Annual Tax Update January 22, 2010 Steve Tillinger

Whether you are a generalist or a tax specialist, you will take away valuable information and insights from this eight-hour program. The course will bring you up-to-date on current issues in federal income taxation affecting individuals and small business owners with emphasis on comprehensive coverage and analysis of 2009 tax law; analysis, updates and new developments of 2008 and earlier tax law; important court cases; Treasury income tax regulations; and IRS revenue rulings and procedures.   Your Instructor Will Address the Hot Topics of 2009 *MAJOR DEVELOPMENT – Tax Return Preparer Penalty (we may have celebrated too soon; the more-likely-than not standard is back!) *MAJOR DEVELOPMENT – IRS makes plans to regulate tax return preparers and Congress may not be far behind; and OPR plans monetary penalties!  Get details here *2009 TAX LAW – The AMERICAN RECOVERY & REINVESTMENT ACT  – significant temporary changes that affect individuals and businesses *2008 TAX LAW – The WORKER, RETIREE, & EMPLOYER RECOVERY ACT, the FINANCIAL MARKETS RESCUE ACT, the FARM ACT, the ECONOMIC STIMULUS ACT – important updates that affect individuals and businesses *PLANNING — Temporary Provisions.  As Congress continues to enact an ever increasing number of temporary provisions, tax planning becomes more complex.  Will Congress legislate PayGo and how the Tax Gap affects you *IMPORTANT UPDATES AND NEW DEVELOPMENTS —  covering 2008 and earlier tax law *IMPORTANT — court cases; Treasury income tax regulations; and IRS revenue rulings and procedures *IMPORTANT — new business entity - the Texas Series LLC *NEW DEVELOPMENTS — affecting partnerships and LLCs, C and S corporations *OF CONTINUING INTEREST — AMT issues and more   Learning Objective(s): • to update the tax practitioner on recent developments in federal income taxation • to recognize planning opportunities due to changes in federal income tax law • to prepare the tax practitioner for discussions with clients on important changes in this area of tax law • to help the tax practitioner understand their reporting responsibilities