Independent Accountants Association of Illinois

Business Tax In Depth Webinar
2024-08-26 08:00 - 2024-08-27 16:00 (America/Chicago)
Product Description
Congress and the IRS never cease modifications to what we know of the formation and operation of C corporations, LLC’s, and S corporations. TaxSpeaker® is here to minimize friction in your practice to implement these changes and keep moving forward without a hitch! During the Business Tax in Depth course, attendees receive in-depth coverage of corporate tax issues in 2024, plus a detailed analysis of which entity best fits each taxpayer and corporate formation issues. We include coverage of all 2024 Tax Changes up through the date of presentation!
Each type of entity is given special attention with its own chapter. The LLC chapter provides guidance on the latest partnership changes, compliance and reporting issues. The C corporation chapter offers instruction on operating issues and penalty taxes, and the S corporation chapter examines formation, elections, terminations and basis, plus reasonable compensation and fringe benefits, built in gains and shareholder changes. Each of the sections is fully and continually updated to reflect legislative and IRS changes, complete with dozens of examples.
Course Objectives
Upon completion of this course, practitioners will be able to explain the latest business tax law changes to clients and inform them of the various characteristics and implications of the S or C corporation form of business entity and summarize the various tax reporting and compliance requirements. The student will also gain competence to determine the appropriate treatment for various business expenses under different accounting methods. Students are also trained to discern if a corporation qualifies to file the election for S status.

Illinois Tax Webinar
2024-08-08 09:00 | Zoom
Government speakers from Illinois Department of Revenue and Illinois Department of Employment Security

Taxes for Ministers Webinar
2024-08-01 10:00 - 12:00 | Zoom
This webinar will help attendees prepare to complete ministers’ tax returns. Topics will include calculating housing allowance, social security, and reimbursed expenses.

75th Annual Convention
2024-06-23 - 2024-06-25 | Hyatt Place, 111 Bend Boulevard, East Molie, IL, 61244, United States
75th ANNUAL CONVENTION – JUNE 24 – 25, 2024
Northfield Inn, Suites & Conference Center
3280 Northfield Drive, Springfield, IL 62702
Phone: 217-523-7900
Schedule of Events
Sunday Evening, June 23
5:00 pm – 8:30 pm – Meet & Greet Mixer
Peridot Room
Food and Beverages Provided
Monday, June 24
7:30 am – Continental Breakfast
Crystal/Diamond Room
8:00 am – Nominating Committee Meeting
Crystal/Diamond Room
Meeting will continue until all nominations are complete.
12:00 pm – 1:00 pm – Awards Luncheon
Emerald Room
1:30 pm – Annual Meeting & Election of Officers
Crystal/Diamond Room
5:00 pm Pre-Installation Dinner Mixer
Emerald Room
6:00 pm – Installation Dinner
Emerald Room
Hospitality room will be open after the installation with a notification of room number later.
Tuesday, June 25
7:30 am – Continental Breakfast
Emerald Room
8:00 am – Board of Directors Meeting – Followed by Lunch
Emerald Room

The SECURE Act of 2019 and the SECURE Act 2.0: The Changing Landscape of Retirement Plans
2024-06-20 10:00 - 12:00 | Zoom
Course Description: The SECURE Act of 2019 changed the most popular retirement plans used in the United States and was the first major retirement-related legislation since 2006. The SECURE Act 2.0 of 2022 builds and expands on the SECURE Act of 2019 to improve retirement savings opportunities. Notices continue to occur in an effort to clarify legislation.
Learning Objectives:

Interpret the changes in enrollments to 401(k)
Identify the contribution limits to 401(k) and 403(b) plans based upon age and income
Identify the beginning age for required minimum distributions.
Examine the distribution requirements for inherited retirement plans

Spouse
Eligible designated beneficiary
Individual other than an eligible designated beneficiary
Non-individual beneficiary

Use of trusts in wealth transfer plan (overview)
Recognize Estate Tax Limits (Federal and Illinois) brief tax planning

