2017 GAEA Convention

 Enjoy Networking, CE and a Beautiful Environment!

May 14-17, 2017 | The King and Prince Beach & Golf Resort, St. Simons Island, Georgia

The experience of high caliber instructors in a setting that is picturesque cannot be matched. This convention is a great event to both learn and relax. Many attendees bring spouses or family to enjoy the surroundings. 18 CE Credits available. (Dress Code: Business Casual for all events)




Sunday, May 14th


3:00 PM – 5:30 PM Early Registration

5:30 PM – 7:10 PM Lisa Ihm, EA

Ethics Feud (2 hours) (Basic)

The familiar game show format is a great way to review the rules of ethics that must be followed by tax return preparers, with special emphasis on the use and disclosure rules. You will look at your office in a whole new way and learn procedures to do more than just comply with IRS requirements; you’ll also improve your clients’ perception of you, your office, and the services you offer. This will not be a typical, yawn-inducing ethics session!

3:00 PM -11:00 PM Welcome Center Open


Monday, May 15th


7:30 AM – 8:30 AM Registration – HOT Breakfast (included in your fee)

8:00 AM – 8:30 AM Welcome Remarks & Announcements

8:30 AM – 10:10 AM Lisa Ihm, EA

Rentals… Simple! Right? (2 hours) (Intermediate)

Roommate… Rental to family member… Occasional rental… Vacation home… Bed and Breakfast… Less than 7 day average rental… Less than 14 days personal use…Extraordinary services provided… Foreign exchange student… Less than FMV rent…Passive loss limitations… 280A limitations… Joint ventures… The list of complications is endless. Learn how to handle all these glitches using an AMAZING flowchart that will lead you to the correct answer step-by- step.

10:10 AM -10:30 AM Refreshment Break

10:30 AM – 12:10 PM Frank Degen, EA, USTCP

Preparing Form 1040 (with an assist from the Tax Court)

There is sometimes uncertainty as to the correct placement of items on Form 1040, Schedules A and C. This session will review decisions of the Tax Court that enable enrolled agents to make the right choices in preparing a taxpayer’s 1040 return.

12:10 PM – 1:30 PM Lunch (Catered lunch included in your fee)

1:30 PM – 3:10 PM Frank Degen, EA, USTCP

Gift Tax Issues (2 hours CE)

Gifts are often more than “giving a check” to a family member. This session will look at some of the issues enrolled agents might encounter in filing a Form 709 including the implications of creating a life estate and the gift tax consequences of remainder interests. The IRC §7520 rates and Table S will be discussed.

3:10 PM – 3:30 PM Refreshment Break

3:30 PM – 5:10 PM Frank Degen, EA, USTCP

What is Gross Income? (2 hours CE)

Gross income is the starting point for almost all tax returns. This session will review code section 61 and the accompanying regulations to discuss what constitutes gross income. Parts II (Items Specifically Included in Gross Income) and III (Items Specifically Excluded from Gross Income) of Subchapter B of IRC Chapter 1 will be covered in detail. The General Welfare Exception will be included in the discussion. Attendees will participate in evaluating facts to determine the amount of gross income.

5:00 PM – 11 PM Welcome Center Open


Tuesday, May 16th


7:30 AM – 8:30 AM HOT Breakfast (included in your fee)

8:30 AM – 10:10 AM Lisa Ihm, EA

COD – Ramifications, Aftereffects & Collateral Damage of the Mortgage Crisis (2 hours CE)

There are many claims that the mortgage crisis is over and the economy is on the rebound, but whether you believe that or not, shockwaves caused by the past few turbulent years will be felt for several years to come. The government says to expect another 800,000 foreclosures before this mess is over, and now the IRS has issued a 70-page Audit Technique Guide on Foreclosures. We’ll review that guide and discuss the things that are interesting, the things that are helpful, and the things that are disturbing! Don’t miss this chance to get the latest information available. We are not done with COD problems yet!!!

10:10 AM– 10:30 AM Refreshment Break

10:30 AM – 12:10 PM Lisa Ihm, EA

Repair or Improvement??? (2 CE hours)

Can you expense the new carpet in an office? What about a new kitchen in a rental property? Or a new furnace? The answers may surprise you!!! New regulations recently issued by the IRS provide guidance to help answer the common and difficult question of whether expenses are deductible as maintenance or must be capitalized as improvements, and some new safe harbors and de minimis tests may make it possible to deduct many items you would have capitalized in the past! A handy flowchart will lead you through the required questions and tests, and will be a valuable resource back in your office.

12:15 PM – 1:30 PM GAEA Business Meeting – Open to everyone

12:15 PM – 5:30 PM Free Time for Tours & Play – Welcome Center Open

6:30 PM – 7:30 PM Banquet (included in your fee) Cash Bar until 9 PM

7:30 PM – 9:00 PM GAEA World-Famous Auction – Donated items Appreciated !

8:00 PM Dessert Buffet & Coffee during Auction

8:30 PM End Silent Auction

9:30PM – 11 PM Welcome Center Open


Wednesday, May 17th


7:30 AM – 8:30 AM HOT Breakfast (included in your fee)

8:30 AM – 10:10 AM Lisa Ihm, EA

Retirement Plans for the Self-Employed (2 hours) (Intermediate)

When a business owner wants to reduce their tax liability, a retirement plan contribution is often a good choice, but which plan is right for which client? There are many things to consider. Are there employees? How high is income? How much do they want to contribute? What will it cost? We’ll explore all the different types of plans that are available and determine which type of plan is right for which type of client.

10:10 AM– 10:30 AM Refreshment Break

10:30 AM– 12:10 PM Lisa Ihm, EA

AMT – A Different Approach (2 hours) (Intermediate)

Almost every tax preparer has at least one client who pays AMT, but very few preparers fully understand AMT. Many simply accept whatever their software calculates, so in this class rather than take the normal approach of examining the form line-by- line we’ll answer the question that really matters – Is my software calculating the AMT correctly? We’ll spend our time examining the most common adjustments and preferences and determine what additional entries you need to make so your software can make those entries correctly. Then we’ll dive into the Minimum Tax Credit, determining what causes it and when you can use it, so that you’ll feel comfortable with the credit your software says your client is entitled to. And of course we’ll discuss what tax-planning strategies your clients can use to reduce their payment of AMT.

12:15 PM Convention Wrap-Up and Evaluations.


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