Virginia Tech Income Tax School
Welcome to the 61st annual Virginia Tech Income Tax School course offering! Our seminar is a two day continuing education program that provides an intensive study of the tax law and regulation governing individuals and small businesses. After much consideration, we have decided to conduct our tax school 100% virtually again this year. We plan on conducting virtual and in-person events in 2022. Although there are no prerequisites or advanced preparation needed for attending our seminar, those with at least one year of tax experience will get the most out of it. Preparation of both federal and state taxes will be covered. Experienced CPAs, EAs, Virginia Tech faculty, and the IRS will examine new tax laws and their implications. We offer continuing and professional education through the IRS, Virginia Board of Accountancy, CFP, and MCLE. Starting in 2021, we are no longer providing credit through the Virginia Insurance Continuing Education Board.
We will be using Zoom Webinar for our virtual format just as we did in 2020. We will have 3-5 poll questions per hour to help us track attendance for those needing continuing education credits.
Register Here! Prices increase October 16th.
Dr. Travis Mountain
The 16 hour virtual Virginia Tech Income Tax School will be November 8-9th as well as December 2nd-3rd, both from 8am to 3:50pm. Both will be offered using Zoom Webinar. Registration is $340 (same as 2020) through October 15th and $375 afterwards and includes the 2021 National Income Tax Workbook. Please register at least 15 business days prior to the start of the tax school to guarantee delivery of your National Income Tax Workbook. The 16 hours includes two hours of IRS approved ethics credits. Ethics for CPAs is offered as an add-on class for $60 ($20 cheaper than in 2020) and will be from 4:00pm to 5:40pm November 8th and December 2nd. For your convenience, we are also offering a CPA ethics Session October 28th at 1pm.
This year we are bringing back the "Farm Session" which covers Agricultural Issues. Unlike in past years, this year the farm session will be 8 hours long over two days, rather than 4 hours long. We will meet 8:30am to 12:30pm October 28th and October 29th.
Two Day Virtual Course
November 8-9: 8am to 3:50pm, $340, 16 hours
CPA Ethics: 4:00pm to 5:40pm, $60, 2 hours
December 2-3: 8am to 3:50pm, $340, 16 hours
CPA Ethics: 4:00pm to 5:40pm, $60, 2 hours
Chapter 1: Ethics.
This chapter discusses important issues that help tax practitioners comply with their ethical obligations. Topics include the following:
✔ 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
✔Understanding the role of judicial doctrines in tax research
✔Ten case studies that illustrate real-life ethical scenarios
Chapter 2: Trusts and Estates.
This chapter discusses 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. It explains when it is advantageous to elect portability of the deceased spousal unused exclusion (DSUE) and how to calculate the DSUE. This chapter provides important information for tax practitioners preparing a return for a deceased taxpayer. It explains when the grantor of a trust is the deemed owner, and 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.
Chapter 3: Business Tax Issues.
This chapter discusses some of the issues that tax practitioners encounter when they prepare returns for clients who operate a business. Topics include the following:
✔New guidance for marijuana businesses
✔ 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
✔Deferring recognition of gain on an involuntary conversion
Chapter 5: Choice of Entity.
This chapter reviews 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.
Chapter 6: IRS Issues.
This chapter covers issues the IRS targets as key issues for practitioners. Topics include the following:
✔The Taxpayer Advocate Service
✔Cybersecurity and data breaches (include COVID-related scams)
✔New IRS options for electronic communication, signatures, and filings
✔Installment agreement options
✔Revised COVID-related payment procedures
Chapter 7: Individual Issues. This chapter covers several issues tax practitioners encounter when preparing individual income tax returns, including the following:
✔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
✔Expanded limits for the earned income tax credit
Chapter 8: Retirement, Investments, and Savings.
This chapter covers investment and retirement tax planning issues, including the following:
✔Social security planning
✔Section 403(b) plans.
Chapters 9: Payroll and Credits.
This chapter discusses emerging payroll and credit issues including employer and employee employment tax deferral, employer credits for family and medical leave (including for vaccine-related leave), and the employee retention credit. This section also reviews how the paycheck protection program (PPP) loan forgiveness affects wages.
Chapter 10: New and Expiring Legislation.
This chapter covers recently enacted tax legislation and procedures, including comprehensive coverage of the tax provisions in the American Rescue Plan Act of 2021 Act. It is organized by subject to help participants quickly find topics of interest and includes a table of tax provisions that expired or are set to expire
Chapter 11: Rulings and Cases.
This chapter summarizes selected rulings and cases that were issued from September 2020 through August 2021. It gives participants an update on issues that are being addressed by the IRS and the courts.
Chapter 12: Tax Rates and Useful Tables.
This chapter reports the tax rates, deduction limits, credit limits, and income thresholds and limits that change each year.
We are bringing back the farm session this year! Based on evaluation feedback, we are making this an 8 hour class spread over 2 days. The class will be 8:30am to 12:30pm October 28th and 29th. Registration increases to $200 October 16th.
CPA specific ethics is offered separately as an add-on class for $60 and will be from 4:00pm to 5:40pm November 8th and December 2nd. An earlier class will be offered October 28th from 1 to 2:40pm.
RIA Federal Tax Handbook (2021)
$52.00 with online registration. Orders received by November 16th should be delivered prior to December 31, 2021 per RIA. Orders received after November 16th may result in books arriving after December 31, 2021.
No P.O. Box addresses will be accepted. Multiple copies may be ordered.
