Income Tax Short Course

  • Cost: $320 early-bird special 4+ weeks before start date | $380 within 4 weeks of start date | VITA discount $205
  • Credits: 16 IRS hours | CFP credits | 13.75 CLE hours
  • Dates and Locations: Ten offerings, October−January across Minnesota
  • For: Tax practitioners working with individual and small business returns (including CPAs, enrolled agents, lawyers, insurance personnel, and VITA volunteers).

Earn IRS-approved continuing education credit hours to renew your IRS certification in this two-day course.

  • Stay on top of the latest tax legislation that affects tax returns for 2017 and future years.
  • Get the Minnesota Dept. of Revenue Individual Income Tax Manual and the 2017 National Income Tax Workbook and CD (with multiple years of tax workbooks in a searchable format).
  • Earn 16 IRS CPE credits.
    • 2 ethics hours
    • 3 federal tax law update hours
    • 11 federal tax law hours
    • 1 hour of MNDOR Update (not reported to IRS)

Learning Objectives

Through this course, the tax practitioner will:

  • understand the legislative changes to federal and state tax law and regulations
  • review basic tax law and its application to selected situations
  • be equipped to deal with individual taxpayer and business tax issues
  • acquire skills to develop a tax research process
  • be able to apply recent court rulings and cases in their practices
  • appreciate the value of ethical behavior


New Legislation (late in 2016 and in 2017)

  • Summary of each provision
  • Effective dates when provisions expire

Rulings and Cases

Selected rulings and cases issued from September 2016 through August 2017, an update on issues that are being addressed by the IRS and the courts.

Agriculture and Natural Resource Issues – at outstate locations

  • Agricultural income and expenses
  • Buying and selling farmland
  • Equipment and land rentals
  • Demolition of structures

Business Entity Issues

  • The new partnership audit rules
  • Practical considerations in partnership reorganizations and liquidations
  • New developments for tax-exempt entities
  • Organization, taxation, and reporting for homeowners’ associations

Loss Limitations

Determining whether a loss is limited. Including at-risk and passive activity loss limitations, basis limitations for an S corporation shareholder and a partner in a partnership, and hobby loss and vacation home loss limitations.

Business Issues

  • Expensing real estate improvements
  • Start-up and organizational expenses
  • Electing out of Subchapter K
  • Tax on marijuana and hemp sales

Like-Kind Exchanges

  • The tax implications of an exchange, including basis adjustments and the recognition of gain or loss; and the requirements for a reverse or deferred exchange
  • Exchanging a vacation residence, timberland, easements, and long-term leases

Trusts and Estates – at metro locations

  • Electing portability
  • Basis consistency rules
  • Types of trusts

Ethics Part One

  • When client communications are confidential or privileged
  • Ethical obligations upon the sale or discontinuance of a tax practice
  • Nondisclosure rules when hiring independent contractors
  • Tax practitioner’s responsibilities when encountering fraud or other misdeeds
  • Case studies

Ethics Part Two

  • Cyber security
  • Risks of a data security threat and how to mitigate those risks

Individual Issues

  • Tax issues for individuals in the military
  • Charitable contribution deductions, valuation, and substantiation
  • New developments under the Affordable Care Act
  • Disaster tax relief
  • Taxes and the sharing economy (e.g., renting a spare bedroom or providing car rides or household chores)

Foreign Tax Issues

  • Reporting and tax requirements for US citizens living in foreign countries
  • The foreign-earned income exclusion
  • Reporting, withholding, and tax requirements for nonresident aliens with US income

Tax Practice

  • Offer in compromise
  • Collection statute of limitations and rules that stop the statute from running
  • Third-party liability, such as transferee and nominee liability

IRS Issues

  • The most prevalent identity theft and impersonation scams
  • E-Services online tools for tax professionals
  • The new IRS use of private debt collectors
  • How to use IRS audit techniques guides


  • Comparing different types of retirement plans
  • Distributions from retirement plans, including early distributions and required minimum distributions
  • The impact of income on social security benefits and Medicare premiums

Tax Rates and Useful Tables

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