Course Descriptions

• 2-Day Federal Tax Update 2010-11
• 1-Day Federal Tax Update 2010-11

2-DAY FEDERAL TAX UPDATE FOR THE YEAR 2010-2011:
INDIVIDUAL, BUSINESS AND CORPORATE

COURSE HIGHLIGHTS

• Recent and potential tax changes: 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 1

• Individual changes: Another round of the Making Work Pay 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 3^rd & 4^th 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 - a nasty surprise.
• 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 save estate tax; deductibility of trust funds limited. 
• Weekly update: Closing with a general tax update discussion.

DAY 2

• Business changes: New! Net Operating Loss carry-back (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; non-profit 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 them 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.
• 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 2010-2011:
INDIVIDUAL, BUSINESS AND CORPORATE

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:

All new legislative changes impacting 2010 and 2011 returns.

• Recent and potential tax changes: 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.
• Individual changes: Another round of the Making Work Pay 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 3^rd & 4^th 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 - a nasty surprise.
• 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 save estate tax; deductibility of trust funds limited. 
• Business changes: New! Net Operating Loss carry-back (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; non-profit 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 them 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.
• 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.

Contact Vern Hoven Tax Seminars today
to have Vern speak to your tax specialists.