2007 Federal and State Income Tax Institute

The 53rd Annual Federal and State Income Tax Institute

• General Information
• 2007 Sites and Dates
• Registration and Fee Information
• Brochure
• Valuable Resource Materials
• Preliminary Outline of the 2007 National Income Tax Workbook
• Agenda
• Continuing Education Credits (see Brochure)
• About the Instructors (see Brochure)
• Frequently Asked Questions
• Contact Information
• Tax Links (coming soon)

---

2007 Sites and Dates

The 53rd Annual Federal and State Tax Institute provides current and comprehensive information on new legislation and rules related to preparation of federal and state taxes. Listed are the 2007 sites and dates for the 53rd Annual Federal and State Tax Institute. Also listed are hotel accommodations: To receive special room rates, please mention you are attending the Federal & State Income Tax Institute. The rooms will be held on a first-come, first served basis. Please contact the hotels directly for rates and reservations.

Thank you for your interest in the Federal and State Tax Institute - please contact us with any questions you may have.

Conference Site	Date	Hotel Reservations
Lincoln 1 Holiday Inn - Downtown 141 N. 9th Street Lincoln, Nebraska Register Now	November 1-2, 2007 Thursday - Friday	Holiday Inn - Downtown 141 N. 9th Street Lincoln, Nebraska (402) 475-4011
Scottsbluff Hampton Inn 301 W Highway 26 Scottsbluff, NE 69361 Register Now	November 5-6, 2007 Monday - Tuesday	New Site! Hampton Inn 301 W Highway 26 Scottsbluff, NE 69361 Phone: 308.635.5200
North Platte Holiday Inn Express Hotel & Suites 300 HOLIDAY FRONTAGE RD NORTH PLATTE, NE 69101 Register Now	November 8-9, 2007 Thursday - Friday	New Site! Holiday Inn Express Hotel & Suites 300 HOLIDAY FRONTAGE RD NORTH PLATTE, NE 69101 Phone: 308.532.9500
Kearney Holiday Inn Convention Center 110 Second Avenue Kearney, NE 68847 Register Now	November 12-13, 2007 Monday - Tuesday	Holiday Inn Convention Center 110 Second Avenue Kearney, NE 68847 Phone: 308.237.5971
Grand Island Interstate Holiday Inn 7838 South Hwy 281 Grand Island, NE 68803 Register Now	November 15-16, 2007 Thursday - Friday	Interstate Holiday Inn 7838 South Hwy 281 Grand Island, NE 68803 Phone: 308.384.7770
Norfolk Northeast Community College Learning Center 801 East Benjamin Norfolk, NE 68702-0469 Register Now	November 26-27, 2007 Monday - Tuesday	Holiday Inn Express 920 South 20th Street Norfolk, NE 68701 Phone: 402.379.1524
Omaha Omaha Marriott 10220 Regency Circle Omaha, NE 68114 Register Now	November 29-30 , 2007 Thursday - Friday	New Site! Omaha Marriott 10220 Regency Circle Omaha, NE 68114 Phone: 402.399.9000
Lincoln 2 Holiday Inn - Downtown 141 N. 9th Street Lincoln, Nebraska Register Now	December 3 - 4, 2007 Monday - Tuesday	Holiday Inn - Downtown 141 N. 9th Street Lincoln, Nebraska (402) 475-4011

Downtown Lincoln Parking Information

Map

Return to Top

---

Registration and Fee Information

Registration Fee

Early Registration before CBD October 15, 2007 is $229.00 - this includes all materials and refreshment breaks. For materials included, see Valuable Resources.

Standard Registration from October 16, 2007 to December 5, 2007 CBD is $245.00 - this includes all materials and refreshment breaks. For materials included, see Valuable Resources.

Registration Includes

The registration fees include the following:

• 2007 National Income Tax Workbook, a production of the Land Grant University Tax Education Foundation, Inc.
• The 600 + page workbook that you will receive is a comprehensive study manual written and reviewed by CPAs, IRS agents, and tax practitioners.
• 2008 RIA Tax Handbook
• Nebraka Department of Revenue publication
• Presentation by Representative from the Nebraska Department of Revenue
• IRS Electron Filing publication & updates
• Presentation by Representative from the IRS
• 2007 National Income Tax Workbook CD
• Morning Break
• Afternoon Break
• Pending CEU's

Four Easy Ways To Register

• Online - REGISTER NOW
• Phone - Call 402.472.2423, provide registration information
• Fax - Print brochure and complete registration and fax to 402.472.1264.
• Mail - Print brochure and complete registration form and mail to:
• Academic Conference Registration
  1700 Y street
  University of Nebraska - Lincoln
  Lincoln, Nebraska 68588-0694
• For Payments by check or Purchase Orders, mail to:
  Academic Conference Registration
  1700 Y street
  University of Nebraska - Lincoln
  Lincoln, Nebraska 68588-0694

Return to Top

---

Valuable Resource Materials

The Attendees of the UNL Federal and State Income Tax Institute will be presented with the 2007 tax changes in effect and 2008 tax updates to expect.

