2010 Federal Tax Workbook Topics

The anticipated content for each chapter is described below. Content may be modified and refined prior to publication; however, the chapter topics will remain unchanged.

Ethics

• Preparer licensing
• IRC §7216 guidance
• Role of the OPR
• Right to practice vs. right to prepare
• Adequate disclosure
• Signing requirements

IRS Update

• E-filed returns that require signatures
• Mandatory e-filing rules
• E-service: What's in it for me?
• Modernized e-file (MeF) program
• E-pay
• OIC update
• Partial payment installment agreements
• §501(c)(3) application process
• IMRS issues
• Identity protection

Individual Taxpayer Problems

• Commercial Annuity Distributions
• EIC update
• Passive activity loss groupings
• Sale of property by life tenants and remaindermen
• Schedule E rental real estate tax issues
• 2010 Roth conversions

Small Business

• §409A discussion
• Dealing with rebates from credit card companies
• Fringe benefit issues and ERISA requirements
• Changes in accounting method
• Basis of property in like-kind exchange

Agricultural Issues and Rural Investments

• Prepaid expense limitations
• Capital expenses vs repairs
• IRC §707 exchanges - leveraged buyouts
• Farm NOLs and the loss limitation
• Passive investors' loss limitation
• CRP update
• Farm estate tax issues

New Legislation

• Health Care Act (Patient Protection and Affordable Care Act)
• HIRE Act
• Continuing Extension Act
• Military Spouses Residency Relief Act
• Other new legislation

S Corporations

• Determining adequate compensation
• Shareholder basis
• Conversions and built-in-gains tax
• Wrapping up the S corporation
• S corporation as part of affiliated group
• Estate planning with the S corporation

Estate and Trust Taxation

• Types of trusts and their purposes
• Income issues
• Deduction issues
• Taxation of beneficiaries
• Special problems

Marriage Planning Issues

• Marriage - tax bonus or penalty?
• Responsibility for new spouse's tax liability
• Estate taxes
• Divorce issues

Credits

• Major tax credits discussion
• Carryforward/ carryback of credits
• Refundable and nonrefundable credits
• Forms for claiming credits

Schedule C Audit Issues

• Audit technique guides and use by revenue agents
• General issues in retail industry
• Cash intensive business issues
• Specific industry issues including e-commerce, gas stations, restaurants and bars, direct sellers

Elder Issues

• Annuity issues
• Long-term care expenses, insurance, and benefits
• Home care payroll tax issues
• Supplemental health insurance
• Power of attorney
• Gifting

Home Ownership Issues

• First-time homebuyer credit
• Home mortgage interest rules and limitations
• Reverse mortgages
• Sale of principal and secondary residences
• Business use of home
• Rental of vacation homes
• Foreclosures, repossessions, abandonments, and short sales
• Like-kind exchanges

Rulings and Cases

Modified: June 21, 2010