The Seminar

Upon completion of this course, tax practitioners will be able to:

1. Identify the effective and sunset dates established by new tax legislation.

2. Verify selected new rulings and cases that were issued from September 2010 through August 2011 by the IRS and the courts..

3. Apply tax rules to assist the Individual Taxpayer in the following areas:

• Sale of a vacation home following rental property treatment
• Stock options and AMT
• Foster care
• Adoption and surrogate mother
• Reverse mortgages
• Sabbaticals

4. Analyze Business Issues and recommend the appropriate tax treatment for the tax payers in the following areas:
     

• Business use of home: planning—tax effect of claiming the business use of home deduction including the effect on listed property and the effect on sale of home
• Cell phones and land lines as fringe benefits;
• Internet and computers
• Passive loss
• Constructive receipt and expense deduction (checks at end of year)
• I.R.C. § 179 deduction income limit
• Energy credits/provisions

5. Advise tax payers on the implication of how to and when to terminate a multiple-member entity using an LLC as the example.

6. Evaluate and apply the following practitioner issues:

• EITC due diligence
• Notices from more than one campus for the same taxpayer and the same tax year
• Substitute for returns
• Transferring collection cases to local offices
• Tax audits: explanation of the different types of audit
• How to communicate with IRS to fix problems
• How to perfect a general power of attorney

7. Measure the tax consequences of retirement distributions and the options for those distributions.

8. Assess the income tax consequences of financial distress. The tax practitioner assess the tax consequences of transfer of property, debt forgiveness, the new law on home mortgages and abandonment of property.

9. Examine the application of ethics in the tax practice.  An examination of  the AICPA’s Statements on Standards for Tax Services; the IRS’s Circular 230; and relevant penalty provisions in the Internal Revenue Code affecting both tax professionals and their clients.  Tax practitioner will be informed of  ways for the tax professionals to strengthen their ethical awareness.

10. Formulate investments tax strategies for tax clients based on the application of tax rules in the following areas:

• Basis of mutual funds and other investments
• Form 1041: expenses subject to the 2% of adjusted gross income floor
• Sales of royalties and working interests
• Stock options and credits
• Real Estate Issues: financial distress; I.R.C. § 1031 exchanges; and easements

11. Extrapolate income  tax rules that affect claiming deductions for the cost of owning and operating a vehicle. Topics include:

• Standard mileage rate and recapture
• Passenger automobile limits
• I.R.C. § 179 deduction
• Partial business use of automobiles
• Leasing an automobile
• Trade-in of vehicle
• Employee use of vehicle
• Reimbursement of employee for vehicle use
• Entity versus employee ownership of vehicles
• Safe harbor for farmers
• Recapture provisions
• Energy credits

12. Evaluate taxpayers loss deduction limits in the following areas:
     

• Hobby losses and vacation home limits
• Basis limitation
• At risk rules
• Passive activity losses
• Net operating losses
• C Corporations

13. Examine the taxation of military personal and the tax implications of events surrounding the call to active duty and problems of active duty to include taxation of:

• Military pay
• Combat zones (timing of bonuses)
• Financial distress issues
• Family issues
• Schedule A (Form 1040) deductions
• Basic return filing information
• Retirement issues
• Educational assistance

14. Translate the restaurant or hospitality income tax issues for a small business as well as some issues that are unique to their industry. Issues are illustrated with examples such as  depreciation; smallwares; tips; and other labor issues.

15. Review and find Tax Rates and Useful Tables.