"This seminar helped me identify and solve my clients' tax problems before tax season started"

All Tax Professionals, public and industry, who need the latest and necessary tax changes for their individual, partnership, corporate and estate clients should attend.

"The tax class more than paid for itself "

The registration fees include the following:

• 2007 National Income Tax Workbook, a production of the Land Grant University Tax Education Foundation, Inc.
• The 600 + page workbook that you will receive is a comprehensive study manual written and reviewed by CPAs, IRS agents, and tax practitioners.
• 2008 RIA Tax Handbook
• Nebraka Department of Revenue publication
• IRS Electron Filing publication & updates
• 2007 National Income Tax Workbook CD

Return to Top

---

Preliminary Outline of the 2007 National Income Tax Workbook

"The instructor brought the new tax information down to earth with practical examples and helpful information to help me understanding the new developments"

The National Income Tax Workbook will be used as a resource and guide for instruction. Here is a brief highlight of this book. This should not be viewed as a comprehensive listing of all topics that will be covered in the Institute but it does provide a fundamental framework.

Preliminary Outline 2007 National Income Tax Workbook

New Legislation

This chapter covers tax legislation that was enacted since the 2006 National Income Tax Workbook went to press in September 2006. It also includes a table of the effective and sunset dates for selected provisions in new and prior legislation.

Rulings and Cases

This chapter summarizes selected rulings and cases that were issued from September 2006 through August 2007 to give participants an update on issues that are being addressed by the IRS and the courts. The rulings and cases are organized under topic headings that match the other chapter titles.

Individual Taxpayer Issues

This chapter covers a variety of income tax issues that affect individual tax payers. Topics include:

• Sale of decedent's principal residence after death
• Sale of multiple homes
• Resident alien selling a home
• Buying living space in a retirement complex
• Selected charitable contribution issues
• Selected clergy issues
• Reporting gambling winnings and losses
• Home health care providers

Depreciation

This chapter reviews the rules for claiming depreciation including:

• Classifying assets
• Correcting depreciation errors, including a discussion of Rev. Proc. 2007-16
• Using depreciation tables vs. depreciation formulas
• Table of depreciable lives

Business Issues

This chapter covers a variety of the rules for claiming depreciation including:

• I.R.C. §125 plans
• Fringe benefits
• Hiring children of the business owner
• Accounting methods and changes (changes to Form 3115)
• Telephone tax refund as taxable income
• Office in home

Agricultural Issues

Topics of current interest to practitioners who prepare farm income tax returns are discussed in this chapter. Topics include:

• Rent paid to an entity
• Flexible cash rents
• Energy credits
• Amended returns for CRP payments
• Definition of gross income from farming for purposes of donation of conservation easements and other purposes
• When does a Form 1099 need to be issued—by a farmer and to a farmer?
• Farm audit issues
• Weather-related sales and replacement schedule
• Tax consequences of 4-H projects
• Table of safe harbors for farmers

Business Entities

This chapter is the third in a series three. The first chapter (2005) covered formation of an entity, using an LLC as the example. The second chapter (2006) covered the operation of an entity using an LLC as the example. This year's chapter covers termination of an entity, using an LLC as the example.

Construction Contractors

This chapter covers income tax issues practitioners encounter when they prepare returns for construction contractors. It discusses accounting requirements, character of income and when it is reported, when expenses can be deducted, and self-employment tax issues.

IRS Issues

This chapter covers issues the IRS targets as key issues for practitioners. Topics include: working effectively with the IRS on issues such as responding to documents received from IRS and requesting a transfer to the local IRS office; prompt determination of estate tax returns; Form 2848 (Power of Attorney) processing; and where to send offers in compromise.

Retirement

This chapter focuses on the tax consequences of distributions and the options for those distributions. It includes topics such as:

• Estate subdividing IRA/plan
• Trust as beneficiary of IRA/plan
• Limits set by plan that are more restrictive than the tax law
• Charitable rollovers

Estate and Gift Taxes

This chapter covers a few selected estate and gift issues that income tax preparers encounter, such as: valuation issues; donation of conservation easement from land subject 3 to I.R.C. §2032A election; and gifting shares in a family limited partnership. It includes a brief summary of estate, inheritance and gift tax rules of all 50 states.

Ethics

This chapter discusses some ethical principles for deciding how to respond to issues that arise in a tax practice. Numerous examples illustrate how the principles can be applied. 2 hrs of Ethic's - CEU's will be available at each site!

