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2010 NSTP Special Topic Workshop

The 2010 workshop was held in June.

Once we schedule a new topic we will make the announcement.

What was Covered

Course Description for Executive Session on Wednesday, June 23, 2010:

Topic 1:     When Death Meets Taxes

  • Introduction to a brief history of Estate Taxes and estate planning issues
  • Revocable Living Trusts Planning and Benefits
  • Guardianship Issues for Minors
  • Revocable Living Trusts and Taxes and issue of the "first to die"
  • Management of Credit Shelter (By-Pass) Trusts
  • Revocable Living Trusts and Taxes and the issues of the "second to die"
  • Much, much, more

Topic 2:     Estate Issues Every Tax Professional Wants to Know for Years 2010 and 2011

  • Understanding the "repeal and restoration" of the Estate Tax
  • Carryover basis issues of property received from a decedent
  • Gift Tax Rules
  • Related Topics and more....

Topic 3:     The Charitable Tool Box

This course introduces the Tax Professional to the following issues:

  • Charitable Giving Basics
  • Charitable Giving Trends
  • Gifting Basics
  • Schedule A Issues
  • Form 8283 Issues
  • Wills and will substitutes
  • Trust Issues
  • Remainder Interest in Real Estate
  • Asset Replacement Trust Issues
  • Much, much, more

Thursday, June 24, 2010

Overview of the "2010 Health Care Act" and "2010 Reconciliation Act"

This presentation will give the Tax Professional a brief introduction to the newly enacted Health Care Legislation. The provisions are scattered and sketchy and the purpose will be to give a broad analysis of the issues at hand.

Some of the legislation has effective date of 2010 while most provisions do not take effect until after 2013 and beyond but the planning starts now!

The session will introduce:

  • Tax Changes
  • New Taxes
  • New Rules
  • New Penalties
  • New Industry Specific Revenue Raisers and Toughened Rules
  • New Revenue Raisers having No Connection to Health Related Topics
  • New Tax Incentives

Roth IRA Issues: Contributions, Distributions, Conversions and Recharacterizations

This session will introduce the Tax Professional to the concept of the Roth IRA including the goals set by the 1997 Legislation which created the provision.

The course will discuss issues concerning:

  • Contributions: How much, when and who
  • Distributions: Ordering rules, growth and penalties for early withdraws
  • Recharacterizations to and from Traditional IRA's
  • Conversions of Traditional IRA's and Reconversion of a Roth IRA back to a Traditional IRA
  • What to do about Special Conversion Rules for 2010 ONLY
  • Discussion of Planning and Traps
  • Much, much, more

Introduction to Net Operating Loss Issues

This session will discuss the deduction allowed under Internal Revenue Code §172.

This course will include determining how to calculate the NOL deduction and will illustrate the examples and concepts presented in IRS Publication 536.

The course will introduce:

  • Carryback rules
  • Carryforward rules
  • Special rules for 2009
  • Waiving Carryback periods
  • IRS Form 1045 and the instructions will be reviewed
  • Discussion and Review of IRS Revenue Procedure 2009-52
  • Much, much, more

Friday, June 25, 2010

International Taxation

  • An Introduction to the Tax Professional on filing compliance issues for U.S. persons conducting business outside of the United States
  • Non-U.S. persons handling business in the United States
  • Issues of World Wide Income
  • Understanding IRS Form 1116 for Tax Credits for Individuals Estates and Trust and Form 1118 Foreign Tax Credits for Corporations
  • Comprehending the basics of IRS Form 2555 Foreign Earned Income and the details of IRC §911 Earned Income Exclusion Issues
  • Introduction to U.S. Nonresident Alien Income Issues and Understanding Form 1040 NR the U.S. Nonresident Alien Income Tax Return
  • Review of IRS Form 8621 Issues:
    • Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund
  • Reviewing the Issues of IRS Form 5471 Information Return of U.S. Persons with Respect to Certain Foreign Corporations
  • Importance of understanding the need to file IRS Form TD F 90-22.1 "Report of Foreign Bank and Financial Accounts"
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