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A Global Reach with a Local Perspective




                               2011
                               Rocket City
                               Gov Con
                               Conference

                               September 22, 2011




                                              www.decosimo.com



Tax Issues and Planning 2011
JOHN HENEGAR, CPA
Please Note
  This information is for educational purposes only
   and should not be relied on or used for taking a
   position on any tax return.




 2



(c) 2011 Joseph Decosimo & Co., PLLC
Agenda for Today
  Business Planning
     S Corporation Trends
     Current Business Tax Incentives
     Corporate Loans
     IRS Initiatives
     Alabama Update




 3



(c) 2011 Joseph Decosimo & Co., PLLC
Agenda for Today
  Individuals
     ROTH IRA’s
     Losses in IRA’s & 529 Plans
     Federal Estate & Gift Tax changes
     Excluded Capital Gain
     Foreign Financial Asset Reporting




 4



(c) 2011 Joseph Decosimo & Co., PLLC
Agenda for Today
  Known Legislative Changes
  Being Discussed




 5



(c) 2011 Joseph Decosimo & Co., PLLC
S Corporations-Trends
    IRS loves S Corps
    National Research Program (audits)
    2010-2012; 2,000 returns per year
    Employee vs. independent contractor
    Reasonable compensation
    Mr. Watson (Watson v. US 107 AFTR 2d 2011-311)
    Mr. Renkemeyer (Renkemeyer, Campbell & Weaver,
     LLP 136 TC No 7)

 6



(c) 2011 Joseph Decosimo & Co., PLLC
Current Business Tax Incentives
  Starting in 2010 Health insurance 35% credit 24 or <
   employees, average wage <$50,000.
  100% Bonus depreciation for new property
   scheduled to drop to 50% in 2012.
  $500,000 maximum 179 deduction (first year
   expensing) for 2011, phase out starts at $2 million of
   expenditures. 2012 $125k/$500k
  Up to $250k expensing of qualified real property in
   2011.
     Non residential interior costs at least three years after
 7    building placed in service.

(c) 2011 Joseph Decosimo & Co., PLLC
Current Business Tax Incentives
  2011
     Standard mileage rate 51 cents January-June
     Increased to 55.5 cents July-December
     Personal exemption $3,700
     Standard Deduction
              Single $ 5,800
              Married $11,600




 8



(c) 2011 Joseph Decosimo & Co., PLLC
Loan or Dividend
    Knutsen-Rowell, Inc. TC Memo 2011-65
    Earmarks of a loan
    Written note or other instrument
    Interest charge
    Scheduled repayments
    Secured by collateral
    Repayments actually paid
    Can borrower repay, solvency of lender
    How the parties treat the transaction
 9



(c) 2011 Joseph Decosimo & Co., PLLC
IRS Initiatives
  IRS facing severe staffing crisis, no reduction to
   workload
  Use of Electronic Accounting Software Records;
   Frequently Asked Questions
  IRS Information Document Requests will now
   routinely request electronic backup files:
     CD
     DVD
     Flash/jump drive

 10



(c) 2011 Joseph Decosimo & Co., PLLC
IRS Initiatives
  Passwords and Security
  Information beyond just verifying what is on the
   return
  IRS will examine how transactions were originally
   posted
  Multiple year data
  Authority
     IRC 7602(a); 6001
     Regulation 1.6001-1(a) and 1(e)
 11  Rev. Rul. 71-20; Rev. Proc. 98-25



(c) 2011 Joseph Decosimo & Co., PLLC
IRS Initiatives
  Note FAQ # 7
  Consider your record retention policy




 12



(c) 2011 Joseph Decosimo & Co., PLLC
Alabama Update
  Act 2011-551 (HB 230) Full Employment Act of 2011
   years beginning on or after January 1, 2011
  Incentive for job creation
  AL income tax credit for small businesses that have
   50 or fewer workers
  That create new jobs paying at least $10 per hour
  $1,000 credit available in tax year employee
   completes one year service
  Must be a net increase year over year
 13



(c) 2011 Joseph Decosimo & Co., PLLC
Alabama Update
  Act 2011-616 (HB 434)
  Double weights sales factor for business income
   apportionment
  Sources revenues based on “market” rather than
   “cost of performance”




 14



(c) 2011 Joseph Decosimo & Co., PLLC
Alabama Update
  Act 2011-644 (SB 395)
  Deduction allowed for retrofitting homes against
   catastrophic windstorm events
  Hurricane, tornado, etc.
  Deduction = the lesser of 50% of cost or $3,000