Tax Rates and Useful Tables

This chapter reports the updated income tax rates and other income tax rates and thresholds that adjust each year. The table of information about elections that was in the Elections chapter of the 2005 National Income Tax Workbook will be updated and included in this chapter this year.

Return to Top

---

Agenda

Day 1	Day 2
Agricultural Issues OR Business Entities*	Ethics
New Legislation	Construction Contractors
Individual Taxpayer Issues	Retirement Plan Distributions
Depreciation	Business Issues
Tax Practice	Gift, Estate and Trust Issues
	IRS Key Issues for Tax Practitioners
	Nebraska Dept of Revenue Session

* Signifies a session being offered at Omaha only

Return to Top

---

Frequently Asked Questions

1. How do I register?

• Online - REGISTER NOW
• Phone - Call 402.472.2423, provide registration information
• Fax - Print 2-day seminar brochure and complete registration and fax to 402.472.1264.
• Mail - Print 2-day seminar brochure and complete registration form and mail to: Academic Conference Registration
  1700 Y street
  University of Nebraska - Lincoln
  Lincoln, Nebraska 68588-0694

2. What is the fee?

Early Registration before CBD October 25, 2007 is $229.00 - this includes all materials and refreshment breaks. For materials included, see Valuable Resources.

Standard Registration from October 26, 2007 to December 5, 2007 is $245.00 - this includes all materials and refreshment breaks. For materials included, see Valuable Resources.

3. Is using the online registration secure?

Yes, payment is completed through a secure site at The University of Nebraska - Lincoln.

4. How is the registration confirmed?

If you register online, a confirmation e-mail will be sent to you immediately.

If you register by phone or fax, a confirmation email will follow within five business days of receipt of registration.

5. Must I pre-register?

We recommend pre-registration for each sites can reach capacity. To ensure availability of space and materials, pre-register early.

6. How will the charge for the seminar appear on my credit card?

The charge will appear as "University of Nebraska."

7. Can I purchase only the textbook?

The textbooks are available only with the full registration. If you register and are unable to attend, send an email (conferences@unl.edu) request to have the textbook and materials shipped. There may be a limited number of textbooks remaining but these will only be available after December 15, 2007.

8. I cannot attend the session for which I registered. Can I transfer to another site?

Transfer to another site is permissible. To assure space is available and to arrange transfer, please call the 402.472.2423.

9. Can another person from my office go in my place?

Transfer of a paid registration to another person is permissible.

10. What are the dates and locations of the seminars?

Click on the Federal and State Income Tax Institute main page for a detailed listing of the dates and locations of the eight seminars.

11. What do I need to bring?

Materials and the textbook will be distributed at check-in. It is advisable to bring along writing implements and note paper. While every effort is made to have the meeting space comfortable for everyone, it is always a good idea to bring a light jacket or sweater along for comfort.

12. Will I receive Continuing Education Credits (CEU)?

Continuing education hours are pending for the following areas:

• Continuing Legal Education
• Certified Public Accountant
• Public Accountant
• Tax Preparer
• Enrolled Agent
• Certified Financial Planners
• Nebraska Insurance Agent

13. Will Ethics hours be available?

This program was developed to provide Two (2) hours of Ethics - Continuing Education Unit credits at each site.

14. How will my attendance be verified?

At the beginning of each day each attendee will registration with the Registration Clerk. For some CEU's, the attendee will be required to sign out-in at lunch and at the end of the day.

15. What if I have to cancel my registration?

If you register but cannot attend, you may transfer your registration fee to a colleague or request a refund. Cancellations will be accepted until one week prior to the conference and registration fees will be refunded, less a $30.00 processing fee. No refund request will be accepted after the conference. Cancellation can be made by sending an email to conferences@unl.edu.

16. What if I need to use my cellular phone or pager?

All phones and pagers should remain SILENT while in session room. Please use professional discretion.

17. Where do I find the most update information on the Tax Institute?

Visit out website, 53rd Annual Federal and State Income Tax Institute, for any last minute updates.

18. Contact Information?

General questions:
Phone: 402.472.5733
Email: conferences@unl.edu
Fax: 402.472.1264

Return to Top

---

Contact Information

Information and General Telephone: 402.472.5733
Email: conferences@unl.edu
Registration Fax:402.472.1264
Fax: 402.472.1264

Send payments to:
Academic Conference Registration
1700 Y street
University of Nebraska - Lincoln
Lincoln, Nebraska 68588-0694

Our Location:
Department of Academic Conferences
3rd Floor Benton Hall
P.O. # 886100
University of Nebraska - Lincoln
68588-6100

Return to Top

---