2012-13 Business Tax Update—Session 2

NASBA Field of Study:	Taxes    4 CPE Credits
CFP Board Accepted:	Yes
Prerequisites:	General experience in tax preparation.
Advance Preparation:	Review "Technical Requirements/Support."
Level:	Update
IRS Program Nbr:	0MYXB-U-00164-12-O

Course Description

One tax seminar a year is a must... and this is the best! Our 2-day program—taught by practicing CPAs, EAs, and Tax Attorneys in a high-tech and often humorous manner—covers fast-breaking new tax developments affecting individuals, estates, businesses, partnerships, and corporations and provides attendees with the most complete reference manual available. Our instructors’ high energy and real-life experiences bring complicated tax topics to life and offer cutting-edge tax planning opportunities.

Who Should Attend: All tax practitioners, both public and industry, who need the latest—and most relevant—tax changes for their individual, partnership, corporate, and estate clients. 

Objective: To enable all tax practitioners to identify and solve client tax problems before tax season starts. New tax planning ideas are emphasized.

COURSE HIGHLIGHTS
All new legislative changes impacting 2012 and 2013 returns.

• Recent and still potential tax changes: Dangerous foreign asset and bank account reporting; corporate tax rate reductions; estate tax changes; expiration of lower tax rates; expiration of a 100 tax provisions; AMT relief.

• Business changes: New! $139,000 §179 expensing election and 50% bonus depreciation deduction;  Form 1099-K reporting causes problems;  Form 1099 filing compliance gets IRS attention; health insurance credit for small businesses often unclaimed; new capitalization versus repair regulations.
• Federal payroll changes: Voluntary Reclassification program gives relief to havoc recreated by employment audit; how to eliminate IRS’s employee-vs-independent contractor audits; amazing pro-employer win—use §530 relief to eliminate payroll taxes.
• Business retirement plans: When to use the Roth IRA conversion rules; inflation adjustments for 401(k) plans.
• Corporate changes: New! Exclusion for qualified small business stock sales changes again; 0% rate on dividends for certain investors (how low is low?); self-employed health insurance deduction for S corporation owners; S corporation basis case scares a lot of preparers; strategies to win C and S corporation reasonable compensation cases after Watson loses appeal.
• Partnership changes: New! Form 1065 analyzed; properly making §754 election to avoid huge malpractice lawsuit; single-person LLCs may not have limited liability on back payroll taxes—beware; LLCs can easily make S election; do LLC members owe SE tax? Maybe! Can it be limited? Learn how!
• IRS audit issues: New! All tax preparers must register with the IRS, but CPAs/EAS preparers exempt from testing and CE standards; beware of the IRS’s “Knock and Talk” visit to the preparer’s office during tax season; economic substance doctrine kills tax shelters; use of client’s tax return information must be tightly restricted; IRS subordinates tax liens at refinance or sale;

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.

Learning Objectives

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

• Explain federal legislative tax changes affecting 2012 returns.