2011-2012 Federal Tax Update - Learning Objectives

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

• Chapter 1
• Advise clients regarding expiring and new provisions, as well as changes to the 2011 Form 1040.
• Explain how community property rules impact registered domestic partners returns.
• Properly apply the changes resulting from the new health bill.
• Determine the applicability of the additional Medicare tax for high income taxpayers beginning in 2013 and the 1099 B basis reporting requirements beginning in 2011.
• Explain the expansion of foreign bank account and asset reporting rules.
• Compute AMT using the 2011 patch.
• Chapter 2
• Explain and correctly apply the provisions related to traditional IRAs and ROTH IRAs.
• Calculate allowable contribution and distribution amounts as well as withdrawal penalties.
• Chapter 3
• Properly address client inquiries related to the tax consequences of personal residence purchases, sales, and conversions to rental use.
• Explain the tax repercussions of foreclosures and COD income.
• Apply the passive loss and exchange rules and understand the recent changes to those rules.
• Chapter 4
• Summarize the recent tax law changes affecting estates.
• State how recent tax law changes impact gift taxes.
• Determine how estate planning techniques can be used to the taxpayer’s benefit.
  
• Chapter 5
• Specify how the Patient Protection and Affordable Care Act (PPACA) and the Health Care and Reconciliation Act of 2010 (P.L. 111-152), and other recent tax law changes impact health care provisions for both the employer and the employee.
• Analyze how recent provisions in the tax law affect general business items, including trade or business activities.
• Determine how to apply the new depreciation rules.
• Chapter 6
• Summarize the contribution limits and deferral limits for the various types of retirement plans.
• Determine the requirements for a qualified Roth contribution plan, a SIMPLE IRA, a SEP IRA, and a one-person 401(k) plan.
• Express the rules for loans to plan participants, hardship distributions, and other pension developments.
• Chapter 7
• Specify the provisions under the Hiring Incentives to Restore Employment (HIRE) Act, including payroll tax forgiveness and the business credit for retaining newly hired workers.
• Summarize the rules governing tax on self-employment income, classification of employee versus independent contractor, wage withholdings, and other miscellaneous payroll provisions.
• Chapter 8
• Apply the new 2011 C corporation & S corporation provisions to various tax situations.
  
• Chapter 9
• Understand and apply the changes to the tax code as it relates to limited liability corporations (LLC) and partnerships.
• Chapter 10
• Apply the various provisions of the code relating to paid preparers’ penalties, practices and procedures, and IRS authority.