Dallas CPA Society CPE Conference
|
|
- Curtis Flowers
- 5 years ago
- Views:
Transcription
1 Dallas CPA Society CPE Conference What We re Going to Cover Section 7216 Brief History Only criminal penalty applicable to preparers Prohibits misuse of taxpayer information Regs 1/1/09 required advance written permission for any use other than tax preparation New guidance in late December 2009 satisfied many of our concerns
2 IRS Clarifications Advance approval not required for: Newsletters even if: Written and distributed by unrelated third party Filtered by type of client Disclosure of statistical data of practice i.e. in practice development activity Disclosures for Quality, peer review or conflict reviews Professional liability insurance matters Acknowledged normal course of accounting services exception May make return information available to: Taxpayers regarding changes in tax law and regulations Third parties such as stockholders, management, suppliers or lenders Next steps Continue to work with Treasury To provide further guidance on the normal course language What We re Going to Cover
3 Disclosure of Uncertain Tax Positions Background US v. Arthur Young (1984) gave IRS access to tax accrual workpapers Historical IRS policy of restraint 1/26/2010 IRS Commissioner Shulman introduced Announcement Fin 48 calculation is stated impetus for IRS proposal Proposal status not yet effective Would require most business tax returns to annually disclose uncertain tax positions 7 Disclosure of Uncertain Tax Positions AICPA Actions AICPA requested 60 day extension to submit comments Comments now due to IRS by 6/1/2010 Task Force preparing response AICPA will comment on both policy and technical aspects of proposal Input solicited from: Tax Technical Resource Panels and Committees Various AICPA teams outside Tax, including BIG AICPA members via special e mailbox 8 Disclosure of Uncertain Tax Positions Concerns Being Considered May alter traditional notion of voluntary and cooperative tax reporting system May cause taxpayers to seek non traditional preparers Possible effects on financial statement reporting Difficult to apply to factual situations Intercompany pricing Executive compensation 9
4 Going forward Gathering member input at MemberinputonAnnouncement2010 IRS extension allows time for AICPA development of its technical and policy concerns Talking to U.S. Chamber of Commerce regarding its coalition building work 10 What We re Going to Cover Tax Preparer Registration Drivers Driven by significant errors with refundable tax credits, i.e., EITC and home buyers credit IRS commenced a review to: Enhance competency, and Elevate the ethical conduct of preparers AICPA engagement was extensive Panel participation Written testimony Face to face meetings 12
5 Tax Preparer Registration Overview January 4 th IRS released proposal Commissioner announced his intent to implement: 1. PTIN 2. All preparers subject to Circular CPE component 4. Testing Phased in implementation not applicable to 2010 filing season Non signing preparer issue 13 Pronouncement and process points Commissioner issued pronouncement within his authority IRS must next issue guidance on implementation: Details on how it s going to work Comment period Tax Division and senior volunteers (including Tax Executive Committee, task forces and staff) fully engaged 14 AICPA Positions Support PTIN requirement Support Circular 230 requirement for all preparers AICPA succeeded in exempting CPAs from education and testing requirements Concern about the exam Concern about creating taxpayer confusion 15
6 Comparing CPA and IRS registered tax preparer requirements CPA requirements College graduate 150 hours college education Uniform CPA exam 120 hours CPE over 3 year period IRS requirements High school graduate 18 years old IRS exam level unknown 15 hours annual tax education 16 What others have said ABA Taxation Section supports. minimum qualifications for return preparers includ(ing) examination to test technical knowledge, competency to prepare returns... Sen. Carl Levin (D MI) For all other applicants, OPR could administer a tax return preparation competency test whose successful completion would be required to obtain initial licensure. 17 What others have said National Society of Accountants One of the minimum standards should be successfully passing a qualifying examination to test basic knowledge any paid preparer should know. If a barber or a beautician needs to pass a competency examination, then a tax preparer should as well, given that a poor effort by the preparer can have substantially worse effects on the client than a bad haircut. H&R Block The program must include a combination of examination and continuing education to demonstrate a minimum level of competence. 18
7 State Snapshot CPAs exempt in all four states Oregon Licensed Tax Consultant (1979) Also a Licensed Tax Preparer category must work under supervision California California Registered Tax Preparer (1997) Maryland Registered Individual Tax Preparer Passed in 2008 not yet implemented New York Tax Return Preparers Registration only for tax preparers effective 2010 Federal cascade to states possible 19 Threats to the CPA profession Minimize threat of credential that confuses and misleads the public Drive implementation solution that supports members practices and public interest Ensure CPAs not subject to fees used to cover non CPA testing or education 20 What We re Going to Cover
8 Health Care Taxes Health Care Individuals Health Coverage 1. No insurance then pay greater of $95 or 1% of income (2014) $325 or 2% of income (2015) $695 or 2.5% of income (2016) 2. Premium assistance (2013) Ranges between 2% 9.5% of income Available up to 400% of poverty level Health Care Individuals Medical Expenses 1. Hurdle for itemized deduction (2013) Increases from 7.5% to 10% AGI Transition rule for seniors thru Change in definition of medical expenses (2011) Over the counter medications Coverage for adult children
