2014 Income Tax Course Topics

  •  New Legislation:  Federal Tax Legislation enacted in late 2013 and in 2014

  • Rulings and Cases: September 2013 through August 2014 issues under review by the IRS and the courts

  • Individual Taxpayer Issues:  Tax issues for parents of disabled children, Hobbies, Dealing with identity theft, and Portability of estate tax exemption equivalent

  • Tax Practice:  Working with incomplete records, Pros and cons of extending statute of limitations, Audit triggers, Power of attorney issues, and Reporting tax practitioner misconduct

  • Affordable Care Act:  What is the tax practitioner's role in implementing the individual mandate and the employer's mandate for health insurance under the Affordable Care Act?

  • Business Entities:  Comparing the choices of treating a single member LLC as a disregarded entity or an S Corporation:  making the S election, need for adequate compensation, gifting shares to family members, and terminating the S election

  • Business Issues:  Uniform Capitalization rules under Section 263A, Per diem rules, Automobiles, Amending and making late elections, Startup expenses, Correcting depreciation errors, and Methods of accounting

  • Agricultural and Natural Resources:  Allocating crop insurance payment between crop loss and revenue loss, Christmas trees, Water issues, Ethanol credits and carry forwards, Material participation, and Lease v. purchase of farm assets

  • Net Investment Income Tax:  The rules for the NIIT including reporting net investment income to and from Schedules K-1

  • Retirement:  Common retirement issues including:  myRA accounts, Inherited IRAs, IRA rollover tax law changes, Taxable social security benefits, and One-participant 401(k) plans

  • Form 4797:  IRC Section 1231 treatment, Casualty gains and losses, Depreciation recapture, Installment sales, and Recapture of IRC Section 179 deductions

  • IRS Issues:  Employment tax issues, Audit reconsideration, and Collection issues

  • Repair and Capitalization Regulations:  How the repair and capitalization regulations affect small and large businesses differently.  When Form 3115 is not required for changes made by small businesses, Rental Property, and why does a "unit of property" matter?

  • Fiduciary Tax Issues:  Income tax rules for estates.  Income distribution, Income in respect of a decedent, and Basis of assets.

  • Foreign Tax Issues:  Foreign tax credit and filing requirements for U.S. citizens living abroad

  • SCDOR:  SC Legislation, SCDOR Security updates, Update on S.C. ESales and E-File

  • Ethics:  What practitioners can and should do in light of Circular 230 and what they cannot do

  • SC Ethics:  One hour of professional conduct for South Carolina CPAs