 15



(c) 2011 Joseph Decosimo & Co., PLLC
ROTH IRA’s
  Favorable attributes
  No age limit for contribution
  Participation in employer plan and ROTH
  Earned income-THINK CHILDREN
  NO RMD
  Tax free income to beneficiaries
  Unfavorable
  2011 phase out
     Single individual $107k-122k
 16  Married-joint $169k-$179k



(c) 2011 Joseph Decosimo & Co., PLLC
ROTH IRA’s
  2011 contribution limits
     $5,000
     $6,000 (age 50 and older)




 17



(c) 2011 Joseph Decosimo & Co., PLLC
Losses in IRA’s & 529 Plans
     Proceeds – Basis = Loss
     Miscellaneous itemized deduction
     Must liquidate all accounts in individual’s name
     10% penalty in play for traditional IRA
     See IRS Notice 89-25; Publication 590
     ROTH accounts have basis
        Beware the 10% penalty if ROTH has conversion
         proceeds
       Limited ability to rebuild the accounts
 18



(c) 2011 Joseph Decosimo & Co., PLLC
Federal Estate and Gift Tax
  Late legislation increased the federal estate and
   lifetime gift exemption to $5 million
  Effective through 2012
  2013 exemption scheduled to return to $1 million
  Depressed values today
  Valuation discounts have unknown future
  Perfect storm for family transfers/sales



 19



(c) 2011 Joseph Decosimo & Co., PLLC
100% Gain Exclusion
  Section 1202, Qualified Small Business Stock
   (QSBS)
  QSBS, not personal services, financial services or
   hospitality services
  Not more than $50 million in assets
  Five year holding period
  Acquired after September 27, 2010 and before
   January 1, 2012
  Gain excluded from income, not an AMT preference
 20



(c) 2011 Joseph Decosimo & Co., PLLC
100% Gain Exclusion
  Must be a C corporation
  Noncorporate owner
  Annual gain exclusion is the greater of
     $10 million (less previously excluded gain), or
     10 times the basis of the shares sold




 21



(c) 2011 Joseph Decosimo & Co., PLLC
Not Excluded but Deferred
     Failed 5 year holding period
     Section 1045 deferral
     Sold at a gain
     Held more than 6 months
     Reinvested in another QSBS within 60 days




 22



(c) 2011 Joseph Decosimo & Co., PLLC
Foreign Financial Assets for HIRE
  HIRE Act expanded reporting requirements
  Years beginning after March 18, 2010
  IRC 6038D requires reporting for any individual who
   holds > $50,000 (in aggregate) ANY:
     foreign financial account in a foreign institution,
     foreign stock,
     interest in a foreign entity, or
     financial instrument with a foreign counterpart not
      held in an institution
 23



(c) 2011 Joseph Decosimo & Co., PLLC
Foreign Financial Assets
     Reported as part of the individual tax return
     Does not replace FBAR
     New form 8938
     Penalty for failure to report $10K up to $50K
     Reasonable cause available
     2013 Foreign Account Tax Compliance Act (FATCA)




 24



(c) 2011 Joseph Decosimo & Co., PLLC
Foreign Financial Assets
  Statute of Limitations
  Six year statute for omissions of > $5K income from
   one or more reportable foreign assets regardless of
   value
  Statute of the entire return is suspended for failure
   to disclose/file certain information related to foreign
   operations or transactions



 25



(c) 2011 Joseph Decosimo & Co., PLLC
Foreign Financial Assets
  Notice 2011-55
  Draft form 8938




 26



(c) 2011 Joseph Decosimo & Co., PLLC
Disclosure
  Form 926-transfer of property to foreign corp.
  Form 3520-transactions with foreign trusts
  Form 5471-information with respect to foreign corps.
  Form 5472-foreign owed US company/foreign corp.
   engaged in US trade or business
  Form 8621-shareholder of PFIC or QEF
  Form 8858-foreign DRE
  Form 8865-foreign partnerships

 27



(c) 2011 Joseph Decosimo & Co., PLLC
Known Changes
  Without further legislative action these tax changes
   will occur:
  Sales tax deduction gone after 2011
  Bush tax reductions sunset 12-31-2012
     Max individual rate 39.6%
     Dividends taxed as ordinary income
     Capital gains 20%/18% acquired after 2000 and held
      for 5 years
     Most enhanced deductions and credits for individuals
 28



(c) 2011 Joseph Decosimo & Co., PLLC
Known Changes-2013
   0.9% Medicare surtax on higher wage earners, $200k
    single/$250k married-joint
  3.8% Medicare surtax on “Net Investment Income
      $200k single/$250k joint threshold
      Tax applied to the lesser of:
      1. Net investment income
      2. Modified Adjusted Gross Income>Threshold
      Net Investment Income
      Interest, dividends, rents, capital gains, royalties, annuities
      Also, Income from Passive Activities
 29  Applies to trusts also