9 Health Care Individuals Other Provisions 1. Increase penalty on HSA distributions (2011) 2. Adoption credit Increases limit to $13,170 for 2010 Extends credit to % excise tax on tanning (2011) Health Care Medicare Tax (2013) 3.8% on investments 0.9% on earned income Affects high income taxpayers >$200,000 of income (single) > $250,000 of income (joint) Health Care Taxes (cont d)
10 Health Care Cadillac Plans $10,200 single; $27,500 family Higher limits for high risk professions and over 55 40% excise tax Effective 2018 Health Care Taxes (cont d) Health Care Employer Requirements If no plan penalty $2,000 x (50 30) Exception for < 50 employees Effective 2013 Small business credits ( ) 100% premiums (<10 employees) 35% premiums (<25 employees)
11 Codification of Economic substance Included in health care legislation Applicable if no benefit other than tax savings Penalty 40% tax savings (20% if disclosed) Revenue increase $5.5 bil What We re Going to Cover Hiring Incentives to Restore Employment Act Benefits 1. Provides payroll and income tax incentives for hiring workers $13.04 bil New hire after 3/19/10 and before 1/1/11 Must be unemployed for more than 60 days 2. Extends 179 exp through 2010 $35 mil 3. Expands Build America Bonds $4.56 bil Subsidizes 65% interest payment to issuer
12 Hiring Incentives to Restore Employment Act New Hires Tax Breaks 1. Social Security Tax Exemption 6.2% of wages paid up to FICA limit of $106,800 (i.e., max. of $6,621) Would still owe Medicare tax 2. Income Tax Credit Up to $1,000 Must retain worker for 52 weeks 2010 benefit but taken on 2011 returns Hiring Incentives to Restore Employment Act Revenue offsets $18.62 bil 1. Increase estimated tax payments large ($1 bil assets) corporations 2. International related provisions 30% withholding penalty on foreign banks that do not disclose US accounts Penalty on taxpayers that fail to report foreign accounts 6 yr SOL for failure to report offshore transactions and income Clarification on when foreign trust has US beneficiary Treat substitute dividend payments to foreign persons as dividends for US withholding Delay world wide interest allocation What We re Going to Cover S 2917 Small Business Jobs Act Estate Tax Extenders Bill
13 Levin s List Estate tax Permit an election of 2009 or 2010 rules AMT 2 year patch Marginal rates Extend 2001 cuts for middle class (10,15, 25 and 28% rates) Bring back the 39.6% rate Extend unemployment benefits What We re Going to Cover S 2917 Small Business Jobs Act Estate Tax Extenders Bill S 2917 Small Business and Jobs Tax Act Benefits 100% exclusion of gains on small business stock Extension of Build America Bonds But Fed l payments would decrease from 35% to 30% by 2013 Exempt IDB from AMT Increase in start up expenses for 2010 and 2011
14 S 2917 Penalty Relief 6707A failure to report listed transaction Strict liability penalty $100k/individual $200k for other taxpayers IRS extended until June 1 its moratorium on collecting penalty and/or filing liens S 2917 reduce penalty to 75% tax benefit Retroactive to1/1/07 S 2917 Small Business and Infrastructure Jobs Act Revenue offsets 1099 s for expenses related to rental property Clamp down on federal contractors and vendors Minimum term of 10 years for GRATs Various international tax provisions Small Business Tax Relief House 100% exclusion from gain sale small business stock Purchase directly from Corp between 3/15/10 and 12/1/12 When corp has less than $50mil in assets Hold for 5 years Start up expenses Immediate deduction $20,000 (currently $5,000) bur reduce dollar for dollar to extent expenses exceed $75,000 Extend Build America Bonds to 2013 IDB bonds issued in 2011 exempt from AMT
15 What We re Going to Cover S 2917 Small Business Jobs Act Estate Tax Extenders Bill Estate Tax?? Temporary fix for confusion Permit an election to follow 2010 repeal or 2009 rates and exemption Exemption $5 mil Rate 35% New features Portability between spouses Conformity with gift, GST and special use valuations Exemption indexed to inflation What We re Going to Cover S 2917 Small Business Jobs Act Estate Tax Extenders Bill
16 Senate Extenders Bill Individuals Energy efficient home credits Standard deduction for real estate taxes Itemized deduction for sales taxes Qualified tuition deduction Charitable contributions from retirement plans Refundable low income housing credits Businesses R&D credit 15 yr life for leasehold, restaurant and retail improvements Charitable deduction for food inventory Offsets Repeal Black liquor credit $21.7 bil Increase reporting requirements for first time home buyer negligible Codify economic substance doctrine $5.5 bil Information reporting for rental property expense payments $2.5 bil Have a Great Conference! Senate Tax Bill Extend COBRA subsidy for workers laid off in 2010 Under funded pensions would have 15 years to catch up (now 7 years) Extend for 2010 Deductions College tuition State sales tax Teacher s supplies R&D credit IRA direct payouts to charities
17 Cobra benefits n/a if terminated after 2/28/10 even though benefits for those previously laid off were extended to 15 months
2012 TO 2013 TAX TRANSITIONS SUMMARY
2012 TO 2013 TAX TRANSITIONS SUMMARY September 2012 Individual Income Tax 2012 Law Scheduled 2013 Law* Green Book Q3 and Q4 2012 and Q1 2013 General Overview Lower rates with special treatment of qualified
More informationCongress Passes Fiscal Cliff Act
Congress Passes Fiscal Cliff Act Pulling back from the fiscal cliff at the 13th hour, Congress preserved most of the George W. Bush-era tax cuts and extended many other lapsed tax provisions. The Senate
More informationWhat Are We Covering Today?
