2012 Federal Tax Workbook Volume A: Update and Ethics

Description

Federal Tax Workbook: Update and Ethics is a reference manual provided to all participants of the Fall Tax School Update and Ethics seminar. The workbook is written and reviewed by tax experts from throughout the United States, and its content varies from year to year. The workbook is created with the needs of tax practitioners in mind and contains examples, problems, solutions, sample IRS forms, and applicable reference materials.

Also available for purchase: Federal Tax Workbook: 1040 Issues and Federal Tax Workbook: Entities and Advanced 1040 Issues

The Federal Tax Workbook is used by universities and associations from 15 states around the country. The Federal Tax Workbook is provided to participants of tax education programs sponsored by these universities and associations. For information about purchasing workbooks to use in your tax education programs, please contact us.

Chapters

• Agricultural Issues and Rural Investments. This chapter discusses treatment of MF Global losses, tax issues associated with options in wills, avoiding dealer status on sale of real estate, depreciation of farm assets, FSA income audits, and deferred payment contracts for livestock and grain (constructive receipt). It also discusses vendor financing inputs and deductibility, the tax difference between cash and crop share and various tax code sections, and bonus rents and income averaging.
• Ethics. This chapter includes discussion of scenarios based on most sections of Circular 230.
• Healthcare Reform Act. This chapter discusses what is included in the legislation, such as individual and employer mandates and penalties, reporting requirements, employer options to provide coverage versus incur penalty, Medicare tax changes, tax issues associated with options in wills, avoiding dealer status on sale of real estate, depreciation of farm assets, FSA income audits and assistance for low-income taxpayers. It also covers discrimination of large and small employer obligations and has a focus on planning for 2014.
• Individual Taxpayer Topics. This chapter covers the problems that individual taxpayers face, such as EIC due diligence, retroactive grouping election (Rev. Proc. 2011-34,) which filing status is most beneficial, master limited partnerships, and the offshore voluntary disclosure program. The chapter also covers financial distress, such as foreclosure, short sales, "Cash for keys," the differences between Forms 1099A and 1099C, how to calculate insolvency, what constitutes abandonment, and recourse and nonrecourse debt.
• IRS Update. Topics included in this chapter are changes to the Taxpayer Advocate case criteria, changes to the walk-in office procedures, identity theft and how it is being combated, ID Theft procedures for clients, and collection issues with the Fresh Start initiative. Also included is a discussion of the real-time tax system initiative, how to write to Appeals, alternative dispute resolution, and transcript delivery system changes.
• New Legislation. This chapter will cover tax legislation up to date of publication.
• Social Security and Retirement Planning. This chapter covers topics such as social security planning, the effect of government pensions on social security benefits, strategies during retirement years, and plan distributions: lump sum versus annuity.

Updates

None at this time.