(c) 2011 Joseph Decosimo & Co., PLLC
Known Changes-2013
  $2,500 cap on FSA Contributions
  Medical deduction threshold up to 10%




 30



(c) 2011 Joseph Decosimo & Co., PLLC
Being Discussed
  President’s proposed American Jobs Act:
     50% reduction in payroll tax on employers’ first $5
      million of payroll
     NO Payroll tax for firms that add workers or increase
      payroll (capped at $50 million)
     100% Bonus depreciation extended through 2012
     Up to $9,600 of tax credits for hiring veterans
     $4,000 tax credit for hiring long term unemployed
     50% reduction in employee share of payroll tax



 31
(c) 2011 Joseph Decosimo & Co., PLLC
Being Discussed
  Joint Select Committee (super committee)
  5.4% tax surcharge income > $1 million
  Repeal Bush cuts in 2012
  Deny passports if an individual owes unpaid federal
   taxes of $100,000 or more
  Repeal MACRS replace with ADS
  Company owed aircraft depreciated over 7 years
   rather than the current 5 years
  Professional “S” corporation income subject to SE
   tax

  32
(c) 2011 Joseph Decosimo & Co., PLLC
Being Discussed
     Eliminate Section 199 (DPAD)
     No more LIFO
     Capping mortgage interest deduction
     Eliminate interest deduction for second homes and
      home equity loans
     Capital gains becomes a tax preference item
     No more LKE
     Repeal cafeteria plans
     Gifts of property limited to basis
     Restricting charitable contributions
     Tax SS as pensions
 33
(c) 2011 Joseph Decosimo & Co., PLLC
Annual Tax Seminar
 Save the Date!
  Decosimo’s Tax Seminar
  Nov. 15th
  Receive up to 8 hours of CPE
 Find more information online at:
   http://decosimo.com/2011taxseminar
    Or See a Decosimo Representative
Connect with me

                                 John E. Henegar, CPA
                                 Principal
                                 423.756.7100
                                 johnhenegar@decosimo.com

                                 On LinkedIn:
                                 http://www.linkedin.com/pub/john-
                                 henegar/26/86a/291

    Disclaimer:
    The contents of this presentation are for informational purposes only. The information is not intended to be a substitute for
    professional accounting counsel. Always seek the advice of your accountant or other financial planner with any questions you
    may have regarding your financial goals or specific situations.

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Tax Issues and Planning 2011

