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Self-Study — Course Detail

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2011-2012 Federal Tax Update - Manual Only
Vern Hoven
Copyright© 2011

Course: FTU11

NASBA Category:     Taxes     CPE Credits 0
Level: Update  (564 pages)
Prerequisite: MANUAL ONLY - NO CPE
Advance Preparation: MANUAL ONLY - NO CPE

Course Description

In the 2011–2012 Federal Tax Update, Hoven (1) summarizes all new tax legislation, cases, and regulations; (2) examines their impact on individuals, businesses, investments, real estate, and retirement plans; and (3) discusses strategic tax planning opportunities for each. You’ll get the most current, accurate tax information available, plus Vern’s comprehensive Federal Tax Update manual (500+ pages), considered the best there is.

PROSPECTS ON CURRENT & FUTURE TAX LEGISLATION
  • Jobs bill and the related tax changes.
  • Estate tax changes.
  • Individual and business stimulus provision.
  • Revisions and extensions for energy.
 
CURRENT DEVELOPMENTS AFFECTING INDIVIDUALS
  • Major health care reform bill tax changes, which include health coverage for older children, no deduction for over-the-counter drugs, simple cafeteria plans, and W-2 reporting of employer-sponsored health coverage.
  • New foreign asset and bank accounting reporting.
  • Mortgage interest limits tested by IRS auditors, a nasty surprise for some.
  • New $5/10 million exclusion from estate tax; new portability benefit for the surviving spouse.
  • New! IRS changes rules for grouping of passive activities. This new election must be attached to returns.
 
CURRENT DEVELOPMENTS AFFECTING BUSINESSES
  • New! $500,000 §179 expensing election and 100% deduction for appreciation.
  • New health insurance credit for small businesses.
  • Medicare deductible for new self-employed health insurance deduction.
  • New capitalization versus repair regulations.
  • How to eliminate IRS’s new employee versus independent contractor audits.
  • When to use the new Roth IRA conversion rules.
 
CURRENT DEVELOPMENTS AFFECTING REAL ESTATE
  • In-depth discussion on cancellation of debt relief for acquisition debt on principal residences.
  • Using Form 982 to exclude real estate COD income.
  • Meeting the real estate professional eligibility requirements.
 
CURRENT DEVELOPMENTS AFFECTING CORPORATIONS
  • New! 100% exclusion for qualified small business stock sales.
  • Will Form 1099 reporting requirements on payments to corporations be repealed?
  • 0% rate on dividends for certain investors. (How low is low?)
  • Self-employed health insurance deduction for S corporation owners.
  • Nonprofit Form 990, with its radical changes, is revealed.
  • Single-person LLCs may not have limited liability on back payroll taxes beware!
  • Will LLC members owe SE tax? Can it be limited?
 
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.


Table of Contents

Learning Objectives
Upon successful completion of this course, participants will be able to:
  • MANUAL ONLY - NO CPE
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