Fall 2009 Topics

• Ethics – Ethics questions are not always a matter of black and white. This session which qualifies for two hours of CPE/CLE discusses some ethical principles for deciding how to respond to issues that arise in a tax practice. Numerous examples illustrate how the principles can be applied to a tax practice. The latest edition of IRS Circular 230 will be provided.

• New Legislation – The information presented summarizes selected tax provisions in affect for 2009 and later years. Coverage will include federal laws enacted at the end of 2008 and during 2009.

• Retirement Issues – The focus will be on the effects of the downturn of the stock market on retirement plans. Topics will include the repeal of the required minimum distribution rule for 2009, tax treatment of retirement plan losses, conversion to a Roth IRA, and penalty exceptions for IRA distributions.

• IRS Issues – Topics will include the collection process, e-file update, audit issues, preparer penalties, and employment taxes. This information will be presented by a representative from the IRS.

• Oklahoma Tax Commission Update – This session provides a detailed explanation of Oklahoma tax legislation passed in the recent legislative session applicable for the 2009 tax year.

• Business Entities – Practical issues that tax practitioners face in their practices including a fringe benefit comparison between types of entities, reasonable compensations and guaranteed payments, the new single member LLC employer identification number and liability rules, and late and flawed Subchapter S elections,

• Investment Issues – This session covers the reporting of mutual fund sales, the zero percent capital gains rate for 2009 and 2010, conversion of a residence to a rental property, 529 plans and loss reporting, losses on stocks, bonds, and mutual funds as well as Ponzi schemes.

• Agricultural Issues – The information presented in this session covers a variety of income tax issues that affect agricultural taxpayers. Topics will include the 5-year depreciation recovery period for equipment, tax treatment commodity futures and options contracts, qualified deferred payment contracts, and self employment tax strategies.

• International Taxpayer Issues – Topics include U.S. taxpayers living and working abroad, foreign nationals in the U.S., employment of noncitizens, and temporary labor in agriculture.

• Business Issues – Tax issues that arise in operating a business are discussed in this material. Topics include going out of business, vehicles converted to personal use, start-up expenditures, repairs and capital expenditures, various credits, plus other items of interest.

• Individual Taxpayer Issues – A variety of topics will be examined that apply to individual taxpayers including long-term care payments, married filing joint versus married filing separate, kiddie tax issues, miscellaneous deductions not subject to the 2 percent floor, etc.

• Rulings and Cases – A summary of selected rulings and cases that were issued from September 2008 through August 2009 will be provided in order that participants are updated on issues that are being addressed by the IRS and the courts.

• Exempt Organizations – Topics include formation and regulations, civic and business leagues, filing requirements, plus changes to Form 990 and Form 990ez.

• Net Operating Losses – An in depth discussion of net operating losses will be the focus of this topic area. The various carryback and carryforward rules will be examined and a comprehensive example is provided to step the participants through the reporting process.