Federal and State Income Tax Institute

64th Annual Federal and State Income Tax Institute

Overview

For sixty-four years, the Annual Federal and State Income Tax Institute has provided high-level updates and analysis of the latest rulings, regulations and developments in the federal income tax industry.

The Tax Institute is intended for tax professionals and advisors. The program, which is revised and updated annually, provides an in-depth review of a number of tax areas and coverage of newly enacted laws, regulations, and procedures. Practical information for filing individual and small business tax returns is stressed. Our Instructors focus on recent tax law changes and on the issues that you may encounter when preparing 2018 tax returns.

The Tax Institute is offered at seven convenient locations throughout Nebraska in November and December. The two-day institutes are designed for individuals who have some experience preparing and filing federal and state tax returns. The two-day institute is intermediate level.

Why attend?

  • At each location we offer two hours of ethics and 16 hours of continuing professional education credit. Note that hours awarded by varies professional licensing organizations may vary
  • Receive critical updates on tax legislation, IRS changes and court rulings
  • Learn from the most knowledgeable instructors in the region
  • Discover what the IRS and Nebraska Department of Revenue say you must know
  • Receive comprehensive 2018 resource materials
  • Network with respected income tax professionals
  • The Nebraska Federal and State Income Tax Institute is an IRS Continuing Education Provider (Provider #NQ6J1). Visit www.irs.gov/taxpros/ce for more information. IRS Continuing Education (CE) is only mandatory for Enrolled Agents (EAs) and Enrolled Retirement Plan Agents. Participation in CE by all other unenrolled tax practitioners is not an official designation, but these individuals may voluntarily take continuing education.

    sponsors

    Plan now to attend the 2018 Annual Federal and State Income Tax Institute

    City Dates Location
    Scottsbluff Monday, November 5 - Tuesday, November 6 Hampton Inn Scottsbluff Conference Center, 301 West Highway 26, Scottsbluff, Nebraska, 69361
    North Platte Thursday, November 8 – Friday, November 9 Holiday Inn Express and Suites North Platte, 300 Holiday Frontage Rd., North Platte, NE 69101
    Kearney Monday, November 12 – Tuesday, November 13 Holiday Inn Kearney, 110 S. 2nd Avenue Kearney, NE 68847
    Grand Island Thursday, November 15 – Friday, November 16 Fonner Park Convention Center, 700 E Stolley Park Rd, Grand Island, NE 68801
    Norfolk Monday, November 26 – Tuesday, November 27 Divots Conference Center and the Lodge, 4200 West Norfolk Avenue, Norfolk, NE 68701
    Lincoln Monday, December 10 – Tuesday, December 11 The Graduate Lincoln, Downtown, 141 North 9th St, Lincoln, NE 68508
    Omaha Monday, December 17 – Tuesday, December 18 Scott Conference Center, 6450 Pine St, Omaha, NE 68106

    The Annual Federal and State Tax Institute is an educational outreach program of the Department of Executive Education, College of Business at the University of Nebraska-Lincoln

Topics and Agenda

Our goal is to provide you with the education and materials you need to maintain your business and stay on top of the latest tax legislation that affects tax returns for this year and in the future.

The Tax Institute stresses practical information to facilitate the filing of individual and small-business as it applies to the past, present and future in relation to new rules and regulations. The topics will include:

  • Reviewing recent cases, rulings, and key legislation
  • Providing an in-depth review and analysis of a number of tax areas
  • Covering newly enacted regulations and procedures critical to tax practitioner

Note: Last Minute Updates to Tax Legislation will be monitored to provide up-to-date information and discuss significant tax law changes as they occur.