Technology & Security Webinar
2024-06-07 10:00 - 18:00 | Zoom
The remainder of the day is spent on the latest technolBrought back in 2024 for the first time in 5 years, the first ½ of this course is devoted to security. Beginning with an eye-opening presentation of the security risks present in computer operating systems, browsers and search engines, we illustrate the risks and then present solutions. Wait, we’re not done with security though as we then discuss the risks and use of artificial intelligence in a tax office and then enter the security world of the IRS, discussing WISP’s, and providing a WISP plan template as well as remote work policies, computer & internet use policies and other useful policies. The final portion of security then address physical risks of theft, disaster and day to day operations.ogy tools and applications that profitable firms need to use to address labor shortages, profit margins and quality. In this section we discuss (quickly) desktop/laptop/tablet/server needs as well as scanners, leading to a deeper discussion and (where time permits) demonstration of OCR form recognition, OCR direct software transfer, customer relationship manager software, electronic filing software, cloud hosted computing in SaaS, and remote work situations. Throughout the class the speakers will address practical questions and answers from the point of view of non-national firms.

**Please note this 8 hour course is approved by NASBA, but only the 4 Tax hours for Security will be approved for IRS credit. Technology is not an IRS approved field of study.**

Upon completion of this course, you will be able to-Implement the latest technology in your firm to maximize efficiency and improve daily operations; Implement the latest technology in your firm to maximize efficiency and improve daily operations; Increase your firm’s efficiency by using the IPad to e-file tax returns you prepare; Implement technology tools, resources, and practices that will provide the most benefits for your firm; Determine if smart phones and web tablets will be beneficial to your firm and select the products that will be serve your needs; Utilize social media to gain more online exposure and market to a greater audience; Utilize hardware technology to improve your firm’s daily operations; Utilize software technology to improve your firm’s daily operations; Prepare your firm for disaster situations and recovery; and much more.

Cancellation of Debt Webinar
2024-06-04 08:00 - 10:00 | Zoom
All aspects of individual income tax returns for the taxability of debt cancellation, as well as the exclusions from taxation are presented, with multiple examples, completed forms and tax attribute calculations.

Best of Tax Planning & Retirement Ideas for Individuals Webinar
2024-06-03 08:00 - 16:00 | Zoom
Give the very best tax advice to your individual and small business clients with the newly updated planning guide! This course is designed to guide practitioners through dozens of old and new planning concepts and equip you with tools to help clients through unusual income years, long-term guidance for small businesses and high or low-income individuals. This rare instruction allows optimal tax and retirement planning rather than mere tax compliance.
Whether you are a seasoned accountant looking for professional development or new to the tax preparation business, our instructors meet you where you are to fully benefit your clients, as well as yourself. We’ve included key updates from 2023 and 2024 Congressional and IRS changes, too!
Overall, this course comprises three sub-topics: planning ideas for the W-2 taxpayer, planning for the small business owner, and planning for everyone. Each unit includes 15-30 planning tools, checklists, and example guidance illustrating the rules and tools needed to utilize the idea presented.

S Corporations The Election/Late Elections
2024-05-31 14:00 - 15:00 | Zoom
Lecture presentation plus accompany power point slides. This course when and how to make a timely or late S election and potential entity classification election

Education Deductions & Credits Webinar
2024-05-31 11:00 - 13:00 | Zoom
This course explains all education savings programs, tax deductions, compliance rules and reporting for 529 plans, Series EE Bonds, American Opportunity and Lifetime Credits, employer assistance programs and student loan interest deductions.

Accounting & Auditing Update Webinar
2024-05-31 08:00 - 16:00 | Zoom
With each annual guidance update issued by the Financial Accounting Standards Board and AICPA comes a need for regular practitioner training. At the most basic level, our Accounting and Auditing course offers a comprehensive explanation of auditing and accounting for non-public clients.
At the conclusion of this course, practitioners will understand the current year’s changes from each regulatory organization and be able to apply them when preparing financial statements. Designed for accountants in public practices and industries, we’ve taken care to build material around the most recent auditing and accounting pronouncements. It’s no wonder practitioners come back to this critical course year after year to prepare for a smooth year’s practice!
At the conclusion of this course, practitioners will understand the current year’s changes from each regulatory organization and be able to apply them when preparing financial statements. Designed for accountants in public practices and industries, we’ve taken care to build material around the most recent auditing and accounting pronouncements. It’s no wonder practitioners come back to this critical course year after year to prepare for a smooth year’s practice!

