Read Microsoft PowerPoint - ADPWebinar_forCPE_011712_For Post_B [Compatibility Mode] text version

Powered by

ADP ­ SmartPros Webinar

New Tax Laws: What to Look for in 2012

NEW TAX LAWS: WHAT TO LOOK FOR IN 2012

Tuesday, January 17, 2012

accountant.adp.com

Making Your Busy Season A Little Less Taxing

Stress relief starts with personalized service from your ADP Associate and at www.accountant.adp.com

Extended hours for ADP's Accountant Help Desk during busy season Complimentary online tools and resources at accountant.adp.com CCH Master Tax Guides and State Tax Guides delivery in January and February to your office 2012 Fast Wage and Tax Facts for your state(s) CCH Federal and Depreciation Key Facts and Figures guides Stress relief and wellness coupons and discounts for you and your staff to survive and thrive

Powered by

Every Practice is Unique ­ So We Offer Many Options

Refer your clients to ADP ­ You will continue to provide them with trusted advisory and consulting services while ADP expertly manages their payroll and more. Let ADP process your clients' payroll for you ­ RUN Powered by ADP Payroll for Accountants® is a powerful online application helps you to keep your clients compliant, while providing your firm with a new source of revenue. Sell your payroll base to ADP ­ Put your payroll clients in experienced hands while providing you the opportunity to generate capital and free up time to focus on your practice. Earn Rewards or share revenue for referring your clients ­ ADP's Referral Rewards and Revenue Share Incentive programs offer you the chance to earn points towards valuable gifts or earn revenue for your firm.

Powered by

For more information, contact you local sales representative or email [email protected]

Powered by

Powered by

The following program is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed and sold with the understanding that ADP and SmartPros Ltd. are not engaged in rendering legal, tax, accounting, investment or other expert advice. If expert assistance is required, the services of a competent professional should be sought. The views and conclusions expressed herein are those of the speaker and not necessarily those of ADP and SmartPros Ltd.

EXPERT COMMENTATOR: BARBARA WELTMAN

· Producer, "This Week in Taxation" , · www.barbaraweltman.com

1

Powered by

Powered by

TO RECEIVE CPE CREDIT:

TAX ENVIRONMENT

· This Webinar qualifies for 1 CPE credit · To earn CPE credit you must enter 4 words / phrases credit,

within 24 hours of the Webinar

· Tax incentive = economic stimulus · Deficit reduction/debt ceiling · "No new taxes!"

· At conclusion of webcast, go to:

www.smartpros.com/adpwebinars

Powered by

Powered by

EMPLOYEE SHARE OF PAYROLL TAX

TEMPORARY PAYROLL TAX CUT CONTINUATION ACT

· 2011: 4.2% x $106,800 = $4486 · 2012: 6 2% x $110 100 = $6826 6.2% $110,100

· · · ·

Public Law 112-78 and IRS IR-2011-124 Two-month Two month extension: until February 29 2012 29, Recapture/overwithholding adjustment Form 941 quarterly payments?

Powered by

Powered by

EXPIRING PROVISIONS: 12/31/2011

CAPITAL PURCHASES

2011 2012 50% $139,000

· · · · · ·

AMT: patch; credits against Deduction for state/local sales tax Above-the-line deduction for educators Above-the-line deduction for tuition Tax-free charitable transfers Research and experimentation credit

· Bonus depreciation · Sec. 179

100% $500,000

2

Powered by

Powered by

WORK OPPORTUNITY TAX CREDIT (WOTC)

VOW TO HIRE HEROES ACT

· "Traditional" 9 target groups · E i d on 12/31/2011 Expired

· P.L. 112-56 for unemployed veterans hired

­ From 11/22/2011 ­ Thru 12/31/2012

· Returning heroes: $2400; $5600 · Wounded warriors: $9600

Powered by

Powered by

ESTATE TAXES IN 2011 & 2012

LIFETIME GIFTS ENABLE YOU TO REMOVE

· Federal exemption amount = $5 million · Amounts in excess: taxed at 35% maximum · Unified exemption amount

­ lifetime gifts ­ dispositions at death

· Asset from estate · Appreciation from estate

Powered by

Powered by

PORTABILITY IN 2011 & 2012

TAX VALUE OF GIFTS

· Unused exemption amount is added

­ to that of surviving spouse ­ only for "last" deceased spouse

· Judith F. Lang, T.C. Memo 2010-286 · Mother pays $25 000 of daughter's medical bills $25,000 daughter s

­ Income tax: deduct as if a gift ­ Gift tax: not a gift since paid directly

· Requires filing Form 706

3

Powered by

Powered by

WORKER CLASSIFICATION

VOLUNTARY CLASSIFICATION SETTLEMENT PROGRAM (VCSP)

· Employee (W-2) · Independent contractor (1099)

· · · ·

Consistently treated workers as contractors Filed required 1099 forms Are not under IRS audit Are not being audited for worker classification

­ U.S. Labor Department ­ state regulatory agencies

Powered by

Powered by

VCSP UNDER IRS ANNOUNCEMENT 2011-64

IS AGREEMENT BINDING ON

· Stick: You pay 10% of last year's employment tax

liability

­ no interest charges or penalties ­ file Form 8952

· State regulators

­ unemployment ­ workers compensation ­ FLSA

· Carrot: You receive amnesty on past audits

· Workforce

­ benefits ­ reimbursement

Powered by

Powered by

TAX PROS AT RISK

U.S. SUPREME COURT TO DECIDE

Proceeds Basis Gain $3,000,000 ( 1 500 000) 1,500,000) $1,500,000 $3,000,000 ( 500,000) 500 000) $2,500,000

· Home office: Bulas, T.C. Memo 2011-201 · C Casualty l lt loss: W th T C S Wuerth, T.C. Summ. O 2011-121 Op. 2011 121 · S corporation reasonable compensation

· 3 years: overstatement of basis · 6 years: omission of income

4

Powered by

Powered by

ROLE OF TAX ADVISER

TO RECEIVE CPE CREDIT:

· Year-end tax planning · U d t on changes iin t llaw: C Update h tax Congress and courts d t · Alert on potential tax changes

· This Webinar qualifies for 1 CPE credit · T earn CPE credit, you must enter 4 words / phrases To dit t t d h

within 24 hours of the Webinar

· At conclusion of webcast, go to:

www.smartpros.com/adpwebinars

5

Information

Microsoft PowerPoint - ADPWebinar_forCPE_011712_For Post_B [Compatibility Mode]

5 pages

Find more like this

Report File (DMCA)

Our content is added by our users. We aim to remove reported files within 1 working day. Please use this link to notify us:

Report this file as copyright or inappropriate

506331