Individual & Business Tax Planning Update November 9, 2011 HMWC CPAs & Business Advisors What Are We Covering Today? 2011 Legislation Update Individuals Business Tax Planning Strategies Individuals Business
More informationTHE NEW YEAR S DAY TAX BILL: What Contractors Need to Know Right Now
THE NEW YEAR S DAY TAX BILL: What Contractors Need to Know Right Now Rich Shavell, CPA, CVA, CCIFP Shavell & Company, P.A. info@shavell.net www.shavell.net 1 THE DISCLAIMER Information provided herein
More informationHere is a quick summary of most-important tax changes starting with those that affect individuals. Payroll Tax Holiday Is Over
January 11, 2013 To Our Clients and Friends: The American Taxpayer Relief Act of 2012 (better known as the fiscal cliff legislation) became law on 1/2/13. Due to the expiration of the so-called payroll
More informationDMJ & Co., PLLC - Year-End Tax Planning Letter
2016 DMJ & Co., PLLC - Year-End Tax Planning Letter Dear Clients and Friends: First of all, if we haven t thanked you recently for letting us work with your tax and accounting needs, then THANK YOU! Our
More informationTax Law Snapshot for Individuals 2014 Filing Season
Tax Law Snapshot for Individuals 2014 Filing Season (480) 776-3358 1237 S. Val Vista Dr. Suite 206 Mesa, AZ 85204-6401 (480) 323-2474 fax kboudreau@bcsbs.net Taxes Contract Financial Management Financial
More information2011 Tax Guide. What You Need to Know About the New Rules
2011 Tax Guide What You Need to Know About the New Rules Tax Guide 2011 This guide is not intended to be tax advice and should not be treated as such. Each individual s tax situation is different. You
More informationWhat the New Tax Laws Mean to You
What the New Tax Laws Mean to You The American Taxpayer Relief Act of 2012 and other 2013 tax provisions January 2013 White Paper AN OVERVIEW OF THE AMERICAN TAXPAYER RELIEF ACT OF 2012 AND OTHER 2013
More informationAmerican Taxpayer Relief Act of 2012 Workshop
American Taxpayer Relief Act of 2012 Workshop John Kilroy, CPA, CFP May 14, 2013 Agenda Estate, Gift and GST provisions Individual Income Tax provisions Trust and Estate Income Tax provisions Business
More informationFamily and Individual Tax Breaks
Dear Client and Friends: This year, the last minute extender legislation passed as part of the Consolidated Appropriations Act, 2016 (the Act) contains good news for just about everyone. It makes many
More information2017 Income Tax Developments
2017 Income Tax Developments Presented To: Delaware Tax Institute Presented by: Karly A. Laughlin, CPA Manager Tax & Small Business www.belfint.com Researched & Compiled by: Michael D. Kelly, CPA 302.573.3955
More informationFinancial Intelligence
Financial Intelligence Volume 14 Issue 1 Tax Changes and Planning Considerations in 2018 and Beyond by Brent Yanagida, CFP, EA On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs
More informationTHE UNIVERSITY OF TENNESSEE 2012 SINGLETON B. WOLFE MEMORIAL TAX CONFERENCE OCTOBER 25, FEDERAL INCOME TAX UPDATE.
