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Fall 2020 Tax Institutes

The Fall 2020 OSU Farm and Business Tax Institutes will be conducted using a webinar format. There will be NO FACE TO FACE schools conducted in 2020. This decision has been made to protect the health and well-being of all our participants and their families as well as to protect the health of our instructors.

 

Class Dates

  • Class no. 1: Monday through Thursday (November 16 - 19)
  • Class no. 2: Monday through Thursday (November 30 - December 3)
  • Class no. 3: Monday through Thursday (December 7 - 10)

Presentations will begin each morning at 8:00 am and end at 12:00 noon allowing for four CE credit hours each day and a total of 16 hours for the week. We will be conducting the classes in a 3 week period of time. Four presentations will be conducted each morning beginning on Monday and concluding on Thursday providing for a maximum of 16 hours of CE credit. We will begin taking registrations in September.

 

Details

  • OSU Tax Schools
    The mission of the Oklahoma State University Tax Schools is to provide a quality and high valued tax education. The knowledgeable and diverse instructor teams for the Schools consist of veteran tax professionals and representatives of various agencies, including the Internal Revenue Service, the Oklahoma Tax Commission, and the Oklahoma Employment Security Commission. OSU’s Division of Agricultural Sciences and Natural Resources and the Oklahoma Cooperative Extension Service have sponsored the annual Farm & Business Tax Institute since 1961. Initially the Institute educated farmers, preparers, and Extension specialists to prepare tax returns. Over the years it has evolved into a professional continuing education program for tax practitioners addressing broader issues affecting individuals and businesses. This conference will provide Federal Tax Law Education and Updates designed to meet the needs of today’s tax return preparers. The course will also provide instruction based on the Ethical requirements as outlined in Circular 230
  • The class provides the following continuing education credit
    • Other Tax Return Preparer (OTRP and RTRP), 2 hours Ethics, 3 hours Federal Tax Law Updates, 10 hours Federal Tax Law Topics, 1 hour Oklahoma Tax Law Update
    • Enrolled Agent (EA), 2 hours Ethics, 13 hours Federal Tax Law, Topics/Federal, Tax Related Matters, 1 hour Oklahoma Tax Law Update
    • Certified Public Accountant (CPA) or Public Accountant (PA), 2 hours Ethics,14 hours of tax continuing education credits
    • Oklahoma Bar Association (OBA), 2 hours Ethics, 14 hours of tax continuing education credits
    • Certified Financial Planners (CFP), 14 hours of continuing education credits
  • Continuing Education Credits
    A total of sixteen (16) continuing education units (CEU’s) are offered for the Fall Tax Institutes. Each class will consist of four morning sessions with four hours of presentations each morning. You will need to attend all four consecutive mornings for the full 16 hours of credit. These have been accredited through the Oklahoma Board of Accountancy, the Oklahoma Bar Association MCLE Commission, and the IRS for Enrolled Agents and Other Tax Return Preparers. Professionals who require certification should complete the CPE section on the registration form. Attendees must respond to three polling questions during each presentation to verify attendance. Your responses will serve as your signature for each credit hour. A letter of certification will be mailed to you. You must retain this certification letter for auditing purposes.
  • Registration Fees
    Materials will be mailed using first class postage to the address provided on your registration form. Please register well in advance of your desired class date to guarantee arrival of materials prior to the presentations. Fees will cover all workshop materials, including the CCH Master Tax Guide. If you request materials only, they will be mailed to you when all books are available. (Due to contractual agreements, materials cannot be sold for less than the registration fee.) Enrollments are handled on a prepaid advance registration basis only.
  • Schedule
    Each class will consist of four consecutive mornings. Four 50-minute presentations will be conducted each morning and will run from 8:00 a.m. to noon for a total of 16 hours of CPE.
  • Cancellation Policy
    All refund and transfer requests must be made 14 days prior to your class date. Call (405) 744-6489 to make any refund or transfer requests. There will be a $20 fee charged for each transfer.
  • Refunds
    Refund of registration fee paid by credit card will be refunded back to the credit card. Refund of registration paid with a personal or company check will require a completed IRS Form W-9.
  • Confirmation
    You should receive a confirmation e-mail within one to two weeks of submitting your registration. If you do not receive your confirmation e-mail, please contact our office at (405) 744-6489 to confirm receipt of your registration. Your confirmation will contain the Zoom meeting link for your class. If you are new to Zoom meetings and need assistance, please give us a call  several days in advance of your class beginning date.
    For enrollment questions and special accommodations issues, please call Agriculture Conference Services at (405) 744-6489. For tax subject matter questions, please call JC Hobbs at (580) 237-7677.

 Section 199A materials

Ethics materials

IRS, OTC, & OES Material

Industrial Hemp

Industrial Hemp Production References

  • Enrolled House Bill no. 2913 – Industrial Hemp
  • Enrolled Senate Bill no. 868 – Industrial Hemp
  • USDA Agricultural Marketing Service AMS-SC-19-0042 – Establishment of a Domestic Hemp Production Program

 

Instructor Team

  • Mike L. Hardin, PhD., EA.
    Retired from OSU as a Professor and Tax Specialist, Mike is now in private practice. With a degree in Agricultural Economics and a strong background in accounting, he was the coordinator and has now taught with the OSU Tax Schools for more than 35 years.
  • Lisa Cochell, CPA.
    During her more than 32 years in public accounting, Lisa has worked for firms of all sizes, from a Big 4 firm to a single member firm. This variety of public accounting experience, along with her BS & MS in Accounting from OSU, has given her a vast knowledge of tax issues and practical real world solutions to tax return preparation. This is her inaugural year with the OSU Tax Schools.
  • JC Hobbs, BS, MS., RTRP.
    JC has been with Oklahoma Cooperative Extension Service since 1985. His degrees in Agricultural Economics and Accounting are a strong combination for his position as instructor. JC has coordinated and taught for the Tax Schools since 2003.

