Course Description:

Did you know?

  • Those taxpayers with incomes of $200,000 or more may be considered “high-income” taxpayers?
  • That the income thresholds included in the Affordable Care Act are NOT indexed for inflation, meaning that more individuals will become subject to these taxes over time?

If you were not aware of any of these facts, then attending this seminar would definitely be beneficial for you.

This seminar will equip participants with viable tax minimization strategies that can be put to work immediately to reduce the tax burden of high income taxpayers. It will illustrate:

  • Tax compliance issues raised by the new taxes contained in American Taxpayer Relief Act of 2012, and the Patient Protection and Affordable Care Act.
  • Tax planning techniques to minimize these new taxes.
  • How the S-corporation can significantly reduce the applicability of these new taxes on business income.
  • How to maximize the tax incentives available for post-secondary education expenses.
  • How the Alternative Minimum Tax (AMT) impacts most high income taxpayers and the steps that can be taken to minimize/eliminate the AMT.

This course will cover following topics:

  • ATRA tax increases
  • ACA new taxes
  • What income is subject to additional Medicare tax?
  • What is Net Investment Income?
  • Tax minimization strategies: investment income
  • Tax treatment of business income
  • Tax minimization strategies for business income
  • Tax strategies for maximizing the tax benefits available for post-secondary education expenses.
  • Tax strategies for minimizing/eliminating the Alternative Minimum Tax.

Learning Objectives:

Upon completing this two day course on tax minimization strategies, participants will learn:

  • How the new taxes contained in the American Taxpayer Relief Act of 2012, and the Patient Protection and Affordable Care Act will impact high-income individuals.
  • How these new taxes are imposed on earned and net investment income.
  • About the increased compliance burden facing high-income individuals as a result of these new taxes.
  • How to minimize the impact of these new taxes by incorporating your business and making an S election.
  • How to maximize the tax incentives available for post-secondary education expenses of family members.
  • How to minimize/avoid the imposition of the Alternative Minimum Tax.

Who Will Benefit:

  • CPAs
  • Corporate Tax Directors
  • Managers and Staff Responsible for Tax Compliance
  • Managers and Staff Responsible for Tax Planning
  • CFOs
  • Controllers
  • Tax Attorneys
  • Other Business and Financial Professionals Advising Clients on Tax Compliance.

Topic Background:

High income taxpayers now face a myriad of tax increases ranging from higher marginal tax rates, an expanded tax base, and the phase-out of many tax benefits, including a reduction in itemized deductions, a phase-out of personal and dependency exemptions, and a phase-out of tax incentives for post-secondary education expenses and other incentives related to dependent children. High income taxpayers are also faced with higher tax rates on long term capital gain/dividend income. Also, the phase-out of the AMT exemption will also require many high income taxpayers to pay an Alternative Minimum Tax. There are several tax planning opportunities, including the choice of business entity decision and certain income splitting strategies among family members that can be used to minimize the total family tax burden. The new taxes imposed by the Affordable Care Act, the additional .9% tax on earned income, and the 3.8% tax on net investment income require careful tax planning to minimize or even eliminate the burden from these new taxes.

Course Outline:

Day One (8:30 AM – 4:30 PM) Day Two (8:30 AM – 4:30 PM)

Registration Process: 8:30 AM – 9:00 AM

Session Start Time: 9:00 AM

ATRA Tax Increases

  • Increase in top marginal tax bracket/ capital gain tax rate
  • Phase-out of itemized deductions and personal exemptions
  • Expanded AMT exemption and phase-outs

ACA New Taxes

  • 0.9% Additional Medicare Tax
  • 3.8% net Investment Income Tax

What income is subject to Additional Medicare Tax?

What is Net Investment Income?

  • What expenses reduce investment income?
  • How are passive income/losses treated?

Tax Minimization Strategies: Investment Income

Tax Treatment of Business Income

  • Sole Proprietor
  • Partners & LLC/LLP Members
  • S corporation Shareholders

Tax Minimization Strategies for Business Income

  • The S-corporation election
  • Tax Advantages of hiring your children to work in your business

Comprehensive Case Study

Tax Strategies for Maximizing the Tax Benefits Available for Post-secondary Education Expenses

  • Who benefits?
  • Understanding the terminology
  • Tax deductions:
    • Work-Related Education Expenses (WREED)
    • Tuition and Fees Expenses (TFD)
  • Tax Credits:
    • Lifetime Learning Credit (LLC)
    • American Opportunity Credit (AOC)
  • Which is Preferable?
  • Examples and Comprehensive Case Study

Tax Strategies for Minimizing/Eliminating the Alternative Minimum Tax

  • Origins of the AMT
  • Recent legislative changes to the AMT “patch”
  • AMT formula
  • Computation of AMT
    • What are AMT Adjustments and Preferences?
      • Disallowed itemized deductions
      • Disallowed personal and dependency exemptions
      • Depreciation adjustments
      • Adjustments when computing the gain/loss recognized on disposition of certain assets
      • AMT treatment of incentive stock options.
      • AMT treatment of tax-exempt bond income
    • What is the AMT Exemption?
      • How is it phased-out?
    • What is the Tentative Minimum Tax and how is it computed?
      • Dual rate system of 26%/28%
    • What is the AMT credit and how is it computed?
      • Limited to timing differences
      • How the credit may or may not benefit future tax years.
    • Tax minimization strategies to avoid/minimize the AMT.
  • Examples and Comprehensive Case Study

Meet Your Instructor

Cherie Hennig,

Cherie Hennig, Ph.D., is co-author of Contemporary Tax Practice: Research, Planning and Strategy, 3rd edition, published by CCH, a Wolters Kluwer business. She has published numerous tax planning and compliance articles which have appeared in The Tax Advisor, Tax Notes, Taxes—The Tax Magazine, the Journal of Taxation, and NATP TaxPro Journal. Dr. Hennig began her career as an IRS Revenue Agent in Denver, CO. She received her BS, MBA, and Ph.D. degrees in accounting from the University of Colorado. She has taught undergraduate and graduate tax courses at the University of North Carolina, Wilmington, Florida International University, Colorado State University, the University of South Florida, and Virginia Tech. She has written and taught numerous continuing professional education courses and on-line seminars. She received the American Taxation Association, Outstanding Service Award, and has served on the Tax Executive Committee of the AICPA and on the Editorial Board of the ATA Journal of Legal Tax Research.

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