BTB Tax News Update - Wisconsin - October 2009

Newsletter Topics: (click on the topic title below to jump directly to the topic)

Wisconsin Tax Update – Part II Topic
Federal Update – Part II Topic
New Location for 2009 – Hilton Milwaukee River
Saturday Brookfield Location
CFS TaxTools Discount

Wisconsin Tax Update (Over 100 pages of material)– Part II Topic
Over the past several years our Wisconsin coverage has continued to expand and become one of our most popular topics in the year-end update. There are many seminar providers, but what puts us ahead of our competition, among other things, includes a complete and detailed analysis of Wisconsin coupled with completed tax forms.

For 2009 we again put together an in-depth coverage that is limited to what most preparers will deal with in the preparation of Wisconsin income tax returns. Our Part II coverage will be packed with 1 ½ - 2 full hours of Wisconsin topics and detailed analysis. The major topics include:

New for 2009
    Changes to Forms WI-1; WI-1A; WI-Z
    Law changes to Schedule U
    Schedule MT and why you may anticipate having more of them for 2009
    Law changes to Schedule WD
    Schedule I
        The overlooked and misunderstood items
        Line by line instructions with completed forms
        What to watch for your software may not catch
        HSA - What are the requirements for Wisconsin?
    Separate coverage for Wisconsin Health Insurance Deduction vs. Federal
        Many 2009 start dates have been suspended till later years
        Unemployed Deduction changes – packed with examples
        Employee where employer contributes – packed with examples
        Employee where employer does not contribute – packed with examples
        Self-employed
            Major differences between Wisconsin and Federal regarding the definition of earned income and adjustment to AGI
        Schedule H & Medicare deductions – with examples
    Schedule RT coverage – When, how, what
        Examples for Partnership, S Corps & C Corps with completed forms
    Schedule OS – When is it required, and when is it not required
    1NPR – part year resident with a completed example
    Construction Contractor Penalty Created in 2009
    Ponzi Schemes
        Federal = theft loss – what did Wisconsin do, what are the requirements
    Child Dependent Credit suspended to 2010
    Medical Records Credit suspended to 2010
    What's new for 2010?
    Wisconsin Tax Compromises

Federal Update Update (Part II Topic)
A complete review of The American Recovery and Reinvestment Act of 2009 and examples of the new forms and worksheets, including:

    Schedule A, Worksheet for line 7 – New motor vehicle deduction (New for 2009)
    Form 1040, Schedule L, Standard deduction for certain Filers, (New for 2009)
    Schedule M, Making Work Pay and Government Retiree Credits (New for 2009)
    Form 8863, Education Credits (New American Opportunity Credit for 2009)
    Form 4684, Casualties and Thefts (New Change for 2009)
    Form 8936, Qualified Electric Drive Motor Vehicle Credit (New for 2009)
    Form 5695, Residential Energy Credits (New rules for 2009)

In addition, we will review some of the recent developments form the IRS to help you get “up and running” for the next tax season, including:

New Federal Income Tax Refund Option – Purchase of U.S. Government Savings Bonds
Expanded Education Credits for Midwestern disaster area students
New York State tax preparer registration requirements
Deduction for losses in Ponzi schemes
Hybrid Vehicle Update

Plus, additional information on foreclosures, debt discharge, Form 982 Reduction of Tax Attributes, and repossession of property sold on installment.

New location for 2009 – Hilton Milwaukee River
For those you who live to the North of Milwaukee, we have added a new location for 2009.

    Date:         December 10, 2009

    Location:   Hilton Milwaukee River
                    4700 N. Port Washington Road
                    Milwaukee, WI 53212

Saturday Brookfield Location
For those tax professionals who are working during the week, we also have a Saturday seminar date in the Brookfield area. We still have space available for those who would still like to attend on the weekend.

    Date:          December 19, 2009

    Location:    Midway Hotel
                     1005 S. Moorland Road
                     Brookfield, WI 53005

CFS TaxTools Discount
The Back to Basics Income Tax Seminar “coupon code” for 2009 is now available. For this year, our students can use the following code (BTB67813). New orders receive a 20% discount for CFT TaxTools products and reorders will receive a 10% discount.

Save Money: Register before the day of the seminar and save $25. As always, advance registration is strongly recommended. Walk-in registrations will be allowed only if seminar materials and space are available. However, due to additional charges incurred for seminar set-up, walk-in registrations will now be subject to an additional $25 service fee.

To read past "Tax Updates", visit BTB Income Tax Seminars' Newsletter Archive

Our Instructors:

Thomas Zoeller EA, CFP, MST	James Hockenberry EA	John Geigel JD, CPA	Jaye Tritz EA, CFP, ChFC

Disclaimer
This publication is distributed with the understanding that the author and publisher are not engaged in rendering legal, accounting or other professional advice and assume no liability in connection with its use. Tax laws are constantly changing; are subject to differing interpretation; and the facts and circumstances in your particular situation may not be the same as those presented here. Therefore, we urge you to do additional research and make sure that you are fully informed and knowledgeable before using the information contained in this publication.

www.btbtaxlink.com
Phone: 1 (877) 461-2922  or  1 (920) 983-3464    Fax: 1 (920) 336-1844
115 S. Broadway, De Pere, WI 54115