ELearning! Media Group (EMG) announced Certified Tax Coach as one of its annual Learning! 100 Awards. We were recognized for outstanding learning culture, innovation and collaboration that drives performance.

Sharing the stage with companies such as Starbucks, IBM, Jetblue, and American Express, the American Institute of Certified Tax Coaches (AICTC) will be featured in the May 2012 issue of the Aberdeen Group’s “Best in Class” report about our achievement in outstanding performance. To receive your own copy of ELearning! Magazine with this report, visit: www.aberdeen.com.

View the press release here:http://www.prweb.com/releases/2012/3/prweb9314565.htm

While we’ve been slaving away over piles of tax returns, the IRS has been feverishly publishing information letters. These letters often provide reminders to us of helpful tax breaks and loopholes.

If you have clients who’ve experienced a short sale/foreclosure/deed in lieu – they might be feeling anxiety over impending tax due. While the bad news is that the income from the discharge of indebtedness income is included as taxable income, the IRS gives us a way out. A recent letter of information reminds us that some 1099-C income may not always result in COD income includible in gross income.

Tax liability on the 1099 amount is something to be considered in determining the affordability of a debt settlement. You may want to look at the insolvency clause as a way out. Canceled debt is not taxable to the extent that the taxpayer was insolvent immediately before the cancellation.

Essentially, by adding up the taxpayer’s liabilities and assets you can tell if, and to what extent your client is insolvent. For purposes of calculating total insolvency, you must include the value of everything owned. This includes assets typically beyond the reach of creditors and judgements such as pensions and trusts.

What’s counted as liabilities? For purposes of applying this rule, any recourse debt as well as non-recourse debt up to the FMV of the property used as security for the debt.

A great tool available for this calculation is an insolvency worksheet. We’ve got a FREE insolvency worksheet available here for download:

Report the exclusion on form 982.

If you use this exclusion, you must reduce certain taxable attributes by the amount of the debt excluded. The following are the taxable attributes:

1. Net Operating Loss
2. General Business Credit Carryover
3. Minimum Tax Credit
4. Capital Loss
5. Basis
6. Passive Activity Loss and Credit Carryovers
7. Foreign Tax Credit

The reduction of tax attributes ensures that you don’t “have your cake” and it it too! It is a way of paying back the tax benefits you receive from this exclusion.

It’s Opening Week in Major League Baseball. While we’re not ALL Reds Fans, we’re all fans of the game. Enjoy this silly music video we put together featuring the CTC team: Dominique Molina, Ed Lyon, Keith VandeStadt, Toby Fafard, and Elizabeth Gonzalez.

Did you know President Abraham Lincoln, one of America’s most beloved leaders, also instituted one of its least liked obligations – the income tax? In this brief history of taxes, see the historical events which shaped income taxes in the United States today. Thanks Turbo Tax for sharing this resource!

Online Tax Preparation with TurboTax

March 6, 2012, 2:00 – 3:30pm EDT

Using Tax Planning to Get Paid for Your Expertise

Most small business accountants find themselves on an endless hamster wheel of servicing many clients at low “industry rates” all in an effort to earn the kind of income that owning an accounting firm is supposed to bring. In this fast paced and entertaining seminar, you’ll learn how to price your services highlighting your expertise. You’ll learn how to use tax planning as a lead for attracting new clients paying premium fees, breathe new life into your existing book of business, and create client loyalty by reinforcing your value.

Learning Objectives
• How to increase your net worth with clients
• Spotlight your expertise with tax planning
• Learn the secret formula for selling planning engagements at premium fees
• Identify opportunities for tax planning and use this information to sell your engagement
• Learn how to value price your planning services
• Recognize pitfalls when converting hourly billing to value pricing
• Eliminate the primary cause for low profits and long hours

Get Paid What You’re Worth!

Earn from 1—2 hours of CPE Credit!
Program Level: Basic
Delivery Method: Group Internet Based, Group Live
No Prerequisites, No Advanced Preparation Needed!

The American Institute of Certified Tax Coaches is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE sponsors. Click for more details about Continuing Education Credits

Register

Date: Tuesday, May 8, 2012
Instructor: Dominique Molina, CPA CTC

Did April 15th leave your clients owing the IRS Money? The IRS is not a pleasant creditor and most taxpayers tend to ignore their problems leaving them exposed to liens, levies, and seizures. Of course all of this means emergencies that you are left to fix, often at night and on weekends when you receive that call of panic!

During this fast paced and entertaining class, we’ll explore proactive ways
you can work with your clients to relieve their anxiety and provide clear
manageable options to alleviate their stress (and yours!).

