2012 Tax Update for Consultants January 12, 2012

One certainty in life is taxes. With the close of the 2011 tax year, consultants are preparing for the upcoming tax return season. It's time to calibrate the effectiveness of your tax planning and check out important facts that can affect the bottom line of your business.

Strategic tax planning is the most important way to minimize your taxes. The speaker for PATCA's January meeting, William M. West, is a San Jose CPA who has deep knowledge of tax regulations that all consultants and small business owners need to understand. West will provide tried-and-true tax saving tips and discuss additional hot topics currently in the news.

This informative presentation will address current tax topics, such as:
* IRS' new amnesty, called the Voluntary Worker Classification Settlement Program (VCSP), and new penalties for employers and independent contractors who participate in misclassifying workers who should be employees
* Whether higher 2013 taxes may make it advantageous to accelerate taxable income to 2012
* California's new default use tax, and limited property tax deductions
* Why your living trust is probably obsolete
* IRS' offshore vendetta, which adds new reporting rules for Foreign Financial Assets exceeding $50,000 to the current Foreign Bank Account reporting (FBAR).
* S Corporation crackdown on dividends, not paid as wages
* New Form 1099B basis reporting to IRS, not just to you
* Schedule C and other IRS audit targets

Join us to learn valuable news and tactics to organize your taxes and business plans. You are welcome to bring your tax questions.

Official Website: http://www.PATCA.org