Federal & California Tax Update Topics
Individual, Business, Real Estate, Corporate
& California Conformity

Integrated course content will cover all federal and California tax legislation, court cases and rulings, and developments in 2011 or those that affect 2011 returns. Current issues include:

• Individual rates stabilized for 2011 and 2012
• Health bill brings major tax changes in the next 8 years
• Medical benefits for children under 27 permitted
• 1099-B Basis reporting requirements start in 2011
• AMT patched through 2011
• Temporary extension of tax relief
• Filing status update, including RDPs
• Personal exemption phaseout is phased out!

IRAs & Individual Retirement Issues

• Ten reasons to convert to a Roth IRA (and a few not to convert)
• Rollover issues
• Early withdrawal penalties

Real Estate Issues

• The $250K/$500K MFJ rule revisited
• The news on foreclosures
• Recourse debt vs. nonrecourse debt
• Personal residence and cancellation of debt
• An update on exchanges

Estate & Gift Issues

• Estate and gift tax rules completely revised
• Wealth transfer and success planning alternatives
• The built-in capital gains tax liability discount confirmed
• Low asset values and low AFR interest rates–an opportunity
• How to win in wealth planning with FLPs, FLLCs, and S corporations

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.

NASBA Field of Study: Taxation
Prerequisites: Experience preparing California and federal tax returns
Level: Update
CPE Credits: 16 (12 federal & 4 California)
CTEC Course Numbers: 2071-CE-0002 (Day 1) and 2071-CE-0003 (Day 2). Participants must take both days two to receive CTEC credits; partial credits do not apply. Participants cannot attend a live seminar on one day and attend a Webcast on another.