  • 1. A Global Reach with a Local Perspective 2011 Rocket City Gov Con Conference September 22, 2011 www.decosimo.com Tax Issues and Planning 2011 JOHN HENEGAR, CPA
  • 2. Please Note  This information is for educational purposes only and should not be relied on or used for taking a position on any tax return. 2 (c) 2011 Joseph Decosimo & Co., PLLC
  • 3. Agenda for Today  Business Planning  S Corporation Trends  Current Business Tax Incentives  Corporate Loans  IRS Initiatives  Alabama Update 3 (c) 2011 Joseph Decosimo & Co., PLLC
  • 4. Agenda for Today  Individuals  ROTH IRA’s  Losses in IRA’s & 529 Plans  Federal Estate & Gift Tax changes  Excluded Capital Gain  Foreign Financial Asset Reporting 4 (c) 2011 Joseph Decosimo & Co., PLLC
  • 5. Agenda for Today  Known Legislative Changes  Being Discussed 5 (c) 2011 Joseph Decosimo & Co., PLLC
  • 6. S Corporations-Trends  IRS loves S Corps  National Research Program (audits)  2010-2012; 2,000 returns per year  Employee vs. independent contractor  Reasonable compensation  Mr. Watson (Watson v. US 107 AFTR 2d 2011-311)  Mr. Renkemeyer (Renkemeyer, Campbell & Weaver, LLP 136 TC No 7) 6 (c) 2011 Joseph Decosimo & Co., PLLC
  • 7. Current Business Tax Incentives  Starting in 2010 Health insurance 35% credit 24 or < employees, average wage <$50,000.  100% Bonus depreciation for new property scheduled to drop to 50% in 2012.  $500,000 maximum 179 deduction (first year expensing) for 2011, phase out starts at $2 million of expenditures. 2012 $125k/$500k  Up to $250k expensing of qualified real property in 2011.  Non residential interior costs at least three years after 7 building placed in service. (c) 2011 Joseph Decosimo & Co., PLLC
  • 8. Current Business Tax Incentives  2011  Standard mileage rate 51 cents January-June  Increased to 55.5 cents July-December  Personal exemption $3,700  Standard Deduction  Single $ 5,800  Married $11,600 8 (c) 2011 Joseph Decosimo & Co., PLLC
  • 9. Loan or Dividend  Knutsen-Rowell, Inc. TC Memo 2011-65  Earmarks of a loan  Written note or other instrument  Interest charge  Scheduled repayments  Secured by collateral  Repayments actually paid  Can borrower repay, solvency of lender  How the parties treat the transaction 9 (c) 2011 Joseph Decosimo & Co., PLLC
  • 10. IRS Initiatives  IRS facing severe staffing crisis, no reduction to workload  Use of Electronic Accounting Software Records; Frequently Asked Questions  IRS Information Document Requests will now routinely request electronic backup files:  CD  DVD  Flash/jump drive 10 (c) 2011 Joseph Decosimo & Co., PLLC
  • 11. IRS Initiatives  Passwords and Security  Information beyond just verifying what is on the return  IRS will examine how transactions were originally posted  Multiple year data  Authority  IRC 7602(a); 6001  Regulation 1.6001-1(a) and 1(e) 11  Rev. Rul. 71-20; Rev. Proc. 98-25 (c) 2011 Joseph Decosimo & Co., PLLC
  • 12. IRS Initiatives  Note FAQ # 7  Consider your record retention policy 12 (c) 2011 Joseph Decosimo & Co., PLLC
  • 13. Alabama Update  Act 2011-551 (HB 230) Full Employment Act of 2011 years beginning on or after January 1, 2011  Incentive for job creation  AL income tax credit for small businesses that have 50 or fewer workers  That create new jobs paying at least $10 per hour  $1,000 credit available in tax year employee completes one year service  Must be a net increase year over year 13 (c) 2011 Joseph Decosimo & Co., PLLC
  • 14. Alabama Update  Act 2011-616 (HB 434)  Double weights sales factor for business income apportionment  Sources revenues based on “market” rather than “cost of performance” 14 (c) 2011 Joseph Decosimo & Co., PLLC
  • 15. Alabama Update  Act 2011-644 (SB 395)  Deduction allowed for retrofitting homes against catastrophic windstorm events  Hurricane, tornado, etc.  Deduction = the lesser of 50% of cost or $3,000 15 (c) 2011 Joseph Decosimo & Co., PLLC
  • 16. ROTH IRA’s  Favorable attributes  No age limit for contribution  Participation in employer plan and ROTH  Earned income-THINK CHILDREN  NO RMD  Tax free income to beneficiaries  Unfavorable  2011 phase out  Single individual $107k-122k 16  Married-joint $169k-$179k (c) 2011 Joseph Decosimo & Co., PLLC
  • 17. ROTH IRA’s  2011 contribution limits  $5,000  $6,000 (age 50 and older) 17 (c) 2011 Joseph Decosimo & Co., PLLC
  • 18. Losses in IRA’s & 529 Plans  Proceeds – Basis = Loss  Miscellaneous itemized deduction  Must liquidate all accounts in individual’s name  10% penalty in play for traditional IRA  See IRS Notice 89-25; Publication 590  ROTH accounts have basis  Beware the 10% penalty if ROTH has conversion proceeds Limited ability to rebuild the accounts 18 (c) 2011 Joseph Decosimo & Co., PLLC
  • 19. Federal Estate and Gift Tax  Late legislation increased the federal estate and lifetime gift exemption to $5 million  Effective through 2012  2013 exemption scheduled to return to $1 million  Depressed values today  Valuation discounts have unknown future  Perfect storm for family transfers/sales 19 (c) 2011 Joseph Decosimo & Co., PLLC
