In this course, we review current year developments and planning ideas affecting individual, corporate and business income taxation using a combination of humor and examples. We will emphasize tax developments that affect 2014 tax return preparation and 2014 tax planning for individuals, corporations, and non-corporate businesses. 

This course includes a 200+ page reference manual. The seminar is designed to update participants concerning 2014 tax developments emphasizing practical solutions to problems and tax planning opportunities. 

The course format is designed to update CPAs with various levels of experience.

MAJOR SUBJECTS: 

- Recent tax legislation 

- New law provisions and other developments first effective in 2014, including the new "capitalization" regulations which must be followed for 2014 tax years

- Major provisions of the Affordable Care Act becoming effective in 2014 including the penalty for individuals who do not have medical coverage and the premium assistance credit

- Important regulation provisions (including the final 3.8% Net Investment Income Tax Regulations), court cases (including the Supreme Court's review of the Quality Stores severance pay issue), rulings, etc. 

- The status of tax provisions that expired at the end of 2013

- IRS audit issues and other practical problems affecting CPAs.  The developments covered will be those important to practitioners and CPAs in industry. Tax planning opportunities will be emphasized.  The material also includes: 

- A checklist of developments first effective in 2014. 

- A checklist of retroactive developments that may warrant amended returns. 

- A detailed planning section for businesses and individuals, including: traditional tax planning techniques; planning with 2014 developments; and year-end planning strategies. 

- Selected new or modified Federal tax forms for 2014.