BTB Tax News - Wisconsin Update - November 2009

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

Worker, Homeownership, & Business Assistance Act 2009
Wisconsin Update
CFS TaxTools Discount

Worker, Homeownership, & Business Assistance Act 2009 - (Part II topic)
On November 6, President Obama signed the Worker, Homeownership, & Business Assistance Act of 2009. Even though the new law was passed after the Part II book was printed, we will still cover the new material during our seminar. In addition, we will provide you with detailed information in our next e-mail, so you can have a hard copy for your office. The new law includes:

- The extension and expansion of the first-time homebuyer credit
- The new e-filing requirements for tax return preparers in 2011
- The extension of the 5-year NOL carryback provisions
- The increased penalties for late filing of partnership and S corporation returns

Wisconsin Update – (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 Forms.

Our Part II coverage will be packed with 1 ½ - 2 full hours of Wisconsin topics and detailed analysis. The changes, an analysis, and how to apply and get on the Form will be covered extensively. 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 often times overlooked and misunderstood
-Line by line instructions packed with examples
-Completed Forms
-What to watch for your software may not catch
-HSA - Requirements for Wisconsin
-Separate coverage for Wisconsin Health Insurance Deduction versus Federal
-Many 2009 start dates have been suspended until 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 adjustments to AGI covered in detail
-Schedule H & Medicare deductions – with examples
-Schedule RT coverage – When, how, what
-Examples for Partnership, S Corporations & C Corporations with forms
-Schedule OS – When is it require
-1NPR – part year resident with 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
-Wisconsin Basis Adjustment
-What do we know?
-What is proposed?
-What is likely?
-What’s new for 2010?
-Wisconsin Tax Compromises

A reminder to our attendees in the Milwaukee area
This year we added a new location we identify as Milwaukee North. It is in a very up to date area on the very north side of Milwaukee held at The Hilton Milwaukee River Hotel on North Port Washington Road. The seminar date for that location is Thursday, December 10th.

We also hold a Saturday Part II seminar for those that do not like to miss a day of work or prepare taxes on a part time basis with a full time job, yet are looking for that year end tax update. That is held in the Brookfield area on Saturday, December 19th at the Midway Hotel on South Mooreland Road. Please do not confuse that with our Friday December 18th Brookfield Part II seminar held at the Sheraton hotel, also on South Moorland Road.

CFS TaxTools Discount
The Back to Basics Income Tax Seminar “coupon codeâ€� 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