2014-2015 Schedule C/F & General Business Federal Tax Update (Currently Unavailable)

Author: Vern H.

In this course, Vern discusses the current Tax Codes, cases and rules affecting business taxation.

Publication Date: November 2014

Designed For
All tax practitioners, both public and industry, who need the latest - and necessary - tax changes for their clients.

Topics Covered

• Talking about how the hobby loss rules apply to a horse breeder.
• Discussing how a homebuilder deferred income for years.
• Solving the conflict between the SE health insurance and the premium tax credit.
• Understanding how the ACA and HRAs collide - are HRAs gone?
• Studying, in-depth, the major impact ObamaCare will have on our business clients after the one-year implementation delay, including when the penalty will be imposed on businesses for not providing health coverage to their employees, W-2 reporting of health coverage, the state health insurance exchange coming to your neighborhood soon, and ideas to reduce the Employer Mandate penalty.
• Discovering the new carryover rules for health FSAs.
• Warning our clients that improperly reimbursing an employee for health premiums may result in $100 per day per employee penalty.
• Learning how to use the new employer mandate reporting Form 1095.
• Reviewing how to properly deduct the client's legal fees.
• Planning on deducting internet charges even when part of a package.
• Researching when to use, and avoid, the new home office safe harbor alternative.
• Examining the final repair vs. improvement regulations including the new $500 or $5,000 de minimis repair amount and the new $200 material and supply safe harbor deduction.
• Rejoicing that up to $10,000 of building improvements may be expensed.
• Marveling at the ability to repair a building and writing off a portion of the original cost.
• Understanding that all businesses must complete Form 3115, Change in Method of Accounting this year.
• Learning about the §179 expensing allowance and bonus depreciation
• Studying the 2014 Federal mileage, lodging and meal per diem rates.
• And closing with a discussion of the new business credits when small businesses purchase health insurance for their employees and the credits available when hiring veterans.

Learning Objectives

• Recognize key tax changes affecting business 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.

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (9 hours)

Program Prerequisites
All tax practitioners, both public and industry, who need the latest - and necessary - tax changes for their clients

Advance Preparation
None