Topics

1. Payroll/withholding tax issues (Employer and Employee)

A. Wage withholding methods (new tables and new rules)
B. Accumulated sick and vacation leave pay (and SE tax)
C. Form 1099 MISC and Form W-9 (when to request a W-9, how to complete Form W-9 for an individual or a business, when to file/issue a 1099, penalties for failure to file/issue a 1099, filing a 1099 without a TIN)
D. Completing and matching 941 and W-2s, associated penalties, willful failure to file W-2, and no credit for Social Security
E. Estimated tax payments

2. Business entities

A. Choice of entity under the new tax
B. Tax exempt entities update

3. Business issues

A. Qualified business income
  • Comprehensive examples and calculations
  • Accounting methods for small businesses (Tax Cut and Jobs Act – TCJA - expands who can use cash method, new rules for requirement to keep inventories and exception from UNICAP)
  • Impact on K-1s and comprehensive examples of calculations of partner’s share of items and S corporation shareholder’s share of items (including wages and depreciable property)
  • Deduction for the real estate investor – Schedule E
B. Micro-breweries, wineries, distilleries (include new production period rules, new excise tax rules)

4. Agricultural and natural resource issues

A. Agricultural and horticultural cooperatives (including application of the new qualified business income deduction with an example and calculations) if it is not repealed
B. TCJA excess business loss disallowance rule replaces limit on excess farm loss (include carryover as NOL example and coordination with PAL rules)
C. Depreciation of farm property - TCJA new depreciation period for farm equipment and machinery
D. Normal elections for farm returns
E. Ag income that qualifies for qualified business income (cash rental)

5. Estates and trusts

A. Trust planning for the enhanced estate tax exemption, including reciprocal trusts and trusts for minors
B. Income taxation of trusts and estates (completing Form 1041)

6. Ethics

A. Due diligence
B. Practice continuation for the sole practitioner (planning for death or disability), including sample practice continuation agreement
C. Providing advice by email (form of advice, disclosures, subsequent developments, documenting advice given) or quick call, obligation when making referrals, sample disclaimer
D. Procedures to require compliance (Circular 230 Section 10.36 requires tax practitioners responsible for a tax practice or tax department to develop appropriate procedures and provide adequate staff supervision to ensure that all individuals they supervise comply with Circular 230)
E. Cybersecurity
F. Case scenarios

7. Individual issues

A. Child tax credit and new additional child tax credit Form 8332, 2016 Rev. Proc. Re qualifying widow
B. How the TCJA affects choice of filing status?
C. Taxation of receipt/payment of settlements, fines, penalties (employment, injury, etc.), including new denial of deduction for settlements based on sexual harassment or sexual abuse and new denial of deduction and reporting for government penalties and fines
D. Schedule A vs. standard deduction – workarounds
E. Tax issues for divorcing spouses (include planning with the repeal of the alimony deduction)
F. Disaster relief donations (also Go Fund Me)

8. IRS issues

A. Practitioner data breaches and data security
B. Tax related identity theft and the Security Summit
C. Tax scams (sample client letter advising what to look out for)
D. E-services overview: 2-factor authentication for registration and use
E. POA (Form 2848) tips for accurate completion and new box re intermediate service provider
F. IRS online accounts: step by step instructions to establish and information provided through online accounts
G. Passport revocation or denial
H. Refundable credits due diligence
I. Voluntary Certification Program for Professional Employer Organizations which Notice 2016-49. With many small businesses looking to PEOs as a viable option in lowering their employer costs
(e.g. health care costs), this IRS program mitigates the risks of using a PEO that fails to remit or file taxes on behalf of the company
J. Current status of the IRS (NTA intended to strengthen taxpayer rights and improve tax administration, and 2017 NTA report to Congress)
K. Impact of new legislation on IRS and implementation challenges (e.g. mortgage interest deduction, IRS does not know date or terms and will have to develop forms to distinguish between 1M cap and 750K cap, IR-2018-3)
L. Updates for practitioner priority service

