• DECEDENT’S “FINAL” RETURNS: FORM 1040 AND FORM 1041 – This section reviews the numerous responsibilities of the Fiduciary in filing a decedent’s final return, as well as filing the returns for the estate. Exactly where is the dividing line for Form 1040 (for the decedent) and Form 1041 (for the decedent’s estate)? What is the definition of Income in Respect of a Decedent, and what is its tax treatment? What documents are needed to complete the tax returns, and how does information reported on Schedule K-1 affect the beneficiaries and their returns? A comprehensive example, including Forms 1040 and 1041 with accompanying schedules, will tie it all together.
  
• ALTERNATIVE MINIMUM TAX(AMT) – The AMT is expected to hit nearly 4 million taxpayers for 2005, and over 20 million in 2006. By the end of the decade, IRS projects that the AMT will generate more revenue than the regular income tax. We’ll provide a comprehensive review of the rules for computing preferences and adjustments, incentive stock options (ISOs), AMT credits, carryovers and Form 8801, with line-by-line explanations of Form 6251.
  
• DISCHARGEABILITY OF TAXES IN BANKRUPTCY – Yes, you really can discharge taxes in bankruptcy! A thorough review of the rules regarding the dischargeability of income taxes in bankruptcy, with relevant IRS references and important court cases that address various dischargeability issues regarding income, payroll and sales taxes. Brief coverage of the massive “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005,” and its impact on federal taxation.
  
• IRS AUDITS & APPEALS: MEET A BETTER FUNDED, MORE FOCUSED IRS – The IRS recently released its report on the National Research Program, initiated in October 2002. Having completely revamped its procedures for audits and appeals, it is critical that tax preparers and managers familiarize themselves with the ever-changing rules for representation before the IRS. Increased audits for all taxpayers (and especially for high income taxpayers) are underway, as well as stepped-up criminal prosecutions. Learn how to minimize the risk of an audit during the preparation of the return, what criteria are used to select a return for audit and how to defend the return when it’s actually audited, plus new procedures on how to appeal the auditor’s findings.
  
• OFFERS IN COMPROMISE UPDATE – Extensive coverage of Forms 433-A, 433-B, and the recently-revised Form 656. How to compute an “acceptable” offer (and avoid IRS rejection), deferred payment plans, suspension of the collection statute and other effects of filing an offer in compromise.
  
• PRODUCTION ACTIVITIES DEDUCTION – Brand new for 2005, and introduced in “The American Jobs Creation Act of 2004,” this new deduction represent a tax cut for millions of manufacturing activities, including construction, architecture and engineering firms. The deduction is available to sole proprietorships, partnerships, S corporations C corporations, cooperatives, and estates and trusts. Millions of taxpayers will potentially qualify for this new deduction. We’ll show you who qualifies for the deduction, how it works, and how to compute it.

Return to Top

FEDERAL INCOME TAX UPDATE - We take a detailed look at the Energy Act of 2005, the Ketrina Emergency Tax Relief Act of 2005 (KETRA), the new Domestic Production Activities Deduction regulations and throughout the text we provide special emphasis on changes affecting next year's tax preparation season. Our thorough " Form 1040 & Beyond " review of up-to-the-minute tax law and IRS form changes for 2005 includes line-by-line explanations and analysis of troublesome areas. Our review is fully integrated with both new 2005 Tax Acts, as well as with the numerous tax law changes enacted under the 2001, 2002, 2003 and both 2004 acts. We also cover many recent important court cases and IRS rulings.  The seminar includes numerous practical and useful illustrations to have you "up and running" for next year's tax season and ready to answer your clients' questions on the new tax law.

In addition to those above, among the many other areas we cover in detail are:

• New rules for expanded casualty loss deductions
• Last-minute changes to Form 4684 - -Casualties & Thefts
• Last-minute changes in the 2005 standard mileage rate
• New Regs on troublesome W-4s
• How to defer tax on gain via the installment method, and when to do so.
• S-Corp elections , Final Regs and Form 8832…Will you know what to do?
• How to write-off a vehicle acquired in a 1031 exchange
• Telephone excise tax and refund claims – we’ll show you how to advise clients
• S-Corporations and the IRS: New compliance study currently underway
• Vehicle donations and the new Form 1098-C -- strict new auto donation rules
• Accountable plans and mechanics tool reimbursements – there’s good news and the bad news.
• Mortgage refinancing and the AMT deduction -- New rules from IRS
• Uniform Definition of a Child – New rules for 2005
• Section 121 home sale exclusion and Section 1031 deferral -- get the best of both worlds
• Coming in 2006: The new Roth 401(k) -- What you and your clients need to know with this remarkable new opportunity
• Important new ruling for waiver of the 60-day IRA rollover rule
• Timing and other important considerations for traditional and Roth IRAs
• New IRS guidance on the health coverage tax credit
• Division of a decedent’s IRA into separate IRAs for trust beneficiaries
• Plus, many more recent important court cases and IRS rulings

• STATE INCOME TAX UPDATES - Each Part II Seminar text includes a thorough review of state law and form changes for Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Missouri, Nebraska, Ohio, Oklahoma, Pennsylvania or Tennessee. Each state review also includes coverage of important new state rulings and other state income tax developments.
  
• TOOLS OF THE TRADE - New and revised worksheets, preparation aids and tips to save you time and help you through many of those involved calculations.  Mutual Fund Basis, Repossession of Real Property, Basis of Automobile When Trading for a New Auto, IRA Required Distributions, Installment Sale Worksheet, and much more!  
  
• OTHER TAX PRACTICE AIDS - Tax-year 2005 updates to our most popular tax practice management forms.
  
  Return to Top

• TAX ASPECTS OF DIVORCE - Divorce is a traumatic event, even under the friendliest of terms. We’ll examine the transfer of property, alimony, child support, new rules for innocent spouse protection, qualified domestic relations orders (QDROs), filing status & dependency exemptions, applicability of the Earned Income Credit, and special provisions regarding the sale of the family residence.
  
• TAX TREATMENT OF CLERGY - Complete overview of the tax treatment of this unique class of taxpayer, with a detailed discussion of the numerous deductions and exclusions granted exclusively to ordained members of the clergy, including a comprehensive example.
  
• EMPLOYER PROVIDED VEHICLES & OTHER FRINGE BENEFITS - Working condition fringe benefits, cafeteria plans (including flexible spending accounts), excludable fringe benefits, de-minimus fringe benefits, educational tuition assistance, group insurance plans and W-2 reporting.
  
• ETHICS AND THE TAX PROFESSIONAL - Tax professionals face rapidly expanding ethical responsibilities as courts and governmental agencies challenge traditional client confidentiality relationships. We'll take a look at attempts to direct the tax professional’s focus toward client compliance and their impact on our tax avoidance planning. We’ll also look at other ethical issues facing our profession such as: Do professional ethics prohibit us from or require us to report to authorities a client’s illegal activity? Can an engagement letter affect our ethical obligations? What obligations, if any, do we have if a client arbitrarily changes his ending inventory to reduce income? To what extent are we responsible to disclose alternatives to and/or risks inherent in our client's tax strategies? What confidentiality disclosure obligations must we tax professional observe?
  
• OWNERS’ BASIS: LLCS. PARTNERSHIPS AND S-CORPORATIONS - Complete overview of issues affecting the owner’s basis in business. We’ll look at how basis is affected by gifting, inheritance, net operating losses, contingent liabilities, loan guarantees, mergers, dispositions and more.
  
• INCENTIVE STOCK OPTIONS, NONSTATUTORY OPTIONS AND HOW THEY ARE TAXED - What is a qualified stock option and how does its tax treatment differ from a non-qualified stock option. When must income be reported on a stock option? When is stock option income taxable as capital gains and when is it taxable as ordinary income? How does the issue and/or exercise of an option affect the issuing company's income taxes? We’ll cover in depth these and many other tax matters relating to the issue and exercise of stock options.
  
