TOPICS

8:30  a.m – 10:10 a.m.  – Tax Planning after the Tax Cuts & Jobs Act of 2017
(Thomas A. Gorczynski, EA, USTCP) 

The TCJA has far reaching impact and implications.  Learn how the act may affect your clients and  what should you consider in offering tax guidance and advice to your clients. 

10:10  a.m – 10:20 a.m  - Break

10:20  a.m – 12:00 p.m.  – Tax Research How-To's 
(Thomas A. Gorczynski, EA, USTCP)

Tax research skills are critical to effectively representing a taxpayer before IRS. This session will outline a structured tax research process you can use to find the correct answers to your questions using both no-cost and paid resources. 

12:00  p.m – 1:00  p.m. - Lunch, Annual Meeting, and Vote for NJSEA officers
and Directors

1:00 p.m. -  2:40 p.m. - Tax Implications of the Gig (or Sharing) Economy
(John Sheeley, EA)

In the past few years, the sharing economy has changed how people commute, travel, rent vacation accommodations and perform many other activities. Also referred to as the on-demand, gig or access economy, the sharing economy allows individuals and groups to utilize technology to generate revenue from their cars and homes or services they provide. Learn how to help your clients report their income from these activities correctly.

2:40 p.m. - 2:50 p.m.   Break

2:50 p.m. - 4:30 p.m. - Issues of the Marijuana Industry for Passive Investors
(John Sheeley, EA)

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. Frequently, preparers are incorrectly preparing entity returns for marijuana businesses. Is that K1 from your client's nephew's company correct?  We will discuss the basics of marijuana taxation, why it differs from typical tax preparation, and what additional diligence you need to take when preparing the passive investor's tax return.

Learning objectives:

TCJA Tax Planning

• Review key provisions of the TCJA which will impact tax planning  
• Understand the challenges of advising clients with incomplete information
• What are the considerations in advising clients on entity selection under TCJA?

Tax Research

• What are the steps in the tax research process?
• What are the sources of tax law and their authoritative value?
• What is the role of judicial precedent in tax research?
• Identify various resources available to conduct tax research.

 Sharing Economy

• What are the correct Filing Requirements for these businesses?
• Is your client an Employee or Independent Contractor?
• Tax Payments, Including Estimated Tax Payments and Self-Employment Taxes
• Depreciation
• Rules for Home Rentals
• Business Expenses: What might be overlooked?
• Receiving Form 1099-K, Payment Card and Third Party Network. Don’t end up double counting.

Marijuana Industry

• Understand relevant laws allowing state-licensed medical marijuana programs
• Gain familiarity with IRC §280E, its history, and its application within the legal marijuana industry
• Apply relevant Tax Court cases from the cannabis industry to their current client situations.
• Pass through income reporting issues                                                  

OUR FEATURED SPEAKERS

Thomas A. Gorczynski, EA, USTCP

Contact

Jo-Ann Weiner, Secretary 

New Jersey Society of Enrolled Agents
(609) 744-9389
secretary@njsea.org