Federal Tax Update Seminar and Webcast Content

Following are just some of the many topics that will be covered at this year's Federal Tax Update.

Recent and Potential Tax Changes

• Health Care Reform Bill
• HIRE Act
• Extender Bill
• Jobs stimulus bill and the related tax changes
• Estate tax changes made permanent, tax rate increases on the way
• Individual and business stimulus provisions, AMT relief
• Revisions and extensions for energy-related credits

DAY ONE

Individual Tax Update

• Another round of the Making Work Pay tax credit and $250 payment to Social Security recipients creates major tax season problem
• Exclusion of unemployment benefits . . . maybe
• New foreign bank account reporting
• Property taxes always deductible–add to standard deduction
• Education credit greatly increases, especially for third- and fourth-year college students
• Relief provision for Madoff/Ponzi scheme losses
• Tax incentives for residential improvements
• Personal exemption and itemized deductions increase for wealthy in 2010
• Mortgage interest limits tested by IRS auditors
  
  Real Estate Changes
  • New! Homebuyer credit instructions and form
  • Last year to maximize use of the 0% capital gain rate
  • In-depth discussion on cancellation of debt relief for acquisition debt on principal residences
  • Use Form 982 to exclude real estate COD income
  
  
  Passive Loss Update
  • New! IRS changes rules for grouping of passive activities–this new election must be attached to returns
  • How to meet the real estate professional eligibility requirements
  • Tax Court rules real estate salespersons are involved in real estate brokerage
  • Failure to make "single activity" election is ruinous to entrepreneurs
  
  
  Individual Retirement Plans
  • Dramatic expansion of Roth IRAs and pension provisions
  • Tax-free IRA distributions for charitable purposes
  
  
  Estate/Gift Taxation
  • $3.5 million exclusion from estate tax?
  • Gift tax exclusion increases?
  • Use of family limited partnerships saves estate tax
  • Deductibility of trust funds limited

DAY TWO

Business Tax Update

• New! Net Operating Loss carryback (5 year) rules, extension of COBRA credits
• $134,000 §179 expensing election
• New, and hopefully reasonable, rules coming for business cell phone documentation
• Transportation fringe benefits
• Depreciable lives for farm equipment
• Simple but effective office-in-home rules
  
  Federal Payroll Changes
  • New! Employment audits create havoc
  • Form 8919 cuts FICA in half for qualified workers–a huge tax savings
  • How to eliminate IRS's new employee vs. independent contractor audits
  • Amazing pro-employer win–use §530 relief to eliminate payroll taxes
  
  
  Business Retirement Plans
  • Inflation adjustments for 401(k) plans
  • 14 relief provisions from 10% early withdrawal penalties
  
  
  Corporate Changes
  • New! 0% rate on dividends for certain investors in 2010 (how low is low?)
  • Self-employed health insurance deduction for S corporation owners
  • Higher exclusion for small business stock
  • New huge penalty for filing S corporation return late
  • Nonprofit Form 990 with radical changes is revealed
  • Proven strategies to win C and S corporation reasonable compensation cases
  
  
  Partnership Changes
  • New! Form 1065 analyzed
  • Huge increase in late filing penalty and how to get it waived
  • Single-person LLCs may not have limited liability on back payroll taxes–beware
  • LLCs can easily make S election
  • Do LLC members owe SE tax? Maybe! Can it be limited?
  
  
  IRS Audit Issues
  • Survival kit: learn how to avoid the $1,000 preparer penalty
  • New! All tax preparers must register with the IRS and meet CE standards
  • Use of client's tax return information must be tightly restricted
  • IRS subordinates tax liens at refinance or sale
  • Audit rates increase again, but not for all taxpayers
  • 10 most litigated tax issues released by the IRS

Special Feature: Course materials contain numerous practical examples, flowcharts, editorial planning tips, and other helpful information to aid the participant's understanding of new developments.