The document provides an overview of tax law changes for 2012, including:
- Repeal of the 3% withholding requirement for government contractors.
- Stricter eligibility rules for the health insurance premium assistance credit beginning in 2014.
- Many expired tax provisions from 2011 that may be extended, such as AMT relief and education credits.
- Changes to tax rates, capital gains rates, payroll taxes, and other provisions set to expire at the end of 2012.
- Reporting requirements for employer-provided health plans and partnerships.
- Standard mileage rates and inflation adjustments for 2012.
- Additional Medicare taxes for high-income individuals and a higher medical expense deduction threshold beginning in 2013 under the Affordable Care
CARES Act Update - What you Need to Know Heading into 2021Citrin Cooperman
During this webinar we focused on the interplay between the different CARES Act provisions, in particular PPP loans, Provider Relief Funds, and Medicare Advanced Payments, and how they may impact 2020 year-end planning and 2021 forecasting.
COVID-19 - How Staffing Companies Can Navigate the CrisisCitrin Cooperman
The document summarizes information from two webinars on how staffing companies can navigate the COVID-19 crisis. It discusses cash management strategies, borrowing options, staffing level considerations, and provisions from the Families First Act and CARES Act. Key points include cash forecasting, accessing lines of credit and government funding, determining optimal staffing levels, paid sick leave and family leave requirements, employer payroll tax deferrals and refundable employee retention credits.
High Net Worth Webinar Series - Estate Planning Strategies and UpdatesCitrin Cooperman
There’s much uncertainty in the world of estate planning for high net worth individuals and their families. With numerous legislative proposals that would drastically alter the current estate planning landscape, listen in as our Trust and Estate Services Practice team discusses: various proposals, including those in Congress and the Biden Administration’s Green Book, estate and gift planning strategies for the remainder of tax year 2021, and more.
2013 Changes in Tax Law and Year End Tax Planning Opportunities
Individuals
o 2013 tax rates
o Tax on investment income
o Other changes in tax law affecting individuals
o Year end planning opportunities
Businesses
o Employment tax
o Depreciation
o Pass-through entities
Estate and Gift Tax
o Exemption amounts
o Tax rates
o Gifting strategies
o Valuation discounts
o Grantor trusts
The document provides an update on the HHS Provider Relief Fund, including important reporting deadlines, tracking and management considerations, audit considerations, and information on Phase 3 of the general distribution. Recipients who received over $10,000 total from the fund must report by February 15, 2021 on their use of the funds through December 31, 2020, including expenses and lost revenue attributable to COVID-19. The document recommends types of documentation recipients should maintain to substantiate their reporting.
- The document summarizes various changes to Virginia's individual and business tax codes for 2007 and beyond. Key changes include increases to personal exemptions and filing thresholds over time, as well as new deductions and credits related to energy efficiency, organ donations, and education. It also outlines changes to sales tax holidays, the estate tax repeal, and protective claims in light of a relevant legal case.
2021 Year End Tax Planning for Law Firms and AttorneysWithum
This document provides an overview and summary of a webinar on 2021 year-end tax planning for law firms and attorneys. It discusses various federal tax law updates and proposals, as well as strategies for year-end tax planning including deferring income, accelerating expenses, maximizing deductions, and utilizing available exemptions and exclusions for estate and gift tax purposes before potential changes in 2022. The webinar covers individual, business, retirement, and pass-through entity tax considerations and implications.
The document summarizes how corporately-held life insurance can be used as a tax minimization tool for the estate of a shareholder. It provides examples of how deemed dispositions at death can trigger capital gains taxes, and how life insurance death benefits credited to the corporation's capital dividend account can fund tax-free distributions to the estate to avoid double taxation. Specifically, it compares different post-mortem planning strategies, finding that using an insured redemption where some dividends are taxable and some capital preserves half the capital dividend account and results in the lowest total taxes.
CARES Act Update - What you Need to Know Heading into 2021Citrin Cooperman
During this webinar we focused on the interplay between the different CARES Act provisions, in particular PPP loans, Provider Relief Funds, and Medicare Advanced Payments, and how they may impact 2020 year-end planning and 2021 forecasting.
COVID-19 - How Staffing Companies Can Navigate the CrisisCitrin Cooperman
The document summarizes information from two webinars on how staffing companies can navigate the COVID-19 crisis. It discusses cash management strategies, borrowing options, staffing level considerations, and provisions from the Families First Act and CARES Act. Key points include cash forecasting, accessing lines of credit and government funding, determining optimal staffing levels, paid sick leave and family leave requirements, employer payroll tax deferrals and refundable employee retention credits.
High Net Worth Webinar Series - Estate Planning Strategies and UpdatesCitrin Cooperman
There’s much uncertainty in the world of estate planning for high net worth individuals and their families. With numerous legislative proposals that would drastically alter the current estate planning landscape, listen in as our Trust and Estate Services Practice team discusses: various proposals, including those in Congress and the Biden Administration’s Green Book, estate and gift planning strategies for the remainder of tax year 2021, and more.
2013 Changes in Tax Law and Year End Tax Planning Opportunities
Individuals
o 2013 tax rates
o Tax on investment income
o Other changes in tax law affecting individuals
o Year end planning opportunities
Businesses
o Employment tax
o Depreciation
o Pass-through entities
Estate and Gift Tax
o Exemption amounts
o Tax rates
o Gifting strategies
o Valuation discounts
o Grantor trusts
The document provides an update on the HHS Provider Relief Fund, including important reporting deadlines, tracking and management considerations, audit considerations, and information on Phase 3 of the general distribution. Recipients who received over $10,000 total from the fund must report by February 15, 2021 on their use of the funds through December 31, 2020, including expenses and lost revenue attributable to COVID-19. The document recommends types of documentation recipients should maintain to substantiate their reporting.
- The document summarizes various changes to Virginia's individual and business tax codes for 2007 and beyond. Key changes include increases to personal exemptions and filing thresholds over time, as well as new deductions and credits related to energy efficiency, organ donations, and education. It also outlines changes to sales tax holidays, the estate tax repeal, and protective claims in light of a relevant legal case.
2021 Year End Tax Planning for Law Firms and AttorneysWithum
This document provides an overview and summary of a webinar on 2021 year-end tax planning for law firms and attorneys. It discusses various federal tax law updates and proposals, as well as strategies for year-end tax planning including deferring income, accelerating expenses, maximizing deductions, and utilizing available exemptions and exclusions for estate and gift tax purposes before potential changes in 2022. The webinar covers individual, business, retirement, and pass-through entity tax considerations and implications.
The document summarizes how corporately-held life insurance can be used as a tax minimization tool for the estate of a shareholder. It provides examples of how deemed dispositions at death can trigger capital gains taxes, and how life insurance death benefits credited to the corporation's capital dividend account can fund tax-free distributions to the estate to avoid double taxation. Specifically, it compares different post-mortem planning strategies, finding that using an insured redemption where some dividends are taxable and some capital preserves half the capital dividend account and results in the lowest total taxes.
