"Tax Talk" about Federal Individual Taxes
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This is the Program Outline:
IRS Return Preparer Regulations Update
- Registered tax return preparer competency test – who must take it and how to prepare
- Implementation of background check
- CPE Requirements
What’s new for 2011 Filing Season
- Schedule D changes and new Form 8949 to report capital gains and losses.
- Self-employed health insurance deduction no longer allowed on Schedule SE.
- First-time homebuyer credit only allowed for small number of filers.
- Repayment of the first time homebuyer credit directly on Form 1040
- Business standard mileage rate increased twice in 2011
- Medical care and moving rate increased twice in 2011
- Roth IRAs converted or rolled over in 2010 and not reported on 2010
- Additional tax on distributions from health savings accounts and Archer medical savings accounts increased to 20%
- New Form 8938 may need to be filed if you have foreign financial assets
- Schedule L no longer needed to figure your standard deduction
- Schedule M no longer in use because the making work pay credit has expired
- Alternative motor vehicle credit has expired unless the vehicle is a new fuel cell motor vehicle
- Due date for individual returns pushed two days to April 17 because of Emancipation Day in DC.
Expired Tax Provisions
- Payroll tax reduction (Two month extension)
- Expenses of elementary school teachers
- State and local sales tax deduction
- Contributing property for conservation purposes
- Qualified tuition deduction
- IRA distributions for charitable purposes
- Parity for employer-provided mass transit and parking benefits
- Credit for nonbusiness energy property
Tax Provisions That Will Expire
- Individual tax rate reductions (the “Bush tax cuts”)
- Reduced tax rate on dividends and capital gain
- Overall limitation on itemized deductions
- Marriage penalty
- EITC, Child, Dependent care and Employer-provided child care credit changes
- Adoption credit
- American opportunity tax credit
- Work Opportunity Credit
- Returning heroes tax credit and wounded warriors tax credit
- Itemized vs. Standard Deduction
- Declining itemized deductions (lower mortgage interest and real estate taxes)
- Increasing standard deduction
- Planning for taxpayer advantage
Tax Issues Arising From Current Housing Market
- First-time homebuyer credit repayment or recapture
- Foreclosures and short sales
- Tax Issues Arising From Current Job Market
- Moving expense deduction after being out of work
- Unemployment compensation
- Contract employment and self-employment
- Premature retirement plan withdrawals, early retirement and social security
New IRS Regulations
- Proof of delivery of tax documents
- Interest and penalty suspension rules
- User fee for enrolled agents and enrolled retirement plan agents
- EITC requirement to file Form 8867