  Return to Top

• FEDERAL UPDATE – Our thorough “Form 1040 & Beyond” review of up-to-the-minute tax law and IRS form changes for 2004 will include line-by-line explanations and analysis of troublesome areas. The comprehensive seminar manual and seminar presentations will be fully integrated with all five of the tax bills passed in the last four years including September’s “The Working Families Tax Relief Act of 2004 and October’s 600 plus page “The American Jobs Creation Act of 2004.” We’ll have you up and running for next tax season with numerous practical and useful illustrations. Among the many areas we will cover in detail are:

  ▪ The extension of numerous provisions that would have expired this year;
  ▪ Dozens of business and individual tax breaks and tax hikes;
  ▪ New tax deductions for business income from domestic manufacturing and production (farmers and construction services are included);
  ▪ New depreciation rules for tenant improvements and for restaurants;
  ▪ Farm income averaging and the AMT;
  ▪ Foreign tax credits and the AMT;
  ▪ Tightened deductions for donated cars, boats and planes;
  ▪ Deduction for state sales taxes (Yes, it’s back );
  ▪ Simplified S Corp rules;
  ▪ Severe limitations placed on SUV depreciation;
  ▪ New limits on the home sale exclusion and like-kind exchanges;
  ▪ Private debt collectors and the IRS;
  ▪ And much, much more.

The following is just a sample of some of the new court cases, rulings and other topics that we’ll cover during the update:

▪ New simplified per diem rates for post-Sept. 30th travel;
▪ Final home sale regs – special rules for military personnel;
▪ Last chance to use bonus first-year depreciation in year-end tax planning;
▪ New regs on how to make, revoke or change the Section 179 Election;
▪ How to undo a prior Form 3115 election, and change depreciation methods;
▪ New rules on non-personal use trucks and vans, effective retroactively;
▪ SUV write-offs: boon or bust? We’ll show you the rules;
▪ How to depreciate MACRS property acquired in like-kind swap under the new regs;
▪ How to accelerate building write-offs under new regs;
▪ New scrutiny for cost segregation studies and depreciation write-offs;
▪ How the states handle federal expensing and depreciation liberalization;
▪ New procedures for late S corporation and late corporate classification elections;
▪ Supreme Court ruling extends employment-tax assessment against partnership to general partners;
▪ Health Savings Accounts (HSAs) – do you know the new rules?
▪ Important rulings on the new waver for IRA rollovers;
▪ The new Transcript Delivery Service – Do you qualify?
▪ New ways for return preparers to sign returns;
▪ Regs, rulings and other IRS documents. What do they mean and how do we use them?
▪ New use of Form 8332 for waiver of dependency exemption;
▪ Record requirements in the age of electronics – we’ll help you decipher the complex rules;
▪ More vehicles qualify for the hybrid deduction;
▪ Proposed regulation of return preparers – we’ll tell you what’s coming, and when;
▪ Plus, many more recent important court cases and IRS rulings.

• STATE INCOME TAX UPDATES - Each Part II Seminar includes a thorough review of state law and form changes for Arkansas, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Missouri, Nebraska, Ohio, Pennsylvania or Tennessee. The review for each state includes explanations of revised forms and analysis of troublesome areas that may affect your 2004 filings. Each state review also includes coverage of important new state rulings and other state income tax developments.
  
• TOOLS OF THE TRADE - New and revised worksheets, preparation aids and tips to save you time and help you through many of those involved calculations. Mutual Fund Basis, Repossession of Real Property, Basis of Automobile When Trading for a New Auto, IRA Required Distributions, Installment Sale Worksheet, and much more!
  
• OTHER TAX PRACTICE AIDS - Year 2004 updates to our most popular tax practice management forms.

Return to Top

• THE 2003 TAX ACT IN DEPTH - Our in-depth review of the recently signed Jobs and Growth Tax Act of 2003 will cover the act's many changes in detail. We'll look at the modifications in tax rates, marriage penalty relief, taxation of capital gains and dividends, child credit, advance payment checks, Section 179 depreciation, bonus depreciation rates and all of the other changes contained in this long-anticipated act. We'll analyze each change, include examples to illustrate the impact and provide the tools you will need to counsel your clients and prepare 2003 income tax returns and estimates.
  