Accounting for COVID-19 Funding for Post-Acute OrganizationsCitrin Cooperman
This document provides a summary of a webinar discussing various funding opportunities and tax provisions for healthcare organizations in response to the COVID-19 pandemic. It outlines programs like the Provider Relief Fund, Medicare accelerated payments, the Paycheck Protection Program, and tax credits for paid sick/family leave and employee retention. For each program, it discusses eligibility, allowable uses of funds, reporting requirements, repayment terms, and tax implications. The webinar aims to help organizations navigate relief options and ensure compliance to maximize available funding.
SBA Loan Programs Available for Small Businesses Withum
The document summarizes information about various Small Business Administration (SBA) assistance programs, including the Economic Injury Disaster Loan (EIDL) program and Paycheck Protection Program (PPP). It provides details on eligibility requirements, maximum loan amounts, allowable uses of funds, loan forgiveness terms, and sample calculations for the PPP. The document also lists financial assistance programs available from various state and local governments. Representatives from Withum, an accounting and advisory firm, hosted the event to provide information and answer questions about accessing SBA assistance.
Fiduciary Protection: Is Your Retirement Plan Ready for a DOL or IRS Audit?Citrin Cooperman
The document discusses retirement planning challenges presented by the COVID-19 pandemic. It notes that the pandemic severely impacted many businesses, leading to high unemployment. While testing and cases have improved, there is still uncertainty around reopening plans and potential summer spikes. The stock market rebounded from initial declines but volatility remains. The document provides tips for retirement plan participants and sponsors, such as maintaining a diversified portfolio and long-term focus during volatile times. It emphasizes continuing retirement contributions where possible.
The document provides an update on estate planning topics including proposed changes to inheritance of retirement plan benefits, the Uniform Trust Code in Minnesota, portability, proposed federal legislation for fiscal year 2012, drafting for the qualified small business deduction, and planning for income tax basis step-up in bypass trusts. Key points covered include possible changes to required minimum distributions for inherited retirement plans, the requirements and advantages of portability, and new rules for the Minnesota qualified small business property deduction.
This document summarizes key 2011 individual income tax changes and tips. It discusses expanded IRS Form 1099 reporting requirements, the loss of some tax credits, a 2% payroll tax cut, and Illinois increasing its income tax rate from 3% to 5%. It provides details on new Forms 1099-K and 8949 for reporting stock basis and sales. The document also outlines various tax credits, deductions, and rates that were extended through 2012, including the alternative minimum tax exemption amounts.
This document provides an estate planning update for 2011-2012. It discusses potential changes to the minimum distribution rules for inherited retirement plan benefits. It also covers proposals for the Uniform Trust Code in Minnesota, the estate tax exemption amount and portability, and proposed legislation for fiscal year 2012. The document provides details on drafting trusts to take advantage of the new qualified small business and farming deduction in Minnesota.
Year End Tax Planning Tips Individuals 2009guest366c4e
This document provides an overview of various tax benefits available to individuals related to retirement plans, health plans, itemized deductions, IRAs, home improvements, vehicle purchases, education expenses, and adoption. It discusses contribution limits, eligibility, phase-outs based on income, and how to claim various credits and deductions. Key benefits include tax-free contributions to retirement and cafeteria plans, the home improvement tax credit, deductions for education expenses, and tax credits for adoptions and student loans.
This document outlines an agenda for a presentation on expiring tax provisions and the Affordable Care Act. The agenda includes sections on expiring tax provisions, the Affordable Care Act, and new tangible property regulations. Under expiring provisions, it lists over 50 individual tax credits, deductions, and other incentives that are set to expire. The section on the Affordable Care Act outlines the net investment income tax, additional Medicare tax, and the effects on businesses including employer responsibilities and the small business health care credit. The tangible property regulations section summarizes changes to the treatment of improvements, a new definition of property units, and an improved de minimis rule.
This newsletter from Cedar Point Financial Services discusses various financial topics. It begins with an article comparing debit cards and credit cards, noting key differences in fraud protection, dispute processes, rewards programs, credit reporting, and money management implications. Another article summarizes recent tax law changes and the ongoing tax benefits of homeownership, such as mortgage interest and property tax deductions. The final article provides tips for building confidence in one's retirement strategy, such as creating predictable income streams, understanding Social Security, estimating healthcare costs, and maintaining healthy habits.
The document provides an agenda and overview for a seminar on 2003 tax law changes and related cases. Key points discussed include:
- Reduced individual income tax rates and expanded 10% tax bracket for 2003-2004.
- Lower long-term capital gains and dividend tax rates of 5-15% for 2003-2008.
- Increased child tax credit of up to $1,000 for 2003-2004.
- Accelerated increases to the standard deduction and 15% tax bracket amounts for joint filers in 2003-2004.
- Reduced marriage penalty for many taxpayers due to increased 15% bracket amounts.
- Planning opportunities related to capital gains, dividends, installment sales
This chapter discusses gross income and exclusions. It defines gross income for tax purposes and explains when taxpayers recognize income. It discusses the various sources of income, including income from services, property, annuities, and other sources. It also covers the major exclusion provisions that allow taxpayers to exclude or defer certain types of income from gross income, such as municipal bond interest, home sale gains up to $250,000, education-related exclusions, and foreign earned income up to $97,600.
Fy12 year end financial report - presentation - v2 2013cityofevanston
The FY 2012 financial review document provides an overview of the city's finances at the end of the fiscal year. Key points include:
- The General Fund ended with a smaller deficit than budgeted, $346K compared to a planned $1.75M, due to revenues exceeding budget and expenditures coming in under budget.
- Other funds like the Library, Neighborhood Stabilization, and CDBG funds saw favorable revenue variances. TIF districts and the Economic Development Fund saw unfavorable revenue variances.
- Capital projects spending came in under budget across many funds due to delayed or unawarded grants and project deferrals.
- Enterprise funds like Water, Sewer and Solid
The document provides a summary of Fannie Mae's 2004 Annual Report on SEC Form 10-K, which was restated. Some key points:
- The restatement resulted in a $6.3 billion total reduction in retained earnings through June 30, 2004 due to accounting errors.
- Net income in 2002 decreased $705 million due to the restatement but increased $176 million in 2003.
- Stockholders' equity increased $4.1 billion through June 30, 2004 despite a decrease in retained earnings.
- The estimated fair value of net assets increased $11.7 billion from 2003 to 2004, driven partly by a $5 billion preferred stock offering.
- This document provides instructions for Illinois Form IL-2210, which is used to calculate penalties for failing to make timely estimated tax payments, failing to pay taxes owed by the due date, or failing to file a processable tax return by the extended due date.
- The instructions explain how to complete the six steps of Form IL-2210, including calculating required estimated tax installments, unpaid tax amounts, late payment penalties, and penalties for underpayment of estimated tax or late filing.
- Key details include penalty rates, rules for applying payments and credits, and options for using an annualized income method to potentially reduce penalty amounts for taxpayers with fluctuating incomes throughout the year.