9. New legislation - The Tax Cuts and Jobs Act (TCJA) Individual

10. New legislation - Tax Cuts and Jobs Act (TCJA) Business (Include summary of new foreign legislation)

11. New legislation – Other topics as changes take place

12. Retirement/savings

A. IRA rollovers, conversions, and recharacterizations (new limitation on recharacterizations)
B. Hardship distributions and plan loans (new period for re-contribution)
C. c. ABLE accounts (include new rules on contributions and rollovers, and example of calculating ax on a taxable distribution)
D. Section 529 accounts
E. Taxation of plan loans and plan loan offsets

13. Rulings and cases

A. Taxation of Clergy (housing allowance held unconstitutional)

14. Tax practice

A. Partnership audit rules. The IRS has issued final regulations on the new centralized partnership audit regime. Include information on tax professionals designated as the partnership representative (sample protective language) and when the partnership can/should opt out
B. Liens and levies (TCJA extension of time to contest wrongful levy)
C. Collection alternatives - installment plans, currently not collectible status
D. Interest on underpayments and overpayments
E. Procedures for requesting technical advice from the IRS
F. Innocent spouse relief, injured spouse relief (decision tree on qualifying)

15. Tax rates and useful tables

Note: due to time constraints and importance of a subject matter, not all 15 areas may not be addressed over the two days but the information will be provided in the Landgrant Book.

The finalized agenda will be available mid-August.

The Annual Federal and State Tax Institute is an educational outreach program of the Department of Executive Education, College of Business at the University of Nebraska-Lincoln

Continuing Education Credits

We have an agreement with the Office of Director of Practice, Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, Section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors and length of class hours. The Tax Institute programs have been recognized by additional accrediting/licensing organizations as shown below (We will update the hours per professional /licensing provider as they are approved).

The Nebraska Federal and State Income Tax Institute is an IRS Continuing Education Provider (Provider #NQ6J1). Visit www.irs.gov/taxpros/ce for more information. IRS Continuing Education (CE) is only mandatory for Enrolled Agents (EAs) and Enrolled Retirement Plan Agents. Participation in CE by all other unenrolled tax practitioners is not an official designation, but these individuals may voluntarily take continuing education.

sponsors

CEU/CPE/CLE/MLCE Breakdown
Profession/Licensing Provider Continuing Education Credits
Enrolled Agent 11 hrs Federal Tax Law
2 hrs Ethics
3 hrs Federal Tax Updates
PTIN / Tax Return Preparers 11 hrs Federal Tax Law
2 hrs Ethics
3 hrs Federal Tax Updates
AFSP and RTRP 11 hrs Federal Tax Law
2 hrs Ethics
3 hrs Federal Tax Updates
CPA 2 hrs Ethics
14 hrs general
Public Accountant 2 hrs Ethics
14 hrs general
Certified Financial Planners 16 hrs general
Insurance Professionals 2 hrs Ethics
14 hrs general
Attorneys Varies. In the past the breakdown has been 2 hrs for professional responsibility (ethics) and 11 hours general.
New certification - Southern Districts of Iowa Continuing Legal Education – 16 hrs
Continuing education credentialing summary

Course objectives

Upon completion of this seminar, participants will be able to:

  • apply specific concepts and strategies covered in the symposium while preparing tax returns
  • advise clients about planning strategies applicable to their situations
  • enables client to recognize problem areas

Course prerequisites

Experience as a professional tax preparer and an understanding of tax rules and regulations associated with individual and business tax returns.

Format

Presentations on new and current tax laws plus special topics for tax professionals along with discussion and questions/answers.

Delivery method

Group-live

Program level

Intermediate Level

We are always exploring additional certification boards/professionals to add to our continuing education offerings for the Tax Institute. If you have recommendations for additional certifying boards or concerns whether your professional licensing association/organization qualifies, please email Virginia.

Each year, more than 1,200 tax professionals trust the Tax Institute and programs for their tax knowledge.