THE UNIVERSITY OF TENNESSEE 2012 SINGLETON B. WOLFE MEMORIAL TAX CONFERENCE OCTOBER 25, 2012 2012 FEDERAL INCOME TAX UPDATE Presented by: JOHN D. HOUSTON, CPA Pointe Centre 1200 Building 1200 Premier Drive,
More informationTax Provisions in Recent Jobs Legislation
CTJ Citizens for Tax Justice Updated March 26, 2010 Contact: Steve Wamhoff (202) 299-1066 x33 Tax Provisions in Recent Jobs Legislation Over the past several weeks, Democratic leaders in the House and
More informationCamp Tax Reform Act of 2014 Provisions of Interest to Higher Education
Camp Tax Reform Act of 2014 Provisions of Interest to Higher Education Provision Details JCT Revenue Estimate (over 10 years) Other Relevant Legislation & Proposals Student & Family Education Tax Benefits
More informationHealth Care Reform Update
CCH Tax Briefing: Health Care Reform Update December 28, 2009 HIGHLIGHTS: Required Individual Coverage Affordability Credits Enhanced Employer Responsibility Small Business Tax Credits Medicare Payroll
More informationAccounting for Income Taxes Quarterly Hot Topics
In this issue: Accounting Developments Federal International Multistate Controversy Did You Know? Additional resources: Financial Accounting & Reporting - Income Taxes Dbriefs Webcasts Heads Up Newsletter
More informationDeLeon & Stang, CPAs and Advisors
Dear Clients and Friends: This year-end tax planning letter is intended only to serve as a general guideline. Of course, your personal circumstances may require in-depth examination. We would be glad to
More informationFar and Wide: UNDERSTANDING YOUR FEDERAL AND STATE TAX LIABILITIES. Tyler Waldrupe, CPA Jeffrey A. Ring, CPA
Far and Wide: UNDERSTANDING YOUR FEDERAL AND STATE TAX LIABILITIES Tyler Waldrupe, CPA Jeffrey A. Ring, CPA Agenda What is nexus? How is nexus determined for banks? Impact of filing versus not filing state
More informationTHE AGENDA YEAR END TAX PLANNING
YEAR END TAX PLANNING TUESDAY, DECEMBER 8, 2015 PRESENTED BY: JOE CAWLEY, CPA, PRINCIPAL-JOECAWLEY@BSSF.COM JOHN WEIDMAN, CPA, PRINCIPAL-JOHNWEIDMAN@BSSF.COM PHONE NUMBER-(717)761-7171 1 THE AGENDA Part
More informationSUBTITLE _ REPEAL AND REPLACE OF HEALTH-RELATED TAX POLICY SECTION _01: RECAPTURE EXCESS ADVANCE PAYMENTS OF PREMIUM TAX CREDITS
SUBTITLE _ REPEAL AND REPLACE OF HEALTH-RELATED TAX POLICY SECTION _01: RECAPTURE EXCESS ADVANCE PAYMENTS OF PREMIUM TAX CREDITS The amount a household is required to pay towards their premiums is based
More informationMiddle Class Tax Relief Act of 2012
Middle Class Tax Relief Act of 2012 Two major bills enacting tax cuts for individuals expire at the end of 2010: the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA); and the Jobs and
More informationHealth Care Reform in the United States
Health Care Reform in the United States Richard L. Menson June 22, 2010 www.mcguirewoods.com Quebec, Canada 1 I. INTRODUCTION 2 A Complex and Confusing New Law Patient Protection and Affordable Care Act,
More informationAmerican Taxpayer Relief Act of 2012 & Prospects for Tax Reform
American Taxpayer Relief Act of 2012 & Prospects for Tax Reform Wayne M. Zell, Esq. FPA of the National Capital Area February 1, 2013 Overview A Little Bit of History and 2013 Outlook ATRA 2012 in Detail
More informationYear-End Tax Planning Letter
Year-End Tax Planning Letter 2014 The country s taxpayers are facing more uncertainty than usual as they approach the 2014 tax season. They may feel trapped in limbo while Congress is preoccupied with
More informationSummary of Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
Summary of Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 Cross References HR 4853 Update Overview The President signed into law the Tax Relief, Unemployment Insurance,
More informationTax Cuts and Jobs Act. Durham Chamber of Commerce Public Policy Meeting January 9, 2018
Tax Cuts and Jobs Act Durham Chamber of Commerce Public Policy Meeting January 9, 2018 Tax Cuts in Billions Corporate/Business ($653) S-Corps/Partnership/Sole Proprietor ($414) International Tax Changes
More informationTWO-YEAR WINDOW FOR GIFT TAX PLANNING OPPORTUNITY
BE IN A POSITION OF STRENGTH SM WithumSmith+Brown s Tax Services Team Newsletter ESTATE & TRUST 03-04 SUCCESSION PLANNING FOR THE TRANSFER OF A BUSINESS TWO-YEAR WINDOW FOR GIFT TAX PLANNING OPPORTUNITY
More informationPersonal Income Tax Update. AGA Winter Seminar 2013 Nathan Abbott, CISA, CFE, EA
Personal Income Tax Update AGA Winter Seminar 2013 Nathan Abbott, CISA, CFE, EA The Easy Stuff Inflation Adjustments Inflation Adjustments Inflation Adjustments Inflation Adjustments Social Security Maximum