Citrin Cooperman's Revenue Recognition Webinar November 2, 2017Citrin Cooperman
The document discusses the new revenue recognition standard ASC 606 and provides an overview of its key requirements. It summarizes the five steps in the ASC 606 revenue recognition model: 1) identify the contract with the customer, 2) identify the separate performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations, and 5) recognize revenue when performance obligations are satisfied. It highlights important aspects of applying the standard such as determining standalone selling prices, estimating variable consideration, and constraining revenue recognition. The presentation is intended to help companies understand and prepare for the new standard.
The document summarizes Minnesota's November 2010 forecast for fiscal years 2010-11 and 2012-13. It projects a $399 million surplus for FY 2010-11 due to expenditure savings, but a $6.2 billion shortfall for FY 2012-13 driven by a large gap between projected revenues and expenditures. Revenues are forecast to grow by 5% for FY 2012-13 while expenditures are projected to increase by 27.5% primarily due to one-time savings measures in FY 2010-11 that will not continue. The economic recovery is expected to be slower than anticipated with GDP growth of around 2.5-2.7% projected for the next few years.
IASBO 2012-The Audit, what to look for and what to communicate to your boardsbohnsack
Bohnsack & Frommelt Presentation March 28, 2012 to the Iowa Association of School Business Officials.
The Audit-What to look for and what to communicate to your board.
This document provides an overview of the heapsort sorting algorithm. It explains that heapsort runs in O(n log n) time making it efficient for time-critical applications, though quicksort is generally faster. It defines a heap as a balanced, left-justified binary tree where each node's value is greater than or equal to its children's values. The document outlines how to construct a heap by adding nodes one at a time and sifting them up if needed to maintain the heap property. It also explains how to remove the root node and re-heapify the tree to maintain its balanced structure. Finally, it describes how heaps can be used to sort an array by building a heap, removing and replacing the root
A Brief Presentation on Fair Trade: What is it and how can it be incorporated?Love Gregorie Perez
Fair Trade is a movement and a lifestyle choice that treats producers with respect and fairness. Consumers have the power to vote with their wallets for products that reflect their values. At the end of the presentation there are guide questions to get started on incorporating fair trade in business.
Accounting for COVID-19 Funding for Post-Acute OrganizationsCitrin Cooperman
This document provides a summary of a webinar discussing various funding opportunities and tax provisions for healthcare organizations in response to the COVID-19 pandemic. It outlines programs like the Provider Relief Fund, Medicare accelerated payments, the Paycheck Protection Program, and tax credits for paid sick/family leave and employee retention. For each program, it discusses eligibility, allowable uses of funds, reporting requirements, repayment terms, and tax implications. The webinar aims to help organizations navigate relief options and ensure compliance to maximize available funding.
SBA Loan Programs Available for Small Businesses Withum
The document summarizes information about various Small Business Administration (SBA) assistance programs, including the Economic Injury Disaster Loan (EIDL) program and Paycheck Protection Program (PPP). It provides details on eligibility requirements, maximum loan amounts, allowable uses of funds, loan forgiveness terms, and sample calculations for the PPP. The document also lists financial assistance programs available from various state and local governments. Representatives from Withum, an accounting and advisory firm, hosted the event to provide information and answer questions about accessing SBA assistance.
Fiduciary Protection: Is Your Retirement Plan Ready for a DOL or IRS Audit?Citrin Cooperman
The document discusses retirement planning challenges presented by the COVID-19 pandemic. It notes that the pandemic severely impacted many businesses, leading to high unemployment. While testing and cases have improved, there is still uncertainty around reopening plans and potential summer spikes. The stock market rebounded from initial declines but volatility remains. The document provides tips for retirement plan participants and sponsors, such as maintaining a diversified portfolio and long-term focus during volatile times. It emphasizes continuing retirement contributions where possible.
The document provides an update on estate planning topics including proposed changes to inheritance of retirement plan benefits, the Uniform Trust Code in Minnesota, portability, proposed federal legislation for fiscal year 2012, drafting for the qualified small business deduction, and planning for income tax basis step-up in bypass trusts. Key points covered include possible changes to required minimum distributions for inherited retirement plans, the requirements and advantages of portability, and new rules for the Minnesota qualified small business property deduction.
This document summarizes key 2011 individual income tax changes and tips. It discusses expanded IRS Form 1099 reporting requirements, the loss of some tax credits, a 2% payroll tax cut, and Illinois increasing its income tax rate from 3% to 5%. It provides details on new Forms 1099-K and 8949 for reporting stock basis and sales. The document also outlines various tax credits, deductions, and rates that were extended through 2012, including the alternative minimum tax exemption amounts.
This document provides an estate planning update for 2011-2012. It discusses potential changes to the minimum distribution rules for inherited retirement plan benefits. It also covers proposals for the Uniform Trust Code in Minnesota, the estate tax exemption amount and portability, and proposed legislation for fiscal year 2012. The document provides details on drafting trusts to take advantage of the new qualified small business and farming deduction in Minnesota.
Year End Tax Planning Tips Individuals 2009guest366c4e
This document provides an overview of various tax benefits available to individuals related to retirement plans, health plans, itemized deductions, IRAs, home improvements, vehicle purchases, education expenses, and adoption. It discusses contribution limits, eligibility, phase-outs based on income, and how to claim various credits and deductions. Key benefits include tax-free contributions to retirement and cafeteria plans, the home improvement tax credit, deductions for education expenses, and tax credits for adoptions and student loans.
This document outlines an agenda for a presentation on expiring tax provisions and the Affordable Care Act. The agenda includes sections on expiring tax provisions, the Affordable Care Act, and new tangible property regulations. Under expiring provisions, it lists over 50 individual tax credits, deductions, and other incentives that are set to expire. The section on the Affordable Care Act outlines the net investment income tax, additional Medicare tax, and the effects on businesses including employer responsibilities and the small business health care credit. The tangible property regulations section summarizes changes to the treatment of improvements, a new definition of property units, and an improved de minimis rule.
This newsletter from Cedar Point Financial Services discusses various financial topics. It begins with an article comparing debit cards and credit cards, noting key differences in fraud protection, dispute processes, rewards programs, credit reporting, and money management implications. Another article summarizes recent tax law changes and the ongoing tax benefits of homeownership, such as mortgage interest and property tax deductions. The final article provides tips for building confidence in one's retirement strategy, such as creating predictable income streams, understanding Social Security, estimating healthcare costs, and maintaining healthy habits.
The document provides an agenda and overview for a seminar on 2003 tax law changes and related cases. Key points discussed include:
- Reduced individual income tax rates and expanded 10% tax bracket for 2003-2004.
- Lower long-term capital gains and dividend tax rates of 5-15% for 2003-2008.
- Increased child tax credit of up to $1,000 for 2003-2004.
- Accelerated increases to the standard deduction and 15% tax bracket amounts for joint filers in 2003-2004.
- Reduced marriage penalty for many taxpayers due to increased 15% bracket amounts.
