2013-2014 Schedule C/F & General Business Federal Tax Update (Currently Unavailable)

Author: Vern H.

Vern discusses the current Tax Codes, cases and rules affecting business taxation including hobby loss rules, and 2013 Federal mileage, lodging and meal per diem rates.

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

Publication Date: November 2013

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

Topics Covered

• Looking at the requirement that credit card companies must still report our business client's credit card sales to the IRS
• Talking about how the hobby loss rules apply to both a professional football player and a professional musician
• Examining the final repair vs. improvement regulations including the new $500 or $5,000 de minimis repair amount and the new $200 material and supply safe harbor deduction
• Learning about the $500,000 Section 179 expensing allowance and the 50% bonus depreciation
• Reviewing a cost segregation study case... and how not to use it
• Studying the 2013 Federal mileage, lodging and meal per diem rates
• Reviewing the "away-from-home-overnight" requirement for travel expense deductions
• Checking out the recordkeeping rules for travel, entertainment and something new on deducting "local lodging"
• Studying, in-depth, the major impact ObamaCare will have on our business clients after the one-year implementation delay, including when the penalty will be imposed on businesses for not providing health coverage to their employees, W-2 reporting of health coverage, the state health insurance exchange coming to your neighborhood soon, and ideas to reduce the Employer Mandate penalty
• Reviewing the health reimbursement arrangements and what recently changed
• Deducting spousal health insurance on Schedule C or F
• Understanding who the new Simple Cafeteria Plan is great for
• Looking at the substantiation rules to deduct autos and laptops
• Reviewing the office-in-home limitation rules
• Taking a look at tax provisions affecting farmers and ranchers
• Analyzing what's happened under accounting methods and periods
• And closing with a discussion of the new business credits when small businesses purchase health insurance for their employees and the credits available when hiring veterans
• .

Learning Objectives

• Recognize key tax changes effective in 2012, affecting business 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 (5 hours)

Program Prerequisites
All tax practitioners, both public and industry, who need the latest - and necessary - tax changes for their clients

Advance Preparation
None