Monday, January 09, 2012

"Tax Talk" about Federal Individual Taxes

The Tax Talk Today program, scheduled from 2:00 to 3:40 PM on Tuesday, January 10, 2012 (and available for replay online over the next twelve months for registered users), will present a comprehensive discussion of changes in individual income tax rules and procedures, reviewed by highly-knowledgeable speakers -- Preston Benoit, Deputy Director, IRS Return Preparer Office, and Jason Langley, National Public Liaison, Internal Revenue Service, along with three industry commentators.

You must Log In or Register to view the show and its resources, or a transcript afterwards.

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
For background about the Tax Talk Today program and its presentations, see:  PA Elder, Estate & Fiduciary Law Blog posting "Tax Talk Today" Online (11/08/11).