- Planning opportunities related to capital gains, dividends, installment sales
This chapter discusses gross income and exclusions. It defines gross income for tax purposes and explains when taxpayers recognize income. It discusses the various sources of income, including income from services, property, annuities, and other sources. It also covers the major exclusion provisions that allow taxpayers to exclude or defer certain types of income from gross income, such as municipal bond interest, home sale gains up to $250,000, education-related exclusions, and foreign earned income up to $97,600.
Fy12 year end financial report - presentation - v2 2013cityofevanston
The FY 2012 financial review document provides an overview of the city's finances at the end of the fiscal year. Key points include:
- The General Fund ended with a smaller deficit than budgeted, $346K compared to a planned $1.75M, due to revenues exceeding budget and expenditures coming in under budget.
- Other funds like the Library, Neighborhood Stabilization, and CDBG funds saw favorable revenue variances. TIF districts and the Economic Development Fund saw unfavorable revenue variances.
- Capital projects spending came in under budget across many funds due to delayed or unawarded grants and project deferrals.
- Enterprise funds like Water, Sewer and Solid
The document provides a summary of Fannie Mae's 2004 Annual Report on SEC Form 10-K, which was restated. Some key points:
- The restatement resulted in a $6.3 billion total reduction in retained earnings through June 30, 2004 due to accounting errors.
- Net income in 2002 decreased $705 million due to the restatement but increased $176 million in 2003.
- Stockholders' equity increased $4.1 billion through June 30, 2004 despite a decrease in retained earnings.
- The estimated fair value of net assets increased $11.7 billion from 2003 to 2004, driven partly by a $5 billion preferred stock offering.
- This document provides instructions for Illinois Form IL-2210, which is used to calculate penalties for failing to make timely estimated tax payments, failing to pay taxes owed by the due date, or failing to file a processable tax return by the extended due date.
- The instructions explain how to complete the six steps of Form IL-2210, including calculating required estimated tax installments, unpaid tax amounts, late payment penalties, and penalties for underpayment of estimated tax or late filing.
- Key details include penalty rates, rules for applying payments and credits, and options for using an annualized income method to potentially reduce penalty amounts for taxpayers with fluctuating incomes throughout the year.
Citrin Cooperman's Revenue Recognition Webinar November 2, 2017Citrin Cooperman
The document discusses the new revenue recognition standard ASC 606 and provides an overview of its key requirements. It summarizes the five steps in the ASC 606 revenue recognition model: 1) identify the contract with the customer, 2) identify the separate performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations, and 5) recognize revenue when performance obligations are satisfied. It highlights important aspects of applying the standard such as determining standalone selling prices, estimating variable consideration, and constraining revenue recognition. The presentation is intended to help companies understand and prepare for the new standard.
The document summarizes Minnesota's November 2010 forecast for fiscal years 2010-11 and 2012-13. It projects a $399 million surplus for FY 2010-11 due to expenditure savings, but a $6.2 billion shortfall for FY 2012-13 driven by a large gap between projected revenues and expenditures. Revenues are forecast to grow by 5% for FY 2012-13 while expenditures are projected to increase by 27.5% primarily due to one-time savings measures in FY 2010-11 that will not continue. The economic recovery is expected to be slower than anticipated with GDP growth of around 2.5-2.7% projected for the next few years.
IASBO 2012-The Audit, what to look for and what to communicate to your boardsbohnsack
Bohnsack & Frommelt Presentation March 28, 2012 to the Iowa Association of School Business Officials.
The Audit-What to look for and what to communicate to your board.
This document provides an overview of the heapsort sorting algorithm. It explains that heapsort runs in O(n log n) time making it efficient for time-critical applications, though quicksort is generally faster. It defines a heap as a balanced, left-justified binary tree where each node's value is greater than or equal to its children's values. The document outlines how to construct a heap by adding nodes one at a time and sifting them up if needed to maintain the heap property. It also explains how to remove the root node and re-heapify the tree to maintain its balanced structure. Finally, it describes how heaps can be used to sort an array by building a heap, removing and replacing the root
A Brief Presentation on Fair Trade: What is it and how can it be incorporated?Love Gregorie Perez
Fair Trade is a movement and a lifestyle choice that treats producers with respect and fairness. Consumers have the power to vote with their wallets for products that reflect their values. At the end of the presentation there are guide questions to get started on incorporating fair trade in business.
The document describes multi-way B-trees, which generalize binary search trees by allowing nodes to have multiple children. B-trees address the problem of storing large datasets that do not fit in memory by minimizing disk accesses during operations like search, insert, and delete. They achieve this through branching nodes with multiple children to reduce height, keeping leaves at the same depth, and performing splits and merges to balance the tree during modifications.
The document discusses strategies for acculturating "Echo Boomers" or "Generation Y" students. It recommends establishing an online learning community on platforms like Facebook to share resources and supplemental course materials. It also suggests leveraging students' technical skills by having them teach faculty about technology. Student-student interactions in these online learning networks may involve more higher-level thinking than student-teacher interactions. Acculturating students this way can enhance security, build a learning community, and increase student satisfaction.
The document discusses lists and linked lists. It defines a list as an ordered collection of items that supports basic operations like adding, deleting, and accessing items. A linked list is a collection of links, where each link contains a data part and a link part pointing to the next link. Each node of a linked list contains a data field storing the data and a link field storing the address of the next node. The document then provides algorithms for common linked list operations like insertion, deletion, searching, and displaying all nodes.
La comunicación es el proceso que permite la relación entre las personas a través de elementos verbales como el lenguaje y no verbales como gestos y danza. Para que haya comunicación debe haber entendimiento. Según Jacobson, las funciones de la comunicación son informar, influir sobre el receptor, expresar la subjetividad del emisor y mantener la comunicación. El lenguaje puede variar de acuerdo a factores dialecticos, sociolectos, cronolectos e idiolectos.
The Gifts and Graces Retazo Collection features art purses designed from scrap fabric by disadvantaged sewers in Manila. The collection started with donated scrap textiles from abroad which were combined with local fabrics to create patchwork purses, full panel purses, and structured bags. The collection provides income to women sewers through regular orders, allowing them to support their families and communities.
1. The documents describe C programs that implement stacks using arrays, evaluate postfix expressions, convert infix to postfix notation, and check for balanced parentheses.
2. Key aspects include using structures to represent stacks, functions for push, pop, empty, full, and display operations on stacks.
3. The programs demonstrate using stacks to evaluate expressions by pushing operands and applying operators based on precedence.
A queue is a data structure that follows the first-in, first-out (FIFO) principle. Elements are added to the rear of the queue and removed from the front. A queue can be implemented using an array, with indexes to track the front and rear elements. When an element is added (enqueued), the rear index is incremented; when an element is removed (dequeued), the front index is incremented and the element at that index is returned. The queue has a limited capacity based on the size of the array.
The document discusses recursion through examples such as calculating factorials and multiplying numbers recursively. It defines recursion as solving a problem by solving smaller instances of the same problem. Recursive algorithms break down a problem into smaller sub-problems until reaching a base case, and use the solutions to the sub-problems to solve the original problem.
