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Title: Tax Law Changes 2008: Emergency Economic Stabilization Act |
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| Prerequisite: Overview of Federal Income Taxation or comparable knowledge/experience |
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| Advanced Preparation: None |
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| Knowledge Level: Update |
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| Subject Matter Area: Taxes |
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| Date of Publication: October 2008 |
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| Copyright © 2008 by Bisk Education, Inc. All rights reserved. |
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| Recommended CPE Credits: 2 QAS/Registry (50-minute hour) |
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| Expiration Date: One year from date of receipt to complete program and submit quizzer to obtain credit |
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| Passing Grade for Quizzer: 70 percent or higher |
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In order to obtain passage of the $700 billion bailout, Congress added a number of tax provisions that had languished in one or both houses. There were no offsets to these provisions in this legislation, a factor that had split the Democrats and Republicans on these issues. Most of the tax provisions are effective for 2009, or retroactively for 2008. It appears that the legislation was passed early enough to allow the IRS to print the forms including the legislative changes. President Bush signed the Emergency Economic Stabilization Act of 2008 (EESA) into law on October 3, 2008.
This program includes expert analysis by E. Lynn Nichols, CPA, on audio.
This program is divided into seven (7) chapters.
Chapter 1 examines key provisions of EESA affecting individual taxpayers, including changes to the alternative minimum tax.
Chapter 2 discusses important provisions of EESA impacting business entities, such as depreciation changes and charitable deductions.
Chapter 3 takes a look at EESA provisions in the area of energy and conservation, focusing primarily on credits.
Chapter 4 covers various changes by EESA in the area of tax administration, including the new preparer penalty rules and broker reporting requirements.
Chapter 5 addresses the EESA provisions that offer disaster relief for the Midwestern states victimized by severe storms and flooding during 2008, as well as victims of Hurricane Ike
Chapter 6 explains the bond provisions of EESA, including qualified energy conservation bonds.
Chapter 7 pulls together miscellaneous provisions of EESA that deal with such areas as foreign taxes and nonqualified deferred compensation from certain tax indifferent parties.
Michael Mares, JD, CPA/ABV, is the director of Tax Programs for Mares Nichols CPE, Inc., and is a former senior partner in the Virginia CPA firm, Witt Mares and Company. He is both a CPA and an attorney, and a nationally recognized expert in federal taxation and tax practice quality standards. Mr. Mares was honored by the Tax Division of the American Institute of CPAs with the Arthur J. Dixon Memorial Award for 2006, which is the accounting profession’s highest award in the field of taxation. (Author)
E. Lynn Nichols, CPA, a practicing CPA for more than 35 years, is the founder of Mares Nichols CPE, Inc., a developer of continuing education programs and practice aids for CPAs. He is a regular contributor to Bisk Education's CPE Network, a member of the Board of Visitors of the School of Accounting in the College of Business of the University of Oklahoma and a former member of the Editorial Board of the Ohio CPA Journal. In 2005, Mr. Nichols was honored by the Ohio Society of CPAs with its Gold Medal for Meritorious Service to the Accounting Profession. He was selected by the Ohio Society of CPAs as one of Ohio's outstanding CPAs for 2008. Mr. Nichols serves as an advisor to CPA firms across the U.S. on matters of federal income taxation, litigation services, and IRS procedures. He has authored more than 20 highly-rated tax CPE programs and his Current Federal Tax Developments program is always among the highest rated in the nation. (Speaker)