1 arizona training 2011 what's new in 2011? what we are going to cover: training and...
TRANSCRIPT
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1ARIZONA TRAINING 2011
WHAT'S NEW IN 2011?
What we are going to cover: Training and Certification 2010 Tax Relief Act - New tax
provisions in 2011 Items affecting tax preparation in
2011 and beyond
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2ARIZONA TRAINING 2011
TRAINING & CERTIFICATION
Counselors – six (6) steps Noncounselors – four (4) steps All must pass IRS Standards of Conduct test
with 80% accuracy All must sign Volunteer Standards of Conduct All Counselors must pass IRS test at 80%,
Standards of Conduct, Basic, Intermediate & Advanced levels, using Pub 6744 or IRS Link & Learn test system
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3ARIZONA TRAINING 2011
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4ARIZONA TRAINING 2011
Volunteer Training ProcessFor Volunteers Not Providing Tax Assistance
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5ARIZONA TRAINING 2011
Standards of Conduct Training
Training module in Pub 6744 and Link and Learn
Includes 6 Standards of Conduct Includes 10 Quality Site Requirements All volunteers must answer 4 of 5 questions
correctly
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6ARIZONA TRAINING 2011
VolunteerStandards of Conduct Agreement –VITA/TCE Programs
Form 13615
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7ARIZONA TRAINING 2011
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8ARIZONA TRAINING 2011
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9ARIZONA TRAINING 2011
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10ARIZONA TRAINING 2011
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11ARIZONA TRAINING 2011
TRAINING PACKETS
Link & Learn Training has been redeveloped More people use online for tax law training
and learning TaxWise IRS - SPEC's ultimate goal is to have all
partners transitioned to e-learning products and training by 2014
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12ARIZONA TRAINING 2011
Redesign of Link & Learn Taxes
• A teacher e-learning component - new content on teacher pages to include: – Lesson Plans,
– Answers to exercise questions, which include completed tax forms,
– A PowerPoint for each lesson, and
– Related links to external web sites.
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13ARIZONA TRAINING 2011
Training on TaxWise
Train on TW10 for AZ through Jan 2012 Train on TW11 2011 returns TWO EROs can setup training users for both
TW10 and TW11 TW11 users will carryover to TW11
Desktop EROs can setup TWO training users for both TW10 and TW11 Training TWO will be deactived 2/12
Procedure available on AZ TaxAide
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14ARIZONA TRAINING 2011
TAX RATES CONTINUED*
The 2010 Tax Relief Act: Extends all individual rates at 10, 15, 25,
28, 33 and 35 percent Continues for two years – through
December 31, 2012
* Affects 2011 and 2012 tax returns
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15ARIZONA TRAINING 2011
PAYROLL TAX CUT
The 2010 Tax Relief Act reduces the employee-share of Social Security taxes from 6.2% percent to 4.2%
The change is for wages earned in calendar year 2011 up to the taxable wage base of $106,800
Self-employed individuals will pay 10.4% (down from 12.4%)on self-employment income up to the threshold
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16ARIZONA TRAINING 2011
QUALIFIED CAPITAL GAINS AND DIVIDENDS*
Qualified capital gains and dividends currently are taxed at a maximum rate of 15 percent (zero percent for taxpayers in the 10 and 15 percent income tax brackets)
The 2010 Tax Relief Act continues for two years – until December 31, 2012
* Affects 2011 and 2012 tax returns
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17ARIZONA TRAINING 2011
Schedule D and Form 8949
Schedule D for 2011 – has new reporting lines using Form 8949 (New in 2011)
Form 8949 has three boxes that need to be completed for each taxpayer Box A – Cost basis shown on 1099-B Box B – Cost basis not shown on 1099-B Box C – No 1099-B received
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18ARIZONA TRAINING 2011
SCH D & FORM 8949, cont’d
For each asset sold, the 1099 will have an A/B/C designator
Assets can no longer be entered on Schedule D
All assets information goes on Forms 8949 Page 1 is for short term; Page 2 is for long
term
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19ARIZONA TRAINING 2011
SCH D & FORM 8949, cont’dTab 2
In TaxWise, Capital Gain or Loss Transactions Worksheet (Cap Gain Wkt) will load 8949s and put assets on appropriate pages
Long Term/Short Term Capital Gains/Losses Wkts will no longer be in Forms list
A/B/C designators will be located on Cap Gain Wkt under 1099 column
Column (b) is code for adjustments to gain/loss, wash sales, exclusion of gain on main home, etc
