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EMERGENCY ECONOMIC STABILIZATION ACT OF 2008
What Tax Professionals Need to Know
A Live Audio Seminar from CCH
Friday, October 17, 2008 - 1 PM Eastern; Noon Central; 10 AM Pacific
Register Today for Only $249 Per Site and Have an Unlimited Number of Users Participate!
Invite Colleagues, Customers, Prospects and Business Referral Sources to Join You!
New, Sweeping Legislation Brings Big Tax Changes and Requires Immediate Attention to Garner Tax Savings
The Emergency Economic Stabilization Act of 2008, just signed into law on October 3, is an $800 billion financial markets rescue plan that makes more than 290 changes to the tax code, including a much-anticipated AMT patch, an extensive package of tax extenders, energy tax incentives, disaster tax relief, and more. In all, this legislation includes more than $150 billion in tax breaks for individuals and businesses and $42 billion in offsets that will mean tax increases for certain targeted groups.
Although the new law’s primary purpose is to solve the credit crunch in the financial markets, it is also one of the largest tax bills in recent years. And, with most of the tax relief available immediately in 2008 and 2009, year-end tax planning takes on added urgency this year to maximize taxpayer use of these new tax breaks both before 2008 ends and immediately at the start of 2009.
Your firm, your corporation or your clients ARE affected by these new tax laws. No taxpayer segment is left behind in this sweeping wave of law changes. Businesses of all sizes, large corporations, pass-through entities, exempt orgs and individuals are all affected. Here are some of the highlights of what this new law brings to you as a tax professional:
- $150 Billion in Tax Relief
- $42 Billion in Tax Increases
- 290+ Changes to the Tax Code
- 650+ Pages of Bill Text and Committee Reports
- Retroactive, Immediately Effective and Prospective Changes
- 2008 AMT Patch
- Extension of Expiring Tax Provisions
- Disaster Area Tax Relief
- New Energy Tax Incentives
- Revised Preparer Penalty Standard
- Enhanced Child Tax Credit
- Broker Basis Reporting, and More!
This timely and convenient two-hour audio seminar program on Friday, October 17th will provide a practical review of this legislation and will bring you up to speed on the massive tax changes just passed by Congress. Presented by CCH's Principal Federal Tax Analyst, Mark Luscombe, J.D., LL.M., CPA and John W. Roth, J.D., LL.M., this discussion will examine the many important changes from this historic legislation and will explain how the new provisions affect your firm, your company or your clients.
Let CCH help you deepen your understanding and take advantage of this sweeping new tax law with this program that you and your colleagues can join from the convenience of your office, and earn two hours of CPE credit!
You Will Learn and Be Able to Ask Questions About:
- Who stands to benefit the most from the changes to the tax law—and who is going to pay more?
- How are executives and their compensation packages affected?
- What can you do right now to help your company or your clients take advantage of these changes?
- Are there any changes that require immediate action?
- What did Congress do this time to "fix" the AMT problem?
- What happened to the return preparer penalty standard and what does it mean in practical terms?
- What provisions can be put to work right away for tax planning?
During the presentation you and your colleagues will have the opportunity to ask questions to two of our analysts who have tracked this mammoth legislation start to finish!
Program Topics
Among the new tax law provisions Luscombe and Roth will address are:
FINANCIAL MARKETS RESCUE PLAN
- Executive Compensation - provisions curbing excessive executive comp and golden parachutes
- Fannie and Freddie Stock Losses - treatment of losses as ordinary losses for community banks and other eligible financial institutions
- Extension of temporary rule for cancellation of indebtedness income, excluding certain discharges from federal tax
ALTERNATIVE MINIMUM TAX
- AMT patch for 2008 tax year with increased exemption amounts
- Nonrefundable Personal Credits
- Incentive Stock Options Relief from AMT
INDIVIDUAL TAXPAYER INCENTIVES
- State and Local Sales Tax Deduction
- Higher Education Tuition Deduction
- Additional Standard Deduction for Real Property Taxes
- Teachers’ Classroom Expense Deduction
- Tax-Free Distributions from IRAs for Charitable Purposes
CHILD TAX CREDIT
BUSINESS TAX INCENTIVES
- Research Tax Credit
- Leasehold and Restaurant Improvements
- Charitable Contributions
- New Markets Tax Credit
- Hurricane Katrina Relief
- Other Business Extenders
ENERGY
- Energy Efficiency and Property
- Plug-In Electric Drive Vehicles
- Renewable Energy
- Transportation Fringe Benefits
- Other Energy Incentives
DISASTER RELIEF
- Midwestern Disaster Area
- Hurricane Ike Disaster Area
- National Disaster Relief
REVISED RETURN PREPARER PENALTY STANDARD
OFFSETS / REVENUE RAISERS
- Broker Basis Reporting
- Foreign Deferred Compensation
- Code Sec. 199 Deduction Capped for Oil and Gas Producers
- Foreign Tax Credits
- Oil Spill Tax
- FUTA Surtax
Learning Objectives
- Understand the significant tax provisions of the Emergency Economic Stabilization Act, as well as the planning opportunities and potential pitfalls they present
- Use the law changes presented in the Act to benefit your practice, company or your clients
- Answer client questions on the Act with accuracy and confidence
Who Should Attend
All tax return preparers, CPAs, enrolled agents, accountants, tax managers, tax attorneys and other professionals who advise businesses and individuals on tax and financial matters will benefit from this important tax legislation update. Corporate finance professionals can also use this seminar to understand how the new tax changes can impact financial plans for this year and future years.
