Federal Tax Update: Part 3 (Completed)

Date: Wednesday, January 9, 2013
Instructor: Vern H., William Roos
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  4 hours for CPAs
4 hours Federal Tax Law Updates for EAs and OTRPs
4 hours Federal Tax Updates for CTEC

One tax seminar a year is a must, and this is it! You'll get the update on every new legislative change via a video presentation, synchronized PowerPoint slides and live interaction with audience polling questions and Q&A periods.

Includes comprehensive 100+ page manual plus access to the recording of the webcast for 3 months following the live presentation.

Part 3 covers business tax changes and business retirement plans.

Who Should Attend
All tax practitioners, both public and industry, who must be on top of the latest tax changes for their clients.

Topics Covered

  • How the hobby loss rules apply to both a contractor and an attorney's horse racing activity.
  • The new 128-page repair vs. improvement regulations that contain 214 examples and include a de minimis repair amount (maybe).
  • The $139,000 §179 expensing allowance and the 50% bonus depreciation.
  • The 2012 Federal mileage, lodging and meal per diem rates.
  • The "away-from-home-overnight" requirement for travel expense deductions.
  • The recordkeeping rules for travel, entertainment, and something brand new on deducting "local lodging."
  • The major impact ObamaCare will have on our business clients after the Supreme Court's decision, including when the penalty will be imposed on businesses for not providing health coverage to their employees, W-2 reporting of health coverage, and the state health insurance exchange coming to your neighborhood soon.
  • The health reimbursement arrangements, and what recently changed.
  • Deducting spousal health insurance on Schedule C or F.
  • The new Simple Cafeteria Plan.
  • The substantiation rules to deduct autos and laptops.
  • The new cell phone rules.
  • Which taxpayers successfully — or unsuccessfully —deducted photography lessons, flying lessons, and even food.
  • The office-in-home limitation rules.
  • The new NOL carryback provisions.
  • The 9% domestic production activity deduction.
  • Tax provisions affecting farmers and ranchers.
  • What's happened under accounting methods and periods.
  • The new business credits when hiring veterans.
  • The 2012 COLAs for retirement plan contributions.
  • The rules to roll-over traditional IRA into Roth IRAs.
  • And closing with a discussion on pension plan reports.

Learning Objectives

  • Recognize key tax changes effective in 2012, affecting individual and employee taxation.
  • Identify numerous tax issues and provisions impacting your clients' or employer's tax returns.
  • Apply various tax rates and computations to scenarios just like those you see in your office, to better prepare you for the upcoming tax season.


Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
A basic understanding of tax preparation.

Advance Preparation

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