 

Fall 2020 Topics

The OSU Tax School is dedicated to meeting the tax education needs of CPAs, PAs, EAs, OTRPs and Attorneys. A maximum of 16 hours of CPE/CLE is available consisting of two hours of Ethics, three hours of Federal Tax Law Update, 10 hours of Other Federal Tax Law education and one hour of Oklahoma Tax Law update. The following topics highlight much of the subject matter to be covered during the seminar.

  • Ethics
    The chapter discusses important issues to help tax practitioners comply with their ethical obligations as outlined in Circular 230. Topics to be covered include: (1) due diligence for a tax practitioner who helps a self-employed taxpayer claim the earned income credit, who prepares a return for a taxpayer who does not have records to substantiate material participation or who performs valuations of a business; (2) best practices in making and accepting referrals, including referrals from an online referral service; (3) when a tax practitioner can disclose information through the IRS Whistle blower Program; (4) ethical considerations for tax practitioners using online faxing, digital storage and backups, and online portals; and (5) case studies illustrating real-life ethical scenarios.
  • New and Expiring Legislation
    Coverage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Families First Coronavirus Response Act plus the tax consequences of foreclosures, repossessions and abandonment. The material explains when cancellation of indebtedness must be included in income and when it can be excluded. Comprehensive examples are provided to explain the reduction in tax attributes that must occur when canceled debt is excluded from income. This material also explains the bad debt deduction for business and non business bad debts.
  • Individual Tax Issues
    This material covers several issues tax practitioners encounter when preparing individual income tax returns including deductions for health insurance and other health expenses, casualty losses and gains, determining who can claim credits including the child tax credit, credit for other dependents, education credits and other individual income tax credits and education deductions, credits and exclusions.
  • Trusts and Estates
    Discussion includes estate planning to preserve the increased exemption amount before it expires at the end of 2025, a review of the definition of a gift, use of the annual gift tax exclusion and when it is necessary to file a gift tax return. This chapter also explains how a tax practitioner can identify different types of trusts as well as how those trusts report taxable income to their beneficiaries.
  • Qualified Business Income Deduction Issue
    This chapter discusses select issues related to the section 199A deduction. It explains how to calculate the qualified business income (QBI) deduction and the limitations applying to the deduction. This chapter also explains when trades or businesses can be aggregated, how to net and carryover QBI losses and when a taxpayer can claim the QBI deduction for rental real estate income. 
  • Agricultural and Natural Resource Issues
    This chapter covers emerging topics that affect farmers and ranchers, such as family members working for each other on a farm or ranch, including the reinstated kiddie tax rules, farm or ranch employer-provided meals and lodging, special use valuation, depreciation of farm property and self-employment tax on agricultural activities.
  • Retirement and Investing Issues
    Discussion covers retirement and investment tax planning issues including required minimum distributions and the SECURE Act modification of the required distribution rules, planning for IRA beneficiary designations under the new rules, testamentary charitable remainder trusts, qualified charitable distributions and taxation of common investments such as interest-bearing bank accounts, certificates of deposit and savings bonds.
  • Financial Distress
    This chapter discusses the tax consequences of foreclosures, repossessions and abandonment. It explains when cancellation of indebtedness must be included in income and when it can be excluded. It includes comprehensive examples of the reduction in tax attributes that must occur when canceled debt is excluded from income. This chapter also explains the bad debt deduction for business and non business bad debts.
  • Business Entity Issues
    The material reviews new partnership reporting requirements. It discusses the taxation of sections 501(c)(7) social clubs and 501(c)(10) fraternal organizations, including recordkeeping and reporting requirements, eligibility for exemption and income tax issues. This material also includes new rules, regulations and filing requirements for nonprofit entities.
  • S Corporation Tax Issues
    Review of important tax issues for S corporations, including the choice of entity rules and the S corporation election. It explains issues that the IRS has identified in its compliance campaigns, including S corporation distributions, the built-in-gains tax, and S corporation loss limitations. This chapter also includes an explanation of calculating basis and required basis reporting on Schedule E (Form 1040).
  • Business Issues
    This material presents some of the issues that tax practitioners encounter when they
    prepare returns for clients who operate a business. Topics include tax issues for a taxpayer engaged in a
    multi-level marketing business, opportunity zones, bonus depreciation, and new health reimbursement
    arrangements for small businesses
  • Rulings and Cases
    This chapter summarizes selected rulings and cases that were issued from September 2019 through August 2020. It gives participants an update on issues that are being addressed by the IRS and the courts.
  • Oklahoma Tax Commission Update
    An Oklahoma Tax Commission staff member will provide a detailed explanation of Oklahoma tax legislation passed during the recent legislative session that apply to the 2020 tax year as well as other important items for tax practitioners.
  • IRS Issues 
    Coverage of issues the IRS targets as key issues for practitioners. Topics include cybersecurity, virtual currency, the IRS Withholding Estimator, taxation of the gig economy and IRS information sources.

 

Fall 2020 Registration

OSU Tax Schools provides online registration for your convenience. If you prefer, you can still register by mail using the Registration Form. Registration for the 2020 OSU tax schools will begin after September 15, 2020.

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