Register today for this insightful program on Friday, October 17 at 1 PM Eastern, Noon Central; 10 AM Pacific.
SPECIAL BONUS—each registered site will also get a free copy of CCH’s Emergency Economic Stabilization Act of 2008 - Law, Explanation and Analysis
About the Speakers:
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MARK LUSCOMBE, J.D., LL.M., CPA
CCH Principal Analyst, Federal Tax
Mark Luscombe, a CPA and attorney, is the principal federal tax analyst for CCH and a key member of the company’s Tax Legislation team tracking and analyzing legislation before Congress. Mark is the current developments chair of the Partnership Committee, American Bar Association Tax Section, and regularly speaks on wide range of tax topics. In addition, Luscombe co-authors a biweekly tax strategies column for Accounting Today and authors a monthly tax trends column in CCH’s TAXES: The Tax Magazine. Prior to joining CCH, he was in private practice for more than 20 years with several Chicago-area law firms where he specialized in taxation. |
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JOHN W. ROTH, J.D., LL.M.
CCH Federal Tax Analyst
John W. Roth is a CCH senior tax analyst specializing in the day-to-day application of tax law across a wide range of tax topics. He provides practical insight and guidance into how tax laws apply to individuals, corporations and special entities. Roth is a contributing author to CCH’s U.S. Master Tax Guide, Federal Tax Guide, Federal Tax Compliance Manual and 1040 Express Answers. He acts as the compilation editor for CCH’s Internal Revenue Positions Reporter. Roth is a presenter in the CCH Audio Seminar series on tax legislation and regularly presents tax updates to professional accounting organizations. He joined CCH from a national tax service where he was responsible for its premier tax preparation services and trained other employees for the company’s advanced services. |
How the Audio Seminar Works
CCH’s live audio seminars require nothing more than a telephone connection. For the single per-site fee, you can have an unlimited number of listeners at your site participate, get up to speed and in-the-know on important topics, and get special bonus publications included with the seminar. Handout materials are provided in PDF format that you can download and copy for all those who will participate in the seminar at your location.
Practice Development Tip! Invite colleagues, business referral sources, clients and prospects to your office to listen in and participate on this seminar with you. They’ll appreciate your invitation to hear directly about this important topic.
Visit CCHGroup.com/AudioSeminars for more audio seminar topics, dates and times!
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Earn CPE Credit
- Two hours of CPE credit are available for an additional $25 per person wishing to receive a CPE certificate for their participation
- Course Level: Update
- NASBA Field of Study: Taxes
- Prerequisites: None
- Learn More About CCH's NASBA Registration
Special Bonus
Firms registering for this audio seminar will receive as a bonus the following publication:
Order CD Recordings of CCH Audio Seminars
If you are unable to attend this upcoming event and would like to order a recording—or if you would like to order recordings of past CCH Audio Seminars, please visit the CCH Audio Seminar Archive Library today.
Pricing:
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Site License: $249 – Registration includes one telephone connection at one location, one master set of handouts (with permission to make additional copies for the participants at your location), an unlimited number of people in one listening room can participate, and one seminar bonus publication per registered site. ($25 CPE fee additional for each person wishing to receive a CPE certificate for their participation.)
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CD Recording: $249 – The CD includes an audio recording of the event and handout materials in PDF format. Includes copy of seminar bonus publication with purchase. Available one week after the live audio seminar event. (Note: CPE credit is not available for the CD version of the presentation.)
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Site License and CD Recording Package: $349 – This specially-priced package provides you with the Site License access to the live audio seminar event AND the CD Recording.
Our Guarantee
If for any reason you are not completely satisfied with this program, we will provide a full refund - no questions asked!
Register Today for Only $249 Per Site and Have an Unlimited Number of Users Participate!
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