A threaded binary tree is a binary search tree where each node uses its left and right child pointers to either link to the in-order predecessor and successor nodes or act as threads to traverse the tree without using recursion. The document discusses how to represent threaded binary trees using additional thread fields in each node and compares them to standard binary search trees in terms of memory usage and traversal efficiency. Various applications of threaded binary trees are also presented, such as expression trees, game trees, and heap sort trees.
The document discusses infix, prefix and postfix notation for mathematical expressions. It provides examples of converting expressions between these notations. It also describes evaluating postfix expressions using a stack, and converting infix expressions to postfix using precedence rules.
Trees are non-linear data structures that represent hierarchical relationships. They have elements called nodes connected by edges or branches. The root node has no parent, leaf nodes have no children, and sibling nodes share the same parent. Trees can be traversed in preorder, inorder, or postorder sequences by recursively processing nodes and their subtrees. Binary trees restrict nodes to having at most two children.
The document describes PID controllers and their algorithms. A PID controller uses proportional, integral and derivative terms to compute a controller output signal based on the error between the measured process variable and set point. A proportional-only controller results in offset, while adding an integral term eliminates offset but can cause oscillations. A PID controller combines all three terms and provides the most precise control, but requires tuning three parameters.
This document introduces binary trees and provides sample code for basic operations like lookups and inserts. It discusses the structure of binary trees, with nodes containing left/right pointers and data. Binary search trees require that all left subtree nodes are less than the parent and right greater. Sample C/C++ code is given for lookup and insert functions that demonstrate the recursive traversal and modification of the tree. The document aims to prepare the reader to solve practice problems of increasing difficulty involving binary trees and pointers.
Get the very latest on important tax law changes that will impact returns for Tax Year 2013. There are so many changes to keep track of each year. Let us us do the legwork and keep you up to speed on the current status of tax law changes and extenders. Topics will include the Defense of Marriage Act, Post 2013 Affordable Care Act changes and other IRS initiatives.
The document summarizes proposed changes to business and individual taxation from the Tax Cuts and Jobs Act of 2017. For businesses, it outlines proposals to significantly lower the corporate tax rate from 35% to 20%, provide a 25% tax rate for pass-through businesses and sole proprietorships, allow for full expensing of capital expenditures, and limit interest expense deductions. For individuals, proposals include lowering the number of tax brackets and associated rates, increasing the standard deduction, increasing the child tax credit, and eliminating some deductions and credits.
This presentation discusses the American Taxpayer Relief Act of 2012, better known as the “fiscal cliff” legislation, extended many key tax provisions from the Bush era for both individuals and businesses. Also addressed were the key tax provisions contained in this Act as well as a number of other tax planning issues that you should be aware of this year.
This presentation was part of a CPE webinar. Full details at http://www.macpas.com/webinar-recap-2013-tax-update/.
More info at www.macpas.com
2018 Pennsylvania Tax Update: The State Budget, Legislation, and Multistate T...McKonly & Asbury, LLP
This webinar was hosted by McKonly & Asbury Senior Tax Manager and SALT Leader, Michael Eby, and Tax Supervisor, Lindsey Waltemyer.
It provides an overview of the enacted 2017-2018 Pennsylvania State Budget; a brief update on recently passed Pennsylvania tax legislation and court decisions of interest; and discusses how states, including Pennsylvania, are addressing these changes at the Federal level in their own respective tax structure.
M&A and Exit Planning Trends 2021 Webinar | Hosted by Laurie Barkman, SmallDo...Laurie Barkman
This document discusses trends in mergers and acquisitions (M&A) and exit planning for 2021. It first covers the impact of 2020 tax changes and provides an outlook for 2021. It then reviews M&A market trends in 2020, finding a 20% decline in deal activity and falling price multiples. The document also outlines the exit planning process and benefits of planning. It poses poll questions to business owners on their long-term goals, timelines, and definitions of wealth. The presentation encourages owners to assess their readiness by taking complimentary assessments.
The document summarizes key tax law provisions for individuals and small businesses from the Tax Increase Prevention Act of 2014. It outlines changes to income tax rates, capital gains taxes, the additional net investment tax, alternative minimum tax exemptions, itemized deductions limits, estate tax exemptions, education credits, and the small business health care tax credit. It provides examples to illustrate how the new laws may impact taxpayers.
Tax Cuts and Jobs Act: Individual Tax Planning InsightRea & Associates
The new Tax Cuts and Jobs Act managed to pack in a lot of changes for individual filers, many of which have left more than a few of us scratching our heads. This webinar will dive into the provisions that will have the most impact on individual tax strategy, including changes associates with trusts and estates. Cindy Kula, CPA, PFS, CFP, and Inez Bowie, CPA, CSEP, have already spent countless hours combing through the legislation and additional guidance so you don’t have to. Join us for this session to find out what they found.
This document summarizes the 2014 tax update and hot topics presented by Drew Rogers, CPA. It discusses the impact of 2013 tax law changes such as rate increases and limitations on deductions. For businesses, it covers expiring tax provisions, deductions, and credits. It also discusses entity choice, multistate planning, and exit planning strategies. For individuals, it summarizes rate schedules and provides planning tips for items like the Net Investment Income Tax, deductions, charitable giving, and the Alternative Minimum Tax. The presentation concludes with an overview of South Carolina tax credits that may provide benefits.
Strategic and proactive tax planning is key to saving taxes. The recent US Tax Reform signed into law by Trump creates new opportunities (and preserves some of the old) to plan and maneuver the tax code.
The election is over - now what? We recently held free tax planning and preparation seminars discussing the tax consequences of the 2012 election.
The seminar featured Steven Hartstein, CPA, JD - Partner, and Jenna Staton, EA - Manager, and covered several topics including:
•Year end tax planning for individuals and businesses
•Year end tax planning using the estate and gift tax laws for 2012
•2013 tax law if no changes are made
•What the future holds based upon post-election Congress
If you have questions, please feel free to contact our Tax Planning & Preparation Group at 440-449-6800.
High Net Worth Webinar Series - Tax Planning and Update for 2022Citrin Cooperman
As 2021 comes to an end, business owners and individuals are seeking opportunities to maximize their savings through year-end tax planning. This webinar session will help you navigate the many complexities, obstacles, and impending tax landscape changes that the 2021 tax year brings to the table and what 2022 has in store.
The Tax Cuts and Jobs Act of 2017 made significant changes to the US tax code that will impact taxpayers. It lowered tax rates for individuals and doubled the standard deduction. However, it also capped state and local tax deductions, eliminated miscellaneous deductions, and increased the child tax credit. The act is temporary and many provisions will expire after 2025. Taxpayers need to check their withholding and adjust their W-4 forms to avoid underpayment of taxes owed or overpayment resulting in smaller refunds.
This presentation includes an overview of tax changes from 2012 and what's new in 2013.
