Monday, July 20, 2015

Searching for Basis: The New Tax Planning Elixir

Searching for Basis: The New Tax Planning Elixir
Complimentary Web Seminar
August 11, 2015 2 pm ET/11 am PT

Brought to you by Accounting Today
Sponsored by Wolters Kluwer
Featured Speaker: Martin M. Shenkman, CPA, MBA, PFS, AEP (Distinguished), JD, Shenkman Law

The step up basis has been touted as the new magic elixir of estate and income tax planning, but this type of planning provides so much more opportunity than many discussions indicate. Determining whether to use a bypass trust or rely on portability is only one of many planning options, and often that discussion is too simplistic to really provide clients maximum benefit.

DISCUSSION TOPICS INCLUDE:

  • How to practically address bypass trust planning — it is not an either or choice. In many cases, it is really an investment, not a tax, driven planning tool.
  • Life insurance may no longer be needed for an estate tax, but it provides an array of income and estate tax planning opportunities.
  • Powers of appointments can be used to gain basis step up while your clients are alive. What are the risks your clients might face and what are some of the safeguards you can recommend?
  • How creative uses of powers of appointment can augment real estate clients’ depreciation deductions.
  • Why you should have every LLC and FLP agreement reviewed.
  • How to minimize discounts while maintaining asset protection, with 754 elections and considerations.
  • What to consider if Crummey trusts might be adapted to basis planning.


Who should attend? Professional firms of all sizes, consultants, financial planners — anyone interested in financial and estate planning or investment planning.

Friday, July 10, 2015

The Affordable Care Act (ACA)

The Affordable Care Act (ACA) has specific mandates for employers and individuals regarding health coverage, which lead to unchartered territories for most. They have to distinguish between full time or part time employees, plus identify if they are an applicable large employer (ALE) or small employer to be in proper compliance. Employers can be penalized per employee if not compliant with ACA. There is also a matter of reporting and documenting the coverage – which can be time-consuming.

With the recent rulings on the Affordable Care Act (ACA), professionals need guidance on IRS regulations and other regulatory decrees of health care reform. How do these busy professionals clarify the new information reporting requirements for employers and insurers, the required reforms to health care plans, and the new taxes imposed on individuals and certain entities? 

Tax Briefings, Webinars and CPE.







Get Insight on the Affordable Care Act in a free webinar:
Complimentary Web Seminar
July 21, 2015
2 pm ET/11 am PT

Join top tax expert Mark Luscombe, JD, LLM, CPA as he discusses the Affordable Care Act (ACA) — the most recent decisions, developments, requirements and how it may impact your business.

Topics include:
  • Implications of the Supreme Court decision in King v. Burwell on the Affordable Care Act
  • Preparing for the employer mandate starting in 2015/2016
  • Preparing for employer reporting starting in 2015
  • Reimbursement of employees for health insurance expenses
  • Anticipating the excise tax on “Cadillac” health plans starting in 2018
  • Legislative activity related to the Affordable Care Act in 2015


Get Guidance now on ACA

Thursday, July 9, 2015

It's not Irreparable. Be the expert on Repair Regs.


The tangible property regulations (TPRs) are the biggest change in tax implementation and preparation for businesses since the 1986 Tax Reform Act. With this year's filing season, CPAs and businesses are now understanding the significant burden and work effort required to implement the TPRs – a.k.a. the "repair regs."
Many practitioners thought that after the release of IRS Rev. Proc. 2015-20 the TPRs could simply be ignored. But, now knowing that Rev. Proc. 2015-20 was not the total "relief" to the TPRs that many thought, "solutions" or "fixes" are needed to deal with their situations. Further, the TPRs cannot be ignored for practitioners due to the potential liability for missed taxpayer TPR deductions and lost opportunities.
REPAIR REGS RESOURCES:
The CCH® Tangible Property Regulations Certificate Program is designed to provide tax practitioners with the comprehensive knowledge needed to how to maximize the benefits of the repair regs and reduce or eliminate problems for your business or your clients. Advanced Issues includes 35 CPE Credit hours (which includes courses in the Fundamental Concepts) and two certificates of course completion.
CCH® Tangible Property Regulations Certificate Program: Fundamental Concepts reviews the history of the repair regs and why they were issued, as well as de minimis safe harbor and capital expenditures in general. It covers the key concepts of Unit of Property; the "RABI" rules (Restoration, Adaptation, Betterment, and Improvement); TPRs and GAAP, and why 3115s and 481(a)s are still Essential for Taxpayers with TPR Issues.
Includes the following courses:
  • Tangible Property Regulations (TPRs): History, Background, Why Issued
  • De MInimis Safe Harbor: Understand How to Apply and its Nuances
  • Capital Expenditures in General
  • Unit of Property: The Foundation for Applying the RABI Rules
  • Repairs and Maintenance versus Capitalization: The RABI Rules
  • Safe Harbor for Small Taxpayers and the Annual Elections, Summaries of Each and How to Do
  • TPRs and GAAP Capitalization Policy Alternatives and Examples and Tie to the DMSH
  • TPRs and RP 2015-20: Why 3115s and 481(a)s are Still Essential for Taxpayers with TPR Issues
  • Depreciation Foundations Necessary to Apply the TPRs
  • CCH Certificate Exam: Fundamental Concepts