• TAXING THE SALE OF A BUSINESS - A comprehensive examination of the calculations required when selling a business, with examples. Allocation of the sales price and Code Section 1060 reporting requirements, installment sales, procedures to correct errors in prior-year depreciation, capital gain versus ordinary income, detailed review of Section 197 Intangibles, and Section 1231, 1245 and 1250 property. Form 4797 & Form 6252 examples.
  
• TAX ISSUES IN CHOOSING A FORM OF DOING BUSINESS - Selecting the appropriate form of doing business involves a variety of issues. We'll compare the major tax-related differences between sole proprietorships, partnerships, "C" corporations, "S" corporations and Limited Liability Companies. • BANKRUPTCY AND THE DISCHARGE OF TAXES Yes, you really can discharge taxes in Bankruptcy! A thorough review of the rules regarding the discharge of taxes in bankruptcy with relevant IRS references and important court cases that address dischargability issues relating to income tax, payroll tax and sales tax obligations.
  
• RETIREMENT PLANS FOR THE SELF EMPLOYED - A comprehensive review of the numerous plans now available to self-employed taxpayers: Traditional IRAs and changes in the rules for deductibility; Roth IRAs; SIMPLE-IRAs; SEP-IRAs; Keogh plans; and Single-Owner 401(k) plans. We'll cover IRS regulations regarding Required Minimum Distributions and post-mortem planning strategies for inherited IRAs.
  
• EDUCATION DEDUCTIONS, CREDITS AND DEFERRALS - In recent years, congress made numerous tax-law changes encouraging taxpayers to save funds for education. We'll provide examples showing the relative benefits of each and how they work with educational tax-saving opportunities such as the above-the-line deductions for higher education, the Hope and Lifetime Learning Credits, Section 529 plans and the Coverdell Education Savings Accounts. (ESAs).
  
  Return to Top

• FEDERAL UPDATE - Our thorough “Form 1040 & Beyond” review of up-to-the-minute tax law and IRS form changes for 2003 will include line-by-line explanations and analysis of troublesome areas. The comprehensive seminar manual and seminar presentations will be fully integrated with The Jobs and Growth Tax Relief Reconciliation Act of 2003, as well as the many changes for 2003 resulting from The Job Creation and Worker Assistance Act of 2002 and The Economic Growth and Tax Relief Reconciliation Act of 2001. We’ll have you up and running for next tax season with numerous practical and useful illustrations. The following is just a sample of some of the topics that we cover:

• Status of pending tax legislation: Direct from our Congressional sources, an outline of the likelihood of passage of major tax proposals. Faster write offs for heavy business-use vehicles, with tax-saving ideas.
• New opportunities with 401(k) plans for small owner-employee firms for your clients.
• New depreciation rules for trucks and vans – increased caps.
• An important court case for owners of vacation homes -- Do you know how to protect your clients from Code Section 121? We’ll show you! New lease income inclusion tables for cars, trucks and vans.
• New regs cover homesale exclusion under “unforeseen circumstances.” Late S-Elections and how to fix them.
• ISOs versus NSOs – What’s the difference? And watch out for AMT!
• Putting children to work in the family business – what you need to know.
• Brand new rules for meal deductions by family daycare providers.
• The 60-day IRA rollover rule and Rev Proc 2003-16 – how to get a waiver of the 10% penalty.
• Tax treatment of marital and divorce-related stock redemptions.
• New IRS filing addresses for the 2004 filing season – again! New detailed guidance on tax relief for military personnel in a combat zone.
• The Schedule K-1 matching program – it’s back.
• Tax considerations for telecommuting employees. Forms 1099-A & 1099-C and how to handle them.
• Repossession of property and computation of gain or loss.
• Final regs clear up issues on the Hope and Lifetime Learning Credits.
• Increased pension and IRA contribution limits for 2003.
• EIC changes lead to simplification – finally! New EIC compliance initiatives – how to help your clients comply.
• Clean-fuel deduction for $2,000 – Learn who qualifies and how to claim it.
• Plus, many more recent important court cases and IRS rulings

• STATE INCOME TAX UPDATES - Each Part II Seminar includes a thorough review of state law and form changes for Illinois, Iowa, Kentucky, Missouri, Nebraska & Ohio. The review for each state includes explanations of revised forms and analysis of troublesome areas that may affect your 2003 filings. Each state review also includes coverage of important new state rulings and other state income tax developments.
  
• TOOLS OF THE TRADE - New and revised worksheets, preparation aids and tips to save you time and help you through many of those involved calculations. Mutual Fund Basis, Repossession of Real Property, Basis of Automobile When Trading for a New Auto, IRA Required Distributions, Installment Sale Worksheet, and much more!
  
• OTHER TAX PRACTICE AIDS - Year 2003 updates to our most popular tax practice management forms.

Return to Top

• THE 2002 TAX ACT IN DEPTH - The "Job Creation and Worker Assistance Act of 2002" introduces the first major changes to depreciation since the creation of MACRS in 1987 and does so retroactively! Our in-depth review covers these depreciation changes, when to elect out of the new mandatory additional first-year depreciation and how to amend returns already filed. You'll also learn about the new law's changes to NOL rules, deemed sale rules, foster-care rules, AMT rules, and much more.
  
• DEPRECIATION AFTER 2001 - In addition to a thorough review of MACRS and ACRS and how the 2002 Act changes depreciation, we'll look at the definition of qualified property, new increased limits for passenger autos, the new Form 4562 and other important depreciation issues.
  
• ALTERNATIVE MINIMUM TAX - We'll do a comprehensive review of the rules for computing preferences and adjustments, incentive stock options (ISOs), AMT credits, carryovers and Form 8801, the interaction between AMT and the various credits for children and for education and the AMT relief provided by the 2002 Act.
  
• TAX-DEFERRED EXCHANGES - You'll receive a comprehensive overview of Section 1031 exchanges, how to qualify, the pitfalls to avoid, how to document 1031 exchanges, depreciation under IRS Notice 2000-4, the use of a qualified intermediary and the serious consequences of NOT following the rules.
  
• IRS AUDITS & APPEALS - The IRS is revving up for increased audits of upper income individuals and of sole proprietorships, beginning October 2002. Learn how to minimize the risk of an audit during the preparation of the return, what criteria are used to select a return for audit, audit mechanics and IRS audit procedures, how to defend the return when it's audited and how to appeal the auditor's findings.
  
• OFFER IN COMPROMISE & ITS NEW FORMS - We'll take an in-depth look at the newly revised Forms 433-A, 433-B, and 656, explain IRS collection procedures, examine methods used to compute an "acceptable" offer, discuss how deferred payment plans work and look at the effects of filing an offer including how filing an offer suspends the collection statute.
  
• DECEDENT'S "FINAL" FORM 1040 - You'll get a thorough review of the many responsibilities of a Fiduciary when filing a decedent's final return and when filing returns for the estate. We'll cover pinpointing the dividing line between Form 1040 (decedent) and Form 1041 (estate), when not to pass income on to beneficiaries, "Income in Respect of a Decedent" and its tax treatment, the documents needed to complete the tax returns and how information reported on Schedule K-1 impacts beneficiaries and their returns.
  
  Return to Top

• FEDERAL INCOME TAX UPDATE - We'll take a second look at the new "Job Creation and Worker Assistance Act of 2002" and a fresh look at any other tax law changes passed in 2002. Our thorough "Form 1040 & Beyond" review of up-to-the-minute tax law and IRS form changes for 2002 will include line-by-line explanations and analysis of troublesome areas and will be fully integrated with both the new "Job Creation and Worker Assistance Act of 2002" and provisions of the Tax Relief Act of 2001 affecting 2002 returns. We'll also cover recent important court cases and IRS rulings. The seminar will include numerous practical and useful illustrations to have you "up and running" for next year's tax season and ready to answer your clients' questions on the new tax law.
  
• ILLINOIS, IOWA, OHIO & NEBRASKA UPDATES - Each Part II seminar includes a thorough review of state law and form changes for Iowa, Illinois, Ohio and/or Nebraska. (The state(s) covered at each seminar will be that of the state where the seminar is being held). The review for each state includes explanations of revised forms and analysis of troublesome areas that may affect your 2002 filings. Each also includes coverage of important 2002 state rulings and other state income tax developments. (* Illinois and Iowa reviews will both be presented at the Davenport seminar and Nebraska and Iowa reviews will both be presented at the Omaha and Sioux City seminars.)
  
