2011 Income Tax Course Topics

New Legislation (S.C. and Federal), Tax Legislation enacted in late 2010 and in 2011
Rulings and Cases – From September 2010 through August 2011
Individual Taxpayer Issues: Schedule H (Form 1040), Household Employment Taxes
Filing Status: Requirements for each of the five filing statuses and how to choose the best status when a taxpayer qualifies for more than one filing status
Interest deductions on Schedule A (Form 1040), Itemized Deductions
Government grants for individuals
Schedules M-1, M-2, and M-3
Purchase of term interest in real estate by corporations
Kiddie tax

IRS Issues: IRS Collections Manager - Fresh-start collection initiative, changed criteria for lien filing, offer in compromise update. Other IRS topics – Return preparer registration, testing and fingerprinting; Circular 230 changes; auditing with electronic accounting software; on-line IRS resources for webinars, phone forum, etc.; electronic filing requirements and handling client refusal
Trusts and Estates
Real Estate Issues
Timber Taxes: Special Rules for Revenue, Expenses, etc.
Financial Distress, Vacation Rentals, Like-Kind Exchanges
SCDOR – Revised S.C. 1040, Enforced Collections Program, Update on Electronic Filing, S.C. E-File and 2D Barcode Filing Update, Sales and Use Tax: E Commerce and On-line Shopping Issues, S. C. Legislative Changes