KSU Tax Institutes – Kansas and Online

Overview

Dating back into the 1940’s, the Department of Agricultural Economics at Kansas State University has provided educational tax seminars for tax preparers.  I have been privileged to be a part of them since 1993.  These are outstanding seminars for all who prepare tax returns – CPAs; accountants; enrolled agents; attorneys; and all others that prepare tax returns professionally or for their own business, including farming operations.  With respect to farm returns, the last time survey data was compiled, it revealed that over 90 percent of all farm returns in Kansas were prepared by persons that attended a Kansas Tax Institute.  That’s impressive!

Dates and Locations

This year the institute will be held at six in-person locations across the state.  In addition, there will be two online institutes.  Each institute is a two-day conference.  Here are the dates and locations for each institute:

Online 1 – November 1 and 2

Garden City – November 6 and 7

Hays – November 8 and 9

Lawrence – November 20 and 21

Salina – November 27 and 28

Wichita – December 7 and 8

Pittsburg – December 13 and 14

Online 2 – December 18 and 19

Ethics

There will be a 2-hour ethics session for tax preparers on December 15.  This will be online only (as of this time). 

Speakers

Along with myself, this year’s speakers include Paul Neiffer (formerly of CliftonLarsonAllen); Prof. Ed Morse (Creighton Law School); and Cathy Murphy (formerly of IRS and now owner of Kingdom CPA Service, LLC in the St. Louis area).  Also, the Kansas Department of Revenue, represented by Carl York and Roger Basinger will make a presentation at each location.

Itinerary

The itinerary for each school as well as who is teaching each topic is as follows:

Online 1; Garden City; Hays; and Online 2

Day 1 [Roger McEowen; Paul Neiffer; and Carl York/Roger Basinger]

New Developments (Part 1)

• Employee Retention Credit
• Energy Credits; Corporate taxes; and healthcare and payroll tax provisions
• Form 1099-K issues

Ag Issues (Part 1)

• Deducting residual soil fertility
• Charitable remainder trusts
• Tax issues with easement payments
• Ag-related rulings and cases
  • Excise tax
  • Hobby losses
  • Lodging and meals
  • Conservation easements

Small Business Issues

• Planning and pitfalls of pass-through entity tax
• Corporate transparency act
• Form 7203
• Appendix – questions to consider in electing the PTE tax

 

Capitalization vs. Repair Review

• Fundamental concepts
• Capitalization vs. repair decisions
• Changing an accounting method
• Dispositions under the tangible property regulations

Select topics for Partnership Operations

• Partnership agreement
• Capital accounting
• Guaranteed payments
• Allocations
• Effect of I.R.C. §§734(b) and 743(b) adjustments
• Debt-financed acquisitions and distributions
• Partnerships and S.E. tax

Depreciation

• Applicability
• Computing basis
• Listed property limitations
• R.C. §179
• Bonus depreciation
• Depreciation system and method
• Recovery period for remaining basis
• Proper convention
• Change in business use
• Correcting errors

Retirement Plan Issues for Individuals

• Inherited retirement plans
• Secure Act 2.0
• Roth IRA update

Kansas Department of Revenue

• 2023 Legislative Changes
  • Discussion of various bills passed in the 2023 Legislative Session
• Updates to 2022 Legislation Session
  • Discussion could include updates to SALT Parity, Aerospace and Aviation Tax Credit,

and Homestead Senior and Disabled Veteran Claim (SVR)

• Changes impacting tax filings for 2023 and 2024
  • Personal Exemption for Disabled Veterans
  • Corporate Income Tax Reduction
  • Sales Tax Delivery Charges
  • Sales Tax Filing Frequency Changes
  • Research and Development Tax Credit

Rulings and Cases (Part 1)

Day 2 – [Roger McEowen and Cathy Murphy]

New Developments (Part 2)

• Changes to R&E and R&D Credit
• Retirement plan distributions
• Estate tax “clawback” and DSUEA ordering rules
• Digital asset taxation
• Expiring provisions

Ag Issues (Part 2)

• Buy-sell agreements
• Form 1041 for farm estates and trusts
• Tax treatment of R&E and R&D expenses
• Ag-related rulings and cases
  • Farming-related deductions
  • Entity tax issues
  • Real estate tax issues
  • Shareholder compensation