• TOOLS OF THE TRADE - New and revised worksheets, preparation aids and tips to save you time and help you through many of those involved calculations. Mutual Fund Basis, Repossession of Real Property, Basis of Automobile When Trading for a New Auto, IRA Required Distributions, Installment Sale Worksheet, and much more!
  
• OTHER TAX PRACTICE AIDS - Year 2002 updates to our most popular tax practice management forms.
  
  Return to Top

• TAX RELIEF ACT OF 2001 – - A comprehensive analysis of this bipartisan compromise, covering the act’s phased-in tax rate reductions, estate tax repeal and corresponding changes in stepped-up basis rules, marriage penalty relief, education incentives (including changes to education credits, tuition reimbursement, student loan interest, Section 529 plans and Education IRAs), pension and IRA reforms, improvements to the earned income credit, increases in child tax credits and child care credits, and AMT relief. Lots of illustrations and examples.
  
• SALE OF BUSINESS ASSETS – A comprehensive examination of the calculations required when selling a business, with examples. Allocation of the sales price and Code Section 1060 reporting requirements, installment sales, procedures to correct errors in prior-year depreciation, capital gain versus ordinary income, detailed review of Section 197 Intangibles, and Section 1231, 1245 and 1250 property. Form 4797 & Form 6252. This is the one you’ve been waiting for!
  
• TRANSPORTATION, TRAVEL & PER DIEM RULES – Temporary vs. indefinite assignment, allowable deductions while traveling, per diem allowances, what records are (and are not) required, special rules for truckers and other transportation industry employees, important court cases ruling against the IRS (And in favor of your clients).
  
• RETIREMENT PLANS - A comprehensive review of the numerous plans now available to taxpayers. Traditional IRAs, Roth IRAs, SIMPLE-IRAs, SEP-IRAs and Keogh plans; Newly-released IRS regulations regarding Required Minimum Distributions, new post-mortem planning strategies for inherited IRAs.
  
• EMPLOYER PROVIDED VEHICLES & OTHER FRINGE BENEFITS - Working condition fringe benefits, cafeteria plans (including flexible spending accounts), excludable fringe benefits, de minimus fringe benefits, educational tuition assistance, group insurance plans and W-2 reporting.
  
• TAX ASPECTS OF DIVORCE - Divorce is a traumatic event, even under the friendliest of terms. We’ll examine the transfer of property, alimony, child support, new rules for innocent spouse protection, qualified domestic relations orders (QDROs), filing status & dependency exemptions, applicability of the Earned Income Credit, and special provisions regarding the sale of the family residence, and how to handle “defective” divorce decrees.
  
• INDEPENDENT CONTRACTOR OR EMPLOYEE? - A review of the basic rules, Sec 530 safe harbor, IRS audit and settlement guidelines, the 20-factors test and Form SS-8. Form 1099-Misc vs. Form W-2.
  
  Return to Top

• FEDERAL INCOME TAX UPDATE - Our thorough "Form 1040 & Beyond" review of up-to-the-minute tax law and IRS form changes for 2001 will include line-by-line explanations and analysis of troublesome areas and will be fully integrated Tax Relief Act of 2001. We'll also cover recent important court cases and IRS rulings. The seminar will include numerous practical and useful illustrations to have you "up and running" for next year's tax season and ready to answer your clients' questions on the new tax law.
  
• ILLINOIS, IOWA, OHIO & NEBRASKA UPDATES - A thorough review of state law and form changes for Iowa, Illinois, Ohio and/or Nebraska. The review for each state includes explanations of revised forms and analysis of troublesome areas that may affect your 2001 filings. Each also includes coverage of important 2001 state rulings and other state income tax developments.
  
• TOOLS OF THE TRADE - New and revised worksheets, preparation aids and tips to save you time and help you through many of those involved calculations. Mutual Fund Basis, Repossession of Real Property, Basis of Automobile When Trading for a New Auto, IRA Required Distributions, Installment Sale Worksheet, and much more!
  
• OTHER TAX PRACTICE AIDS - Year 2001 updates to our most popular tax practice management forms.
  
  Return to Top