MNCPA Tax Conference

K Sessions

Tuesday, November 17,
1:40 p.m. - 2:55 p.m.

K1. Minnesota Legislative and Professional Issues Update

Speaker(s): Geno Fragnito, Linda Wedul
NASBA field of study: Business Management & Organization - Non-Technical (1.5)

2020 is a unique year and uncertainty has increased exponentially. The accounting profession is adapting to changes stemming from the pandemic that include legislation, work environments and an economic downturn. CPAs are on the front line of the economic recovery, which is closely linked to state and federal legislative activities. Elections add another layer of uncertainty. Gain insights into the coming legislative session, regulatory agency activities, professional trends and MNCPA activities to support members. Come away with inspiration to pursue opportunities and cut through the fog of uncertainty.

K2. Case Studies in Schedule C Tax Planning and Reporting

Speaker(s): Mark Sellner
NASBA field of study: Taxes - Technical (1.5)

Gain real-world guidance on tax planning, tax records and tax return reporting for a sole proprietor business in this case-study-focused session. Explore the use of a single member limited liability company (LLC) and walk through Schedule C income and deduction topics. Gain clarity on Form 1099 requirements, hobby loss restrictions, simplified employee pension individual retirement accounts (SEP IRAs) and retirement plan contributions. Gain insights on key deductions, including those for self-employed health insurance, home offices, meals, entertainment, automobiles and cell phones. Come away with practical guidance you can use on Schedule C returns and planning strategies.