More informationThe Patient Protection and Affordable Care Act
Patient Protection and Affordable Care Act-Tax Implications and Expiring Tax Provisions in 2014 Arkansas Chapter HFMA October 31, 2014 Presented by John Ed Welch, Partner, CPA The Patient Protection and
More informationINCOME TAX CONSIDERATIONS FOR 2014 INCOME TAX RETURNS
INCOME TAX CONSIDERATIONS FOR 2014 INCOME TAX RETURNS Following are income tax items that could affect your return for 2014. Please review and make sure you have alerted your tax consultant for all of
More information1099 LETTER REPEAL OF NEW INFORMATION REPORTING REQUIREMENTS INSIDE THIS ISSUE:
DECEMBER 2011 INSIDE THIS ISSUE: Repeal of New Information Reporting Requirements IRS Voluntary Classification Settlement Program California s New Penalties for Misclassifying Employees as Independent
More informationJanuary 2010 TAX ALERTS
January 2010 TAX ALERTS 2010: Time to Convert Your Roth IRA? Due to the recent tax law change, 2010 could be remembered by many investors as the Year of the Roth Conversion, a decision that can have significant
More informationA PATH To Understanding Federal Tax: A 2016 Update of Federal Tax Laws
A PATH To Understanding Federal Tax: A 2016 Update of Federal Tax Laws berrydunn.com PATH Act Permanent Extensions for Individuals State & Local Sales Tax Deduction Charitable Distributions from IRA s
More informationSENATE RELEASES DRAFT ACA REPLACEMENT BILL
HIGHLIGHTS Senate Republicans released their ACA replacement legislation, called the Better Care Reconciliation Act. The Senate bill closely mirrors the House proposal the American Health Care Act including
More informationISSUE BRIEF. If President Obama and Congress. Taxmageddon: Massive Tax Increase Coming in Curtis S. Dubay
ISSUE BRIEF No. 3558 Taxmageddon: Massive Tax Increase Coming in 2013 Curtis S. Dubay If President Obama and Congress fail to act this year, an enormous, unprecedented tax increase will fall on American
More informationAn Overview of the Tax Provisions in the American Taxpayer Relief Act of 2012
An Overview of the Tax Provisions in the American Taxpayer Relief Act of 2012 Margot L. Crandall-Hollick Analyst in Public Finance January 10, 2013 CRS Report for Congress Prepared for Members and Committees
More informationTaxation-Overview (Chapter 18)
(Chapter 18) So far, we have talked about different government expenditure items: Education Social Security Health insurance Welfare programs How does local and federal governments finance such programs?
More informationAMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS Comments on Proposed Regulations, REG-138637-07 Relating to Regulations Governing Practice Before the Internal Revenue Service October 7, 2010 In REG-138637-07
More informationACA Repeal and Replacement
March 2017 taxalerts.plantemoran.com ACA Repeal and Replacement House GOP Proposes To Eliminate Most ACA Taxes; Some Coverage/Credit Benefits Remain House Republicans have unveiled a repeal and replacement
More informationIndividual Taxation and Planning
Individual Taxation and Planning Brandy Bradley, CPA May 19, 2016 Tax Bracket Comparison 2016 & 2012 2016 MARRIED FILING JOINT 10% - up to $18,550 15% - $18,551 - $75,300 25% - $75,301 - $151,900 28% -
More informationCongress passes 2012 Taxpayer Relief Act and averts fiscal cliff tax consequences
Congress passes 2012 Taxpayer Relief Act and averts fiscal cliff tax consequences Page 1 of 8 In the early morning hours of January 1, 2013, the Senate passed the American Taxpayer Relief Act (the 2012
More informationIntroduction and New Law
http://mntaxclass.com Chapter 1 Introduction and New Law 1 New laws through November 1 See Chapter 1 2 15 Form 1040 for 2014 New lines for ACA: 46 Excess PTC repayment 61 Check box if have MEC for each
More informationTax provisions in administration s FY 2017 budget proposals
Tax provisions in administration s FY 2017 budget proposals Closely Held Businesses and Their Owners February 2016 kpmg.com 1 HIGHLIGHTS OF TAX PROPOSALS IN THE ADMINISTRATION S FISCAL YEAR 2017 BUDGET
More information2011 Federal & California Tax Update for Individuals
CALIFORNIA CPA EDUCATION FOUNDATION 2011 Federal & California Tax Update for Individuals Gary R. McBride & Thomas C. Daley January 2012 Supplement 2012 Busy Season Look-Out List Foreign Asset Reporting:
More informationU.S. Senate & House of Representatives Tax Cuts and Jobs Act. Proposals Relevant to Charitable Donors. December 14, 2017
U.S. Senate & House of Representatives Tax Cuts and Jobs Act Proposals Relevant to Charitable Donors December 14, 2017 Overview These charts review the tax proposals most relevant to charitable donors
