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AICPA's Hottest Tax Topics for 2007

Author/Moderator: William R. Bischoff, MBA, CPA
Publisher: AICPA
Availability: In Stock
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Description

Two things you can count on are important new tax developments and economic, social and demographic trends that turn out to have important tax implications. Gain insight into techniques for reducing your clients' tax burdens. This course highlights the hottest tax topics - those that change a lot every year and affect many of your individual, small business and corporate clients.

Objectives:
  • Increase client wealth with timely, proactive advice
  • Take advantage of new planning opportunities created or enhanced by recent developments
  • Keep up to date on small business tax developments

Prerequisite:  None

Accepted for CFP® credit.

Table of Contents

  • Chapter 1
    • Individual Tax Corner
      • Learning Objectives
      • Introduction
    • Tax Tips for Home Sellers in Hot (or Formerly Hot) Markets
      • Section 121 Gain Exclusion Basics
      • Watch Out for Impact of “Old Law” Tax-Free Rollovers
      • Tax-Smart Drill for Clients with Two “Main” Homes
      • Tax-Smart Drill for Clients with One or More Vacation Homes
      • Partial Exclusions Are Often Available for “Premature” Sales
      • Some Clients Should Think Twice about Staying Unmarried
      • When Part of Principal Residence Was Used As Deductible Home Office
      • When Part of Principal Residence Was Rented Out
      • Sale before Divorce
      • Sale in Year of Divorce or Later
      • When “Nonresident Ex” Has Continued Ownership Long after Divorce
      • Plan for Tax-Smart Home Sale after Remarriage
      • “Electing Out” of the Gain Exclusion Break
      • Rent Out Former Principal Residence and Claim Gain Exclusion Years Later
      • Swap Greatly Appreciated Residence for Income-Producing Property in Tax-Deferred Deal
      • Combine Section 1031 Exchange with Section 121 Gain Exclusion Break and Collect Tax-Free
      • Cash “Boot”
      • Claim Gain Exclusion for Sale of Land Adjacent to House
      • Hold Greatly Appreciated Home until Bitter End
    • Reverse Mortgage Can Be Tax-Smart Strategy for Seniors Who Own Hugely Appreciated Homes
      • Reverse Mortgage Can Provide Cash for Continued Home Ownership and Other Living Expenses
      • Other Things Clients Should Think About
    • How to Take Advantage of the Real Estate Exceptions to the Dreaded Passive Loss Rules
      • Plan A: Take Advantage of “Small Landlord Exception”
      • Plan B: Take Advantage of “Real Estate Professional Exception”
    • New Tax Credits for Energy-Efficient Vehicles
      • Credit No. 1 for Hybrid Vehicles
      • Credit No. 2 for Lean Burn Technology Vehicles
      • Credit No. 3 for Fuel Cell Vehicles
      • Credit No. 4 for Alternative Fuel Vehicles
      • Three Dirty Little Vehicle Credit Secrets
    • Structuring Tax-Effective Family Loans
      • Get It in Writing
      • Below-Market and Interest-Free Loans: How to Beat the System
      • Loophole No. 1: The $10,000 Rule
      • Loophole No. 2: The $100,000 Rule
    • Claim Medical Expense Deductions for Costs to Enter and Stay in Continuing Care Retirement Communities
      • How CCRCs Work in a Nutshell
      • Fee Arrangements
      • Now for the Tax Angle
    • Employees Can Be Given 2½ Month Grace Period to Avoid Being Hurt by Flexible Spending Account (FSA) “Use-It-Or-Lose-It” Rule
      • How a Health Care FSA Works
      • How a Dependent Care FSA Works
      • General FSA Implications for Employers
      • Worksheet to Estimate FSA Tax Savings
    • Tax Issues for Bankrupt and Insolvent Individuals
      • The Basics on Excluded Debt Discharge Income
      • Relief for Bankrupt Individuals
      • Relief for Insolvent Individuals
      • Reduction of Debtor’s Tax Attributes Is Price for DDI Exclusion Privilege
      • How Individual Bankruptcy Estates and Bankrupt Individual Debtors Are Treated for Federal Income
      • Tax Purposes
    • Summary
  • Chapter 2
    • Small Business Tax Corner
      • Learning Objectives
      • Introduction
    • Updated Guide to Entity Choices for the Very Small Business
      • Liability Limiting Entities for the One-Owner Business
      • Liability Limiting Entities for the Husband-Wife Business
    • Long-Term Care Insurance Tax Benefits
      • Tax Treatment of Benefit Payments
      • Deductions for Long-Term Care Insurance Premiums
      • Bigger Breaks for Small Business Owners
    • Tax Benefits of Combining an HSA and a Section 105 Medical Reimbursement Plan
      • Section 105 Plan Can Pay First-Dollar Reimbursements for Certain Health Expenditures without Jeopardizing Employee-Spouse’s HSA Contribution Privilege
      • Putting the Tax-Saving Pieces Together
      • Don’t Forget to Account for Client’s Age
    • Depreciation Rules for Business Vehicles
      • “Heavy” SUVs, Pickups, and Vans Used for Business Still Rule
      • Reduced $25,000 Section 179 Deduction for Heavy SUVs
      • Despite $25,000 Limitation, Depreciation Rules for Heavy SUVs Are Still Quite Favorable
      • Mind These Caveats
    • The Current State of Leasing Versus Buying for Business Autos
      • The Analytical Framework