Advanced Preparation: None
Prerequisites: None
Level: Basic
Credit Available / Units
Recommended CPE 20.00 CPE
Note: Recommended CPE credit is based on a 50-minute hour. Participants earning credits for states that require self-study to be based on a 100-minute hour will receive half the recommended CPE credits for successful completion of this course.
Since Continuing Professional Education requirements vary from state to state and are subject to change without notice, please contact your state board of accountancy for information on your CPE requirements and the applicability of this course to meet those specifications.

CCH® Tangible Property Regulations Certificate Program: Advanced Issues reviews the more complex TPR issues including the material and supply rules of 1.162-4s, removal costs and its relationship to the RABI rules and PADs, and routine maintenance safe harbor. Common and required depreciation impermissible methods under the “use it or lose it” rules are explored, as are partial asset dispositions (PADs) and the depreciation foundation needed to apply the TPRs. Finally, the series will cover TPR logistics, 481(a) adjustments, and general asset account issues all taxpayers should know.
Includes the following courses:
  • Tangible Property Regulations (TPRs): History, Background, Why Issued
  • De MInimis Safe Harbor: Understand How to Apply and its Nuances
  • Capital Expenditures in General
  • Unit of Property: The Foundation for Applying the RABI Rules
  • Repairs and Maintenance versus Capitalization: The RABI Rules
  • Safe Harbor for Small Taxpayers and the Annual Elections, Summaries of Each and How to Do
  • TPRs and GAAP Capitalization Policy Alternatives and Examples and Tie to the DMSH
  • TPRs and RP 2015-20: Why 3115s and 481(a)s are Still Essential for Taxpayers with TPR Issues
  • Depreciation Foundations Necessary to Apply the TPRs
  • CCH Certificate Exam: Fundamental Concepts
  • Materials and Supplies: Most Complicated TPR Issue
  • Removal Costs and Its Relationship to the RABI Rules and PADs
  • Routine Maintenance Safe Harbor
  • The Use it or Lose it Rules of 1.1016-3 and Audit Protections Issues
  • TPRs and PADs: Focus on Partial Asset and Prior Asset Dispositions
  • TPR Logistics for CPA Firms and Companies
  • TPRs and 481(a) Adjustments: Rules for Netting, Where to Report for Regular, AMT, and State
  • TPRs: General Asset Accounts: Issues That All Taxpayers Should Know
  • TPRs and Leasehold Improvements: Landlord and Tenant Concerns
  • CCH Certificate Exam: Advanced Issues

Advanced Preparation: None
Prerequisites: Basic understanding of the tangible property regulations
Level: Intermediate
Credit Available / Units
Recommended CPE 35.00 CPE
Note: Recommended CPE credit is based on a 50-minute hour. Participants earning credits for states that require self-study to be based on a 100-minute hour will receive half the recommended CPE credits for successful completion of this course.
Since Continuing Professional Education requirements vary from state to state and are subject to change without notice, please contact your state board of accountancy for information on your CPE requirements and the applicability of this course to meet those specifications.

Free CPE Course: Capital Gains and Losses: Taxation Introduction (registration required to receive credit)

Tax Briefings — including repair regulations coverage: