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2009 Federal Tax Workbook Topics

The anticipated content for each chapter is described below. Specific content may be modified and refined prior to publication; however, the chapter topics will remain unchanged.

Net Operating Losses

• Calculation
• Completing Forms 1045, 1040X, 1139 and 1120X
• Carryback/carryforward calculations and rules
• AMT NOLs
• Corporate NOLs
• NOL when filing status changes
• Tax attributes and NOLs
• Affect of Form 982 on NOLs

Related Party Issues

• IRC §179
• IRC §§262(c) and (e) traps
• Gift when FMV is less than basis
• Entity related party issues
• Sale of home after a divorce
• Installment sales
• Like-kind exchanges
• Loss on sale of property
• Many more issues to be discussed

New Legislation

• American Recovery and Reinvestment Act of 2009
• Any other new legislation

C Corporations

• Formation of a C corporation
• Conversion of C corporation to S corporation (BIG tax)
• Accumulated earnings tax
• Reasonable compensation
• Concerting from S corporation to C corporation
• Multiple corporations
• LLC issues with a C corporation
• Personal service corporations
• Personal holding companies

Dependent Tax Issues

• Kiddie tax
• Dependent care credit
• Qualifying relative issues
• Head of household issues
• Tie breaker rule
• Earned income credit
• Form 8332 revocation
• Treasury Decision 9408

Agricultural and Rural Investors

• Conservation reserve program
• Hedge versus speculation
• 5-year depreciation
• Asset allocations on a farm purchase
• Chapter 12 bankruptcy for recent court cases
• Establishing basis under IRC §2032A
• Various farm elections
• Reporting FORM 1099-PATR with §199 distributions

Retirement

• Inherited IRAs
• Designated beneficiaries
• Liquidating a retirement account at a loss
• Audit checklist for retirement plans
• Roth conversions
• 2009 RMDs
• Conversion of real estate held by a retirement plan
• Contribution limits

Individual Taxpayer Problems

• Planning for high income taxpayers
• Vacation homes
• Limitation on use of IRC §121 exclusion for principal residence
• Reporting CODI
• HSA issues
• Handling investment losses
• Reporting Form 1098-T

Ethics

• Dealing with IRC §§7216 and 6694
• Wording for disclosure statements
• Conflict of interest issues
• OPR update
• Disclosing need for amended return
• Determining whether to accept an engagement
• Contents of client files

IRS Update

• Form 990 issues
• Audit issues
• 1040 MeF program
• Compliance issues
• Automated underreported issues
• Authorization
• Appealing IRC §§6694 and 6662 penalties resulting from correspondence audits
• TIP advocacy (refund speed-up for economic hardship

Small Business Issues

• Liquidating a business
• Vehicle issues
• Embezzlement (from both business and employee’s perspective)
• SCH. C issues
• §199 deduction
• Wind farm issues
• Work Opportunity Credit

Basis

• Inside versus outside basis
• Installment obligations
• Gift versus inherited IRD property
• Conversion from/to personal use
• Suspended losses
• Debt versus equity at both entity and individual level
• Like-kind exchange basis
• Valuations under FASB 157
• On liquidation of an entity

Rulings and Cases

Tax Rates and Useful Tables

Illinois Department of Revenue (Only included in books used in Illinois)

• Sales and use tax audit issues
• Pass-through entities
• Retirement subtractions on K-1T
• PTAX 340, senior citizen credit exemptions, disabled taxpayer exemptions
• Real estate tax breaks
• Illinois tax credits from Schedule M
• Foreign state issues

Modified: April 14, 2009

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