Tab 1: Aliens—Resident and Nonresident
Overview of Aliens, General Tax Reporting, Real Estate Issues, Foreign Bank Accounts, Initial Year of Residency Tax Comparison Worksheet, Election Statements, Tax Organizer—Non-U.S. Citizen, Bankrupt Individuals, Types of Bankruptcy, Years of Bankruptcy, Bankruptcy Estate, Bankruptcy Estate’s Tax Returns, Individual Debtor’s Form 1040, Debt Cancellation, Foreclosures and Repossessions, Prepetition and Postpetition Taxes, Example With Filled-In Forms
Tab 2: Construction Contractors
Business Overview, Cash or Accrual Accounting?, Long-Term Contract?, Tax Accounting for Long-Term Contract Income, Completed Contract Method, Percentage-of-Completion Method, Exempt Contract Percentage-of-Completion Method (EPCM), Determining the Contract Price, Estimated Cost to Complete, Selected Other Key Tax Rules, Daycare Providers, Overview of Business, General Tax Reporting, Business Use of Home, Daycare Meals and Food, Family Daycare Provider Meal and Snack Log, Tax Organizer—Daycare Provider
Tab 3: Decedents
Filing Requirements—Year of Death, Income in Year of Death, Deductions and Credits in Year of Death, Other Final Returns Filing Matters, Example With Filled-In Forms, Executor’s Federal Tax Filings Checklist, Reconciliation Worksheet—Information Returns in Decedents, Direct Sellers, Overview of Direct Selling, Income from Sales, Other Income, Home Meetings, Business Use of the Home, Meals and Entertainment, Transportation, Business Gifts, Start-Up Expenses, Not-for-Profit Limit, Involvement of the Direct Seller’s Spouse, Reporting Requirements, Tax Organizer—Direct Sellers
Tab 4: Disabled Individuals
Special Tax Rules and Definitions, Income, Expenses, Credit for the Disabled, Credit for the Disabled—Physician’s Statements, Disaster Victims, Casualties, Calculating the Amount of the Loss, Determining the Deductible Loss, Persidentially Declared Disaster, Hurricane Victims—Katrina, Rita and Wilma, Insurance Reimbursements and Other Receipts, Other Disaster-Related Rules, 2007 Presidentially Desclared Disaster Areas, Katrina, Rita and Wilma Hurricane Disaster Areas
Tab 5: Divorced Taxpayers
Filing Status, Exemptions, Dividing Income and Deductions in Year of Divorce, Property Transfers Related to Divorce, Alimony and Child Support, Tax Carryforwards, Costs of Getting a Divorce, Elderly, When Is a Return Required?, Retirement Income, Standard Deduction, Medical Expenses, Credit for the Elderly, Social Security Benefits Worksheet (2007), Executives, Employee Stock Options, Statutory Stock Options—ISOs and ESPPs, ISO AMT Considerations, Using Stock to Exercise ISOs, Nonqualified Stock Options, Restricted Stock, Section 83(b) Election, Relocation Packages
Tab 6: Expatriates
Overview of Expatriates, Exclusions, Deductions and Credits, Tax Computation, General Tax Reporting, Foreign Currency, Estimated Taxes, Tax Equilization, Expatriation Tax, U.S. Possessions, Compensation Sourcing Schedule, Form 1116—Income Allocation Schedule, Tax Organizer—Expatriate, Farmers and Ranchers, Who Is a Farmer or Rancher, Accounting Method Issues, Government Program Income, Cooperative Distributions, Depreciable Property, Farm Income Averaging, Special Estimated Tax Rules, Hobby Losses, Farm Payroll Taxes, Other Key Tax Rules, Example With Filled-In Forms
Tab 7: Gamblers
Professional vs. Casual Gambler, Gambling and Lottery Winnings, Gambling Losses, Substantiating Gambling Losses, Military Members, Filing Returns, Income, Adjustments to Income, Member’s Out-of-Pocket Expenses, Tax Credits, Tax Forgiveness of Military Decedent’s Tax Liability, Special home Sale Rule, Ministers, Qualifying as Minister, Income, Adjustments to Income, Business Expenses, Itemized Deductions, Self-Employment Tax, Earned Income Credit
Tab 8: Oil and Gas Investors
Tax Return Reporting Overview, Industry Operations Overview, Exploration and Production, Direct Working Interest Owner, Royalty Interest Owner, Other Key Tax Considerations, Professionals, Is the Cash Method of Accounting Available?, Do the Personal Service Corporation Rules Apply?, Renting Property to the Business, S Corporation Ceompensation Issues, Attorney’s trust Accounts, Client Expense Advances By Attorneys, Reporting Payments to Attorneys, Physician Employment Status
Tab 9: Real Estate Owners
Real Estate Activities, Rental Income and Expense, Basis and Depreciation, Mixed-Use Property/Vacation Home, Passive Loss Limits on Rentals, At-Risk Rules, Special Considerations When Selling Real Property, Restaurant Owners, Resturant Operations, Depreciation and Amortization, Tip Reporting Requirements, Inventory/UNICAP, Cash Method Accounting, Employment Issues, Tax Credits
Tab 10: Retailers
Overview of Inventory Rules, Retail Inventory Method, Deducting Inventory Shrinkage, Writing Down Unsalable Inventory, Depreciating Assets Used by Retailers, Employee Discounts, Franchise Fees, Statutory Employees, Classes of Workers, Four Categories of Statutory Employees, Tax Rules, Example With Filled-In Forms
Tab 11: Stock Traders and Investors
Is the Taxpayer a Trader or Investor?, How Investors Are Taxed, How Traders Are Taxed, Students—Higher Education, Is Student a Dependent?, Scholarships, Grants and Other Financial Aid, Hope and Lifetime Learning Credits, Student Loans—Interest Deduction, Student Loans—Cancellations and Repayment Assistance, Foreign and Exchange Students, Education Tax Incentives Comparison Chart
Tab 12: Transportation Workers
Travel Expenses, Reimbursing Employee Expenses, Employee or Independent Contractor?, Taxi Drivers and Chauffeurs, Pilots, