Tax School

Picture of a tax return form.
By: Jeffrey K. Lewis, Esq., Thursday, August 18th, 2022

OSU Income Tax Schools 2022
Two-Day Tax Schools for Tax Practitioners &
Agricultural & Natural Resources Income Tax Issues Webinar 
Barry Ward & Jeff Lewis, OSU Income Tax Schools

Tax provisions related to new legislation as well as continued discussion related to COVID-related legislation for both individuals and businesses are among the topics to be discussed during the upcoming OSU Income Tax Schools offered throughout Ohio in October, November, and December. 

The annual series is designed to help tax preparers learn about federal tax law changes and updates for this year as well as learn more about issues they may encounter when filing individual and small business 2022 tax returns.

OSU Income Tax Schools are intermediate-level courses that focus on interpreting tax regulations and changes in tax law to help tax preparers, accountants, financial planners, and attorneys advise their clients. The schools offer continuing education credit for certified public accountants, enrolled agents, attorneys, annual filing season preparers and certified financial planners.

Attendees also receive a class workbook that alone is an extremely valuable reference as it offers over 600 pages of material including helpful tables and examples that will be valuable to practitioners. Summaries of the chapters in this year’s workbook can be viewed at this site:
https://farmoffice.osu.edu/tax/2022-tax-school-chapters

A sample chapter from a past workbook can be found at: 
https://taxworkbook.com/about-the-tax-workbook/

This year, OSU Income Tax Schools will offer both in-person schools and an online virtual school presented over the course of four afternoons.

In-person schools:

October 27-28, Ole Zim’s Wagon Shed, Gibsonburg/Fremont

October 31-November 1, Presidential Banquet Center, Kettering/Dayton

November 3-4, Old Barn Restaurant & Grill, Lima

November 8-9, Muskingum County Conference and Welcome Center, Zanesville

November 21-22, Ashland University, John C. Meyers Convocation Center, Ashland

November 29-30, Nationwide & Ohio Farm Bureau 4-H Center, Columbus

December 5-6, Hartville Kitchen, Hartville

Virtual On-Line School presented via Zoom:

November 7, 10, 14 & 18, 12:30 – 4:45 p.m.

Register two weeks prior to the school date for the two-day tax school early-bird registration fee of $400.  This includes all materials, lunches, and refreshments. The deadline to enroll is 10 business days prior to the date of each school. After the early-bird deadline, the fee increases to $450. 

Additionally, the 2022 Checkpoint Federal Tax Handbook is available to purchase by participants for a discounted fee of $60 each. Registration information and the online registration portal can be found online at:
http://go.osu.edu/2022tax

In addition to the tax schools, the program offers a separate, two-hour ethics webinar that will broadcast Thursday, Dec. 8 at 1 p.m. The webinar is $25 for school attendees and $50 for non-attendees and is approved by the IRS and the Ohio Accountancy Board for continuing education credit.

A webinar on Ag Tax Issues will be held Tuesday, Dec. 13 from 8:45 a.m. to 3:20 p.m.

If you are a tax practitioner that represents farmers or rural landowners or are a farmer or farmland owner that prepares your own taxes, this five-hour webinar is for you. It will focus on key topics and new legislation related specifically to those income tax returns.

Registration, which includes the Ag Tax Issues workbook, is $160 if registered at least two weeks prior to the webinar. After November 29, registration is $210. Register by mail or on-line at https://go.osu.edu/agissues2022.   

Participants may contact Ward at 614-688-3959, ward.8@osu.edu or Jeff Lewis at 614-247-1720, lewis.1459@osu.edu for more information.

Internal Revenue Service building
By: Peggy Kirk Hall, Monday, June 29th, 2020

Written by Barry Ward, Director, OSU Income Tax Schools

Significant tax related changes as a result of the new legislation passed in response to COVID-19 have created some questions and perhaps consternation over the past few months.  Taxpayers and tax professionals alike are wrestling with how these changes may affect tax returns this year and beyond.  OSU Income Tax Schools is offering a Summer Update to address these issues and other important information for tax professionals and taxpayers.

The OSU Income Tax Schools Summer Update: Federal Income Tax & Financial Update Webinar is scheduled for August 13, 2020 and will be presented as a webinar using the Zoom platform.

Webinar content

  • New tax provisions implemented by the CARES Act and Families First Coronavirus Response Act and how to account for them such as the new net operating loss rules, the payroll tax credit, etc.
  • Paycheck Protection Program Loan Issues: loan applications, forgiveness issues and the IRS ruling on loan expenditures that are forgiven under PPP are not tax deductible and how to account for them in preparing a return, etc.
  • Dealing with the IRS in these difficult times.  Also, what it means to the practitioner as to “dos” and don’ts” regarding the announcement that beginning this summer the IRS will allow the electronic filing of amended returns.
  • The “Hot IRS Audit Issues – Pitfalls for S Corporations and Partnerships."  Basis of entities as to the rules and related rulings, how to track basis in these entities, creation of basis where none had been computed in prior tax years, losses in excess of basis and when they are not allowed, definition of an excess distribution, taxation of excess distributions, distribution of appreciated property,  conversion of C corporations to S corporations - do and don'ts, computation of the Built-In Gains Tax, inference and imputation of a reasonable wage for purposes of the computation of the qualified business income deduction, etc.
  • Other rulings, developments, and cases.

Webinar personnel

  • John Lawrence, CPA, John M. Lawrence & Associates: Instructor
  • Barry Ward, Director, OSU Income Tax Schools: Co-Host & Question Wrangler
  • Julie Strawser, Program Assistant, OSU Income Tax Schools: Co-Host and Webinar Manager

Details

  • August 13th, 2020:  10 am – 3:30 pm (lunch break: noon – 12:50 pm)
  • Cost: $150
  • Registration information and link to the registration page is at https://farmoffice.osu.edu/osu-income-tax-schools
  • This workshop is designed to be interactive with questions from the audience encouraged.

Continuing education offered

  • Accountancy Board of Ohio (5 hours)
  • IRS Office of Professional Responsibility (5 hours)
  • Continuing Legal Education, Ohio Supreme Court (4.5 hours)

 

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