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Event Description

This program focuses and actions businesses can take, even at the “last minute” to reduce taxable income or take advantage of a tax credit.

Program Includes:
• Publication 4557 – protecting client data from identity theft
   o IRS Practice Unite – “Five Signs of Small Business Identity Theft, New Protection Methods”
• New Form 3115 and instructions for accounting method changes
• Court decisions affecting ordinary taxpayers with common issues
• Inflation adjusted amounts of various deductions and tax credits
• IRS Practice Units (Training programs created by IRS for RS agents)
   o “Basic Tools for Tax Professionals”
   o “Link & Learn Taxes”
   o “About” specific forms – 706, 709, 990, etc.

Designed For

Designed for: CPAs, EAs and Attorneys whose clients wait until the last month of their year to inform their return preparer of important transaction or to seek guidance on tax questions.

Objectives

Learning Objectives:
• Take advantage of important tax “elections”
   o Section 179
   o Bonus depreciation
   o “De minimis rule”
   o R&D expenditures
   o Establish qualified plans to secure tax deductions
• Create basis in order to claim losses
• Make beneficial accounting method changes that can reduce current year income
• Comply with any new reporting requirements
   o Take advantage of favorable court decisions
   o Follow IRS published guidance and changes in the law
      – “Kiddie Tax” – how to report income of minor children
      – S Corporation shareholder health insurance
      – Forms

Discussion Leaders

E. Nichols, CPA

Dean Cochenour, CPA, MBA

W McGough, CPA