Retirement Distributions, Penalties & Inheritances Webinar
2024-05-30 11:00 - 13:00 | Zoom
Master a well-rounded understanding of retirement planning and distributions during TaxSpeaker’s Retirement Distributions, Penalties, and Inheritances course! This 2-credit-hour course equips tax professions with practical wisdom to navigate the world of retirement finances.
This includes teaching on the identification of the five rules for withdrawal from qualified plans, the definition of a stretch IRA, and a thorough explanation of various withdrawal and distribution considerations. These considerations cover required distributions — rollovers, waiving the 60-day rollover rule, RMD beginning date, qualified charitable distributions, excess contribution penalties — as well as account owner RMD withdrawals, tricks to waive the 50% penalty for failure to take RMD, general Roth IRA distributions, and secrets of retirement withdrawals and tax planning. We’ll also dive into proper handling of qualified domestic relations order distributions and how to determine when taxpayers can make withdrawals from their IRA’s without paying a penalty.
Attendees will also gain insights on managing inherited IRA’s, such as considerations for spouses, eligible designated beneficiaries, and non-spouse beneficiaries. In addition, we will review an incorrect 1099-R form to dissect what does and does not work and why.

Preparations, Compilations & Reviews Webinar
2024-05-30 10:00 - 18:00 | Zoom
Introducing the most useful accounting course you’ll ever attend: Preparations, Compilations, and Reviews! This ultra-practical course is full of up-to-date SSARS 26 material in addition to SSARS 21. Written and taught by experienced practitioners, we’re giving you applicable, relevant guidance at every step, including dozens of example report, engagement, and client letters, as well as unofficial checklists.
Together, we will walk through a rapid review of the latest SSARS and alerts, plus discussion of the requirements for prepared financial statements and disclaimers. Each session also includes a deep-dive into requirements for preparations or compilations with example letters and reports. All of this is framed in real-life implementation tips and examples.
Upon completion of this course, attendees will be able to identify the different Sections of SSARS, requirements of the ARSC, and characteristics of the new standards for AR-C Sections, including defined terms.

Business Pension Plans Webinar
2024-05-29 11:00 - 14:00 | Zoom
We explain how to handle qualified domestic relations order distributions and identify the five rules for withdrawals from qualified plans,as well as the characteristics for Profit-Sharing Plans. You will receive an overview of various retirement plans and their top heavy rules, rollovers, vesting, and Safe Harbors. In addition, you shouldl be able to define Money Purchase Plan and SEP-IRAs as well as identify the properties of SIMPLE plans and determine who should benefit from SIMPLE plans. Participants should gain an understanding of defined contribution plans, including such topics as profit sharing, money purchase, and single, solo, or Roth 401k’s. The course will cover comparison tables, new pension plan credits, defined benefit plans, creditor protection, and rollovers as business startups (ROBS).

1041s for Trusts and Estates Webinar
2024-05-29 10:00 - 18:00 | Zoom
Beginning with a discussion of when returns are required, he guides participants through the 1041 tax preparation maze with hands-on guidance regarding types of trusts, return preparation, compliance, allocations, and distributions. In addition, we’ve taken care to update this course with 2023 and 2024 changes to estate planning rules, administration, and accounting in 1041’s, plus practical tips to plan throughout the workday.
During this course, we will define estates, a short tax year, distributions in kind, discretionary income distributions, and irrevocable and revocable living trusts. The instruction also includes identification of the duties of the fiduciary, characteristics of other types of trusts, purpose of the probate court and income distribution deduction, and options for IRA’s inherited by a spouse. Upon completion, attendees will also have thorough competence to determine qualifiers of a grantor trust, how to compute amortization allowances, what qualifies as IRD, and the advantages of revocable living trusts.