Topics Covered

• The Collection Process
• The 3 dreaded letters from the IRS
• Phone Calls
• In-person visits from agents
• Liens, Levies and Seizures
• Early Options: Accepted forms of payment, Installment Agreements, and Case Assignments to Revenue Officers
• Appropriate Forms: 433-A and 433-B
• All about Installment Agreements
• What will be approved?
• Allowable expenditures
• Form 911
• Your rescue in cases of hardship
• Offers in Compromise
• Do’s and Don’ts
• Calculating Net Cash Flow
• Current Practices
• Circumstances where it will work to discharge IRS debts

Learning Objectives

• Identify ways to assist clients if they are unable to pay the IRS.
• Recognize the IRS practices and procedures in collecting your client’s debt.

Level
Intermediate

Format
Live webcast

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
A basic understanding of tax preparation.

Advance Preparation
None

The American Institute of Certified Tax Coaches is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE sponsors. Click for more details about Continuing Education Credits

Register

June 5, 2012 – 12:00-2:00pm PST

Using Routine Preventative Maintenance to Build Your Dream Tax Business

Is your tax business performing at its peak potential? Are you 100% completely satisfied with the way your tax business is going? Do you know the value of a client? In this 2 hour webinar, we’ll take a look at the 10 key factors to consider when evaluating the health of your tax business, from revenues and profits, to your own satisfaction level. They say, “an apple a day keeps the doctor away.” this class is the apple you need for your tax business!

• Learn how to perform a health checkup on your own tax business.
• Give your 10 key performance indicators a tune-up for optimal success!
• Creating your own dashboard to stay in touch with your business from anywhere
• How to rely on key staff to help improve your operations
• How to stop copying everyone else’s business model and create your own!
• Learn valuable concepts you can use to help your business clients!
• Using systems to put your tax business on auto-pilot!

Earn 2 hours of CPE Credit!
Program Level: Basic
Delivery Method: Group Internet Based, Group Live
No Prerequisites, No Advanced Preparation Needed!

The American Institute of Certified Tax Coaches is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE sponsors. Click for more details about Continuing Education Credits

Register

The US tax code is so complex even those who write the law don’t understand all of it.  In fact, few members of Congress prepare their annual tax returns according to a survey by the congressional newspaper, “The Hill.”  Politicians cite the complexity of the tax code as the primary reason leading them to turn to professionals for help.  Even the Commissioner of the IRS can’t prepare his own tax returns!

Ask most taxpayers and they agree our current system is too complicated and unfair. So there’s no easier way for a politician to gain approval than to say the current system should be eliminated.

It’s no surprise the Republican presidential candidates have come out with some wide-ranging tax proposals.  Even deciphering the content of these plans can be a challenge, so we took it upon ourselves to identify how the GOP hopefuls’ differ and just what is in them.

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Updated Tax Items Announced for 2012

Last Thursday the IRS released its annual revenue procedure including adjustments to income tax tables, tax credits, bonuses and loopholes for items affecting the 2012 tax year.

In addition, the 2012 contribution limits and other figures for pension plans and retirement-related items were announced by the IRS.

Aside from the adjustments made for inflation on the income tax tables, the new revenue procedure updated amounts for things such as the personal exemption (up to $3,800 from $3,700) and the standard deduction. Other items including the child tax credit, American opportunity and Lifetime Learning Credits, earned income credit and gift tax exclusions were announced as well.

Lastly, the Social Security Administration announced the Social Security wage base in 2012 will be $110,100 (from $106,800 previously).

Changes for tax year 2012 include:

The maximum earned income tax credit will increase to $5,891 from $5,751

The IRS also announced an increase in the contribution limit for certain retirement accounts. In 2012, the new limit will be $17,000 per year, up from $16,500 in 2011. This new limit applies to 401(k)s, 403(b)s, the government’s Thrift Savings Plan and some 457 plans.

The new standard deduction is $11,900 for married couples filing a joint return, up $300, $5,950 for singles and married individuals filing separately, up $150, and $8,700 for heads of household, up $200. Nearly two out of three taxpayers take the standard deduction, rather than itemizing deductions, such as mortgage interest, charitable contributions and state and local taxes.

Personal and dependent exemptions will increase by $100 to $3,800

A complete list of all of the changes can be found by visiting the IRS.gov website: In 2012, Many Tax Benefits Increase Due to Inflation Adjustments

2011 Federal Tax Update

With historic tax law changes already enacted, there are a TON of new strategies to discuss with your clients. THIS is the time of year to use the leverage of the New Year’s deadline to work RIGHT NOW on creating a tax plan to take advantage of the breaks.

Space is limited so register today for this can’t miss event!