Federal & California Tax Update: Day 1, Session 2

NASBA Field of Study:	Taxation    4 CPE Credits
CFP Board Accepted:	Yes
Breaks:	Every 50 minutes for the first 3 hours
Price:	$379.00  * (price covers all 4 sessions; total of 16 CPE credits)
Prerequisites:	Experience preparing California and federal tax returns.
Advance Preparation:	Review "Technical Requirements/Support."
Level:	Update

Course Description

• 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

Real Estate Changes:

• 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

Passive Loss Update:

• 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

Individual Retirement Plans: 

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

IRS Audit Issues:

• 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

Estate/Gift Taxation:

• $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
   

The Federal & California Tax Update - Day 1 Session 2 is a CTEC-approved course (#2071-CE-0005) which provides 3 hours of federal credit and 1 hour of state credit towards the annual "continuing education" requirement for tax preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Learning Objectives

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

•  To understand California and federal legislative tax changes affecting 2010 returns.

Schedule
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Date	Time	Instructor
Monday, 12/13/10	1:00 pm to 5:00 pm PT 4:00 pm to 8:00 pm ET	Sharon Kreider & Karen Brosi
Wednesday, 12/15/10	8:00 am to 12:00 pm PT 11:00 am to 3:00 pm ET	Sharon Kreider & Karen Brosi
Tuesday, 12/21/10	8:00 am to 12:00 pm PT 11:00 am to 3:00 pm ET	Sharon Kreider & Karen Brosi
Tuesday, 12/28/10	8:00 am to 12:00 pm PT 11:00 am to 3:00 pm ET	Sharon Kreider & Karen Brosi
Monday, 01/03/11	1:00 pm to 5:00 pm PT 4:00 pm to 8:00 pm ET	Sharon Kreider & Karen Brosi
Wednesday, 01/05/11	8:00 am to 12:00 pm PT 11:00 am to 3:00 pm ET	Sharon Kreider & Karen Brosi
Tuesday, 01/11/11	8:00 am to 12:00 pm PT 11:00 am to 3:00 pm ET	Sharon Kreider & Karen Brosi
Tuesday, 01/18/11	8:00 am to 12:00 pm PT 11:00 am to 3:00 pm ET	Sharon Kreider & Karen Brosi
Tuesday, 01/25/11	8:00 am to 12:00 pm PT 11:00 am to 3:00 pm ET	Sharon Kreider & Karen Brosi

For registration information, please contact our office at (800) 822-4194.

For Webcast group registrations, click here.