For more information about our tax services, visit www.cbiz.com
Post-Election: What You Need to Know for Tax PlanningSkoda Minotti
1. The document summarizes proposed business and individual tax changes under plans by Trump and House Republicans, as well as tax provisions recently made permanent or extended by the PATH Act.
2. Key proposed business changes include significantly lowering the corporate tax rate, providing a preferential rate for pass-through businesses, and allowing full expensing of capital expenditures.
3. Key proposed individual changes include reducing the number of tax brackets, nearly doubling the standard deduction, repealing the AMT and estate tax, and capping itemized deductions.
Congress has approved H.R. 1 the Tax Cuts and Jobs Act, significantly altering the U.S. tax code. Join us to learn more about what the new legislation means for individuals and businesses, including corporations and pass through entities.
This WEBINAR is an overview about how the Tax Cuts and Jobs Act alters the U.S. tax code for individuals and businesses.
For more in-depth information and personal engagement with our team, we welcome you to join us on Tuesday, January 30th from 9-11am at our Rockville Location, 1445 Research Boulevard, Ground Level Conference Room, Rockville, MD 20850.
Congress has approved H.R. 1 the Tax Cuts and Jobs Act, significantly altering the U.S. tax code. Join us to learn more about what the new legislation means for individuals and businesses, including corporations and pass through entities.
Join us for a conversation about how tax reform impacts individuals and businesses, including corporations and pass through entities.
The document provides an overview of federal tax updates for 2014, including key numbers and thresholds that increased for the year. It also discusses expiring tax provisions known as "tax extenders" that Congress typically extends in short-term increments. Additionally, it outlines serious challenges facing the IRS in 2014, such as reduced funding leading to decreased taxpayer services and collection efforts. New IRS leadership and several final regulations on tangible property, net investment income, and bonus payments are also summarized.
Key Takeaways:
- Payroll Taxes
- Transfer Pricing
- Global Intangible Low Taxed Income
- Controlled Foreign Corporation
- Base Erosion and Anti-Abuse Tax
- Covid Impact and Measures
Similar to Intuittaxlawchangespresentation 121211153942-phpapp02 (20)
1. 2012 Tax Law Update
Brought to you by:
Presented by:
Mike Davolio
Senior Tax Analyst
Intuit Accounting Professionals Division
2. Mike Davolio, CPA
Senior Tax Analyst
• With Intuit / Lacerte since 1987
• Monitor legislative and regulatory
activity
• Circulate information to employees
and customers
• Analyze and test software
• Train employees and customers
• Government liaison
• Public relations representative
2
3. Agenda
• 2012 Tax Law Changes
• Health Care Act Changes for 2013
• Tax Reform
• Internal Revenue Service Initiatives
3
5. 3% Withholding Repeal &
Job Creation Act (PL 112-56, 11/21/11)
• Revised work opportunity credit for employers
(Form 5884)
• $5,600 credit for hiring veterans looking for work
over 6 months
• $9,600 for disabled veterans
• Covers work beginning after enactment date
• Credit extended 1 year for hiring veterans (2012)
• Repeals 3% withholding requirement on
government contractors
• Stricter eligibility requirement for premium
assistance credit for health insurance (2014)
5
5
6. Extender Legislation
Congress
• Many tax measures expired at end of 2011 or will expire
at end of 2012 unless government extends
• First group impacts tax year 2012; second group impacts
tax year 2013 and 2013 estimates and withholding tables
Internal Revenue Service
• AMT patch (exemptions and special credit ordering rules)
could affect more than 60M taxpayers
• Extenders (tuition and fees deduction, etc.) not as
complex
6
6
7. Individual provisions that expired on
12/31/11
• Alternative Minimum Tax Patch
• Increased exemptions (will decrease to $45,000 MFJ,
QW; $33,750 Single, HH; $22,500 MFS)
• Nonrefundable personal credits allowed to offset AMT
• Deduction for educator expenses
• Tuition and fees deduction
• Itemized deduction for sales tax
• Tax-free distributions from IRAs for charitable purposes
• Refundable portion of adoption credit
• Deduction for mortgage insurance premiums
7
8. Individual provisions that expired on
12/31/11 (cont.)
• Credit for energy-efficient improvements
• 100% exclusion for gain on small business stock
• Contributions of capital gain property for conservation
purposes
• Qualified zone academy bonds
• Deadline to claim low-income housing credits in GO Zone
• Tax incentives for District of Columbia
Footnote
• The government could let certain provisions expire for
upper income taxpayers and not expire for lower and
middle income taxpayers
8
9. Business provisions that expired on
12/31/11
• Research credit
• Employer wage credit for activated reservists
• Indian employment tax credit
• New markets tax credit
• Railroad track maintenance credit
• Mine rescue team training credit
• Reduction in S corporation recognition period for built-in
gains tax
• 15-year recovery period for leasehold improvements,
restaurant property and retail improvements
• Suspension of 100% of net income limit on percentage
depletion
9
10. Business provisions that expired on
12/31/11 (cont.)
• Accelerated depreciation for Indian reservation property
• Special rule for contributions of food and book inventories
• Special rule for corporate contributions of computer
technology or equipment for educational purposes
• Environmental cleanup costs deduction
• Deduction for domestic production activities in Puerto Rico
• Shareholder basis adjustment for stock of S corporations
making charitable contributions
• 7-year recovery period for motorsports entertainment
complex property
• Empowerment zone tax incentives
10
11. Depreciation
• 50% bonus depreciation
• PIS after 12/31/11 & before 1/1/13
• Section 179 limit set at $139,000 with $560,000
phase-out threshold
• TY beginning after 12/31/11
• Off-the-shelf software qualifies as section 179
(through 2012)
• Election to accelerate AMT credit in lieu of bonus
depreciation (through 2012)
11
12. Provisions that will expire on 12/31/12
Tax cuts
• Tax rates: 10%, 15%, 25%, 28%, 33%, 35%
• Will increase to 15%, 28%, 31%, 36%, 39.6%
• Marriage penalty: size of 15% bracket and standard
deduction (MFJ and qualifying widow)
• Will decrease to 167%
Capital gain and qualified dividend rates
• LTCG and dividends taxed at maximum rate of 15%
• LTCG will increase to 20%; dividends will be treated as
ordinary income
2% payroll tax holiday
Estate, gift and generation skipping taxes
• Rates, exemption levels
12
13. Provisions that will expire on 12/31/12
(cont.)
