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Virginia Cooperative Extension - Knowledge for the CommonWealth

2002 Income Tax Conference - Ten Virginia Locations

Farm Business Management Update, August 2002

By L. Leon Geyer

The Virginia Tech Income Tax Conferences are scheduled at ten Virginia locations this year. The conferences will occur in November and December 2002. They feature an intensive study of tax law and regulations governing individual, farm, and small business taxes. They are designed for people with income tax experience who assist taxpayers in preparing and filing income tax returns. Preparation of both federal and state taxes will be covered. The table that follows gives the schedule for general sessions and special sessions on farm and forestry taxation.

This year is the forty-second year that Virginia Cooperative Extension, Virginia Tech's Department of Agricultural and Applied Economics, the Virginia Department of Taxation, and the US Internal Revenue Service (IRS) have cooperated in bringing the program to the people who assist taxpayers in preparing and filing federal and state income tax returns. This conference is Virginia's largest workshop for tax practitioners.

Faculty from Virginia Tech, staff from the IRS, private tax practitioners, and the Virginia Department of Taxation will examine new tax laws and their implications and will examine case studies to interpret new regulations. Topics for the major program will include

NEW TAX LEGISLATION

2002 legislation; 2001 legislation that is first effective in 2002 and later years

RULINGS AND CASES

Significant cases and rulings from this past year

INDIVIDUAL TAXPAYER ISSUES

Itemized deductions; long-term care insurance; AMT; community property issues; selling land for development; like-kind exchanges

SMALL BUSINESS ISSUES

Depreciation; purchase and sale of a business; split-dollar life insurance; leasing

OPPORTUNITIES AND OBSTACLES OF BUSINESS ENTITIES

Choosing a retirement plan; changing business entities; liquidation; personal holding company tax; debt basis of S-corporation

ISSUES FROM THE IRS

Electronic filing; practitioner errors; IRS procedural issues; federal and state symposiums; important tax updates; preparer penalties

RECAPTURE PROVISIONS

Depreciation recapture; recaptures under I. R. C. 179, 280F, 25A(i), 32(g), 45F(d), 71(f), 1231, 1231, 46, 465(e), 42(j)

EDUCATION PROVISIONS

Section 529 plans; education IRAs; education credits; higher education deduction; what scholarships are taxable; Pell grants

RETIREMENT

Catch-up for 2002; inherited accounts; distribution rules; choosing a beneficiary to stretch out distributions; splitting up IRAs in a divorce

FRINGE BENEFITS

Third party sick pay and donation of sick leave; employer side of fringe benefits: setting up and reporting; illegal aliens

FINANCIAL DISTRESS

Repossessed property; debt write down; NOL carryovers; personal bankruptcy; discharge of tax liability

ETHICS

Preparer penalties; circular 230 requirements for enrolled agents; ethics of ignoring Notice 2000-4

TAX RATES AND TABLES

Inflation adjusted items; table of phase-ins of 2001 Act provisions; depreciation tables; applicable federal rates for Nov. 2001 through Oct. 2002

AND MUCH MOREŠ

Brochures for the conferences have been mailed to tax practitioners, CPAs, lawyers, Commissioners of the Revenue, and other past attendees. Brochures are also available in Extension Unit and District Offices. Registration forms can be duplicated, or you may contact Brenda Chandler by phone: (540) 231-7936, fax: (540) 231-7417, or email: tax@vt.edu for further information. Our web site (http://www.tax.vt.edu) includes all conference information and an online registration form that can also be printed to mail or fax.

Special farm and forestry tax workshops are available to registered participants. Farm sessions take place from 5 - 7 p.m. at selected locations (see schedule). Virginia Tech agricultural lawyer, Leon Geyer, teaches the farm tax workshops. He will address

Virginia Tech's Garland Gray Professor of Forestry, Harry Haney, will conduct the forestry workshops from 5 - 7 p.m. at selected locations (see schedule). He will cover

The tax conference general sessions will run each day from 8:30 a.m. until 4:45 p.m. Pre-registration and pre-payment are required. The registration fee includes a textbook, reference material, refreshment breaks, two luncheons, the farm and forestry workshops, and the What's New tax update that is mailed in January. Lodging is not included. The 700+ page Income Tax textbook is a comprehensive study manual used in more than 45 states. It is written and reviewed by CPAs, tax attorneys, IRS agents, and tax practitioners.

Please contact the Income Tax Conference Registrar, the Continuing Education Center, phone: (540) 231-2008, fax: (540) 231-3306 or e-mail: vttax@vt.edu for registration information.

2002 Virginia Tech Income Tax Conference Dates And Locations
General Sessions
November 11-12 -- Richmond I
Wyndham Garden Hotel (Richmond Airport)
4700 S. Laburnam Ave. (804) 226-4300

November 13-14 -- Staunton
Holiday Inn Golf & Conference Center
Woodrow Wilson Parkway (800) 932-9061

November 18-19 -- Lynchburg
Holiday Inn Select
601 Main Street (804) 528-2500

November 20-21 -- Roanoke
** NEW LOCATION**
Clarion Hotel Roanoke Airport
3315 Ordway Drive, NW (540) 362-4500

November 25-26 -- Bristol
Holiday Inn Hotel and Suites - Convention Center
3005 Linden Drive (540) 466-4100

December 2-3 -- Dulles
Hyatt Dulles
2300 Dulles Corner Blvd. (703) 713-1234

December 4-5 -- Fredericksburg
Holiday Inn Select
2801 Plank Road (540) 786-8321

December 9-10 -- Williamsburg
Fort Magruder Inn (757) 220-2250 ext. 1160
Route 60 East (800) 582-1010

December 11-12 -- Chesapeake
** NEW LOCATION**
Holiday Inn Greenbrier
725 Woodlake Drive (757) 523-1500

December 16-17 -- Richmond II
** NEW LOCATION**
Richmond Marriott West
4240 Dominion Blvd. (Innsbrook) (804) 965-9500

 Farm Sessions
5:00 pm to 7:00 pm at the following locations:

Richmond I--November 11
Staunton--November 13
Lynchburg--November 18
Roanoke--November 20
Bristol--November 25
Dulles--December 2
Fredericksburg--December 4
Williamsburg--December 9
Chesapeake--December 11

Forestry Sessions
5:00 pm to 7:00 pm at the following locations:

Bristol--November 26
Dulles--December 3
Chesapeake--December 16

Contact the author at geyer@vt.edu.

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