Column (g) is the amount of the adjustment
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20ARIZONA TRAINING 2011
SCH D & FORM 8949, cont’d
Column (b) is for gain/loss adjustment codes; see F1 help and Form 8949 instructions
Column (g) is for amount of adjustment
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21ARIZONA TRAINING 2011
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22ARIZONA TRAINING 2011
CAPITAL GAINS ENTRY - 2011 TAXWISE
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23ARIZONA TRAINING 2011
Capital Gains Transactions – 2011
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24ARIZONA TRAINING 2011
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25ARIZONA TRAINING 2011
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26ARIZONA TRAINING 2011
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27ARIZONA TRAINING 2011
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28ARIZONA TRAINING 2011
1040 – Page 1
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29ARIZONA TRAINING 2011
Standard Deduction/Exemptions
Standard deduction MFJ - $11,600 (up $200) Head of Household and $8,500 (up $100) Single/MFS - $5,800 (up $100)
Personal/Dependency Exemption $3,700 (up $50)
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30ARIZONA TRAINING 2011
CHILD TAX CREDIT
The 2010 Tax Relief Act extends the $1,000 child tax credit for two years, through December 31, 2012.
The qualifying child must be under age 17 at the close of the year and satisfy relationship, residency, support, citizenship, and dependent tests.
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31ARIZONA TRAINING 2011
EITC AND DEPENDENT CARE
Extends the enhanced EITC for two years (i.e., three or more qualifying children)
Extends the enhanced dependent care credit and eligible expenses for two years From $2,400 to $3,000 and $4,800 to
$6,000 for more than one qualifying individual
Maximum credit from 30% to 35 % of qualifying expenses
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32ARIZONA TRAINING 2011
EITC
Earned Income and adjusted gross income (AGI) must each be less than: $43,998 ($49,078 married filing jointly)
with three or more qualifying children $40,964 ($46,044 married filing jointly)
with two qualifying children $36,052 ($41,132 married filing jointly)
with one qualifying child $13,660 ($18,740 married filing jointly)
with no qualifying children
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33ARIZONA TRAINING 2011
EITC (continued)
Tax Year 2011 maximum credit: $5,751 - three or more qualifying
children $5,112 - two qualifying children $3,094 - one qualifying child $464 - no qualifying children
Investment income must be $3,150 or less for the year.
Advance EITC no longer exists.
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34ARIZONA TRAINING 2011
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35ARIZONA TRAINING 2011
AMT PATCH*
The 2010 Tax Relief Act increases the exemption amounts for 2010 and 2011: $47,450 for individual taxpayers $72,450 for married taxpayers filing
jointly and surviving spouses $36,225 for married couples filing
separately.
* Affects 2011 and 2012 tax returns
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36ARIZONA TRAINING 2011
Standard Mileage Rates
Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 51 cents/mile for business miles (55.5
cents effective 07/01/2011) 19 cents/ mile driven for medical or
moving purposes 14 cents per mile driven in service of
charitable organizations
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37ARIZONA TRAINING 2011
LTC Premiums deduction
For 2011, the maximum amount of qualified long-term care premiums includible as medical expenses has increased on Schedule A (Form 1040) Itemized Deductions (per person) $340 - Age 40 or under $640 - Age 41 to 50 $1,270 - Age 51 to 60 $3,390 - Age 61 to 70 $4,240 - Age 71 and over
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38ARIZONA TRAINING 2011
EXTENDERS
Qualified Charitable Distributions from certain individual retirement plans for charitable purposes (thru 2011)
Deduction for educator expenses in figuring AGI (thru 2011)
Tuition and fees deduction in figuring AGI (thru 2011)
Itemized deduction for state and local general sales taxes (thru 2011)
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39ARIZONA TRAINING 2011
EXTENDERS(continued)
American Oppor Tax Credit (thru 2012) Child tax credit of $1,000 and the earned
income threshold of $3,000 for the child tax credit (thru 2012)
Private mortgage insurance deduction (through 2011)
Non-business energy property credit (with some limitations) (thru 2011)
EITC increased credit for three or more qualifying children (thru 2012)
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40ARIZONA TRAINING 2011
Non-business Energy Property Credit
This credit has been extended for 1 year with a reduced rate of 10%.
