In Kess on Tax Legislation 2009: American Recovery and Reinvestment Act of 2009, noted tax experts Sidney Kess, J.D., CPA, and Barbara Weltman, J.D., take a straightforward and practical look at 2009 tax legislation and related tax developments that became effective in 2009. The Course offers tax professionals helpful guidance on the new law, including planning opportunities, pitfalls to beware of, and ways practitioners can capitalize on the law with their clients. Helpful Planning Pointers and Observations, as well as Alerts to changes affecting 2008 income tax returns are integrated throughout the course and are designed to assist users in understanding and applying the new law.

The course will be divided into six chapters:

1. Changes for Individuals including making work pay credit, unemployment compensation, earned income tax credit, child tax credit and AMT relief.
2. Changes for Housing and Transportation such as first-time home buyer credit, home sale exclusion, home energy credits, exclusion of debt forgiveness, transit passes, deduction for motor vehicle taxes and credits for various vehicles.
3. Changes for Education and Health including the American Opportunity Credit, Pell grants, 529 plans, Cobra for unemployed individuals, health coverage tax credit and health coverage for children and public safety officers.
4. Retirement Savings such as required minimum distributions, non-spouse rollovers, Roth IRA conversions, funding for defined benefit plans.
5. Changes for Business including first-year expensing, bonus depreciation, rapid depreciation for race horses, net operating losses, small business stock, built-in gains for S Corporations, deferral of discharge of indebtedness income and much more.
6. Miscellaneous Changes, Changes Not Made, and Future Legislation such as estate and gift tax changes for 2009 and beyond, changes not enacted and expiring provisions.

About the authors

*CPE Course and Credit Information

Prerequisites: Basic understanding of Federal tax law
Course Level: Update
Expected CPE: 6 (final CPE determined by pilot-testing results)

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