2013 Course Details
Topics Covered in the 2013 Workbook
The "2013 National Income Tax Workbook," published by the Land Grant University Tax Education Foundation) complies with requirements outlined in IRS Circular 230 for CE providers by including three hours of Federal Tax Law update, two hours of ethics and ten hours of other tax law provisions.
The workbook is a key component of the tax schools, and focuses on the practical, problem-oriented approach by providing examples and completed forms. Even though many of the workbook's chapter titles remain the same each year, the information changes in emphasis to reflect new law or to focus on different parts of the IRS Tax code that are important in that area. For example:
- New Legislation and Prior Legislation focus on changes affecting 2011–2014 tax returns.
- Rulings & Cases (always a highlight) summarizes selected rulings from mid-2012 to September 2013 to provide an update on issues being addressed by IRS and the courts.
- Individual Taxpayer issues discusses wages to household workers, savings bonds, gambling losses and tax considerations for volunteers and interns.
- Business Issues includes the new safe harbor for deducting home office expenses, preparing W-2's and more.
- The Affordable Care Act will receive a lot of attention because several provisions take place in 2014. We will cover the employer credit for low-income employees, health care credit for low-income individuals, penalty for not having health insurance, 3.8 percent net investment income tax and much more.
- Schedule E issues will go over passive activities, material participation and reporting items from Schedule K-1. This reviews how and when to withdraw from retirement plans to maximize tax savings, non-qualified plans and the interaction of various plans.
- Itemized Deductions covers the new 10 percent AGI floor for medical expenses, borrowing expenses and casualty losses.
- Education Provisions details the tax credits, deductions and exclusions with illustrations and examples on the interactions of the rules including the "kiddie tax."
- The Ethics and Circular 230 discussions are always a highlight, and we use the case-study approach to address common ethical issues including disclosure rules, security issues, records retention and data security. We also focus on current cases from 2013.
- Other topics to be covered during the schools include construction industry, natural resources and agricultural issues.
The workbook also includes more than 30 pages of tables including tax rates, business expense limits, education tax, health care, interest rates and retirement plans.
Course materials provided as part of the Tax School include:
- Printed copy of the "2013 National Income Tax Workbook."
- Searchable CD version of the "2013 National Income Tax Workbook," with bonus materials from the past 9 years of the workbook.
- Access to updates and material on the National Income Tax Workbook website.
Instructors are an experienced group of highly qualified volunteers who are screened and undergo a specific training process. In the past instructors have included Ron Decoigne (IRS Retired Revenue Agent/CPA - our ethics master), Max Galvin (CPA/Attorney specializing in court rulings and cases), Pam Rodriguez (CPA with expertise in trusts), Lauren Jarvi (EA and CFP focusing on new tax law), Mike Moloney (EA specializing in agricultural taxation), Jeff Fothergill (CPA specializing in business issues), and many others.
Each year we have representatives from the IRS present for at least one hour of IRS issues, and representatives from the Vermont Department of Taxes will also present one hour of Vermont income tax issues.