More informationVIEWpoint TAX ALERT. ACA Repeal and Replacement. House GOP Proposes To Eliminate Most ACA Taxes; Some Coverage/Credit Benefits Remain
VIEWpoint TAX ALERT Insight, Oversight and Foresight for Your Business ACA Repeal and Replacement House GOP Proposes To Eliminate Most ACA Taxes; Some Coverage/Credit Benefits Remain House Republicans
More information6/20/13 Presented By: Mike Marchini, Beckie Lewis, & Liz Logsdon or
CBIZ PRESENTS Affordable Care Act: The Impact on Your Business & Your Employees 6/20/13 Presented By: Mike Marchini, Beckie Lewis, & Liz Logsdon 301-777-1500 or 800-624-0954 Determine Which PPACA Provisions
More informationTax Reform Proposals National Association of Enrolled Agents
Tax Reform Proposals National Association of Enrolled Agents Individual Tax Simplification Alternative Minimum Tax Internal Revenue Code: Sections 55, 56, 57, 58, 59 The Problem: Congress created the Alternative
More information2018/2019 INCOME TAX UPDATE. Chicago Volunteer Legal Services Foundation. Chicago, Illinois February 21, 2019
2018/2019 INCOME TAX UPDATE Chicago Volunteer Legal Services Foundation Chicago, Illinois February 21, 2019 Lawrence R. Krupp Wipfli LLP 100 Tri-State International Suite 300 Lincolnshire, IL 60069 Telephone:
More informationSPECIAL REPORT. IMPACT. Many of the changes to the Internal Revenue Code in the INDIVIDUALS
Tax Briefing Tax Cuts and Jobs Act December 16, 2017 Highlights 37-Percent Top Individual Tax Rate 21-Percent Top Corporate Tax Rate New Tax Regime for Pass-throughs Individual AMT Retained/Modified Federal
More informationHEALTH and WELFARE PLAN CHECK-UP
HEALTH and WELFARE PLAN CHECK-UP Sarah L. Bhagwandin June 25, 2009 CAPLAW Seminar A Legislative Update American Recovery and Reinvestment Act of 2009 COBRA HIPAA Michelle s Law Cafeteria Plan Proposed
More informationSimplifying Insurance. ACA Update. Insurance Employee Benefits Risk Management Financial Strategies
Simplifying Insurance ACA Update Insurance Employee Benefits Risk Management Financial Strategies simplifying Insurance simplifying Insurance simplifying Insurance BACKGROUND simplifying Insurance Affordable
More informationNumbers, numbers, numbers 2017 and 2018 (revised)
Private Clients law ALERT Nixon Peabody LLP Numbers, numbers, numbers 2017 and 2018 (revised) January 24, 2018 By Deborah L. Anderson and Mary M. Paul, EA The following list contains some of the number
More informationFinancial Implications of Federal Health Care Reform. Course #6735/QAS6735 Exam Packet
Financial Implications of Federal Health Care Reform Course #6735/QAS6735 Exam Packet FINANCIAL IMPLICATIONS OF FEDERAL HEALTH CARE REFORM (COURSE #6735/QAS6735) COURSE DESCRIPTION The Patient Protection
More informationLet s Talk Taxes. Jim Forbes, CPA. February 12, 2013
Let s Talk Taxes Jim Forbes, CPA February 12, 2013 The income tax had made more liars out of the American people than golf. Will Rogers AGENDA The hardest thing in the world to understand is the income
More informationSocial Security and Medicare funding
Chapter 14 Looking Forward 1 Social Security and Medicare funding Medicare projected date of HI Trust Fund depletion is 2030, four years later than projected in last year s report Social Security - After
More informationTAX CUTS AND JOBS ACT SUMMARY
TAX CUTS AND JOBS ACT SUMMARY Mariner Retirement Advisors The Tax Cuts and Jobs Act ( TCJA ) was signed by President Trump on December 22, 2017. The Act makes sweeping changes to the U.S. tax code and
More informationThe New Tax Relief Act: How Will You Be Impacted?
STRATEGIC THINKING The New Tax Relief Act: How Will You Be Impacted? The President signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 ( the Act ) on December 17th,
More informationIRS Hot issues and Key Messages
IRS Hot issues and Key Messages Catherine Murphy Sr Stakeholder Liaison August 19, 2011 Return Preparer Office PTIN Testing CE 1099 rules OIC Disaster Tax relief Other Stuff 1 What is new or not so new?
More informationYear-End Tax Planning Letter
2013 Year-End Tax Planning Letter 54 North Country Road Miller Place, NY 11764 (877) 474-3747 or (631) 474-9400 www.ceschinipllc.com Introduction Tax planning is inherently complex, with the most powerful
More informationTax changes affecting individuals and families
............................................................................................. American Recovery and Reinvestment Act of 2009.............................................................................................