Registration and Locations

City Dates Location
Scottsbluff Monday, November 5 - Tuesday, November 6 Hampton Inn Scottsbluff Conference Center, 301 West Highway 26, Scottsbluff, Nebraska, 69361
North Platte Thursday, November 8 – Friday, November 9 Holiday Inn Express and Suites North Platte, 300 Holiday Frontage Rd., North Platte, NE 69101
Kearney Monday, November 12 – Tuesday, November 13 Holiday Inn Kearney, 110 S. 2nd Avenue Kearney, NE 68847
Grand Island Thursday, November 15 – Friday, November 16 Fonner Park Convention Center, 700 E Stolley Park Rd, Grand Island, NE 68801
Norfolk Monday, November 26 – Tuesday, November 27 Divots Conference Center and the Lodge, 4200 West Norfolk Avenue, Norfolk, NE 68701
Lincoln Monday, December 10 – Tuesday, December 11 The Graduate Lincoln, Downtown, 141 North 9th St, Lincoln, NE 68508
Omaha Monday, December 17 – Tuesday, December 18 Scott Conference Center, 6450 Pine St, Omaha, NE 68106

Registration fees include all materials, lunch, parking, and refreshment breaks

Early registration fee - $418

  • Before close of business October 3, 2018
  • Mail/Stamp dated up to and including October 3, 2018
  • Telephone left message accepted until 11:59 pm of October 3, 2018

General registration fee - $469

  • After October 3,2018

Discounts

Discounts are available for military (active duty or veterans), new business (3 years or younger), new professionals (3 years of tenure or shorter), government employees and educators. Please contact Virginia Uzendoski to receive qualifying discount at virginia@unl.edu.

Ways to register

  • Online registration: You can register at https://go.unl.edu/ti2018. Payment options are credit card or mail-in check.
  • Paper registration: Payment option is only mail-in check. Please fill the PDF Registration form and mail it with check to:
    Tax Institute Registration
    730 N 14th street
    Room 201F
    Lincoln, Nebraska 68508-0467
    For your convenience, the PDF registration document can accept your data digitally (i.e., typed-in from your computer). The PDF allows you to type in data, but if you are using the free Adobe Reader software (as opposed to Adobe Acrobat Pro software), you must print the form before closing the file in order to preserve your edits. The printed form can be kept for your own records or mail in/postal mailed.
  • Phone registration: Please call 402-472-4333. We will take your information over the phone and process an invoice for payment.
  • Scan and e-mail: The only payment option is mail-in check. You will receive an invoice for your payment. Please print, fill and scan your registration information and send as an attachment to taxinstitute@unl.edu.
    Note: Please do not try to fax a registration as we do not have the equipment to receive a fax message. We only accept credit card payments through our registration system.
  • Registration Transfer Information:

    Transfer to another site is permissible if space is available. To arrange a transfer, please email Virginia at taxinstitute@unl.edu. All requests for transfers must be in writing/email. Please state which site you wish to move to.

    Walk-In Registrations:

    Walk-in registrations are not guaranteed. Walk-ins are accepted based on space and workbook availability. Walk-in registration fee is $499.

    Group Registration

    What defines a group?

    • Three people or more from your office(s)
    • The group will receive a 5% discount
    • The group individuals do not have to attend at the same site.

    Ways to register a group:

    • Online registration: Group registration is available through our online registration system at https://go.unl.edu/ti2018. The registration system automatically applies the group discount when 3 or more people are registered. Payment options are credit card or mail-in check.
    • Paper registration: To register as a group by paper form, please use the PDF Registration Form. Directions are on the form. Payment option is only mail-in check. Please fill the PDF Registration form and mail it with check to:
      Tax Institute Registration
      730 N 14th street
      Room 201F
      Lincoln, Nebraska 68508-0467
      For your convenience, the PDF registration document can accept your data digitally (i.e., typed-in from your computer). The PDF allows you to type in data, but if you are using the free Adobe Reader software (as opposed to Adobe Acrobat Pro software), you must print the form before closing the file in order to preserve your edits. The printed form can be kept for your own records or mail in/postal mailed.
    • Phone: Please call 402-472-4333. We will take your information over the phone and process an invoice for payment.
    • Scan and e-mail: The only payment option is mail-in check. You will receive an invoice for your payment. Please print and scan your registration information and email as an attachment to at taxinstitute@unl.edu.
    • Note: Please do not try to fax a registration as we do not have the equipment to receive a fax message. We only accept credit card payments through our registration system.

