Virginia Tech Income Tax School
Welcome to the 60th 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. Based on an abundance of caution and deep concern for the possible risk that travel and assembling in crowded spaces creates, we are compelled to conduct our tax schools virtually this year. Once again, this year the Tax Cut and Jobs Act (TCJA) will be an education focal point in addition to the CARES Act. 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, MCLE (pending), and Virginia Insurance Continuing Education Board.
We will be using Zoom Webinar for our virtual format. For those familiar with using Zoom meetings, this is very similar except we will have your camera and microphone disabled. Chat box will be available for comments and questions. We are looking into ways to allow for increased participant interaction for certain topics, such as Ethics. We will also have three poll questions per hour to help us track attendance for those needing continuing education credits.
Dr. Travis Mountain
The 16 hour virtual Virginia Tech Income Tax School will be November 16-17th as well as December 7th-8th, both from 8am to 3:50pm. Both will be offered using Zoom Webinar. Registration is $340 and includes the 2020 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 $80 and will be from 4:00pm to 5:40pm November 16th and December 7th.
Two Day Virtual Course
November 16-17: 8am to 3:50pm, $340, 16 hours
CPA Ethics: 4:00pm to 5:40pm, $80, 2 hours
December 7-8: 8am to 3:50pm, $340, 16 hours
CPA Ethics: 4:00pm to 5:40pm, $80, 2 hours
Chapter 1: Financial Distress:
✔ Explain the tax consequences of a foreclosure
✔ Understand when to report cancellation-ofdebt income and when that income can be excluded
✔ Report the reduction of tax attributes resulting from a discharge of indebtedness
✔Understand the tax consequences of an abandonment
✔ Explain the information reported on Form 1099-A, Acquisition or Abandonment of Secured Property
✔Explain the information reported on Form 1099-C, Cancellation of Debt
✔Know when a taxpayer can deduct a business bad debt
✔Know when a taxpayer can deduct a nonbusiness bad debt
Chapter 2: Ethics
✔Understand due diligence requirements to claim the earned income credit for a sole proprietor
✔Exercise due diligence when helping a taxpayer to estimate material participation
✔Exercise due diligence when performing a valuation
✔ Recognize activities that could result in imposition of a tax return preparer penalty
✔Understand how to ethically make and receive referrals
✔Understand how nondisclosure and confidentiality obligations apply to whistleblowing
✔Create an electronic document retention plan
Chapter 3: Qualified Business Income Deduction Issues
✔Calculate the QBI deduction
✔Understand the limitations on the QBI deduction
✔Know when a taxpayer can aggregate businesses
✔Explain when aggregation will increase the QBI deduction
✔Calculate QBI losses
✔Allocate and report QBI items for a pass-through entity
✔Know when a taxpayer can claim the QBI deduction for rental real estate income
Chapter 4: S Corporation Tax Issues
✔Understand the default entity classifications and entity classification elections
✔Know the S corporation eligibility requirements
✔Explain key tax attributes of a disregarded entity, a partnership, an S corporation, and a C corporation
✔Calculate a shareholder’s share basis and debt basis
✔Understand the tax consequences of S corporation dividend distributions and nondividend distributions
✔Calculate the tax on distributions of appreciated S corporation assets
✔Explain the reasonable compensation requirement for a shareholder/employee
✔Know how to determine reasonable compensation
✔Calculate the built-in gains tax
✔Calculate the tax on excess net passive investment income
Chapter 5: IRS Issues
✔Understand how to complete the new Form W-4
✔Advise a taxpayer about the need to check his or her withholding
✔Understand tax issues for gig workers
✔Know how virtual currency transactions are reported and taxed
✔Recognize potential tax scams
✔Know how to develop and implement cybersecurity policies and procedures
✔Understand how to request a transcript
✔Identify sources of information that are available from the IRS
Chapter 6: Business Entity Issues
✔Understand the partnership reporting requirements for tax basis capital accounts
✔Know how partnerships report built-in gains and losses
✔Explain the general requirements for qualification as a tax-exempt social club
✔Understand how a social club is taxed on its unrelated business income
✔Know the requirements for qualification as a tax-exempt fraternal society
✔Understand tax issues that apply to tax-exempt fraternal societies
✔Know the recent tax law developments that impact tax-exempt entities
Chapter 8: Retirement and Investment Issues
✔ Understand when a plan participant must start taking required minimum distributions