Amounts provided by subsidized federal, state, or local energy financing do not qualify for the credit.
The energy-efficiency standards for qualified natural gas, propane, or oil furnaces, or hot water boilers have been increased.
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41ARIZONA TRAINING 2011
Non-business Energy Property Credit (continued)
For 2011, the credit is limited as follows. Total combined credit limit of $500 for all tax years
after 2005 (Form 5695, Part I). Combined credit limit of $200 for windows for all the
amount of your tax years after 2005. Maximum credit for residential energy property costs:
$50 for any advanced main air circulating fan; $150 for any qualified natural gas, propane, or oil
furnace, or hot water boiler; $300 for any item of energy-efficient building
property.
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42ARIZONA TRAINING 2011
Residential Energy Credits
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43ARIZONA TRAINING 2011
IRS CHANGESFOR VITA-TCE
Lump-sum social security payments are included as Basic competency Last year, only current year taxability in
scope, but use of numbers from previous year returns in scope this year
No second copy of Form 8879 and income attachments, i.e. W2s’, 1099s’, etc retained at the site or by the ERO SPEC no longer requires copy for storage; taxpayer still
signs single copy prior to efile submission and retains the copy with their tax records
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44ARIZONA TRAINING 2011
NEW PREPARER USE FORM
Dedicated to Preparer’s Use Fields Prep Use Fields no longer on Main Info
Sheet Prep Use Fields increase from 15 to 25
Standardized to 15-character alphanumeric
Enter up to 25 questions in column A
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45ARIZONA TRAINING 2011
PREPARER USE FORM, cont’d
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46ARIZONA TRAINING 2011
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47ARIZONA TRAINING 2011
Intake/Interview & Quality Review Sheet
Form 13614-C
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48ARIZONA TRAINING 2011
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49ARIZONA TRAINING 2011
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58ARIZONA TRAINING 2011
TaxWise Online Enhancements
TWO Users have the ability to utilize the same functions keys which work with the Desktop platform. This will make the transition from Desktop to TWO easier.
• F1 – Opens program Help • F3 – Toggles between required/not
required • F8 – Toggles the override feature • F9- Links (already available)
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59ARIZONA TRAINING 2011
ITIN Returns
W-2 will not be auto-populated with SSN
Must manually enter SSN
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60ARIZONA TRAINING 2011
RECORD KEEPING
Beginning 2011 tax filing season, we no longer will retain and send to the IRS: A signed copy of Form 8879 and income
statements (W2, W2G and 1099s’) AARP will no longer permit retaining a copy
with supporting documents at the site except for use with Form 8453 mailing
This will require sites to revise their e-filing procedures
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61ARIZONA TRAINING 2011
Tracking of Returnsfor E-filing
Each site will track returns to make sure the ERO knows which returns are ready for e-filing
Returns must be transmitted and accepted in a timely manner.
Each site must adopt a method to protect TP data and privacy
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62ARIZONA TRAINING 2011
Taxpayer Data and PrivacyPolicy
The Site or ERO will not keep any forms or documents with a taxpayer identity and/or SSN that is not mandated by the IRS or a State. ie. Form 8453 if used for mailing
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63ARIZONA TRAINING 2011
Site sign-in/log sheet In addition to using Return Stage in TaxWise; The site will record on the site sign-in/log sheet
the status of the return: Ready to e-file; Waiting for signature of Form 8879; Return will be paper filed; Waiting for Taxpayer documents Question only – no return prepared
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64ARIZONA TRAINING 2011
Modified TaxAide Site Sign-In Sheet
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65ARIZONA TRAINING 2011
Activity Report for Reporting
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66ARIZONA TRAINING 2011
Activity Report for Tracking E-File Returns - Transmitted
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67ARIZONA TRAINING 2011
Activity Report for Tracking E-Files - Acknowledged
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68ARIZONA TRAINING 2011
Line Added on AZ140 for Unpaid Use Tax
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69NTTC/NTC ERO Training 2011
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70ARIZONA TRAINING 2011
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71ARIZONA TRAINING 2011
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72ARIZONA TRAINING 2011
WHAT’S NEW IN 2011
QUESTIONS?
COMMENTS?