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Jim McClaflin Enrolled Agent

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Presentation on theme: "Jim McClaflin Enrolled Agent"— Presentation transcript:

1 Jim McClaflin Enrolled Agent
Income Tax Update Jim McClaflin Enrolled Agent McClaflin Tax Services LLC

2 McClaflin Tax Services LLC 435-757-1704
Tax Professionals Tax Attorney Represents Taxpayers before the IRS and Courts Attorney Client Privileges CPA Represents Taxpayers before the IRS Enrolled Agents Licensed by the IRS Unlicensed Preparers Very limited ability to Represent Taxpayers McClaflin Tax Services LLC

3 Tax Law Hierarchy/Complexity
US Constitution US Internal Revenue Code (IRC) US Treasury Regulations Final/Temporary/Proposed Legislative/Interpretative/Procedural Legislative Committee Reports Judicial Authority US Supreme Circuit Court of Appeals, each can stand by themselves District Courts Tax Court-Regular, Memorandum and Summary Rulings (pro se allowed) US Court of Federal Claims IRS Positions Revenue Rulings Revenue Procedures Private Letter Rulings, Determination Letters, Technical Advice Memos, Chief Counsel Advice McClaflin Tax Services LLC

4 McClaflin Tax Services LLC 435-757-1704
Education Tax Breaks American Opportunity Credit Lifetime Learning Credit Tuition and Fees Deduction Qualified Tuition Programs Coverdell Education Saving Accounts US Saving Bond Exclusion Penalty-Free IRA Distributions Student Loan Interest Deductions McClaflin Tax Services LLC

5 McClaflin Tax Services LLC 435-757-1704
2016 Tax Changes Not Much for Individuals IRA Missed Rollover Self-Certification Bonus Depreciation- Business C-Corp Filing Dates- Business De Minimis Safe Harbor for expenses-Business WA State Estate tax $2.054M Federal Estate tax $5.49M Estate Step-up in Basis documented McClaflin Tax Services LLC

6 Common Individual Tax Problems
Late Tax Filings. 5% penalty per month Cognitive Decline. 2% yearly post 60 IRA/401K large withdrawals and transfers Large withdrawals and Medicare IRRMA Foreign Bank Accounts for both US Treasury and IRS. Includes Canadian RRSP and RESP Accounts Charity Documentation. Descr/Value/no Ex Major Financial Changes without Counsel McClaflin Tax Services LLC

7 Common Biz Tax Problems
Filing Taxes Late Lack of Documentation Poor Bookkeeping Mixing Personal and Business Expenses Not Paying Washington State Use Taxes McClaflin Tax Services LLC

8 Crystal Ball Tax Changes
Expect Major Changes “Information Returns” for IRS computer cross checking More IRS agents General Changes Simplification Higher Std Deduction, reduced itemized deductions Lowering Tax Rates on Corporations Lowering Taxes on Repatriated Corp Income Eliminate AMT Overall Taxation Expected to be Lower McClaflin Tax Services LLC

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