National Income Tax Online Course

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  • Cost: $320 or $205 for VITA volunteers
  • Credits: 16 IRS-approved continuing education credit hours 
  • Registration: Opens Dec. 12, 2017 and closes May 31, 2018
  • For: Tax practitioners who work primarily with individual returns and small businesses

Earn IRS-approved continuing education credit hours to renew your IRS certification.

  • Stay on top of the latest tax legislation that affects tax returns for 2017 and future years
  • Get 2017 National Income Tax Workbook and CD with multiple years of tax workbooks in a searchable format
  • Have access to 16 hours of presentations taught by knowledgeable tax instructors from all over the US
  • Earn 16 IRS CPE credits at your own pace from your home or office
    • 2 ethics hours
    • 3 federal tax law hours
    • 11 federal tax hours

Course Content

New legislation - Tax legislation enacted in late 2016 and 2017

  • Summary of each provision
  • Effective dates when provisions expire

Rulings and Cases - An update on issues being addressed by the IRS and the courts, rulings and cases issued from September 2016 through August 2017

Agriculture and Natural Resources Issues 

  • Agricultural income and expenses
  • Buying and selling farmland
  • Equipment and land rentals
  • Demolition of structures

Business Entity Issues 

  • The new partnership audit rules
  • Practical considerations in partnership reorganizations and liquidations
  • New developments for tax exempt entities
  • Organization, taxation, and reporting for homeowner's associations

Loss Limitations

  • Determining whether a loss is limited, including at-risk and passive activity loss limitations, basis limitations for an S corporation shareholder and partner in a partnership, and hobby loss and vacation home loss limitations

Business Issues

  • Expensing real estate improvements
  • Start-up and organizational expenses
  • Electing out of Subchapter K
  • Tax on marijuana and hemp sales

Like-Kind Exchanges

  • Tax implications of exchange, including basis adjustments and the recognition of gain or loss, and the requirements for a revers or deferred exchange
  • Exchanging a vacation residence, timberland, easements, and long-term leases

Trusts and Estates 

  • Electing portability
  • Basis consistency rules
  • Types of trusts

Ethics Part One

  • When client communications are confidential and/or privileged
  • Ethical obligations upon the sale or discontinuance of tax practice
  • Nondisclosure rules when hiring independent contractors
  • Tax practitioner's responsibilities when encountering fraud or other misdeeds
  • Case studies

Ethics Part Two

  • Cyber security
  • Risks of a data security threat and how to mitigate those risks

Individual Issues

  • Tax issues for individuals in the military
  • Charitable contribution deductions, valuation, and substantiation
  • New developments under the Affordable Care Act
  • Disaster relief
  • Taxes and the sharing economy (e.g. renting a spare bedroom or providing ride share or household chore services

Foreign Tax Issues

  • Reporting and tax requirements for US citizens living in foreign countries
  • The foreign earned income exclusion
  • Reporting, withholding, and tax requirements for nonresident aliens with US income

Tax Practice

  • Offer in compromise
  • Collection statute of limitations and rules that stop the statute from running
  • Third party liability, such as transferee and nominee liability

IRS Issues

  • The most prevalent identity theft and impersonation scams
  • E-Services online tools for tax professionals
  • The new IRS use of private debt collectors
  • How to use IRS audit techniques guides

Retirement

  • Comparing different types of retirement plans
  • Distributions from retirement plans, including early distributions and required minimum distributions
  • The impact of income on Social Security benefits and Medicare premiums

 

Frequently Asked Questions

Why take a University of Minnesota tax course? Exceptional value and reputation!

  • This course is the only statewide course developed and delivered in cooperation with the Internal Revenue Service and the Minnesota Department of Revenue.
  • The U of M is an IRS-approved continuing education provider for ethics, federal tax, and federal tax law updated instruction (provider #XODXH).
  • We have 75 years of experience providing income tax information and resources.

Who Should Enroll?

  • Tax return preparers
  • Enrolled agents
  • VITA/Volunteers
  • Anyone who needs continuing education in taxes or tax ethics (e.g. lawyers, CPAs, insurance agents). Check with licensing agencies for approval.

What if I need to earn IRS CE credits before year's end?
Register early, start the course on Dec. 12, and complete the course requirements by Dec. 31, 2017. Staff assistance is available during regular office hours (University holidays: Dec. 25, 26, 30 and 31).

What is the course format?
This course is self-paced with video to watch, program quizzes and a final exam for CPAs.

How will I know if I passed the course?
You will receive a certificate of completion via email within seven business days of completion. Passing the course requires completion of all quizzes with an overall passing rate of 70%. If you believe you have completed the requirements and do not receive your certificate within seven business days, contact ccapstax@umn.edu for a review of your record.

What is the course cancellation and refund policy?
The course registration fee will be refunded minus a 10% processing charge if requested within five days of receiving the course materials, if registration was made directly with the University of Minnesota.

Who can I contact with questions regarding my registration or course materials? 
Contact the College of Continuing and Professional Studies Information Center at 612-624- 4000 or by e-mail at ccapsinfo@umn.edu.

Who can I contact if I’m having difficulty creating or accessing my account? 
Contact the University of Minnesota help desk at 612-301-4357 or by e-mail at ccapstax@umn.edu.

Will my continuing education credits be reported to the IRS? 
If you are a CPA, enrolled agent, or tax return preparer with a PTIN and you would like to have your credits reported, be sure to provide your PTIN at the time of registration. After completing the course, your name, PTIN, and credits received will be reported to the IRS. Please ensure you use the same name on your course registration form as you used to obtain your PTIN to receive credit from the IRS.

Can I get copies of my certificates from courses I completed in previous years? 
If you have lost or misplaced your certificate of attendance, we will send a copy to you upon request to ccapstax@umn.edu. Please allow three to four weeks for processing.

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