2021 Clemson University Income Tax Course

Fourth Online Offering

3-Day Program

November 30, December 1 and 2, 2021

Tuesday, Wednesday and Thursday

IRS Program Codes:

General Tax Law Online: 3XKET-T-00017-21-O for up to 13 credit hours

Federal Ethics Online: 3XKET-E-00015-21-O for up to 2 credit hours

Tax Law Updates Online: 3XKET-U-00016-21-O for up to 3 credit hours

Continuing Education Credits:

For CPA and Enrolled Agents: 18 hours total

Federal Tax Law: 11.5 hours

Federal Ethics: 2 hours

Federal Tax Law Updates: 3 hours

South Carolina Tax Law Updates: 1.5 hours

AFSP, RTRP and other Tax Return Preparers: 16.5 hours total

Federal Tax Law: 11.5 hours

Federal Ethics: 2 hours

Federal Tax Law Updates: 3 hours

Attorneys: 15 CLE credit hours total

Tax Law: 13 hours

Ethics: 2 hours

Certified Financial Planners: 16 hours total

Program Faculty:

Ronny Burkett, CPA, CVA: President, Burkett, Burkett & Burkett Certified Public Accountants PA, Columbia, SC

Mark J. Hendrix, CPA: Executive Vice-President, Burkett, Burkett & Burkett Certified Public Accountants PA, Columbia, SC

Daniel L. Crowson, CPA: Executive Vice-President, Burkett, Burkett & Burkett Certified Public Accountants PA, Columbia, SC

Evette Davis: Tax Specialist, Stakeholder Liaison, US Internal Revenue Service – IRS

Keith J. Wicker, CPM: Special Projects Coordinator, SC Department of Revenue – SCDOR

Marquita Simmons: Tax Law Coordinator, Employee & Taxpayer Education, SC Department of Revenue – SCDOR

Taxpayer Advocate, US Internal Revenue Service – IRS

Taxpayer Advocate, SC Department of Revenue – SC-DOR (Columbia event only)

Topics:

Individual Issues: key challenges that tax professionals face preparing individual income tax returns, including: charitable contributions (including the expanded limit for the above-the-line deduction); tax issues for ministers; tax issues to consider when remodeling a home (including residential energy credits); exclusion of gain on the sale of a principal residence or a rental converted to a principal residence; and expanded limits for the earned income tax credit.

Business Tax Issues: issues that tax practitioners encounter when preparing returns for clients who operate a business. Topics include the following: new guidance for marijuana businesses; the business-use-of-the-home deduction, and how that deduction applies to day care providers; how to maximize the qualified business income (QBI) deduction by dividing or aggregating businesses; how to comply with new partnership capital account reporting requirements; final regulations that define real property and incidental personal property that is eligible for like-kind exchange treatment; and deferring recognition of gain on an involuntary conversion.

Choice of Entity: review of the default and elective classification rules for a business entity. It discusses key tax characteristics to consider in choosing a business entity, and compares the loss limitation rules, self-employment tax, the QBI deduction, and the availability of fringe benefits for different types of business entities.

Trusts and Estates: important information for tax practitioners preparing a return for a deceased taxpayer, including: discussion of the assets that are included in the gross estate for purposes of calculating the estate tax and determining whether an estate tax return is required; when it is advantageous to elect portability of the deceased spousal unused exclusion (DSUE) and how to calculate the DSUE; when the grantor of a trust is the deemed owner; new regulations that clarify the deductions that are available to an estate or a trust; and the deductions that carry over to the beneficiary when an estate or trust terminates.

Retirement, Investments, and Savings: investment and retirement tax planning issues, including the following: social security planning; IRA conversions; self-directed IRAs; stock options; and section 403(b) plans.

IRS Issues: topics the IRS targets as of key relevance for practitioners, including: the Taxpayer Advocate Service; cybersecurity and data breaches (include COVID-related scams); new IRS options for electronic communication, signatures, and filings; installment agreement options; and revised COVID-related payment procedures.

Payroll and Credits: emerging payroll and credit issues including employer and employee employment tax deferral; employer credits for family and medical leave (including for vaccine-related leave); the employee retention credit; and a review of how the paycheck protection program (PPP) loan forgiveness affects wages.

Ethics: important topics that help tax practitioners comply with their ethical obligations, such as: ethical challenges in remote work settings; what business services constitute the unauthorized practice of law; ethical considerations for tax practitioners volunteering on the board of a nonprofit organization; recognizing abusive tax evasion schemes; and understanding the role of judicial doctrines in tax research. Ten case studies that illustrate real-life ethical scenarios are presented.

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 chapters to: Agriculture and Natural Resource Issues, New and Expiring Legislation, and Rulings and Cases.

Maintenance of Records:

“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.”