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Course Descriptions
2-DAY FEDERAL TAX UPDATE FOR THE YEAR 2008-2009:
INDIVIDUAL, BUSINESS AND CORPORATE
One tax seminar a year is a must... and this is it! This 2-day program -- taught by practicing CPAs Vern Hoven and/or Ron Roberson, in a high-tech and often humorous manner -- combines real-life experiences with essential down-to-earth tax materials, responding to fast-breaking new tax developments that affect individuals, estates, businesses, partnerships and corporations
Who should attend: All tax practitioners, both public and industry, who need the latest - and necessary - tax changes for their individual, partnership, corporate and estate clients.
Objective: To enable all tax practitioners to identify and solve their clients' tax problems before tax season starts. New tax planning ideas are emphasized.
COURSE HIGHLIGHTS
Every new legislative change, effective starting in 2008 and 2009.
- Potential tax changes: AMT relief for individuals and corporations; tax relief for mortgage relief and cancellation of debt; tax relief for businesses; social security changes; IRA and pension changes.
DAY 1
- Individual changes: New: most cash donations are no longer deductible, neither are most donations of clothing and household goods; Medicare B premium surcharge increases in 2008 and again in 2009; planning ideas to avoid AMT; $2,133 minimum personal exemption for wealthy in 2008; itemized deduction phaseout reduced to 1%; Social Security benefits offset by disability insurance (including worker’s comp) includible in income; credit when purchasing hybrid cars; planning for estate and gift tax repeal; using family limited partnerships effectively; in-depth discussion of Health Savings Accounts and Health Reimbursement Plans.
- Real estate changes: New 0% capital gain rate starting in 2008; cancellation of debt relief for acquisition debt on principal residences; amazing pro-taxpayer "unforeseen" circumstances relief on sale of principal residence; meeting passive loss real estate professional eligibility requirements; discussion on basic like-kind exchange.
- Retirement plans: Tax-free distributions from IRAs for charitable purposes; rollover allowed to non-spouse beneficiaries; major expansion of Roth-IRA and pension provisions; problems and benefits when investing pension funds in real estate; understanding single-person 401(k) plans; waiver of 60-day rollover regulations ... and increased IRS filing costs; how to prepare relief for 10% early withdrawal penalties; are self-directed IRAs permitted?
- Weekly update: Closing with a general tax update discussion.
DAY 2
- Business changes: Major discussion on how to properly compute 6% "phantom" deduction for manufacturers, contractors, farmers, etc.; major repair-vs-improvement regulations; new $250,000 §179 expensing election; new hobby loss cases; how to establish value for cost segregation depreciation; update on day-trader rules.
- Corporate changes: 0% dividend rate for low-income (how low is low?); new Form 990 for 2008; numerous C and S corporation reasonable compensation cases; IRS auditing certain exempt organizations; late S election made easy.
- Federal payroll changes: How to eliminate IRS’s new employee-vs-independent contractor audits; avoid IRS problems when deducting salaries paid to children; personal property rentals not subject to FICA... but IRS disagrees; understanding the 100% trust fund penalty.
- Partnership changes: Single-person LLC may not have limited liability for back payroll taxes; self-employment tax for LLC members; partner’s unreimbursed expenses not deductible.
- IRS audit issues: New $1,000 preparer penalty; changes in the "more-like–than-not" standards for tax preparers; audit rates go up again; how to respond to IRS’s aggressive new audit procedures against both taxpayers and tax preparers; major limitation on offers-in-compromise.
- Weekly update: Closing with a general tax update discussion.
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.
Course Level: Update
Format: Lecture and Group Discussion
Prerequisite: A basic understanding of tax preparation
Recommended CPE Credit: 16 Hours (2 Days)
1-DAY FEDERAL TAX UPDATE FOR THE YEAR 2008-2009:
INDIVIDUAL, BUSINESS AND CORPORATE
One tax seminar a year is a must... and if you can’t make Vern’s 2-day course, this is it! This condensed, 1-day program -- taught by practicing CPAs Vern Hoven and/or Ron Roberson, in a high-tech and often humorous manner -- combines real-life experiences with essential down-to-earth tax materials, responding to fast-breaking new tax developments that affect individuals, estates, businesses, partnerships and corporations.
Who Should Attend: All tax practitioners, both public and industry, who need the latest - and necessary - tax changes for their individual, partnership, corporate and estate clients.
Objective: To enable all tax practitioners to identify and solve their clients' tax problems before tax season starts. New tax planning ideas are emphasized.
COURSE HIGHLIGHTS:Every new legislative change, effective starting in 2008 and 2009.
-
Potential tax changes: AMT relief for individuals and corporations; tax relief for mortgage relief and cancellation of debt; tax relief for businesses; social security changes; IRA and pension changes.
-
Individual changes: New: most cash donations are no longer deductible, neither are most donations of clothing and household goods; Medicare B premium surcharge increases in 2008 and again in 2009; planning ideas to avoid AMT; $2,133 minimum personal exemption for wealthy in 2008; itemized deduction phaseout reduced to 1%; Social Security benefits offset by disability insurance (including worker’s comp) includible in income; credit when purchasing hybrid cars; planning for estate and gift tax repeal; using family limited partnerships effectively; in-depth discussion of Health Savings Accounts and Health Reimbursement Plans.
- Real estate changes: New 0% capital gain rate starting in 2008; cancellation of debt relief for acquisition debt on principal residences; amazing pro-taxpayer "unforeseen" circumstances relief on sale of principal residence; meeting passive loss real estate professional eligibility requirements; discussion on basic like-kind exchange.
- Retirement plans: Tax-free distributions from IRAs for charitable purposes; rollover allowed to non-spouse beneficiaries; major expansion of Roth-IRA and pension provisions; problems and benefits when investing pension funds in real estate; understanding single-person 401(k) plans; waiver of 60-day rollover regulations ... and increased IRS filing costs; how to prepare relief for 10% early withdrawal penalties; are self-directed IRAs permitted?
- Business changes: Major discussion on how to properly compute 6% "phantom" deduction for manufacturers, contractors, farmers, etc.; major repair-vs-improvement regulations; new $250,000 §179 expensing election; new hobby loss cases; how to establish value for cost segregation depreciation; update on day-trader rules.
- Corporate changes: 0% dividend rate for low-income (how low is low?); new Form 990 for 2008; numerous C and S corporation reasonable compensation cases; IRS auditing certain exempt organizations; late S election made easy.
- Federal payroll changes: How to eliminate IRS’s new employee-vs-independent contractor audits; avoid IRS problems when deducting salaries paid to children; personal property rentals not subject to FICA... but IRS disagrees; understanding the 100% trust fund penalty.
- Partnership changes: Single-person LLC may not have limited liability for back payroll taxes; self-employment tax for LLC members; partner’s unreimbursed expenses not deductible.
- IRS audit issues: New $1,000 preparer penalty; changes in the "more-like–than-not" standards for tax preparers; audit rates go up again; how to respond to IRS’s aggressive new audit procedures against both taxpayers and tax preparers; major limitation on offers-in-compromise.
- Weekly update: Closing with a general tax update discussion.
Special Feature: Course materials contain numerous practical examples, flowcharts, editorial planning tips and other helpful information to aid the participant's understanding of the new developments. Course Level: Update
Format: Lecture and Group Discussion
Prerequisite: A basic understanding of tax preparation
Recommended CPE Credit: 8 Hours (1 Day)
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