Financial Aid Training - Individuals

Tax Training Webinars for Financial Aid Administrators

Iron Bridge Resources is proud to provide training for financial aid officers that covers the tax-related information they are obligated to understand.  Our trainings are available online, on-demand via recorded webinars, and in-person (when it’s safe to travel and meet in groups again).

We are pleased to offer training to individuals, colleges, groups of colleges, and state financial aid associations.

Before registering for a webinar, or webinar series, check to see if your state financial aid association offers our training as a member benefit.

 

NEW Webinar Available – Introduction to the 2020 Tax Forms and Tax Changes

2020 was a difficult year for many of our students and their families, and many aid officers used professional judgment to base 2020-21 and 2021-22 financial aid on estimates of 2020 family income.  People will begin filing their 2020 tax returns soon, and you may be planning to use these 2020 returns as documentation to make new, or confirm, your PJs.

This new webinar, Introduction to the 2020 Tax Forms and Tax Changes, will help you review 2020 returns.  In this webinar, we will go step-by-step through the 2020 Form 2020 and Schedules 1, 2, and 3, as well as review changes to the tax code that you will want to understand before conducting your review.  These include changes to IRS Form 1099-MISC, a new kind of IRA/pension distribution that can be treated by the taxpayer as a zero-interest three-year loan, the new above-the-line charity contribution deduction, and a review of the recovery rebate credit.

This NEW webinar is separate from our standard training program, Track 1 and Track 2, below.  It will be offered several times in February and March (because the webinars fill quickly, and new webinar dates are added frequently, please see the registration page for availability) at the cost of $25 per participant.

To register, follow the Proceed to Registration link at the bottom of this page.

 

Online Training Solutions for Individuals

Robert Weinerman’s Group training webinars, formerly available only through colleges or financial aid associations, are now available to individuals.

Starting September 2020, all modules within Robert’s two training tracks – FM Verification and Conflicting Information and Business and Real Estate Tax Returns – will be available to any financial aid officer who wants to participate, at a reasonable cost. The two tracks have each been divided into a number of two-hour modules which can be viewed independently or as part of a series. All modules will be offered several times throughout the year.

The cost for individual training is as follows:

  • Per track (4 webinars):  $300
  • Per webinar:  $100

Are you with a college that wants to train more than two people?

You may benefit from setting up school-wide training. Please contact Robert Weinerman to discuss.

Webinar Descriptions

Track 1 – FM Verification and Conflicting Information Webinars

We are offering the four webinars in this track once each month this fall.  If you are registered for a month’s webinars but miss one, you will be able to view a recording of the webinar instead.  If you prefer, you can also view the missed webinar at a later time.  The dates of the webinars are listed below.

If you need to change the date of a webinar after you have competed registration, you may do so by contacting us at training@ironbridgeresources.com.

Webinar 1 – 2021-2022 Verification of Tax Filers

This webinar will review the following topics related to applicants and family members who filed income tax returns:

  • Documentation requirements for selected tax filers
  • Verification of tax filers using the IRS DRT, tax returns, and tax transcripts
  • Review of Forms 1040, 1040SR, and Schedules 1, 2, and 3
  • Changes to the tax code in 2019
  • Schedule 1 based Eligibility for the Automatic Zero EFC and Simplified Formula
  • Verification when a tax filer has a rollover
  • IRS Request Flag 7
  • Verification when a tax filer or the IRS has amended or changed the original return

Webinar 2 – Verifying Non-Tax Filers and Who Must File a Tax Return

This webinar will review the following topics related to applicants and family members who did not file a tax return:

  • Documentation requirements for selected non-tax filers
  • VNF waivers
  • Verification of tax extenders
  • Comprehensive review of the income issues that trigger an IRS tax filing requirement
  • Resolving C Code 20
  • Gross income, self-employment income, household employee income, and other income

Webinar 3 – Filing Status and FAFSA-IRS Marital Status Mismatches

This webinar will cover the five filing statuses, with a focus on the head of household filing status, and what to do when the people on the FAFSA differ from the people on the tax return:

  • Guidance – the financial aid administrator’s responsibilities re: filing status
  • ISIR codes related to marital status and filing status mismatches
  • Comprehensive guide to determining the correct filing status for a taxpayer
  • Head of Household – when can a married taxpayer file as a head of household?
  • Addressing incorrect head of household filings
  • Guidance – when the people on a tax return and the people on the FAFSA differ
  • Splitting a single AGI out of a joint tax return

Webinar 4 – Income Earned from Work, The Tax Table Method of Splitting the Income Tax for 2019, and Professional Judgment Related Tax Issues

This webinar will cover the proper reporting of income earned from work and miscellaneous tax issues that aid officers may encounter:

  • Conflicting information and income earned from work
  • Proper reporting of income earned from work on the FAFSA
  • Foreign earned income, Puerto Rico earned income, combat pay, and statutory employees
  • The Tax Table method of calculating income tax for 2019
  • Professional judgment and Roth IRA conversions
  • Professional judgment and adjustments to earned income and capital gains

Track 2 – Business and Real Estate Tax Returns Webinars

The four webinars in this track, which are described below, will be offered once this fall. These webinars will be recorded and will be made available to registrants who were unable to participate in them live or want to re-review them at a later date.

Webinar 1 – Introduction to Business Income, Expenses, and Schedule C

This webinar will cover why a business’s taxable income and its contribution to its owner’s Adjusted Gross Income may not represent the resources available to the owner. A Schedule C business will be reviewed to demonstrate this issue:

  • Introduction to business and rental property income and expenses
  • Taxable income vs. business profit vs. available income
  • Depreciation, amortization, and other expenses that distort business cash flow
  • Case review to convert taxable income into available income
  • Review of a simple Schedule C business

Webinar 2 – Partnerships

This webinar will introduce the pass-through business concept, using a partnership to demonstrate the relationship between a business owner’s compensation, and the business’s profit/loss and retained earnings. Two partnerships, including one that owns part of a second partnership, will be used to demonstrate this issue. Schedule K-1 (Form 1065) will be reviewed in detail:

  • Introduction to pass-through entities
  • Partnerships, payments to partners, and business profits/losses
  • Review of a partnership tax return (Form 1065 and related schedules)
  • Schedule K-1 (Form 1065) deep dive
  • How partnership income and deductions are transferred to the owner’s personal return
  • When a business owns a business – review of a partnership that owns a partnership and real estate

Webinar 3 – S and C Corporations

Picking up on where webinar 2 leaves off, this webinar will look at the S corporation and C corporation tax returns.

  • Introduction to S corporations and C corporations
  • Review of an S corporation tax return (Form 1120S and related schedules)
  • Schedule K-1 (Form 1120S)
  • How S corporation income and deductions are transferred to the owner’s personal return
  • Review of a C corporation tax return (Form 1120 and related schedules)

Webinar 4 – Real Estate Tax Returns and Business Valuations

After a look at how rental real estate and royalties are taxed, this webinar will focus on how an aid officer can estimate the value of a business.

  • Rental and royalty income, expenses, and allowable losses
  • Case review of Schedule E, page 1
  • When is real estate an investment? When is real estate a business?
  • Real estate valuations
  • Partnership and corporate balance sheets
  • Estimating the value of a Schedule C business, partnership, S corporation, and C corporation

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Robert does a terrific job presenting complex tax information in a systematic way. His training materials are comprehensive and serve as excellent reference documents. He researches questions needing further IRS clarification and delivers the information promptly. I highly recommend him and Iron Bridge Resources for tax workshops.

Maureen FagenNHASFAA Training Chair

Robert, thank you for your fabulously informative Tax Workshop. Your detailed explanations were greatly appreciated. The content was clearly presented and, while incredibly thorough and in-depth, I didn’t feel overwhelmed. I gained new knowledge and have references and resources to turn to as I begin the verification season.

Colleen Mulrooney BarkerAssistant Director of Financial Aid at Fairfield University