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Virginia Cooperative Extension -
 Knowledge for the CommonWealth

2003 Income Tax Conference - Ten Virginia Locations

Farm Business Management Update, August/September 2003

By L. Leon Geyer

This year is the forty-third 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.

The Virginia Tech Income Tax Conferences are scheduled at ten Virginia locations this year. The conferences will occur in November and December 2003. 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 topics for general sessions and special sessions on farm and forestry taxation follows.

New Legislation
2003 Legislation; 2001 Act; List of expiring provisions

Military Personnel
Combat pay exclusion; Delay in filing deadline; EIC and child care if one parent overseas; Durable power of attorney; Deductions; Divorce; Sailors and Soldiers Act

Rulings and Cases
Summary of selected cases and rulings from the past year on issues that affect taxpayers

Individual Taxpayer Issues
Divorce issues; Taxation of SS Benefits; Estate and gift tax issues; Education incentives; Birth date on January 1; Damages; Barter transactions; Sale of home in less than two years

Small Business Issues
Rental of personal property to the business; Self rental rules; Who can use cash method of accounting; Deadlines and fees for filing Form 3115; Involuntary conversions; Accountable plans; Per diem rates; Depreciation; Employee issues; Sale of home with an office; MSAs

Investment Issues
AMT; Annuities; Sale of a rental property that has been depreciated; I.R.C. 529 plan losses; Worthless stock; Wash sale rules; IRAs; Gift of development rights; Subdividing; Sale of mineral interests

Business Entities
How to bring family member in; Choice of entity: fact situation that compares LLCs, S-corps, C-corps, and partnerships; Balance sheet

Automobiles
Standard mileage rate; How much is recaptured on sale; Partial business use; Leasing; Likekind exchange; I.R.C. 179; Listed property; Use by employee; Clean fuel vehicles

Tax Issues for Churches
Ministerial issues; Other religious personnel; Church reporting; Charitable contributions to churches; Miscellaneous issues

Death of a Taxpayer
Income tax reporting issues on the death of a taxpayer

Loss and Deduction Limits
Net operating losses; Vacation homes; Hobby losses; Passive activity losses; Basis limitations for common entities; Sale of a closely held corp (I.R.C. 382)

Issues from the IRS
Issues that are of high interest to the IRS; Why; IRS position; IRS enforcement

Retirement
Distribution rules; Options for beneficiaries; SIMPLEs; Figuring compensation; Individual in more than one business; Losses on retirement plans; Table of the rules

Ethics
Summary of the new Circular 230; New financial statement information; Other topics

Tax Rates and Useful Tables
This chapter is a quick reference for the tax rates and limits for credits and deductions for the 2002, 2003, and (if available) 2004 tax years.

And much more...

The special farm 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

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.

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 the tax conference program assistant by phone: (540) 231-6301, 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. Participants can complete the optional online registration using a credit card via our secure server at https://www.conted.vt.edu/ssl/tax.htm.

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.

For further information, please contact one of the following:

Tax Seminar Registrar:
(540) 231-2008 E-Mail: Vttax@Vt.Edu

Program Director:
(540) 231-4528 E-Mail: Geyer@Vt.Edu

2003 Virginia Tech Income Tax Conference Dates And Locations

General Sessions
November 10-11 -- Richmond I
** NEW LOCATION**
Richmond Marriott West
4240 Dominion Blvd. (Innsbrook) (804) 965-9500

November 12-13 -- Staunton
Holiday Inn Golf & Conference Center
Woodrow Wilson Parkway (800) 932-9061

November 17-18 -- Bristol
**NOTE DATE/LOCATION CHANGE**
Holiday Inn Hotel and Suites - Convention Center
3005 Linden Drive (540) 466-4100

November 19-20 -- Roanoke
Clarion Hotel Roanoke Airport
3315 Ordway Drive, NW (540) 362-4500

November 24-25 -- Lynchburg
**NOTE DATE/LOCATION CHANGE**
Holiday Inn Select
601 Main Street (434) 528-2500

December 1-2 -- Dulles
Hyatt Dulles
2300 Dulles Corner Blvd. (703) 713-1234

December 3-4 -- Fredericksburg
Holiday Inn Select
2801 Plank Road (540) 786-8321

December 8-9 -- Williamsburg
Fort Magruder Inn (757) 220-2250 ext. 1160
Route 60 East (800) 582-1010

December 10-11 -- Chesapeake
Holiday Inn Greenbrier
725 Woodlake Drive (757) 523-1500

December 15-16 -- Richmond II
Richmond Marriott West
4240 Dominion Blvd. (Innsbrook) (804) 965-9500

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

Nov 12 - Staunton

Nov 17 - Bristol

Nov 19 - Roanoke

Nov 24 - Lynchburg

Dec 3 - Fredericksburg

Dec 8 - Williamsburg

Dec 10 - Chesapeake

Dec 15 - Richmond II

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