      IMPORTANT: We only accept credit card payments through our registration system.

      Cancellation, Substitute and Refund Policy:

      No refunds for cancellations later than 5 days prior to location you have registered for:

      • You may send a substitute in place of the person if the registrant unable to attend
      • You may request the books to be mailed to you
      • You may transfer to another scheduled location (subject to space availability)
      • All cancellations must be provided in written form (email). Please send/email cancellations or name of substitute to virginia@unl.edu. Cancellations five or more days prior to location date you have registered for, will be refunded, minus a $50 processing fee.

        No-shows do not constitute a cancellation. If you have registered for the Tax Institute and do not attend without canceling your registration, you are considered responsible for the registration fee.

Session Materials

2018 National Income Tax Work Book - Landgrant

The Invaluable National Income Tax Workbook 2018 included with your registration, is a bound, approximate 700 page volume with a complete index. If changes warrant, you will receive a supplement covering the current income tax items of interest, in addition to having access to the regular electronic updates. The various chapters in the textbook are written by authors with expert knowledge in preparing individual and small business income tax returns.

The Tax Workbook is used in tax schools held in 30 states during the fall each year to teach more than 30,000 tax practitioners. This book is available only to the participants in the tax schools as part of their educational material. For a complete description of the textbook contents go to www.taxworkbook.com.

CD containing 2018 – 2008 forms and National Income Tax Workbooks

Accompanying the workbook is a CD containing more than 7,000 pages of indexed and linked information from the current and past workbooks. Having the information in an easily searchable format is great for research and extremely useful for quickly finding answers to your questions. The CD is in a searchable and printable format.

U.S. Master Tax Guide

The U.S. Master Tax Guide (Publish date: Nov 09, 2018) provides helpful and practical guidance on today's federal tax law. This 102nd Edition reflects all pertinent federal taxation changes that affect 2018 returns and provides fast and reliable answers to tax questions affecting individuals and business income tax. This book includes the latest complete and reliable guidance on the historic the Tax Cuts and Jobs Act.

QuickFinder

Relied on for over 40 years, Quickfinder continues to be the leading quick reference provider for tax professionals, combining high quality content with years of editorial expertise to ensure the answers you need are right at your fingertips. Designed and written by working tax professionals, Quickfinder delivers accurate and useful answers in a down-to-earth, concise format with a sense of humor that is as unique as your clients.

General Information

Timeline

Registration/check-in/continental breakfast begins at 7:00 a.m. local time both days (please be aware of time zone differences as Scottsbluff is on Mountain Time Zone)
Session Timeline: 8:00 a.m. - 5:15 p.m. local time
Lunch: approximately (12:00 - 12:45 p.m.) – Lunch provided on site
Morning and afternoon break refreshments will be available

Electronic communications: Prohibited within classroom - please put your cell phones on mute. We understand that phone calls may be necessary so for consideration of your fellow attendees and for your privacy, please hold your cell phone conversation outside of the classroom.

Room temperature: Satisfactory meeting room temperatures are difficult to maintain. We suggest that you dress in layers to ensure comfort.

Special accommodations: If you require an accommodation or assistance or have a service animal, please contact us at 402-472-9334 as far in advance of the program as possible so that these needs can be addressed.

Tax Deduction for Educational Expenses: Treasury Regulation §1.162-5 permits an income tax deduction for educational expenses undertaken to:
1) maintain or improve skills in one’s employment or other trade or business
2) or meet requirements of an employer or a law imposed as a condition for retention or employment, job status or rate of compensation.