IRS 16 total credits (2-day program) - We Report
Y8RSX-U-00027-21-O 5 Credits Federal Tax Law Update
Y8RSX-T-00028-21-O 9 Credits Federal Tax Law Topics
Y8RSX-E-00026-21-O 2 Credits Ethics
IRS 8 total credits (Farm session) - We Report
Y8RSX-T-00029-21-O 5 Credits Federal Tax Law Topics
Y8RSX-U-00030-21-O 3 Credits Federal Tax Law Update
Certified Financial Planner - We Report - 16 Credits
Virginia Mandatory Continuing Legal Education - Self-Report.
Course ID: Pending -
Every year we have been approved for 13.0 CLE credits including 1.5 credit hours for ethics.
CPA - 16 hours, self-report. 2 hours CPA Ethics (self-report but we submit your names to VSCPA).
VAUGHAN LONG – Vaughan is in his 7th year teaching for the Virginia Tech Income Tax School. He is an Enrolled Agent (EA) and the founder of Tax Solutions Alliance, a firm that specializes in IRS Tax Resolution. Vaughan is based in Richmond, VA where he was mentored by a former IRS Revenue Officer with 47 years of collection experience in IRS collections, including 28 years with the IRS and 19 years in private practice. Vaughan is a member of the Richmond, VA and National Societies of Enrolled Agents as well as the American Society of Tax Problem Solvers. He has extensive tax and negotiation experience including 7 years with the Circuit City Stores Corporate Tax and Merchandising and Buying Departments before starting his own tax practice. He has previously taught for the Virginia Society of Enrolled Agents (VASEA) since 2013 and the National Association of Tax Professionals (NATP) since 2016. After being raised in Richmond, he graduated in 1997 from North Carolina State University with a Civil Engineering degree. He has been married 23 years to his wonderful wife and has 2 great children, a son (18) and a daughter (15) as well as a foster daughter (7 years old).
ROBERT LEMAY – This is Robert’s fifth year as an instructor for the Virginia Tech Income Tax School. He is a Summa cum laude graduate of Strayer University and is the principal of LeMay & Company, a CPA firm established in 1997 to address the financial accounting needs of small businesses. Robert has over 25 years of experience in the financial management of small companies. He has helped countless entrepreneurs realize their dreams of owning their own business, by guiding clients through the process of launching the business, managing growing pains and even assisting in the successful sale of the company. Born and raised in New England, Robert brings a no-nonsense approach to the world of accounting. He has an uncanny ability to break down the complicated rules of accounting in a way even the least financially savvy person can understand. Robert has been an instructor and board member for the Community Business Partnership, a small business development center in Springfield, VA where he leads classes on a variety of topics. In addition he leads classes for the Small Business Administration’s SCORE program in Northern Virginia and Metro DC
ROBERT BURKE - Robert is in his fourth year teaching for the Virginia Tech Income Tax School. He has his BSBA from Christopher Newport University and MS in Accounting from Old Dominion University. Robert is a licensed CPA in the state of Virginia and works as a Tax Manager at Wall, Einhorn, and Chernitzer, P.C., a public accounting firm based out of Norfolk. Previously a licensed stockbroker, Robert joined the firm in 2013 and provides tax advice and planning for a wide range of entity types in various industries including manufacturing, franchise, government contracting, hospitality, and real estate. He specializes in tax planning and strategy for high net worth individuals and their closely held businesses. Robert leads the M&A consulting team, focusing on the tax issues related to entity structuring, mergers, acquisitions, and other transactional matters. Robert grew up in Richmond, VA and now resides with his wife and children in Virginia Beach, VA.
HERBERT D. (LEY) MILLS - Ley has been involved with the Virginia Tech Income Tax School for 15 years. He currently is a Senior Tax Specialist (Stakeholder Liaison - Field) assigned to Communication Stakeholder Outreach (CSO), which is part of Communications and Liaison (C&L) in the Internal Revenue Service. He has been with the Service for over 29 years, consisting of 11 years as a Revenue Agent in Compliance and the remaining years as a Senior Tax Specialist. As a Revenue Agent, Ley audited Federal Income Tax Returns for various corporations, partnerships, and self-employed individuals. He also served as the VITA (Volunteer Income Tax Assistance) Program Coordinator in Northern Virginia (the program helped over 6,000 taxpayers annually). As a Senior Tax Specialist, Ley works with tax practitioner and professional organizations in providing information to business owners on relevant tax issues. He also served on the District Speakers Bureau. Ley is a graduate of Gettysburg College, University of Maryland, and Strayer University, earning a Masters degree in Accounting at Strayer.
ANNA FALKENSTEIN - Anna has worked with the Virginia Tech Income Tax School for 10 years. She represents the IRS at Face-to-Face and Virtual taxpayer educational and outreach events working with tax professionals, payroll providers, industry and trade associations, small business owners, as well as in conjunction with other Federal, State and local government agencies. Anna Falkenstein has been employed with the IRS since 1988. Prior to her work in education and outreach, she held positions as a field Revenue Officer and Offer-in-Compromise Specialist in the Collection Division. Anna regularly speaks on IRS national web conferences and IRS Nationwide Tax Forums providing current information to the tax professional community.
For Registration Questions please call 540-231-5182
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Refund and Cancellation Policy: No refunds will be issued for this program. Registration is required 15 business days prior to your scheduled session in order to guarantee delivery of the National Income Tax Workbook in time for your 2-day seminar. If you have any questions, please contact us at 540-231-5182 or e-mail firstname.lastname@example.org.
Delivery method = group-live, program level = intermediate, & no prerequisites. Advance preparation not required. Virginia Tech Continuing and Professional Education is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org. Other complaints can be directed towards Virginia Tech Continuing and Professional Education at 540-231-5182.