Mid-Year Tax Update for Individuals — NEW! (2009 Seminar)

2009 has been declared “The Year of Change” and this certainly applies to tax laws.  Already we have The American Recovery and Reinvestment Tax Act of 2009, the first of many pieces of legislation expected this year.  Budget proposals include reforms, the likes of which we have not seen since 1986.

Some of the changes already passed include:

• Tons of changes in the area of energy and the environment
• Bonus depreciation and Section 179 deductions extended through 2009
• Net operating losses carried back further and with more flexibility
• Expanded earned income and child credits
• First-time homebuyer credit not subject to recapture
• New credits for tuition and related expenses
• Making Work Pay credit
• Economic recovery payments to certain non-workers
• New Deductions for sales tax on autos
• Many extenders, including another AMT Patch

In addition, we will review the multitude of changes which were passed very late in 2008, may of which are not effective until 2009.

Tax professionals need this information as soon as tax law changes occur, and Gear Up will provide it!  This timely course is just what you need to be prepared to explain these changes to your clients before the end of the year.

Learning Objectives

• Discuss the aspects of the newly enacted American Recovery and Reinvestment Act of 2009 and the tax implications for taxpayers and tax preparers.
• Discuss the adoption of the Worker, Retiree and Employer Recovery Act of 2008, the requirement changes to pension plans and the impact on individuals strained by the current economic crisis.
• Summarize the tax affects of the Emergency Economic Stabilization Act of 2008 had on individuals, corporations and businesses.
• Discuss the updated disclosure rules for tax preparers and the affect on the preparers, including the effective date of the changes and penalties associated with violations.
• Apply new rules for the sale of a principal residence.
• Review rules and plan for sales of mixed use property in the years 2009 and beyond.
• Discuss the tax implications of changes to numerous topics, including:  fraudulent investments, employment issues, contractors, hybrid credits, passive losses, like-kind exchanges and wagering gains and losses.
• Summarize the tax provisions that will be expiring in 2009.