2012-2013 Individual & Employee Federal Tax Update (Currently Unavailable)

Author: Vern H.

In this course, Vern discusses the current Tax Codes, cases and rulings affecting individual taxation.

Follow along with Vern's 161 page manual containing hyperlinks to important rules and regs, included with purchase.

Course Sponsor:Vern Hoven Tax Seminars:
NASBA Sponsor Number: 108250/QAS Sponsor Number: 041

Designed For
All tax practitioners, both public and industry, who need the latest - and necessary - tax changes for their clients.

Topics Covered

• Looking at new tax legislation that will be coming
• Reviewing the extender bill provisions
• Discussing the impact the Supreme Court decision had on the Health Bill, including what the individual mandate means to all uninsured individuals.
• Examining a time line on which health provisions included in the Health Bill begin to apply in 2012.
• Understanding the W-2 reporting requirements of employer-sponsored health coverage
• Planning to avoid the 3.8% Medicare tax on unearned income.
• Learning the new tax return filing requirements for Registered Domestic Partners and same-sex couples after the Gill and Dragovich cases.
• Remembering that this may be the last year for the 0% and 15% tax rates on dividends and capital gains.
• Moving on to the new FBAR and FATCA reporting forms and requirements for both foreign income and foreign assets.
• Looking at the stock basis reporting on new Form 1099-B and redesigned Form 8949.
• Discussing how the IRS is testing the mortgage interest limits after the nasty surprise the court handed us in Sophy.
• Followed by a myriad of adjustments to gross income such as health savings accounts and prepaid tuition accounts.
• Marveling at the ways divorce attorneys can screw up the alimony requirements.
• Reviewing itemized deductions including the charitable contribution rules, the home mortgage rules, and an extensive discussion of allowable medical expenses.
• Discussing, in-depth, the additional Medicare Tax on wages and unearned income that starts in 2013 and other Health Bill provisions affecting individuals.
• Reviewing the general rules on both casualty losses and theft losses.
• And closing with examining all the individual tax credits, including the AMT patch.

Learning Objectives

• Recognize key tax changes effective in 2012, affecting individual and employee taxation.
• Identify numerous tax issues and provisions impacting your clients' or employer's tax returns.
• Apply various tax rates and computations to scenarios just like those you see in your office, to better prepare you for the upcoming tax season.

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (7 hours)

Program Prerequisites
A basic understanding of tax preparation.

Advance Preparation
None