More informationG. Modify Rules Governing Tax-Exempt Bonds for Section 501(c)(3) Organizations as Applied to Organizations Engaged in Timber Conservation Activities
CONTENTS I. MARGINAL TAX RATE REDUCTION... 1 A. Individual Income Tax Rate Structure (secs. 2 and 3 of the House bill, sec. 101 of the Senate amendment and sec. 1 of the Code)... 1 B. Increase Starting
More informationHOUSE REPUBLICANS RELEASE ACA REPLACEMENT PLAN
HIGHLIGHTS House Republicans released a policy brief describing their approach for replacing the ACA. The proposals include providing monthly tax credits and enhancing health savings accounts. The proposed
More information2018 TAX SEMINAR OPPORTUNITIES & IMPACTS. Tax Cuts and Jobs Acts Enacted December 22, Most changes go into effect January 1, 2018
2018 TAX SEMINAR OPPORTUNITIES & IMPACTS Tax Cuts and Jobs Acts Enacted December 22, 2017 Most changes go into effect January 1, 2018 S e m i n a r s p o n s o re d b y A n n L a u f m a n o f A L A F
More informationEmployer Mandate: Employer Action Overview
HEALTH CARE REFORM Employer Mandate: Page 2 of 11 Immediatemmediate Employer Action Required Notes Nursing Mothers Employers must provide a reasonable break time for non-exempt employees who are nursing
More information2010 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS
2010 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS INTRODUCTION As we approach the close of 2010, there is still time to take steps that can reduce your 2010 tax bill. Year-end tax planning is more complicated
More informationJanuary 29, RE: Request for Immediate Guidance Regarding Pub. L. No Dear Messrs. Kautter and Paul:
January 29, 2018 The Honorable David J. Kautter Assistant Secretary for Tax Policy Department of the Treasury 1500 Pennsylvania Avenue, NW Washington, DC 20220 Mr. William M. Paul Principal Deputy Chief
More informationY E A R E N D N E W S L E T T E R
704-636-1040 www.dgcpa.com Y E A R E N D 2 0 1 6 N E W S L E T T E R About Us - Davis Group, PA, Certified Public Accountants was founded with the idea of providing big firm expertise with the care and
More informationRE: W-2 REPORTING REQUIREMENTS FOR FRINGE BENEFITS TO BE ADDED TO EMPLOYEES' W-2 AS COMPENSATION
To Our Clients: November 2018 RE: - 2018 W-2 REPORTING REQUIREMENTS FOR FRINGE BENEFITS TO BE ADDED TO EMPLOYEES' W-2 AS COMPENSATION - SPECIAL RULES FOR S-CORPORATION SHAREHOLDERS In this letter, we will
More informationMidyear Tax Planning Letter
Midyear Tax Planning Letter 2015 Introduction Tax planning for 2015 is a venture in uncertainty. Last December, Congress passed legislation extending a number of expired tax provisions. Unfortunately,
More informationTable of Contents. A. Income Tax Legislation B. Transaction Privilege ( Sales ) and Use Tax Legislation C. Property Tax Legislation...
Important information about this Summary This document briefly summarizes recent substantive changes to Arizona s tax laws. The bills addressed herein were approved by both houses of Arizona s Legislature
More informationLooking Back on 2018
Year-end Planning 2018 Looking Back on 2018 As 2018 draws to a close, there is still time to reduce your 2018 tax bill and plan ahead for 2019. This letter highlights several potential year-end planning
More information2017/2018 INCOME TAX UPDATE. Chicago Volunteer Legal Services. Chicago, Illinois February 27, 2018
2017/2018 INCOME TAX UPDATE Chicago Volunteer Legal Services Chicago, Illinois February 27, 2018 Lawrence R. Krupp Wipfli LLP 1101 Lake Cook Road, Suite C Deerfield, IL 60015-5233 Telephone: (847) 580-4111
More informationSmall Business Tax Saving Strategies for the 2012 Filing Season
Small Business Tax Saving Strategies for the 2012 Filing Season Few business sectors embody today s entrepreneurial spirit, drive for innovation and unwavering perseverance more than the small business
More informationIMPLEMENTATION OF HEALTH CARE REFORM
IMPLEMENTATION OF HEALTH CARE REFORM By Randall B. Weill, Esq. Since it became effective on September 23, 2010, implementation of the Patient Protection and Affordable Care Act of 2010 (Public Law 111-148),
More informationInternational Tax Consultants
International Tax Consultants Dear Tax Client: Enclosed you will find your new Tax Organizer for 2017. Please make sure your organizer is complete and all requested material is provided. Only complete
More informationHealthcare Tax Information
Virginia Automotive Association Convention & Trade Show Williamsburg, VA April 23-April 25, 2010 Healthcare Tax Information 1. The Tax Credit The credit is very restrictive and puts small business owners
More informationWelcome to Tax Update Your hosts: For Businesses & Estates Gary McBride and Annette Nellen Federal and California Tax Update for Businesses & Estates Dec 2015/Jan2016 http://mntaxclass.com Slides Supplements
More informationREGULATION CPA EXAM REVIEW V 3.2. For Exams Scheduled After December 31, 2017
For Exams Scheduled After December 31, 2017 CPA EXAM REVIEW REGULATION UPDATES AND ACADEMIC HELP Click on Customer and Academic Support under CPA Resources at http://www.becker.com/cpa-review.html CUSTOMER
More informationYear-End Tax Planning Summary December 2015