Lodging

All conference locations have lodging available unless otherwise indicated. Please make your reservations early! We have secured special discounted rates from local hotels but you must register before the cut-off date as shown below. Please do not forget to mention the Tax Institute to receive the special rate. Lodging arrangements and payments are the responsibility of the attendee.

City/Date Seminar Location Hotel with Tax Institute Discount
Scottsbluff
Monday, November 5 - Tuesday, November 6
Hampton Inn Scottsbluff Conference Center, 301 West Highway 26, Scottsbluff, Nebraska, 69361 Hampton Inn Scottsbluff Conference Center, 301 West Highway 26, Scottsbluff, Nebraska, 69361

A block of sleeping rooms are held until Oct 20th from November 4th through 6th

Call (302) 635-5200 and ask for Tax Institute rate of $93.00 plus tax per-night.
North Platte
Thursday, November 8 – Friday, November 9
Holiday Inn Express and Suites North Platte, 300 Holiday Frontage Rd., North Platte, NE 69101 Holiday Inn Express and Suites North Platte, 300 Holiday Frontage Rd., North Platte, NE 69101

A block of sleeping rooms are held until October 7th for November 7th through 9th is reserved under Tax Institute. $93.00 plus tax per-night.

Call (308) 532-9500 to make your reservation.
Kearney
Monday, November 12 – Tuesday, November 13
Holiday Inn Kearney, 110 S. 2nd Avenue Kearney, NE 68847 Holiday Inn Kearney, 110 S. 2nd Avenue Kearney, NE 68847

Block of sleeping rooms for November 11th through 13th

Call (308) 237-5971 to make your reservation.
Grand Island
Thursday, November 15 – Friday, November 16
Fonner Park Convention Center, 700 E Stolley Park Rd, Grand Island, NE 68801 Hotel Reservations – Fairfield Inn and Suites by Marriott , 805 Allen Dr, Grand Island, NE 68803

Call (308) 381-8980 to make your reservation.
Norfolk
Monday, November 26 – Tuesday, November 27
Divots Conference Center and the Lodge, 4200 West Norfolk Avenue, Norfolk, NE 68701 Divots Conference Center and the Lodge, 4200 West Norfolk Avenue, Norfolk, NE 68701

Block of sleeping rooms for November 25th through 27th.

Call (308) 279-3833 to make your reservation.
Lincoln
Monday, December 10 – Tuesday, December 11
The Graduate Lincoln, Downtown, 141 North 9th St, Lincoln, NE 68508 The Graduate Lincoln, Downtown, 141 North 9th St, Lincoln, NE 68508

Block of sleeping rooms for December 9th through December 11th.

Call (402) 475-4011 to make your reservation.
Omaha
Monday, December 17 – Tuesday, December 18
Scott Conference Center, 6450 Pine St, Omaha, NE 68106

Courtyard Omaha Aksarben Village , 1625 S 67th Street, Omaha, NE 68106 (across the street from the Scott Conference Center)

Block of sleeping rooms for December 16th through December 18th.

Call (402) 951-4300 to make your reservation.

The Annual Federal and State Tax Institute and related programs are self-supporting and self-funded. Your continued support is the key element for our survival and growth. Thank you for your support.

Our Tax Experts

Information coming soon

Partners

Land Grant University Tax Education Foundation

Land Grant University Tax Education, Inc. (LGUTEF). LGUTEF is an educational non-profit corporation organized by representatives of land grant universities that teach and produce tax education programs for professional tax practitioners. The Annual Income Tax Course provides content from the "National Income Tax Workbook", a textbook used by more than 30 states for over 30,000 tax professionals.

Nebraska Department of Revenue
Internal Revenue Service

Partners

NDR
IRS
NDOI
CFP Board
Land Grant University