2-DAY FEDERAL TAX UPDATE

One tax seminar a year is a must… and this is the best! Our 2-day program – taught by practicing CPA Vern Hoven, in a high-tech and often humorous manner – covers fast-breaking new tax developments affecting individuals, estates, businesses, partnerships and corporations, and provides attendees with the most complete reference manual available. Vern’s high energy and real-life experiences bring complicated tax topics to life and offer cutting-edge tax planning opportunities.

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.

 

 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 Level:   Update
 Format:   Group Live
 Prerequisite:   A basic understanding of tax preparation
 Recommended CPE Credit     16 Hours (2 Days)

 

DAY 1: Federal Individual Tax Update (8 Hours)

Course Description

With individual returns as its focus, this comprehensive tax course covers topics guaranteed to prepare financial professionals for tax season. This powerful presentation, provided by two renowned tax experts, Vern Hoven and Sharon Kreider, will enable participants to quickly grasp recent tax changes. You’ll receive the most complete and up-to-date digital PDF reference manual that is hyperlinked to the Internal Revenue Code, making it extremely convenient. Join us in this 4-hour session as our world-class tax instructors share cutting-edge tax planning strategies in a high energy, often humorous, presentation style while using real-life experiences to make complicated tax topics easily understandable. With individual returns as its focus, this session highlights the following topics:

  • Individual changes: New tax provisions included in the FAST Act again allow tax collection by private contractors (Dog the Bounty Hunter is back)!
  • The new Bipartisan Budget Act repeals the “file and suspend” option when claiming Social Security benefits.
  • The new PATH Act extends into 2016, or makes permanent, 55 different tax provisions.
  • The new Trade Package requires additional reporting in 2016 before claiming the education credit or the child tax credit.
  • Divorced couples are facing IRS pushbacks when deducting alimony or claiming dependency deductions.
  • We will clarify and explain the latest developments on ACA’s individual mandate and premium assistance credits (with revised reconciliation Form 8962).
  • The IRS has continued its attacks on unreported foreign assets and new withholding requirements continue to evolve. We will discuss the latest strategies to protect your clients.
  • And, of course, we highlight the IRS audit issues on individual returns.

Learning Objectives:

Upon successful completion of this course, participants will be able to:

  • Understand federal changes and new rulings in individual tax issues.
  • Accurately file returns for individual taxpayers.
  • Understand how new tax provisions have affected the FAST Act and PATH Act.
  • Advise clients on the new Bipartisan Budget Act “file and suspend” Social Security options.
  • Cite the latest reporting and withholding FBAR and FATCA strategies to your clients.

 

DAY 2: Federal Business Tax Update (8 Hours)

Course Description

With business returns as its focus, this comprehensive tax course covers topics guaranteed to prepare financial professionals for tax season. This powerful presentation, provided by two renowned tax experts, Vern Hoven and Sharon Kreider, will enable participants to quickly grasp recent tax changes. You’ll receive the most complete and up-to-date digital PDF reference manual that is hyperlinked to the Internal Revenue Code, making it extremely convenient. Join us in this 4-hour session as our world-class tax instructors share cutting-edge tax planning strategies in a high energy, often humorous, presentation style while using real-life experiences to make complicated tax topics easily understandable. With business returns as its focus, this session highlights the following topics:

  • Business changes: Changes required by the Affordable Care Act have eliminated HRAs for many businesses. We will explain how to avoid the $100 per day per employee penalty when improperly reimbursing health insurance premiums.
  • Final regulations have further clarified the implementation of the employer mandate and how to properly complete Forms 1095.
  • In 2016, the “large employer” decreased to 50 employees or more, not 100. Find out everything new so you can assist your clients who are required to comply with this highly complex and far reaching law.
  • Your clients will ask: Am I going to have to pay the penalty? How much will the penalty be? Can I change how I operate my business to avoid the penalties? I should just plan on paying the penalty, right? We will help you answer these questions and share strategies to implement the employer mandate if required, avoid it if possible, and to minimize the penalties when applicable.
  • Without proper planning, home equity line mortgage interest may not be deductible on a business return.
  • §179 expensing election and §168(k) 50% bonus depreciation have been extended and increased for certain real estate and agriculture!
  • We analyze the new $2,500 per invoice de minimis expense deduction election.
  • We also explain how to write off a portion of the original cost when repairing a building.
  • Business retirement plans: 2016 COLAs for retirement plan contributions revealed.
  • Extended due date for Forms 5500 changed back to original filing date.
  • Be very careful about “Checkbook IRA-LLCs.”
  • Retirement plan update for same-sex married couples.

Learning Objectives:

Upon successful completion of this course, participants will be able to:

  • Understand federal changes and new rulings in business tax issues.
  • Accurately file business returns.
  • Recognize opportunities to use business credits.
  • Convey details of the Affordable Care Act (ACA).
  • Implement new Form 1095 reporting for employer health plans.
  • Summarize the different types of business retirement plans assessing contribution limits, elective deferral limitations and prohibited transactions.

 

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