Feeling ready for tax season? Ready for those Schedule C’s and Schedule F’s? Here’s a quick list of the things you will want to be familiar with to properly advise your small business clients.
• New Health Bill provisions. You’ll want to understand the small employer health insurance credit and what new employer health plans look like.
• Self-employed health insurance can be deducted on the business return for the first time, which reduces SE tax.
• Health reimbursement “qualified” arrangements
• The new $500,000 Section 179 expensing allowance, a brand new $250,000 Section 179 for real property assets including leasehold improvements and restaurant property, and the unexpected renewal of the 50% bonus depreciation.
• The 2010 Federal mileage, lodging and meal per diem rates. Recordkeeping for travel, entertainment and the new rules on cell phones.
• The “away-from-home-overnight” requirement for travel expense deductions.
• How to handle the blizzard of Form-1099Cs business clients are receiving and how this cancellation of debt income can be avoided or deferred.
• The status of “hobby loss” and the office-in-home limitation rules
• The new NOL carryback provisions
• The new depreciable lives on restaurant buildings
• The new 9% domestic production activity deduction, who qualifies, what qualifies and where to put it on the return
Got it all? Need help pulling all the information together? Get the details on these and other issues related to business tax in Part 3 of CPE Link’s Federal Tax Update webcasts scheduled November-January. Course includes downloadable manual containing hyperlinks to applicable code sections.