecting the decedent. What is the significance of “Step Up” Basis on decedent’s assets? What forms are required and or recommended to be filed? What happens with the decedents Capital and Net Operating Losses? Who or What is a Personal Representative? Who can sign the decedent return if no estate is open? Significance of IRC Section 454 regarding Savings Bonds will be discussed in addition we will define terms associated with the decedent, review filing dates, and separating income and expenses between the decedent and estate.

Learning Objectives:

  • Define Important Terms and Checklists.
  • Review Forms, Filing Dates, and Requirements.
  • Discuss Significance of Protecting Deceased’s Identity.
  • Examine Personal Representative Duties.
  • Who can Sign Returns?
  • Classify Income and Expenses – Where Does it Go?
  • Explain Basis of Estate Property.
  • Explore Capital Losses and NOL’s.
  • Explore Other Issues.
  • Investigate what’s New?

Correcting Depreciation and Form 3115 w/Sample Problem [1 Hour CPE]

When depreciation errors are detected on previously filed tax returns, most spontaneously want to amend the return and correct this error. However, amending previously filed returns usually is not an accurate or beneficial way to proceed. There are procedures, which will be clarified, that will allow us to fix these depreciation omission and or oversights.
Furthermore, this webinar will deliver a comprehensive example on making changes to previously missed or incorrect depreciation. The when and how of IRC Section 481(a) adjustments will be discussed.

Learning Objectives:

  • Explain what is Form 3115 and how do we file it
  • Determine the advantages of Form 3115
  • Clarify the differences between Form 3115 and 1040X
  • Calculate and establish IRC Section 481(a) adjustments
  • Analysis of the Qualified Improvement Property
  • Interpret when we must Correct Depreciation
  • Exhibit a Sample Problem with proper attachments

Rental Properties w/ Vacation Home, AirBnb, and 199A [2 Hours CPE]

Taxpayers are continuously exploring ways to earn additional money and or diversify their investments.  As a way to earn this extra money, taxpayers are purchasing properties to rent out. In addition, taxpayers are renting out their entire residence and or vacation homes, a portion of their homes or just single rooms. Airbnb and VRBO are two such online platforms taxpayers are using to accomplish this. However, taxpayers need to beware of federal income tax reporting consequences.

In this session you will learn which form to report rentals on, either Schedule E (Form 1040), or Schedule C (Form 1040).

Furthermore, this session will investigate what is a Trade or Business under 199A and we will explore if Rental properties can be a Trade or Business under 199A and provide you supporting court case law for and against.

The Revenue Procedure 2019-38, Final Safe Harbor Rules for Real Estate activities will be critiqued.

Learning Objectives:

  • Determine Rental Income and Expenses
  • Differentiate between Schedule E & Schedule C reporting for rental property
  • Review what requirements are necessary to have a Trade or Business.
  • Interpret, determine, and establish what constitutes a Trade or Business under IRC §199A regarding Rental Real Estate Property.
  • Explore 199A Rental safe harbor under Rev Proc 2019-38

Tax Planning strategies for Moderate Income clients [2 Hours CPE]

Tax Planning is not just for the rich and famous. This course will provide insights to numerous topics so tax professionals can assist their moderate income clients to create and preserve wealth. Let’s ensure we provide our clients with the tools necessary to provide practical tax planning techniques and be hands-on to develop a long-term beneficial relationship. So, join us in deciphering the mystery of Tax Planning for the average Joe or Jill.

Learning Objectives:

  • Evaluate IRC Section 121 opportunities and benefits associated with
  • Demonstrate how QCD can reduce taxes and maximize charitable deductions
  • Discuss Form SSA-44, Life-Changing Events and reducing Medicare Part B premiums
  • Appraise the benefits of 529 Plans and Paying for College and implement
  • Counterintuitive tax planning regarding Scholarships and AOTC
  • Analyze, compare and PLAN regarding Retirement plans
  • Dramatize 401(k) savings for the average taxpayer
  • Critique divorce situations to benefit clients and explain why 50/50 is not always equal
  • Clarify the implications of the capital gains reduced tax rate and potential issues
  • Illustrate bunching of itemized deductions
  • Translate when to take Social Security and related issues
  • Understand unique elderly client issues and Estate planning/Will issues
  • Explain Rental Properties and 199A deduction issues

Virtual Currency: A Simple Approach & Overview [1 Hour CPE]

A simple approach & overview to Virtual Currency:

Cryptocurrency is a decentralized digital currency otherwise known as Virtual Currency. The term “Cryptocurrency” generates countless amounts of uncertainty and anxiety among tax professionals. The language, single-handedly strikes apprehension among us. This course will provide you with the confidence to deal with Cryptocurrency and will enlighten tax pros on this crazy language. So, join us in deciphering the mystery of Virtual Currency.

You’ll learn the ensuing plus much more:

  • Define Virtual Currency, aka Cryptocurrency
  • Demonstrate types of transactions
  • Differentiate modes of “Wallet”
  • Examine and Translate Crypto’s Vocabulary
  • Discuss common Cryptocurrency tax events
  • Inspect the 12 Tax Principles
  • Analyze IRS Notices, Revenue Rulings, FAQs concerning Crypto
  • Clarify the provisions of new Infrastructure Bill
  • Critique recent Chief Counsel Advices’
  • Assess any FinCEN regulations
  • Identify and discuss Form 8938 requirements
  • Formulate best practices concerning Virtual Currency
  • Establish an Engagement letter for our tax practices

Divorce and its Various Tax Implications: [1 Hour CPE]

What happens when your clients divorce? Divorce is an emotional occurrence for all involved. What is the significance of the tax professional assisting clients through this difficult time? This course will explain the importance of working with and advising our clients on tax related divorce issues. We will discuss filing status, name change, joint & separate responsibility & liability. We will explore dependents and associated tax credits. Analyze retirement plans, alimony, child support, property settlements, allocating estimated payments, NOLs, and Capital Loss carryovers.

Learning Objectives:

  • Assist with tax planning
  • Identify Conflict of Interest issues
  • Review requests for records
  • Analyze changes made by the TCJA
  • Select correct filing status
  • Inform clients on Name, Address, and W-4 Changes
  • Explain Innocent Spouse issues
  • Quantify Exemptions
  • Relate critical issues encompassing Form 8332
  • Examine Credits associated with dependents
  • Summarize QDRO and IRA’s
  • Alimony and Child Support
  • Distinguish Capital Losses, NOL’s Donations, and other credits and deductions

About Our Presenter, A.J. Reynolds, EA

A.J. Reynolds, EA, has over thirty years of experience encompassing various areas of taxation. Though his practice centers on Individual, Business, and Estate Tax preparation, A.J. focuses a portion of his practice to IRS Representations. As diverse as his specializations, A.J.’s clientele, too, ranges from average workers to Fortune 500 executives. Additionally, A.J volunteers his time with the Iowa Legal Aid’s Managing Attorney assisting in Tax Court cases and assorted income tax issues.

A.J. brings his everyday “in the trenches” experience to seminars and webinars for multiple organizations to assist attendees with real issues affecting tax professionals.

A.J. started his tax career with a national CPA firm in San Diego, CA after proudly serving for five years in the United States Navy onboard the Guided Missile Destroyer USS Callaghan. While onboard the destroyer, the ship executed many missions in the Straits of Hormuz off the coast of Iran.

Outside of his tax practice, A.J. is a member of the Diocese of Sioux City Priests’ Pension & Welfare Board and the Investment Advisory Board for the Diocese. When not working, his time is spent in various activities, including traveling with his wife and their two children.

**There will be no refunds available.**