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Immediate Release - Tax Talk Today by yantingting


									Immediate Release
Paul Lamonia


         Expert Panel Explains 2011 Tax Changes Affecting Individuals

WASHINGTON, DC (January 3, 2012) — Tax Talk Today®, an online series of webcasts
designed to educate tax professionals on current and critical tax issues, today announced
the topics for discussion for its January program, “2011 Federal Tax Law Update -
Individual”. The Live webcast is scheduled for Tuesday, January 10, 2012, at 2 p.m. ET.

Tax professionals will learn about 2011 tax law changes affecting Individual Taxpayer
filings. Topics to be covered include the tax provisions that expired in 2011 and those that
will expire in 2012, the alternative minimum tax and whether there will be a “patch" for
2012, and various tax provisions that have special relevance in today’s job and housing

The broadcast will also be Archived for 12 months for viewers who are unable to watch the
Live program, wish to review the material or wish to complete a Self-Study CPE program.
Viewers can earn 2 CPEs for completing this program, and may email questions before and
during the program.

During the first segment Preston Benoit, Deputy Director, IRS Return Preparer Office
will review the return preparer program and provide updates and clarification to the

Joining our panel is Jason Langley, IRS Lead Tax Law Specialist in the Tax Forms and
Publications division.

Specific topics that will be discussed:

       IRS Return Preparer Regulations Update
           Registered tax return preparer competency test – who must take it and how
             to prepare
           Implementation of background check
           CPE Requirements

       What’s new for 2011 Filing Season
          Schedule D changes and new Form 8949 to report capital gains and losses
          Self-employed health insurance deduction no longer allowed on Schedule SE
          First-time homebuyer credit only allowed for small number of filers
          Repayment of the first time homebuyer credit directly on Form 1040
          Business standard mileage rate increased twice in 2011
      Medical care and moving rate increased twice in 2011
      Roth IRAs converted or rolled over in 2010 and not reported on 2010
      Additional tax on distributions from health savings accounts and Archer
       medical savings accounts increased to 20%
      New Form 8938 may need to be filed if you have foreign financial assets
      Schedule L no longer needed to figure your standard deduction
      Schedule M no longer in use because the making work pay credit has
      Alternative motor vehicle credit has expired unless the vehicle is a new fuel
       cell motor vehicle
      Due date for individual returns pushed two days to April 17 because of
       Emancipation Day in DC

Expired Tax Provisions and Planning for Change
    Payroll tax reduction (Two month extension)
    Expenses of elementary school teachers
    State and local sales tax deduction
    Contributing property for conservation purposes
    Qualified tuition deduction
    IRA distributions for charitable purposes
    Parity for employer-provided mass transit and parking benefits
    Credit for nonbusiness energy property

Tax Provisions That Will Expire in 2012 and Planning for the Change
    Individual tax rate reductions (the “Bush tax cuts”)
    Reduced tax rate on dividends and capital gain
    Overall limitation on itemized deductions
    Marriage penalty
    EITC, Child, Dependent care and Employer-provided child care credit
    Adoption credit
    American opportunity tax credit

Work Opportunity Credit
   Expired for all but veterans
   Returning heroes tax credit and wounded warriors tax credit
   Itemized vs. Standard Deduction
   Declining itemized deductions (lower mortgage interest and real estate
   Increasing standard deduction
   Planning for taxpayer advantage

Tax Issues Arising From Current Housing and Job Markets
    First-time homebuyer credit repayment or recapture
    Foreclosures and short sales
    Moving expense deduction after being out of work
    Unemployment compensation
    Contract employment and self-employment
    Premature retirement plan withdrawals, early retirement and social security
       New IRS Regulations
          Proof of delivery of tax documents
          Interest and penalty suspension rules
          User fee for enrolled agents and enrolled retirement plan agents
          EITC requirement to file Form 8867

 “With panelists from the IRS and the tax practitioner community, our tax professional
viewers will gain a first-hand practical understanding of the changes in tax laws that will
impact their filings for individuals this tax season”, stated Lisbeth Bagnold, President &
CEO of Tax Talk Today, Inc.

Additional Tax Practitioner panelists include:

 David Mellem, EA, Partner, Ashwaubenon Tax Professionals

 Lynn A. Schmidt, EA, CTC, CFS, CSA, ARA, Lynco Financial & Tax Services Inc.

Viewers needing Continuing Professional Education credit, (CPE Credit), can take
advantage of a Tax Talk Today subscription price of $217.50 or $14.50/credit for 15 CPE
credits, which includes all 8 programs. Fewer CPE credits can also be purchased.

Tax Talk Today is an IRS Approved Continuing Education Provider.

About Tax Talk Today, The Tax Show for the Tax Pro
An 8-program, 15 CPE, webcast series designed to educate tax professionals with reliable
information about complex tax issues. Tax Talk Today features roundtable discussions and
real-time interaction with industry professionals, and IRS officials. Tax Talk
Today collaborates with Tax Analysts, and NAEA to provide content meeting CPE
Credit requirements for CPAs, enrolled agents, RTRP candidates, attorneys, and all
professionals needing CPE credits in the tax area. Programs are available live, archived or
podcast. For additional information, contact Paul Lamonia at 202-559-9330 or or visit


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