  • 20. 100% Gain Exclusion  Section 1202, Qualified Small Business Stock (QSBS)  QSBS, not personal services, financial services or hospitality services  Not more than $50 million in assets  Five year holding period  Acquired after September 27, 2010 and before January 1, 2012  Gain excluded from income, not an AMT preference 20 (c) 2011 Joseph Decosimo & Co., PLLC
  • 21. 100% Gain Exclusion  Must be a C corporation  Noncorporate owner  Annual gain exclusion is the greater of  $10 million (less previously excluded gain), or  10 times the basis of the shares sold 21 (c) 2011 Joseph Decosimo & Co., PLLC
  • 22. Not Excluded but Deferred  Failed 5 year holding period  Section 1045 deferral  Sold at a gain  Held more than 6 months  Reinvested in another QSBS within 60 days 22 (c) 2011 Joseph Decosimo & Co., PLLC
  • 23. Foreign Financial Assets for HIRE  HIRE Act expanded reporting requirements  Years beginning after March 18, 2010  IRC 6038D requires reporting for any individual who holds > $50,000 (in aggregate) ANY:  foreign financial account in a foreign institution,  foreign stock,  interest in a foreign entity, or  financial instrument with a foreign counterpart not held in an institution 23 (c) 2011 Joseph Decosimo & Co., PLLC
  • 24. Foreign Financial Assets  Reported as part of the individual tax return  Does not replace FBAR  New form 8938  Penalty for failure to report $10K up to $50K  Reasonable cause available  2013 Foreign Account Tax Compliance Act (FATCA) 24 (c) 2011 Joseph Decosimo & Co., PLLC
  • 25. Foreign Financial Assets  Statute of Limitations  Six year statute for omissions of > $5K income from one or more reportable foreign assets regardless of value  Statute of the entire return is suspended for failure to disclose/file certain information related to foreign operations or transactions 25 (c) 2011 Joseph Decosimo & Co., PLLC
  • 26. Foreign Financial Assets  Notice 2011-55  Draft form 8938 26 (c) 2011 Joseph Decosimo & Co., PLLC
  • 27. Disclosure  Form 926-transfer of property to foreign corp.  Form 3520-transactions with foreign trusts  Form 5471-information with respect to foreign corps.  Form 5472-foreign owed US company/foreign corp. engaged in US trade or business  Form 8621-shareholder of PFIC or QEF  Form 8858-foreign DRE  Form 8865-foreign partnerships 27 (c) 2011 Joseph Decosimo & Co., PLLC
  • 28. Known Changes  Without further legislative action these tax changes will occur:  Sales tax deduction gone after 2011  Bush tax reductions sunset 12-31-2012  Max individual rate 39.6%  Dividends taxed as ordinary income  Capital gains 20%/18% acquired after 2000 and held for 5 years  Most enhanced deductions and credits for individuals 28 (c) 2011 Joseph Decosimo & Co., PLLC
  • 29. Known Changes-2013  0.9% Medicare surtax on higher wage earners, $200k single/$250k married-joint  3.8% Medicare surtax on “Net Investment Income  $200k single/$250k joint threshold  Tax applied to the lesser of:  1. Net investment income  2. Modified Adjusted Gross Income>Threshold  Net Investment Income  Interest, dividends, rents, capital gains, royalties, annuities  Also, Income from Passive Activities 29  Applies to trusts also (c) 2011 Joseph Decosimo & Co., PLLC
  • 30. Known Changes-2013  $2,500 cap on FSA Contributions  Medical deduction threshold up to 10% 30 (c) 2011 Joseph Decosimo & Co., PLLC
  • 31. Being Discussed  President’s proposed American Jobs Act:  50% reduction in payroll tax on employers’ first $5 million of payroll  NO Payroll tax for firms that add workers or increase payroll (capped at $50 million)  100% Bonus depreciation extended through 2012  Up to $9,600 of tax credits for hiring veterans  $4,000 tax credit for hiring long term unemployed  50% reduction in employee share of payroll tax 31 (c) 2011 Joseph Decosimo & Co., PLLC
  • 32. Being Discussed  Joint Select Committee (super committee)  5.4% tax surcharge income > $1 million  Repeal Bush cuts in 2012  Deny passports if an individual owes unpaid federal taxes of $100,000 or more  Repeal MACRS replace with ADS  Company owed aircraft depreciated over 7 years rather than the current 5 years  Professional “S” corporation income subject to SE tax 32 (c) 2011 Joseph Decosimo & Co., PLLC
  • 33. Being Discussed  Eliminate Section 199 (DPAD)  No more LIFO  Capping mortgage interest deduction  Eliminate interest deduction for second homes and home equity loans  Capital gains becomes a tax preference item  No more LKE  Repeal cafeteria plans  Gifts of property limited to basis  Restricting charitable contributions  Tax SS as pensions 33 (c) 2011 Joseph Decosimo & Co., PLLC
  • 34. Annual Tax Seminar  Save the Date! Decosimo’s Tax Seminar Nov. 15th Receive up to 8 hours of CPE  Find more information online at: http://decosimo.com/2011taxseminar  Or See a Decosimo Representative
  • 35. Connect with me John E. Henegar, CPA Principal 423.756.7100 johnhenegar@decosimo.com On LinkedIn: http://www.linkedin.com/pub/john- henegar/26/86a/291 Disclaimer: The contents of this presentation are for informational purposes only. The information is not intended to be a substitute for professional accounting counsel. Always seek the advice of your accountant or other financial planner with any questions you may have regarding your financial goals or specific situations.