AICPA's Hottest Tax Topics for 2010 [HOT Anc]

Full Description

AICPA's Hottest Tax Topics for 2010

November 9, 2010
ASCPA Office
Anchorage, AK
$295 AKCPA Member Fee
$370 Non Member Fee
$30 Discount for AICPA Members

Two things you can count on are important new tax developments and economic, social, and demographic trends that turn out to have important tax implications. This course highlights the hottest tax topics those that change significantly every year and affect many of your individual, small business and corporate clients.

Objectives
Upon completion of this course, participants will be able to:
Increase client wealth with timely, proactive advice
Take advantage of new planning opportunities created or enhanced by recent developments

Highlights
Individual Tax Corner
Red-hot real estate market: maximum mileage from Sec. 121 gain exclusion, premature home sales, home sale strategies
Hybrid vehicles: above-the-line deduction (no business use required)
Tax-smart loans between family members
Fees for Continuing Care Retirement Communities (CCRC)
Liberalized flexible spending account rules
Bankruptcy: retirement accounts and rollovers, insolvency
Small Business Tax Corner
Using SMLLCs to avoid new capitalization rules for start-up costs, like-kind exchanges and other real estate transactions
Business vehicles: depreciation rules, leased autos
Real estate development tax strategies: passive loss exception for clients active in real estate
Choosing the right legal entity for the very small business
Long-term care insurance premiums as a business expense
Corporate Tax Corner
Section 263 regulations (INDOPCO regs)
Reasonable compensation issues for both C and S Corporations
When paying taxable dividends can actually reduce taxes
Locking in debt treatment for shareholder advances to C Corporations
Converting corporations into LLCs and LLPs
Divorce: when corporation redeems spouses stock; employer stock options and deferred comp benefits transferred in divorce

Who Will Benefit
All tax practitioners

Level: Intermediate

CPE Credit Hours: 8 (Accepted for CFP, CMA, CFM and EA continuing education credit)

NASBA Field of Study: Taxes

Prerequisite: Basic understanding of individual and business taxation
Acronym: Hot
Discussion Leader: Charles Borek, CPA Mr. Borek is Executive Vice President for Tax Services and a principal with the accounting and consulting firm, Cohen, Rutherford + Knight, PC. He is also Of Counsel to the Law Offices of O'Connor & Borek, LLC; the firm which he co-founded in 2000. His practice focuses on tax and financial consulting to individuals, businesses, and nonprofit organizations. Charles has also taught a variety of courses at the University of Baltimore, School of Law and was named Visiting Assistant Professor of Law in 2003. While on the faculty he founded and was director of the University of Baltimore Tax Clinic, which provides free legal assistance to low income taxpayers involved in disputes with the IRS. He is a frequent lecturer for the American Bar Association, Maryland Institute for CPE of Lawyers and the American Health Lawyers Association. Charles is a member of the bars of the U.S. Supreme Court, the U.S. Court of Appeals for the Fourth Circuit, the U.S. District Court for the District of Maryland, the U.S. Court of Federal Claims, the U.S. Tax Court, and the Court of Appeals of Maryland. He currently serves as a commissioner on the Howard County (Maryland) Pension Commission.

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