Welcome

CPE seminar at Callaway Gardens

June 23-25, 2022

Our speaker

 

Chris Bird

Chris Bird has been in the financial business for over 30 years.   He started his career with a degree in Accounting and a minor in Business Administration.  He also holds the Certified Financial Planner designation (CFP).  Chris is enrolled to practice before the IRS. (EA)

Chris was a Senior IRS agent for 16 years. He began conducting courses after leaving the IRS and started his own company, Chris Bird Seminars, Inc.  Chris conducts over 150 seminars a year on income tax planning, financial planning, wealth building, residential rental property ownership, and tax strategies for the real estate and financial industries nationwide.

Chris was an adjunct instructor at the University of Illinois in tax law for 20 years.  He is an instructor for the Auburn University Tax Schools and he teaches in the Midwest under the name of TaxSeminars.com.  Chris has a unique way of making a tough subject (taxes and investments) entertaining and enlightening at the same time.

Welcome to the Georgia Association of Accountants and Tax Professionals!!

The Georgia Association of Accountants and Tax Professionals founded in 1958, is a professional accounting organization dedicated to promoting excellence in the practice of accounting and taxation in Georgia.

Affiliated with the National Society of Accountants, GAATP is open both to licensed and unlicensed accountants and works with the State Board of Accountancy, the Legislature, and other professional societies to promote and protect the practice rights of Georgia accountants and tax professionals.

 

 

AGENDA

Wednesday

2:00 – 5:00 p.m.      GAATP Board Meeting

Thursday
12:00 – 1:00 p.m. Registration
1:00- 2:40 p.m. Biden Reconciliation Bill (if passed), new Schedule 8812, New EITC
Program Level: Basic to Advanced Program Prerequisites: None
Advance Preparation: None Delivery Method: Group-Live
CPE Hours: 2.0 NASBA/ 2.0 IRS -Approved credit hrs.
Learning Objective:  The Reconciliation Bill was supposed to pass in 2021 and some of its provisions were to impact 2021 tax return filings. Needless to say, this did not happen and we watch the activities in Washington to see if and when this bill will pass in 2022. Participants will be able to identify the new tax laws included in the Reconciliation Bill (Build Back Better) and to determine how their clients will be impacted by these new tax laws. Participants will be able to implement various tax strategies for their clients based on the specific provisions included in the bill.
2:40 – 3:00 p.m. Break
3:00 – 3:50 p.m. Understanding the New 1099K for 2022
Program Level: Basic to Advance Program Prerequisites: None
Advance Preparation: None Delivery Method: Group-Live
CPE Hours: 1.0 NASBA/ 1.0 IRS -Approved credit hrs.

Learning Objective: The new 1099 K requirements, effective 1/1/2022, will result in the issuance of additional millions of these documents being issued in January 2023 for the tax year 2022. Clients will be caught unaware of these new provisions and in many cases will not have the ADJUSTED BASIS information of items sold on EBAY, ZELLE etc. The class participants will be able to counsel their clients on the records to retain to establish the adjusted basis of items sold on the internet as well as to counsel clients with respect to the taxability of profits from small business operations.


3:50- 5:30 p.m. Schedule E Losses, Material Participation Standards, the $25,000 Rule, Real Estate Professional Rule, Aggregation Election, the 20% QBID Deduction
Program Level: Intermediate Program Prerequisites: None
Advance Preparation: None Delivery Method: Group-Live
CPE Hours: 2.0 NASBA/ 2.0 IRS -Approved credit hrs.
Learning Objective: Schedule E, form 1040, continues to be a daunting tax form rife with confusing tax issues.  Are the losses deductible, if so, under which exception to the PASSIVE LOSS RULES, where do short term rentals get reported, what are the qualifications of a Real Estate Professional??? The participants will be able to identify which exception to the passive loss rules a client qualifies in order to claim Schedule E losses, and whether the client qualifies as an active or material participant in the rental activity.  The participants will be able to determine the proper reporting of short-term rental income and expenses.
Evening – on your own

Friday
7:00-8:00 a.m. Continental Breakfast
8:00- 9:40 a.m.  New IRS Rulings and Court Cases

Program Level: Intermediate to Advanced Program Prerequisites: None
Advance Preparation: None Delivery Method: Group-Live
CPE Hours: 2.0 NASBA/ 2.0 IRS -Approved credit hrs.

Learning Objective:  Even considering the Pandemic, the federal courts have been active as has the Tax Court of the United States.  In addition, there has been no shortage of IRS Rulings and Procedures during this period.  The participants will be able to identify the important court cases that impact their clients as well as internal IRS documents that have been issued. Examples include the Pass through Entity Tax Rules that many have passed in conjunction with and IRS Ruling and IRS Notice 2021-49 which directly impacted the use of the Employee Retention Credit for owners’ wages.

9:40- 10:00 a.m. Break
10:00- 11:40 a.m. Partner Basis in Partnership, S Corporation Stock and Debt       Basis Form 7203, Understanding the new K-2 and K-3.

Program Level: Intermediate to Advanced Program Prerequisites: None
Advance Preparation: None Delivery Method: Group-Live
CPE Hours: 2.0 NASBA/ 2.0 IRS -Approved credit hrs.

Learning Objective:  The IRS is currently extremely concerned with the issue of tax losses being claimed that are in excess of the partners OUTSIDE BASIS in their partnership interest Or an S Corporation shareholder claiming losses in excess of their STOCK BASIS Or DEBT BASIS. The IRS has created new form 7203 to capture the necessary data to determine the proper basis calculations for S Corporation shareholders.  The participants will be able to CORRECTLY CALCULATE both the partners OUTSIDE BASIS in their partnership interest and the S Corporation shareholders STOCK BASIS and DEBT BASIS.  The participants will be able to identify the key differences between a partner CAPITAL ACCOUNT and that partners OUTSIDE BASIS in their partnership interest.

11:45- 12:45p.m. Lunch – Provided
12:45- 2:10 p.m. Annual Meeting
Officer Installation
2:10- 3:00 p.m.

Employee Retention Tax Credit and Sick and Family Leave Credits

Program Level:  Basic to Intermediate        Program Prerequisites:   None

Advance Preparation:  None         Delivery Method:  Group-Live

CPE Hours: 1. hour Approved credit hrs.

Learning Objective:  The ERTC put billions of dollars in business bank accounts in 2020 and 2021 and the program ended as of 9/30/2021, However, many if not most tax practitioners never fully understood the significant tax benefits that were available from this credit.  Likewise, for the Sick and Family Leave Credits, although the dollar amounts were nowhere near those amounts of the Employee Retention Credit.  The participants will learn the qualifications for the ERTC, and then be able to identify their clients who may qualify for the credits.  The participants will then learn how to prepare forms 941-X in order to claim these credits on amended returns. The Participants will be able to identify and list the questions that they will need to ask their clients in order to determine if the clients qualify for the Sick and Family Leave Tax Credits, which applies to BOTH employers with W_2 employees as well as Schedule C and F filers with NO EMPOYEES.  Participants will be able to complete from 7202.

3:10 – 4:00 p.m. Ask the Birdman
Program Level: Basic to Advanced Program Prerequisites: None
Advance Preparation: None Delivery Method: Group-Live
CPE Hours: 1.0 NASBA/ 1.0 IRS -Approved credit hrs.
Learning Objective: Participants with questions about tax, tax practice or IRS – submit questions and Chris will respond with answers to your most perplexing questions.

Evening on Your Own
Saturday
7:00-8:00 a.m. Continental Breakfast
8:00- 9:40 a.m. Employee vs. Independent Contractor, Section 530, Current State                              Legislation
Program Level: Intermediate Program Prerequisites: None
Advance Preparation: None Delivery Method: Group-Live
CPE Hours: 2.0 NASBA/ 2.0 IRS -Approved credit hrs.
Learning Objective: The issue of Employee VS Independent Contractor has never been as relevant as it is today from the GIG economy to UBER, LYFT and Door dash, and countless others, the tax professional today, without exception, has multiple clients at risk with respect to a potential IRS AUDIT. The participants will be able to identify any current IRS programs that exist to promote impacted businesses to voluntary convert their works to employee status s well as the potential protection from Section 530 of the Revenue Act of 1978.                     

9:40- 10:00 a.m. Break
10:00- 11:40 a.m. Ethics –
Program Level: Beginner Program Prerequisites: None
Advance Preparation: None Delivery Method: Group-Live
CPE Hours: 2.0 NASBA/ 2.0 IRS -Approved credit hrs.
Learning Objective: A thorough review of the revised form 8867 and its application to the Head of Household Status.  In addition, a review of the interview questions that all tax practitioners should be asking their clients with respect to unreported income. A review of the 4 best practices that tax practitioners should be using.

 

 

Things to Do in Callaway Gardens

  • Callaway Discovery Center
  • Ida Cason Calloway Memorial Chapel
  • Pioneer Log Cabin
  • Tennis
  • Golf (reservations recommended)
  • Day Butterfly Center
  • Bird of Prey
  • Treetop Adventure & Zip Lines (reservations recommended)
  • Bicycling & Nature Trail
  • Shopping in Pine Mountain
  • Hiking trails on Pine Mountain
  • Visit Roosevelt’s Little White House
  • Boating
  • Robin’s Lake Beach
  • Water Skiing, Wakeboarding and Tubing (reservations recommended)
  • Meet with other attendees

The Lodge and Spa at Callaway Resort & Gardens

4504 Southern Pine Dr,  Pine Mountain, GA 31822      855-576-8431

The Lodge and Spa at Callaway Gardens is nestled in the Sprawling Callaway Gardens of Pine Mountain and offer a swanky retreat away from the city bustle. All its spacious and well-furnished living spaces feature private verandas that profile picture views of the neighboring gardens and groves. The hotels exotic prunifolia spa is an idyllic retreat, providing an array of therapeutic treatments, steam bath and relaxing massages.  Stone-built fireplaces and an outdoor pool complete a truly rejuvenating experience at the Lodge and Spa.   

ROOM RATES
Lodge and Spa Standard Rooms $169.00 + taxMountain Creek Inn $109.00 + taxAsk for the GAATP Room RateReservations: 1-844-512-3826
  • Swimming Pool
  • In Room Coffee
  • In-Room Refrigerator
  • Wifi Access
  • Fitness Center
  • Restaurant – On Site
  • Spa

Please call (770) 258-7480 for info on the event or email us at: services@gaatp.org

 

GAATP Complaint Resolution Policy

Any and all complaints are handled on a case by case basis utilizing the resources of our Ethics and Grievance Committee.  The complaint must be received in writing and signed by the complainant.  All information and the exam process are held confidential.  The findings and disposition shall be submitted to and must be approved by the Board of Governors.  It is the effort of the Ethics and Grievance Committee to be fair and impartial basing its deliberations and/or findings on merits of the individual complaint.

IRS Approved Continuing Education is only mandatory for enrolled agents (EAs) and enrolled retirement plan agents (ERPAs).  Participation in Continuing Education by all other federal tax return preparers is now voluntary.

GAATP Refund Policy

All requests for refund of seminar registration fees must be made in writing and are subject to a $75.00 service charge.  If seminar registration fee is less than $75, service charge will be equal to half the registration fee.  Requests made prior to fourteen (14) days of the event will be fully refunded less the service charge.  Fourteen (14) days through forty-eight (48) hours of the event will receive half the registration fee subject to the charge.  There will be no refund for failure to show (“No Shows.”)

Georgia Association of Accountants and Tax Professionals (GAATP) 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.