In October 2004, Congress enacted the Working Families Tax Relief Act of 2004 and the American Jobs Creation Act of 2004. These new tax bills impact both individual and business clients. This seminar provides a focused discussion on both acts, emphasizing the practical impact of their provision, what new opportunities have been created, and how the tax law changes impact lawyers and their practices.
THE WORKING FAMILIES TAX RELIEF ACT OF 2004
I. ALTERNATIVE MINIMUM TAX, MARRIAGE PENALTY AND TAX BRACKET RELIEF
II. PERSONAL CREDITS
a. The New Definition of a Child
b. Impact on Dependent Exemption, Child Credit, Earned Income Credit, and Dependent-Care Exclusion and Credit
III. BUSINESS PROVISIONS
a. Credits Extended
b. Depreciation and Expensing
c. Net Operating Loss (NOL) Five Year Carryback
IV. EDUCATION PROVISIONS
V. RETIREMENT PLANS AND BENEFITS
VI. REPORTING AND DISCLOSURE
THE AMERICAN JOBS CREATION ACT OF 2004
I. DEDUCTIONS
a. Depreciation - §179 Changes, Good News in General, Bad News for the SUV Purchaser
b. Amortization of Organization Expenses
c. AMT Changes
d. Charitable Deductions
e. Changes to Personal Residence Exclusions
f. Sales Tax Deductibility for Individuals
g. Deductible Attorney’s Fees in Discrimination Cases
II. TAX SHELTER ENFORCEMENT PROVISIONS
III. S CORPORATION CHANGES
a. Increase in Shareholder Number
b. Transfer of Suspended Losses to Spouse
c. Qualified Sub-chapter S Trust Beneficiary May Use Passive Activity and At Risk Amounts
d. Bank Securities Income is Treated as Passive Income
IV. PARTNERSHIP CHANGES
V. OTHER CORPORATE CHANGES
VI. NON QUALIFIED DEFERRED COMPENSATION
VII. STOCK OPTION CHANGES
VIII. AGRICULTURAL PROVISIONS
IX. REAL ESTATE AND NATURAL RESOURCES
X. TIMBER
XI. MISCELLANEOUS
This seminar is worth 3.0 WV MCLE credits.
SEMINAR FACULTY
The "Tax Law Update: What Every Lawyer Must Know About the New Tax Laws for Their Clients and Themselves" seminar will be presented by Marcia Broughton, Esquire , Robert Tweel, Esquire & Jessica Alsop, Esquire of Jackson Kelly, PLLC.
Compact Disc Seminar Sale with Written Handout
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