Individual Taxpayer Issues

• Estimated tax payments
• College cost planning
• Settling a taxpayer’s estate

Written Information Security Plans and Protecting Client Data

• Legislative mandates
• Creating a WISP
• WISP template
• Risk assessment
• Data attacks
• Involvement of outside IT services firms
• Discussion scenarios

IRS Update

• New Forms and instructions
• New 1099 filing procedures 
• Correspondence audits and secure messaging
• Timely mailed/ received dates for returns
• Statute of Limitations
• Offers in compromise

Independent Contractors

• Determining worker classification
• Tax home issues
• Gross income issues
• Treatment of equipment
• Travel expenses
• Meals and entertainment expenses
• Other expense issues
• SE tax
• State income tax issues

Ruling and Cases (Part 2)

Lawrence; Salina; Wichita; Pittsburg

Day 1 [Ed Morse and Carl York/Roger Basinger]

New Developments

• Employee Retention Credit
• Energy Credits; Corporate taxes; and healthcare and payroll tax provisions
• Form 1099-K issues
• Changes to R&E and R&D Credit
• Retirement plan distributions
• Estate tax “clawback” and DSUEA ordering rules
• Digital asset taxation
• Expiring provisions

Small Business Issues

• Planning and pitfalls of pass-through entity tax
• Corporate transparency act
• Form 7203
• Appendix – questions to consider in electing the PTE tax

 

Capitalization vs. Repair Review

• Fundamental concepts
• Capitalization vs. repair decisions
• Changing an accounting method
• Dispositions under the tangible property regulations

Select topics for Partnership Operations

• Partnership agreement
• Capital accounting
• Guaranteed payments
• Allocations
• Effect of I.R.C. §§734(b) and 743(b) adjustments
• Debt-financed acquisitions and distributions
• Partnerships and S.E. tax

Depreciation

• Applicability
• Computing basis
• Listed property limitations
• R.C. §179
• Bonus depreciation
• Depreciation system and method
• Recovery period for remaining basis
• Proper convention
• Change in business use
• Correcting errors

Retirement Plan Issues for Individuals

• Inherited retirement plans
• Secure Act 2.0
• Roth IRA update

Kansas Department of Revenue

• 2023 Legislative Changes
  • Discussion of various bills passed in the 2023 Legislative Session
• Updates to 2022 Legislation Session
  • Discussion could include updates to SALT Parity, Aerospace and Aviation Tax Credit,

and Homestead Senior and Disabled Veteran Claim (SVR)

• Changes impacting tax filings for 2023 and 2024
  • Personal Exemption for Disabled Veterans
  • Corporate Income Tax Reduction
  • Sales Tax Delivery Charges
  • Sales Tax Filing Frequency Changes
  • Research and Development Tax Credit

Rulings and Cases (Part 1)

 

Day 2 [Roger McEowen and Cathy Murphy]

IRS Topics [Supplemental Material]

Ag Issues

• Deducting residual soil fertility
• Charitable remainder trusts
• Tax issues with easement payments
• Ag-related rulings and cases
  • Excise tax
  • Hobby losses
  • Lodging and meals
  • Conservation easements
  • Farming-related deductions
  • Entity tax issues
  • Real estate tax issues
  • Shareholder compensation
• Buy-sell agreements
• Form 1041 for farm estates and trusts
• Tax treatment of R&E and R&D expenses
• Ag-related rulings and cases

Individual Taxpayer Issues

• Estimated tax payments
• College cost planning
• Settling a taxpayer’s estate

Written Information Security Plans and Protecting Client Data

• Legislative mandates
• Creating a WISP
• WISP template
• Risk assessment
• Data attacks
• Involvement of outside IT services firms
• Discussion scenarios

IRS Update

• New Forms and instructions
• New 1099 filing procedures 
• Correspondence audits and secure messaging
• Timely mailed/ received dates for returns
• Statute of Limitations
• Offers in compromise

Independent Contractors

• Determining worker classification
• Tax home issues
• Gross income issues
• Treatment of equipment
• Travel expenses
• Meals and entertainment expenses
• Other expense issues
• SE tax
• State income tax issues

 

Rulings and Cases (Part Two)

 

Registration Link

Here’s the link to find registration information about the Institutes:   https://agmanager.info/events/kansas-income-tax-institute

Conclusion

I hope to see you at one of the tax institutes.  If you can’t participate in-person, perhaps you can join online.  The institutes are top-notch instruction to get you fully prepared for the upcoming tax season.  You won’t find a better deal around for CPE/CLE on tax matters.