Itemized deductions and personal exemptions not
phased out for higher income taxpayers
Changes to rules for the following provisions
• Child tax credit
• Earned income credit
• Dependent care credit
• American opportunity tax credit
• Adoption credit
• Student loan interest deduction
• Coverdell Education Saving Accounts
• Exclusion for employer-provided educational assistance
13
14. Roth IRAs & Designated Roth Accounts
• ½ of 2010 Roth conversion or rollover and
rollover to designated Roth account included in
income in 2012
• If taxpayer didn’t elect to include 100% in 2010
• Should have reported ½ in 2011
14
15. Schedule D / Form 8949
• For TY12, Form 8949 will support the following:
• Schedule D (Forms 1040, 1120, 1120S, 1065,
1065-B)
• Form 8865 (Foreign Partnerships) will use
Schedule D (Form 1065) and thus Form 8949
• Schedule D for Form 1041 will not be modified to
use Form 8949
15
16. Form 1099-K Reporting
• No direct reporting of amounts from Form 1099-
K (Payment Card and Third Party Network
Transactions) on tax return
• Forms 1120, 1120S, 1065 and
Schedules C, C-EZ, E, F
• Form 1099-K still filed with IRS
16
17. Informational reporting of employer-
sponsored group health plan coverage
• Reporting of cost on Form W-2 optional if:
• Employer required to file fewer than 250 W-2s for
preceding calendar year
• W-2 furnished to employees who terminate before
end of a calendar year and request W-2 before
end of that year (in writing)
• W-2 provided by third-party sick-pay provider to
employees of other employers
• Chart:
http://www.irs.gov/newsroom/article/0,,id=254
321,00.html
17
18. Partnerships
• Partnerships allowed to provide Schedule
K-1 electronically to partners
• Recipient must affirmatively consent
• Furnisher must provide a disclosure statement
that details the arrangement
18
19. 2012 Standard Mileage Rates
Business
• 55.5 cents/mile
Medical and moving
• 23 cents/mile
Charitable
• 14 cents/mile
19
20. Inflation Adjustments
2011 2012
Elective Deferral Plan Limits Base $16,500 $17,000
(401(k), 403(b), SEPs, Thrift Catch-up $5,500 $5,500
Savings, state & local) Total $22,000 $22,500
Base $11,500 $11,500
408(p) Deferral Plan Limits Catch-up $2,500 $2,500
(SIMPLE Plan) Total $14,000 $14,000
Base $5,000 $5,000
IRA Deduction Catch-up $1,000 $1,000
Total $6,000 $6,000
Single/HOH $56,000-66,000 $58,000-68,000
IRA Phase-Out Ranges
MFJ/QW $90,000-110,000 $92,000-112,000
20
22. Increased tax for high-earning workers and
self-employed
• New law: additional 0.9% (2.35% in total)
hospital insurance (HI) tax applies to wages
received in excess of
• $250,000 for MFJ; $125,000 for MFS; $200,000
for others
• Employers collect extra 0.9% on wages exceeding
$200,000
• Also applies to self-employment income
22
22
23. Surtax on unearned income of higher-
income individuals
• New law: Medicare tax will apply to investment
income
• Imposed on individuals, estates and trusts
• Tax is 3.8% of lesser of
• Net investment income, or
• Excess of modified AGI over $250,000 for MFJ or
QW, $125,000 for MFS, $200,000 for others
• Net investment income: interest, dividends,
royalties, rents, passive activity gross income
and net gain from disposition of property
• Reduced by deductions
23
24. Higher threshold for deducting medical
expenses
• New law: raises floor from 7.5% of AGI to 10%
• AGI floor for individuals age 65 and older will
remain unchanged at 7.5% through 2016
24
24
25. Dollar cap on contributions to health FSAs
• FSA (flexible spending arrangement): tax-
advantaged account that can be set up through
cafeteria plan of employer
• Allows employee to set aside a portion of earnings
to pay for expenses as established in cafeteria
plan (medical, dependent care, other)
• New law: allowable contributions to health FSAs
capped at $2,500 per year (indexed for inflation
after 2013)
25
25
27. Budget Control Act of 2011 (PL 112-25,
8/2/11)
• Initial $1T deficit reduction (2012-
2021) without raising revenue
• Second $1.5T deficit reduction
• Recommendations from Joint Select Committee on
Deficit Reduction
• May include fundamental tax changes
• Possible Tax Changes
• Lower individual and corporate rates
• Cutback in individual breaks (mortgage interest)
• Post 2012 expiration of Bush-era tax cuts
• Eliminate accelerated depreciation, domestic
production activities deduction, LIFO
• International: territorial tax regime
27
28. Budget Control Act (cont.)
• If JSC fails to approve a report, across-the-
board reductions must be implemented
• 50% defense & 50% domestic cuts in 2013
28
29. President Obama’s Tax Plan
• Individual tax rates
• Retain 10%, 15%, 25%, 28% rates
• Raise top two rates to 36% and 39.6% for those
earning over $250K MFJ, $200K Single
• Deductions and credits
• Reduce value of itemized deductions and other
preferences to 28% for families with income over
$250K
• Investment income
• Retain 15% rate for taxpayers with income under
$250K
• Raise rate to 20% for those making over $250K
29
30. President Obama’s Tax Plan (cont.)
• Alternative Minimum Tax
• Index 2011 exemption amounts to inflation
• Endorses Buffet Rule: households making more
than $1M pay at least 30%
• Estate tax
• $3.5M exemption; 45% tax rate
• Corporate rates
• Reduce top rate from 35% to 28%
• Other
• Eliminate industry specific tax breaks (oil and gas)
• Overhaul research credit
• Renew clean energy incentives
30
31. Tax reform proposals to limit or eliminate
itemized deductions
• Obama
• Limit the benefit for higher income taxpayers to
28% of the deduction or exclusion
• Fiscal Commission
• Replace itemized deductions with a standard
deduction
• Replace certain favored deductions (mortgage
interest) with nonrefundable credits
• Simpson-Bowles
• Eliminate nearly all tax expenditures
• Restructure certain tax expenditures (replace
mortgage interest deduction with 15% refundable
credit)
31
32. Tax reform proposals (cont.)
• Bipartisan Policy Center
• Eliminate itemized deductions and standard
deduction
• Allow taxpayers to claim limited refundable credits
for mortgage interest and charitable contributions
• Wyden-Coats
• Repeal certain itemized deductions and credits
• Increase standard deduction ($30K MFJ, $15K
Single)
• Retain mortgage interest and charitable
contributions
32
34. IRS marks third anniversary of Return
Preparer Review
Mandatory registration and use of PTIN
• Anyone who is paid to prepare, or help prepare,
all or substantially all of a federal tax return,
including EAs
• PTIN valid for a calendar year, renewed
annually
34
35. Return Preparer Review (cont.)
Competency Test
• Available at more than 260 vendor testing
centers
• Certain preparers required to take test by
12/31/13
• CPAs, EAs and attorneys are exempt from test
• Certain non-signing preparers supervised by
CPAs, EAs or attorneys are exempt, as are non-
1040 preparers
• Determine if there is a test requirement; set a
test date, time and location: www.irs.gov/ptin
• More information: www.irs.gov/taxpros/tests
and select RTRP test
35
36. Return Preparer Review (cont.)
Continuing Education
• The roughly 340,000 preparers who have
testing requirement also must complete 15
hours of continuing education courses each year
• 10 hours in federal tax law, 3 hours in federal
tax law changes, 2 hours in ethics
• Became effective January 2012; applies even if
preparer has not taken the test
• Hundreds of outlets offering IRS-approved CE
courses (www.irs.gov/taxpros/ce)
