Federal & California Tax Update Seminar and Webcast Content

If you do California tax returns, this tax update is a must . . . and it's the best! Our 2-day program is taught exclusively by practicing tax professionals Sharon Kreider and Karen Brosi in a high-tech and often humorous manner. It covers fast-breaking new federal and California tax developments affecting individuals, estates, businesses, partnerships, and corporations. Participants receive the most complete federal and California reference manual available. Sharon Kreider and Karen Brosi's high energy and real-life experiences bring complicated tax topics to life.

Course Highlights
Recent and Still Potential Tax Changes:

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

DAY ONE

Individual Changes:

• Another round of the Making Work Pay credit and $250 payment to Social Security recipients creates a tax season problem
• Foreign bank account reporting continues
• Property taxes always deductible–add to standard deduction
• Education credit valuable, especially for third- and fourth-year college students
• Tax incentives for residential improvements
• Personal exemption and itemized deductions increase for wealthy only for 2010
• Mortgage interest limits tested by IRS auditors–a nasty surprise
• Discussion of looming tax increases, including the new Medicare 3.8% tax

• New! Homebuyer credit continues for contracts up to April 30
• 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 and for business property foreclosures
• Use Form 982 to exclude real estate COD income

• 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

• Dramatic expansion of Roth IRAs and pension provisions
• Tax-free IRA distributions for charitable purposes

• New! All tax preparers must register with the IRS and meet CE standards
• Learn how to avoid the $1,000 preparer penalty
• 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
• Ten most litigated tax issues released by the IRS

• $3.5 million exclusion from estate tax?
• Use of family limited partnerships save estate tax
• Deductibility of trust funds limited, how the 3.8% Medicare tax will drastically impact trusts

DAY TWO

Business Changes:

• New! Payroll tax holiday for some new hires, health insurance credit for some small employers, NOL 2-year carryback resumes after generous 5-year rule, and extension of COBRA credits
• $250,000 §179 expensing election
• New, and hopefully reasonable, rules coming for business cell phone documentation
• Transportation fringe benefits
• Depreciable lives for leasehold, retail, restaurant, and farm equipment
• Simple but effective office-in-home rules

• 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

• Inflation adjustments for 401(k) plans
• Fourteen relief provisions from 10% early withdrawal penalties

• 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
• Huge penalty for filing S corporation return late
• Do S corporation owners owe SE tax on K-1 income, plus proven strategies to win C and S corporation reasonable compensation cases

• 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 easily can make S election
• Do LLC members owe SE tax? Maybe! Can it be limited?

• An integrated federal/California conformity discussion throughout the 2 days, plus a special section on what you need to know about California tax changes to prepare for tax season

• A general tax update discussion of new business cases and rulings is included throughout

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