2019 FALL SEMINAR – NOVEMBER 15, 2019

Missouri Fall Seminar 2019 will be held at Stoney Creek Hotel and Conference Center in Columbia MO, Friday November 15, 2019

Register Here

We have arranged a grEAt rate of $95 for Thursday nite, plus tax, for Friday nite reservation call Heidi at 573-219-5109 for a room discount. There is a big football game Friday nite, so let Heidi know you are with MOSEA for a discount.  Visit their website to see how beautiful this place is!   http://www.stoneycreekhotels.com/hotel/travel/columbia/home.do

John Sheeley, EA will be presenting for our fall get together! Chester, New York based John Sheeley, EA is the founder of Tax Practice Pro, Inc, a national continuing education provider. His current teaching focus centers on taxation of the legal marijuana industry, problems of S corps, and taxation of non-resident aliens and those living abroad.

A National Tax Practice Institute Fellow, John is a graduate of the State University of NY at Oswego. His career includes 13 years as a multi-unit franchisee of H&R Block.

MOSEA – FALL SEMINAR – NOVEMBER 15, 2019
JOHN SHEELEY, EA
TENTATIVE ADGENDA
Adjustments will be made for any Federal or State of Missouri updates that should develop

•Meet the Jetsons: Taxation of the 21st Century Family 1 – CE
Tax Reporting Issues of the Sharing Economy:
In recent years society and the economy have changed with the creation of the s-called ‘sharing economy’. Free websites and inexpensive apps make it possible to rent out excess time, assets, and real estate for short periods. This course looks at the reporting requirements of these activities, recent court cases and the challenges associated with preparing an accurate tax return. Emphasis will be on ride sharing and Airbnb.

•Ethics – 1 CE

•Basics of Marijuana Tax Prep: – 2 CE
The legal marijuana industry finds itself in a very unique tax limbo – while the sale of marijuana is legal (but regulated) in many states, marijuana remains a Schedule I narcotic under federal law. As such, the preparation of tax returns for industry businesses is governed by Internal Revenue Code Section 280E and a number of court cases. This course explains the narrow legal exception permitting practitioners to work with clients reporting state legal cannabis related income. The course further explores the basics of preparation issues and the application of IRC 280E, 263A and 471 in unison with applicable Tax Court decisions.

•Lunch Buffet – Included in Registration

•Tax Court Cases of 2019 and 2018 Which You Missed (and why they are important to your practice): (2 CE).
Client situations often make a Tax Court case a fun read. Each year a number of cases pass through the court, which affects either our clients or our practices. This course will analyze 6—8 recent cases and review their impact.

•Schedule E — Beyond the Basics: (2 CE)
This course looks at the larger issues around schedule E – including which activities do, and do not, belong on schedule E. The receipt of rental income does not make the activity a rental. Discussion will focus on whether an activity is for profit or not, and whether it is a schedule C, E, F or even line 21 activity. We will also analyze conversions or real property activities between primary, vacation and rental property and subsequent ‘conversion back’. We will analyze the appropriateness of IRC 121 when the use during the ownership period has changed.