      • Using the After-Tax Present Value Framework: Comprehensive Example
      • Financial and Tax Implications of Car Leasing Terminology
    • Clients Can Subdivide and Prosper with Tax-Saving Section 1237 Exception
      • Qualifying for Low-Taxed Capital Gains Treatment
      • Definition of Tract of Real Property
      • Definition of Substantial Improvements
      • Election to Disregard Substantial Improvements
      • Unfavorable Rule Can Dilute Tax Savings
      • Conclusions
    • Developer Entity Strategy Can Slash Taxes on Appreciated Land
      • Step 1: Establish S Corp to Be the Developer
      • Step 2: Sell the Land to the S Corp
      • Step 3: Develop the Property and Sell It Off
      • Make Sure The Developer Entity Is an S Corp!
      • Anticipate IRS Challenges and Take Steps to Avoid Them
    • Summary
  • Chapter 3
    • Corporate Tax Corner
      • Learning Objectives
      • Introduction
    • Setting Reasonable Compensation Levels for Shareholder-Employees of Closely Held C Corps
      • What Is Reasonable?
      • Reasonable Compensation Checklist
      • Selected Reasonable Compensation Court Decisions
      • Tax Planning Impact of Reduced Tax Rates on Dividends
    • Is S Corp Shareholder-Employee Compensation Now a Hot Button for the IRS?
      • Times Are Changing
      • Tax Planning Implications
    • Planning for Zero-Basis Client Receivables and Professional Goodwill When Professional Corporation Converts to LLC or LLP Status
      • Damage Control Tax Planning Strategies
    • Tax Implications of Buying Out a Spouse’s Stock Ownership Interest Pursuant to Divorce
      • Tax Treatment of Divorce-Related Corporate Stock Redemptions
      • Election to Reverse the Tax Results
    • Tax Implications of Divorce-Related Transfers of Stock Options and Deferred Compensation Rights
      • Divorce-Related Transfers of Vested Employer Stock Options
      • Federal Employment Tax Consequences
      • Divorce-Related Transfers of Vested Rights to Deferred Compensation from Employer’s Unfunded Nonqualified Plan
      • Other Transfers of Employer Stock Options or Deferred Compensation Rights
    • Understanding When Expenditures Relating to Intangibles Must Be Capitalized (Or Not) Amounts That Generally Must Be Capitalized
      • Acquired Intangibles for Which Capitalization Is Required
      • Created Intangibles for Which Capitalization Is Required
      • Other Intangibles Generally Must Be Separate and Distinct Assets for Capitalization to Be Required
      • Certain Transaction Costs Must Be Capitalized
      • Coordination of Section 263(a) Regulations with Rules for Accrual-Method Taxpayers Separate Capitalization Rules for Amounts Paid to Facilitate Acquisitions, Restructurings, Contributions to Capital, Formations of Disregarded Entities, Etc.
      • Remember Taxpayer-Friendly Loopholes
      • Treatment of Capitalized Amounts
      • Impact of Section 263(a) Regulations on Pre-Opening Expenditures to Internally Start up Brand New Business
      • Tax Compliance Drill for Pre-Opening Expenditures Incurred to Internally Start up Brand New Business
      • Impact of Section 263(a) Regulations on Pre-Opening Expenditures to Internally Expand Existing Business
      • Impact of Section 263(a) Regulations on Pre-Opening Expenditures Incurred in Connection with Same-Line-of-Business Acquisition Tax Compliance Drill for Pre-Opening Expenditures Incurred to Expand Existing Business (Internally or Via Acquisition)
      • Impact of Section 263(a) Regulations on Pre-Opening Expenditures Incurred in Connection with Acquisition of Dissimilar Business Tax Compliance Drill for Pre-Opening Expenditures Incurred in Connection with Acquisition of Dissimilar Business
    • Summary
  • Chapter 4
    • New Tax Law Corner
      • Learning Objectives
      • Introduction
    • Tax Increase Prevention and Reconciliation Act
      • Favorable Tax Rates for Capital Gains and Dividends Extended through 2010
      • Alternative Minimum Tax Band Aid for 2006 Only
      • Kiddie Tax Rules Now Apply until Age 18
      • Generous Section 179 Deduction Rules Extended through 2009
      • No Income Limitation for Roth Conversions in 2010 and Beyond
      • Many Other Changes Affect Only Targeted Taxpayers
      • Even More Arcane Provisions
    • Summary of Key Tax Changes in the Katrina Emergency Tax Relief Act of 2005 (KETRA)
      • Eligibility for KETRA Relief
      • KETRA Changes Affecting Business Taxpayers
      • KETRA Changes Affecting Individual Taxpayers
    • Summary of Key Tax Changes in the Gulf Opportunity Zone Act of 2005 (GO Act)
      • Areas Eligible for GO Act Relief
      • GO Act Changes Affecting Business Taxpayers GO Act Changes Affecting Individual Taxpayers
      • GO Act Provisions Covering Retirement Plan Distributions and Plan Loans for Hurricane Victims
      • Key GO Act Changes Unrelated to Hurricane Relief
    • Summary
  • Chapter 5
    • Ethics Focus: Taxation
      • Ethics Overview
      • Interpretation 101-3
      • Key Ethical Dilemmas and Judgment Calls
      • Addressing Ethical Dilemmas
      • Available Resources
  • Chapter 6
  • Latest Developments

Excerpts

Videocourse Details

NASBA Field of Study: Taxes
Level: Intermediate
Recommended CPE Credit: 12
Important Information on Your CPE Credit
Text
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