Year-End Tax Planning Summary December 2015 Overview Thanks to the continued political gridlock in Washington, 2015 did not see comprehensive tax reform. However, on December 18th, Congress passed the
More informationHOUSE-SENATE COMPARISON OF KEY PROVISIONS
HOUSE-SENATE COMPARISON OF KEY PROVISIONS The House- and Senate-passed health reform bills are based on the plan set out by President Obama in his campaign and shaped during the legislative process. As
More informationAdjustments to Income So Many and Always Better than Itemized Deductions
CHECKPOINT LEARNING WEBINARS Adjustments to Income So Many and Always Better than Itemized Deductions Adjustments to Income Presented by: Tony Johnson, CPA CHECKPOINT LEARNING WEBINARS Copyright 2016 Thomson
More informationTax Reform Act of 2014
Provisions Affecting Exempt Organizations On February 26, 2014, House Ways and Means Committee Chairman Dave Camp (R-MI-4) released his comprehensive tax reform proposal. Intended as a discussion draft
More informationWhat s New That Affects You? A Snapshot of Tax Law for Your Return
What s New That Affects You? A Snapshot of Tax Law for Your Return As is typical for an election year, no big tax changes that will affect 2016 tax returns came out of Washington. However, there has been
More informationTax Season Reference Guide. Tool for preparing 2017 tax returns
Tax Season Reference Guide Tool for preparing tax returns Quick Reference Guide A tool for preparing returns At the close of every year, NATP s Tax Knowledge Center pulls together a list of common facts
More informationOffering Employee Benefits
AKD Consultants Adam Dworkin CPA 188 Whiting Street Suite 10 Hingham, MA 02043 781-556-5554 Adam@AKDConsultants.com Offering Employee Benefits Page 1 of 11, see disclaimer on final page Offering Employee
More informationSummary of House Discussion Draft, February 10, 2017
Summary of House Discussion Draft, February 10, 2017 This summary describes key provisions of House Discussion Draft, dated February 10, 2017, reported in the media as a plan to repeal and replace the
More information2012 Federal Income Tax Update
THE UNIVERSITY OF TENNESSEE 2012 SINGLETON B. WOLFE MEMORIAL TAX CONFERENCE OCTOBER 25, 2012 2012 Federal Income Tax Update JOHN D. HOUSTON, CPA Certified Public Accountant TAX CONSULTING & CPA SERVICES
More informationTax Provisions in Administration s FY 2016 Budget Proposals
Tax Provisions in Administration s FY 2016 Budget Proposals Closely Held Businesses and Their Owners February 2015 kpmg.com HIGHLIGHTS OF TAX PROPOSALS IN THE ADMINISTRATION S FISCAL YEAR 2016 BUDGET OF
More informationPrepared by the Staff of the JOINT COMMITTEE ON TAXATION. December 10, 2010 JCX-55-10
TECHNICAL EXPLANATION OF THE REVENUE PROVISIONS CONTAINED IN THE TAX RELIEF, UNEMPLOYMENT INSURANCE REAUTHORIZATION, AND JOB CREATION ACT OF 2010 SCHEDULED FOR CONSIDERATION BY THE UNITED STATES SENATE
More information6/18/2018. Ethics Doing the Right Thing. Ethics- Doing the Right Thing. Ethics Doing the Right Thing. Jean Nelsen, EA NAEA President.
Ethics Doing the Right Thing Jean Nelsen, EA NAEA President Ethics- Doing the Right Thing I think there is an attitude among some of those who do the most sophisticated tax advising that it s all about
More informationTHE PATIENT PROTECTION AND AFFORDABLE CARE ACT and THE PRESIDENT S PROPOSAL OF FEB 22, 2009 SELECT TAX AND FEE PROVISIONS0F1
THE PATIENT PROTECTION AND AFFORDABLE CARE ACT and THE PRESIDENT S PROPOSAL OF FEB, 009 SELECT TAX AND FEE PROVISIONS0F1 Provisions H.R. 396 Feb., 0101F Primary Tax Provisions Implementing Healthcare Reform
More informationNational Health Insurance Reform
MAY2010 National Health Insurance Reform Impact Year by Year With the passage of National Health Insurance Reform it is crucial that employers and plan sponsors have clear information about the impact
More informationYEAR-END TAX PLANNING LETTER
YEAR-END TAX PLANNING LETTER SUBMITTED BY Huntsville I Pensacola www.anglincpa.com Dear Clients and Friends, As 2018 draws to a close, there is still time to reduce your 2018 tax bill and plan ahead for
More informationACA Repeal And Replacement
May 2017 taxalerts.plantemoran.com ACA Repeal And Replacement House Approves ACA Repeal And Replacement Bill; Benefits Remain The House voted along party lines on May 4 to approve a repeal and replacement
More informationIncome & Estate Tax Update At The Edge Of The Fiscal Cliff
Income & Estate At The Edge Of The Fiscal Cliff By: Michael E. Kitces, MSFS, MTAX, CFP, CLU, ChFC, RHU, REBC, CASL Partner, Director of Research, Pinnacle Advisory Group Publisher, The Kitces Report, www.kitces.com
More informationYear-end Tax Planning Letter
Year-end Tax Planning Letter 2015 Introduction At this point in 2015, with the end of the year and the income tax filing deadline on the horizon, tax planning presents more of a challenge than usual. So
More informationFINANCIAL INSTITUTIONS ACCOUNTING AND TAX UPDATE
FINANCIAL INSTITUTIONS ACCOUNTING AND TAX UPDATE Key 2017 year-end accounting and tax issues for financial institutions November 15, 2017 Presenters Mike Lundberg, National Financial Institutions Assurance
More information