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Nebraska Society of CPAs
635 South 14th Street
Suite 330
Lincoln, Nebraska 68508
Phone: (402) 476-8482 (800) 642-6178
Fax: (402) 476-8731
Email: society@nescpa.org
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1-Day Federal Tax Update - For the Year 2010-11 - Individual, Business & Corporate
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| Date |
November 12, 2010
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| Location | The Cornhusker, Lincoln, NE |
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| Course Time |
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8:00 a.m. to 4:00 p.m. |
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One tax seminar a year is a must... and if you can’t make Vern’s 2-day course, this is it! This condensed, 1-day program - taught by practicing CPAs Vern Hoven and/or Ron Roberson - combines real-life experiences with the most complete reference manual available. All new and breaking tax developments affecting individuals, estates, businesses, partnerships and corporations are covered in detail.
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| Course Highlights & Objectives |
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Recent and still potential tax changes: Jobs stimulus bill and the related tax changes; estate tax changes made permanent, tax rate increases on the way; individual and business stimulus provisions, AMT relief; revisions and extensions for energy related credits. Individual changes: Another round of the Making Work Pay credit and $250 payment to Social Security recipients creates major tax season problem; exclusion of unemployment benefits...maybe; new foreign bank account reporting; property taxes always deductible - add to standard deduction; education credit greatly increases, especially for 3rd & 4th year college students; relief provision for Madoff /Ponzi-scheme losses; tax incentives for residential improvements; personal exemption and itemized deductions increase for wealthy in 2010; mortgage interest limits tested by IRS auditors - a nasty surprise. Real estate changes: New: homebuyer credit instructions and form; 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; 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. Estate/Gift taxation: $3.5 million exclusion from estate tax?; gift tax exclusion increases?; use of family limited partnerships save estate tax; deductibility of trust funds limited. Business changes: New! Net Operating Loss carry-back (5 year) rules, extension of COBRA credits; $134,000 §179 expensing election; new, and hopefully reasonable, rules coming for business cell phone documentation; transportation fringe benefits; depreciable lives for farm equipment; simple-but-effective office-in-home rules. Federal payroll changes: New! Employment audits create havoc; Form 8919 cuts FICA in half for qualified workers - a huge tax savings; how to eliminate IRS’s new employee-vs.-independent contractor audits; amazing pro-employer win - use §530 relief to eliminate payroll taxes. Business retirement plans: Inflation adjustments for 401(k) plans; 14 relief provisions from 10% early withdrawal penalties. Corporate changes: New! 0% rate on dividends for certain investors in 2010 (how low is low?); self-employed health insurance deduction for S-Corp owners; higher exclusion for small business stock; new huge penalty for filing S-Corp return late; non-profit Form 990 with radical changes is revealed; proven strategies to win C and S-Corp reasonable compensation cases. Partnership changes: New! Form 1065 analyzed; huge increase in late filing penalty...and how to get them waived; 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? IRS audit issues: Survival kit: Learn how to avoid the $1,000 preparer penalty; New! All tax preparers must register with the IRS and meet CE standards; 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;10 most litigated tax issues released by the IRS. Weekly update: Closing with a general tax update discussion.
To enable all tax practitioners to identify and solve client tax problems before tax season starts. New tax planning ideas are emphasized. |
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| Who Should Attend |
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| All tax practitioners, both public and industry, who need the latest and necessary tax changes for their individual, partnership, corporate and estate clients. |
| Course Level | Update |
| Prerequisites | None |
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| Discussion Leader | Vern Hoven & Ron Roberson, Vern Hoven Tax Seminars |
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| Additional Information: |
Lunch is provided. Parking will be validated if you park in a City of Lincoln garage. |
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| Fee |
$245 - Society Member
$275 - Society Nonmember |
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