Taxes

Sales tax is constantly evolving, and a basic understanding of sales tax strategy is more important than ever. In this presentation entitled “Remote Seller Sales Tax Update”, the founder of Sales Tax and More, Michael Fleming, CMI, will review the major changes that have happened in the sales tax world for remote sellers since Wayfair in 2018. Discussion Leader: Michael Fleming

The Employee Retention Credit (ERC) was an important COVID tax period that allowed payroll tax credits to keep employees working. Recently, the IRS has identified the ERC as a fraud target and warned against “ERC mills”. Many clients have heard the advertisements on TV, radio and the internet and/or been approached by promotors offering assistance in amending Form 941 to get the credit. The IRS announced it is assigning a large number of agents to audit the ERC claims. The course will discuss the rules to obtain the credit and what to do if a client has been scammed. Discussion Leaders: Karen Davis and Ian Redpath

Generative artificial intelligence (GAI) chatbot ChatGPT has taken the country by storm. ChatGPT reached 1 million (1M) users within only 5 days of its release. What is ChatGPT? It is a computer program designed to generate answers to questions posed in human-like, conversational responses.

ChatGPT is being utilized by young and old alike in federal tax practice as we speak. But, is it ready for prime time? ChatGPT has its strengths, but also currently has notable weaknesses. Blink your eyes and it will change (and likely get a lot better very quickly). If tax practitioners do not jump on the GAI train now, they’re likely to get left at the station.

How many of the following questions can you confidently answer?

1. Is the use of general AI (ChatGPT in particular) helpful in tax practice?
2. If helpful, in what contexts may it best be used?
3. How can ChatGPT save you time and make you money?
4. What SKILL SETS capably aid you in your approach utilizing ChatGPT?
5. What are the practical limitations on its use? Can it be harmful?
6. Does ChatGPT hallucinate?
7. What are the legal, accounting and tax ethics rules applicable to the use of ChatGPT?
8. What must you know and do to prevent ChatGPT from getting you into trouble?

This course answers the above questions through a series of case study ChatGPT searches and second effort. Discussion Leader: Bradley Burnett

As Wayfair expands its reach, catch up on what the state of affairs is in 2023 for sales tax and income tax.

Having sufficient assets to live a comfortable and secure retirement is one of the concerns that many people face. This concern cannot be resolved without having a solid retirement plan. In this course, we will discuss the foundation of most people’s retirement planning – qualified plans. We will discuss the types of qualified plans, how they are taxed, and when they might be useful to clients. Through discussion and real-world examples, we will explore the RMD rules and when a distribution may qualify for an exception. Discussion Leader: David Peters

Tax law and rules for compliance can change and require the practitioner to know the change in order to provide the best service to a client. The monthly “Nugget” includes information on court decisions and IRS rulings that our experts know should be shared with the client who is depending on you to avoid trouble, and to take advantage of opportunities for reducing the tax bill. Discussion Leaders: E. Lynn Nichols and Bill Strickland

Many of our clients are getting paid with employer stock or they may be able to purchase their employer stock at a discount. We need to advise our clients on the different tax aspects of these employer stock plans. When you are knowledgeable on this, you will get referrals from employees of these companies. Discussion Leader: Larry Pon

Not just automobiles, but RVs, Boats, Motorcycles, and even some mobile homes present the same tax accounting issues. Inventory accounting methods, income from financing and insurance, extended warranty, `floor-plan’ interest, valuation of used units, recording profit (or loss !!!) from a `trade-in’ . . . . all require attention to the income tax effects of vehicle valuation. Discussion Leader: E. Lynn Nichols

Accounting for costs and revenues associated with a construction contract requires more than the usual “Is it deductible?” or “How much of the funds we received should be recognized as income? In this period?” Answering both of those questions will require the tax accountant to know “With what contract an item is associated. Understanding contract terms, limits, special conditions, starting date, ending (penalty date), and more, involves special rules in addition to “regular determination of income.” Discussion Leader: Lynn Nichols

This program focuses on preparation of Form 990 for tax-exempt entities and the most commonly applicable Schedules. Included is some discussion of Forms 990EZ, 990-N and 990-T. Discussion Leaders: Ian Redpath and Shannon Jemiolo