✔ Advise an IRA owner about the new laws that impact beneficiary designations
✔ Know when a taxpayer can take an early plan distribution without a penalty
✔ Explain the requirements for a qualified charitable distribution
✔ Report and calculate the tax on common types of investment income
✔ Know the 2020 COVID-19 relief that is available to retirement plans and their participants
Chapters 9-10: Individual Issues part 1 and 2
✔Understand what health, in-home care, and long-term care expenses qualify for a medical deduction
✔Know the COVID-19 relief that applies to health savings accounts, cafeteria plans, and flexible spending arrangements
✔Understand when a taxpayer can claim a personal casualty loss or a business casualty loss
✔Calculate and report the amount of a casualty loss or gain
✔Know the tax rules that apply to disaster relief payments
✔Understand when a taxpayer can claim the earned income credit, child tax credit, the credit for other dependents, head of household filing status, and the child and dependent care credit
✔Know how to allocate credits when more than one taxpayer is eligible
✔Reconcile the premium tax credit with the advance premium tax credit
✔Calculate the excess advance premium tax credit in the year of a marriage
✔Know the credits, deductions, and exclusions that are available for education expenses
Chapter 11: Business Tax Issues
✔Understand final and proposed regulations on bonus depreciation
✔Identify income tax issues for multilevel marketing sellers
✔Determine whether a multilevel marketing activity is conducted as a hobby or a business
✔Know how capital gains are deferred by investing in a qualified opportunity fund
✔Understand when gain is recognized on a qualified opportunity fund investment
✔Understand the requirements for the new individual coverage health reimbursement arrangement and the excepted benefit health reimbursement arrangement
Chapter 12: Trusts and Estates
✔Recognize when a taxpayer has made a gift
✔Understand when the annual exclusion from gift tax applies
✔Determine the basis in gifted property
✔Know the gift tax treatment of a gift to a spouse
✔Understand how a taxpayer with a taxable estate can benefit from the 2020–2025 increased basic exclusion
✔Recognize the different types of trusts
✔Understand how a trust reports income and other items to its beneficiary
Chapter 13: Tax Rates and Useful Tables
Chapter 14: New and Expiring Legislation Part 1
✔Advise clients about the tax laws that were enacted or changed late in 2019 and in 2020
Identify individual and business income tax exclusions, ✔deductions, and credits that expire in 2020; and exclusions, deductions, and credits that are expiring in future years
Chapter 15: Rulings and Cases
✔Understand relevant rulings and how this may impact your clients
Chapter 16: New Legislation Part 2
✔ Advise clients about the COVID-19-related tax laws that were enacted or changed in 2020
✔ Identify individual and business tax relief provisions that apply in 2020
CPA specific ethics is offered separately as an add-on class for $80 and will be from 4:00pm to 5:40pm November 16th and December 7th.
RIA Federal Tax Handbook (2021)
$52.00 with online registration. Orders received by November 16th should be delivered prior to December 31, 2020 per RIA. Orders received after November 16th may result in books arriving after December 31, 2020.
No P.O. Box addresses will be accepted. Multiple copies may be ordered.
CPE forms for the November session were emailed 12/1/2020. IRS and Insurance credits have been uploaded. CFP credits are submitted as of 12/2/20 (may take a few days to show up).
December CPE forms were emailed 12/15/2020.
IRS and Insurance credits were submitted (12/15/20). CFP credits were submitted 12/18/20.
IRS 16 total credits - We Report
Y8RSX-U-00022-20-O 5 Credits Federal Tax Law Update
Y8RSX-T-00023-20-O 9 Credits Federal Tax Law Topics
Y8RSX-E-00015-18-O 2 Credits Ethics
Certified Financial Planner - We Report - 16 Credits
Virginia Insurance Continuing Education Board - We Report
Course ID: 218304
2.00 Hours Ethics
18.00 Hours Laws & Regulations
Virginia Mandatory Continuing Legal Education - Self-Report.
Course ID: NII0046
We are 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). We have been approved by the Virginia Board of Accountancy to provide Virginia-Specific Ethics Course for 2020
VAUGHAN LONG – Vaughan is in his 6th 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 22 years to his wonderful wife and has 2 great children, a son (17) and a daughter (14) as well as a foster daughter (6 years old).
ROBERT LEMAY – This is Robert’s fourth 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 third 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 son 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 email@example.com.
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.