2024 Clemson University Income Tax Course - Summerville

General Tax Law Online: 3XKET-T-00047-24-I and 3XKET-T-00046-24-I for up to 13 credit hours

Ethics Online: 3XKET-E-00044-24-I for up to 2 credit hours

Updates Online: 3XKET-U-00045-24-I for up to 3 credit hours

Federal Tax Law: 13 hours

Federal Ethics: 2 hours

Federal Tax Law Updates: 3 hours

Tax Law: 13 hours

Ethics: 2 hours

From Burkett, Burkett & Burkett Certified Public Accountants PA, Columbia, SC:

• Ronny Burkett, CPA, CVA: President
• Daniel L. Crowson, CPA: Executive Vice-President
• Allison Ford, CPA, CFE: Executive Vice-President
• Angie Brazell, CPA: Manager

F rom the United States Internal Revenue Service - IRS:

• Evette Davis: Tax Specialist, Stakeholder Liaison
• Cynthia Kenney-McIntyre (Cindy), Taxpayer Advocate

F rom the South Carolina Department of Revenue - SCDOR:

• Keith J. Wicker, CPM: Special Projects Coordinator, SC Department of Revenue – SCDOR
• Trey Bishop: Tax Law Coordinator, SC Department of Revenue – SCDOR
• Krystle Walden, CPA: Sr Tax Research Analyst, SC Department of Revenue – SCDOR
• Jean Funches, Taxpayer Advocate (Columbia event only)

Ethics. Topics include the following:

• Beneficial ownership interest reporting and the unauthorized practice of law
• Due diligence – Report of Foreign Bank and Financial Accounts (FBAR)
• Due diligence – written information security plan (WISP)
• Practice continuation – planning for retirement, disability, or death
• Ten case studies that illustrate real-life ethical scenarios

Individual Tax Issues. Topics include the following:

• Clean vehicle credits
• Energy credits
• Digital assets
• Due diligence for head of household filing status, EITC, and other credits
• Cancellation of debt
• Health savings accounts
• Section 529 qualified tuition programs

Business Tax Issues. Topics include the following:

• Deduction for certain interest on indebtedness that is contingent on a future event, and the tax impact of conditions that arise after the sale.
• How to calculate the gain on a contingent payment installment sale, where the sale price has not been fixed in the year of the sale.
• What constitutes a business bad debt and the timing and amount of the deduction.
• When fringe benefits are available to small business owners on a tax-favored basis.
• Eligibility for up to a $150,000 credit for employer-provided child care.
• Business meal and entertainment expense deduction, including several important exceptions to the limit on the deduction.
• How a marijuana business reports its income and expenses?

IRS Issues. Topics include the following:

• When tax liens attach
• Record retention requirements
• IRS online accounts
• E-filing requirements and exceptions
• Taxpayer Advocate Service
• IRS Stakeholder Liaison
• Tax scams

Rental Activities. Topics include the following:

• Residential real estate rentals
• Passive activity loss limits
• Self-employment tax on rental activities
• Repairs/capital expenditures
• Reporting rental activities on Schedule E (Form 1040)

Trusts and Estates. Topics include the following:

• Tax consequences when a debt owed by a decedent is cancelled, and the tax implications of cancellation of a debt owed to the decedent.
• When a taxpayer can obtain an income tax charitable contribution deduction or an estate tax charitable deduction for certain contributions, not in trust, of partial interests in property.
• Planning techniques for use of the increased basic exclusion amount before it sunsets in 2026.
• The grantor trust rules, and it includes sample language that a tax practitioner should look for to determine whether a trust is a grantor trust.
• When jointly owned property is included in the gross estate, and how to determine the basis of property passing to a surviving joint owner.
• Recent case that created a split in the circuit courts regarding when life insurance proceeds used to redeem a deceased owner’s interest are included in valuing the deceased owner’s interest in the company.

Related Party Issues. Topics include the following:

• I.R.C. § 267 loss limits/income matching
• Transactions between related persons and partnerships
• Disallowance of the I.R.C.§ 179 deduction and bonus depreciation on property acquired from a related party.
• Ordinary income treatment of related party gain from the sale or exchange of depreciable property
• Like-kind exchanges with a related party
• Related party installment sales

Limited Liability Company Issues. Topics include the following:

• Default entity classifications, and how an entity can elect to change its default entity classification.
• How a change in LLC ownership may cause a change in its default entity classification and the tax consequences of a change in classification.
• Tax issues for an LLC owned by spouses.
• The impact of LLC owner compensation on the QBI deduction and the section 179 deduction.
• Recent Tax Court case that applies a functional analysis to determine if a partner is a limited partner whose distributive share of partnership income may not be subject to self- employment tax.

Business Entity Tax Issues. Topics include the following:

• Beneficial ownership interest reporting and the pass-through entity tax deduction and the tax benefit rule.
• How a tax practitioner can help a nonprofit organization maintain its tax-exempt status, and new guidance that allows an I.R.C. § 501(c)(3) organization to change to another exempt entity type.
• The centralized partnership audit regime, with a focus on how a partnership decides if it should elect out of that regime.

South Carolina - Department of Revenue Issues: SC Tax Legislation, SC-DOR Security Updates, and update on South Carolina E-File.

And as in the previous years, dedicated sections to: Agriculture and Natural Resource Issues, New and Expiring Legislation, and Rulings and Cases.

“We have entered into an agreement with the Office of Director of Practice, Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, Section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors and length of class hours. This agreement does not constitute an endorsement by the Director of Practice as to the quality of program or its contribution to the professional competence of the enrolled individual.”

Please visit our Tax School website to access all the program detailed information at:

https://www.clemson.edu/extension/taxschool/income-tax.html

PROMOTIONAL CODE is available for pre-approved SC-DOR employees only.

Host or Publisher Clemson University Tax School