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2011 --- What is New

Welcome to the 2011 training.nebraskataxaide.org website.  There is a lot on this website, so use the SEARCH box in the upper right hand corner or the left hand sidebar to navigate this website.

New this year is a training curriculum that contains three sessions:
  • Training Module A - basically for new counselors. It emphasizes learning to use TaxWise and the Basic problems in Form 4491W.
  • Training Module B - emphasizes TaxWise methods and tax law for the Intermediate problems in Form 4491W.
  • Training Module C - emphasizes TaxWise methods and tax law for the Advanced problems in Form 4491W.
The learning objective is encourage counselor to complete all of the workbook problems through the advanced level.

Other hot issues with AARP Tax-Aide in 2011 are:
  • Standard of Conduct and Ethics training and testing for ALL volunteers
  • Increased protection of tax payer information.  For example will not keep or are required to mail to the IRS the Form 8979 efile authorization sheet or the tax payers W2s, 1099s, etc..
If you have any feedback, questions, suggestions, or concerns about Tax-Aide training or this website, contact me.

IRS CHANGES FOR VITA-TCE

posted Nov 28, 2011, 9:40 AM by Wayne Culp   [ updated Nov 28, 2011, 9:40 AM ]

oLump-sum social security payments are included as Basic competency
qLast year, only current year taxability in scope, but use of numbers from previous year returns in scope this year
oOnly one Form 8879 printed (SPEC no longer requires copy); client signs prior to e-file submission but keeps with their records
oNo copies of W-2s or 1099s kept at site

AARP FOUNDATION  STANDARDS PACKAGE

posted Nov 28, 2011, 9:39 AM by Wayne Culp   [ updated Nov 28, 2011, 9:39 AM ]

oVolunteer Standards of Professionalism
oTaxpayer Information and Responsibilities (available at the site)
oIncident Review Protocol

NON-BUSINESS ENERGY PROPERTY CREDIT

posted Nov 28, 2011, 9:35 AM by Wayne Culp   [ updated Nov 28, 2011, 9:35 AM ]

oCombined limits of $500, $200 for windows, for all tax years after 2005 (Form 5695, Pt I)
oMUST ask about prior year energy credits
oMaximum 2011 for residential energy property
q$50 for advanced main air circulating fan
q$150 for qualified natural gas, propane, or oil furnace, or hot water boiler
q$300 for energy-efficient building property

EXTENDERS THRU 2012

posted Nov 28, 2011, 9:33 AM by Wayne Culp   [ updated Nov 28, 2011, 9:33 AM ]

oAmerican Opportunity Tax Credit
oChild tax credit of $1,000 and the earned income threshold of $3,000 for the child tax credit
oEITC increased credit for three or more qualifying children (thru 2012)

EXTENDERS THRU 2011

posted Nov 28, 2011, 9:32 AM by Wayne Culp   [ updated Nov 28, 2011, 9:32 AM ]

oQualified Charitable Distributions from certain individual retirement plans
oDeduction for educator expenses
oTuition and fees deduction
oItemized deduction for sales taxes
oPrivate mortgage insurance deduction
oNon-business energy property credit (with some limitations)

STANDARD MILEAGE RATES IN 2011

posted Nov 28, 2011, 9:31 AM by Wayne Culp   [ updated Nov 28, 2011, 9:31 AM ]

o51¢/mile for business miles (55.5¢/mile effective 07/01/2011)
o19¢/mile for medical or moving (23.5¢/mile effective 07/01/2011)
o14¢/mile for charitable service
oUse of car, vans, pickups or panel trucks included

TaxWise: NEW PREPARER USE FORM

posted Nov 28, 2011, 9:30 AM by Wayne Culp   [ updated Nov 28, 2011, 9:30 AM ]

oDedicated to Preparer’s Use Fields
oPrep Use Fields no longer on Main Info Sheet
oPrep Use Fields increase from 15 to 25
qStandardized to 15-character alphanumeric
qEnter up to 25 questions in column A
oAll Preparer Use Field entries will be stored for reporting purposes (not the question)
oAccessible via the report server
oTaxpayer Reminder Field will be added
qEnter information you need to convey to  preparer for following year
qWill automatically display when return is started in TY 2012 (January 2013)

Schedule D & FORM 8949

posted Nov 28, 2011, 9:26 AM by Wayne Culp   [ updated Dec 16, 2011, 11:28 AM ]

oSchedule D for 2011 – has new reporting lines using Form 8949NEW
oForm 8949 has codes and three boxes that need to be completed for each taxpayer
qBox A – Cost basis shown on 1099-B
qBox B – Cost basis not shown on 1099-B
qBox C – No 1099-B received
oFor each asset sold, the 1099 will have an A/B/C designator
oAssets can no longer be entered on Schedule D
oAll assets information goes on Forms 8949
oPage 1 is for short term; Page 2 is for long term
See Pub 4012 - Tab 2  starting @ page 2-10
oIn TaxWise, Capital Gain or Loss Transactions Worksheet (Cap Gain Wkt) will load 8949s and put assets on appropriate pages
oLong Term/Short Term Capital Gains/Losses Wkts will no longer be in Forms list
oA/B/C designators will be located on Cap Gain Wkt under 1099 column
oColumn (b) is code for adjustments to gain/loss, wash sales, exclusion of gain on main home, etc (see IRS instructions below for codes)
oColumn (g) is the amount of the adjustment

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