36
37. Return Preparer Review (cont.)
Ethics and Tax Compliance
• Ethical requirements that previously applied
only to CPAs, EAs and attorneys now apply to all
paid return preparers
• All paid preparers also will undergo a tax
compliance check and are subject to standards
for practice outlined in Treasury Department
Circular 230
37
38. Return Preparer Review (cont.)
Registered Tax Return Preparer (RTRP)
• Preparers who pass competency test and tax
compliance check
• Beginning in 2014, only RTRPs, EAs, CPAs and
attorneys will be authorized to prepare
individual income tax returns for compensation
38
39. Return Preparer Review (cont.)
Public Database
• IRS will create a publicly searchable database
• Allows taxpayers to see if preparers have met
IRS standards or to find a preparer in their zip
code area
• Will show credentials held by preparer
• Public education campaign to inform taxpayers
to use only CPAs, EAs, attorneys or RTRPs if
they pay to have taxes prepared
39
40. Intuit Resources
Intuit & National Association of Tax
Professionals (NATP) team up for
professional development
• http://www.natptax.com/intuit
• More than 300 live nationwide workshops,
facilitated online, self-study & webinar courses
designed by tax professionals
• Maintain CPA, EA, RTRP status with CPE courses
• EA Exam Preparation Course
• RTRP Exam Preparation Course
40
41. Tax-Related Identity Theft
General
• IRS distributed about 250K Identity Protection
Personal Identification Numbers (IP PINs) in
2012 filing season
• Expanded pilot program to protect victims of
previously confirmed cases of identity theft
• IRS estimated that it stopped at least $1.4B in
refund fraud in 2011
• IRS has identified more than 460K taxpayers
victimized since 2008
41
42. Tax-Related Identity Theft (cont.)
New IP PIN each year
• IRS mails out unique 6 digit identifiers for use in
current season only
• A taxpayer who believes he/she was victimized
files Form 14039, Identity Theft Affidavit
• IRS verifies the information, then flags any
return filed under the taxpayer’s Taxpayer
Identification Number, to make sure it is not
filed fraudulently
• Taxpayer then uses IP PIN on return
42
43. Tax-Related Identity Theft (cont.)
System not infallible
• Difficult to issue quick refunds and check for
fraud
• IRS never initiates contact by email or social
media to request personal or financial
information
• Post office that delivers IRS notices is not
secure
• Taxpayer must keep the IP PIN private and
secure
43
44. IRS revises return preparer penalties
High impact penalties
• $50 for each failure to furnish taxpayer a completed copy
of return; up to $25,000 per preparer per year
• $50 per failure to sign a return; up to $25,000 per
preparer per year
• $50 for failure to furnish a PTIN per return; up to $25,000
per preparer per year
• $50 per failure to retain a copy or list; up to $25,000 for
any return period
• $50 per failure to file an information return (or include an
item thereon); up to $25,000 for any return period
• $500 per instance of a preparer endorsing a refund check
issued to a taxpayer
• $500 for failure to comply with EIC due diligence
requirement
44
45. Greater due diligence requirements for
earned income credit claims
• Paid Preparer's Earned Income Credit Checklist (Form
8867)
• Must meet due diligence requirements in determining
taxpayer's eligibility and credit amount
• Documentation for residency of qualifying child (e.g. school
records)
• Documentation for disability of qualifying child (e.g. doctor
statement)
• Existence of Schedule C business (e.g. Form 1099)
• Retain all supporting documents (checklist, worksheets, etc.)
for 3 years
• Failure could result in a $500 penalty for each infraction
45
46. Modernized e-File (MeF)
• Represents next generation
• Built on internet-based platform
• Benefits
• Faster processing time
• Improved error detection & more detailed rejection messages
• Expedited acknowledgements sent within minutes
• Attach PDF files
• Standardized business rules
• Individual returns: final year of phase-in period
• Doesn’t change way practitioners transmit returns
• Fully supported by Intuit products
46
47. IRS & Social Media
IRS2Go
• Smartphone application for iPhone, iTouch and
Android
YouTube
• Short, informative videos on various tax-related
topics
Twitter (@IRSnews)
• Tax-related announcements, news for tax
professionals and updates for job seekers
Audio files for podcasts
• Useful information on one tax-related topic per
podcast
47
48. IRS helps college-bound students with
financial aid application process
• IRS Data Retrieval Tool allows applicants to transfer tax
return data to FAFSA (Free Application for Federal Student
Aid) form
• Tool is free, easy and secure; saves time and improves
accuracy
• Need a Federal Student Aid PIN (can apply for one
through FAFSA process)
• If cannot use DRT, may need to obtain official transcript
from IRS
• To order tax return or tax account transcripts, go to
IRS.gov and select "Order a Transcript" or call toll-free
Transcript line at 1-800-908-9946
• IRS also offers money-saving information for college
students and their parents about tax credits and
deductions for qualifying tuition, materials and fees
• Link: Student's Page - College Bound
48
Internal Revenue ServiceAMT patch (exemptions and special credit ordering rules) could affect more than 60M taxpayers Leaving core systems as-is If no AMT patch, serious repercussions for taxpayers (long delays, etc.)Extenders (tuition and fees deduction, etc.) not as complex 2010: Congress extended in mid-December; delayed opening of filing season by 4 weeks for about 9M taxpayers Similar outcome this year
50% bonus depreciationPIS after 12/31/11 & before 1/1/13Reduced from 100%Section 179 limit set at $139,000 with $560,000 phase-out thresholdTY beginning after 12/31/11Reduced from $500,000 limit with $2,000,000 phase-out threshold
Forms 1120, 1120S, 1065 and Schedules C, C-EZ, E, FLine items eliminated for TY12; will revert to TY10 reporting
Current law: wages subject to 2.9% Medicare payroll tax Workers and employers pay 1.45% eachSelf-employed people pay both halvesLevied on all wages without limit
Current law: Medicare payroll tax only applies to wages
Current law: taxpayers can take an itemized deduction for unreimbursed medical expenses only to extent that expenses exceed 7.5% of taxpayer's AGI
Current law: no limit on contributions to health FSA
Almost 850,000 preparers have registered
IRS urges an estimated 340,000 preparers required to take test
To date, over 4,800 people have become RTRPs
Crime surge due to increase in refundable tax credits Program not widely publicized so identity thieves don’t adapt their strategies
Program only designed to prevent repeat offenses
Represents next generationReplaces older legacy systemBuilt on internet-based platformTransaction based system allows originators to transmit in real-time (instead of batches)
IRS2Go Smartphone application for iPhone, iTouch and AndroidGet refund status and tax updatesYouTubeShort, informative videos on various tax-related topics English, American Sign Language and a variety of foreign languagesTwitter (@IRSnews) Tax-related announcements, news for tax professionals and updates for job seekersAudio files for podcasts Useful information on one tax-related topic per podcast Available on iTunes or through Multimedia Center on IRS.gov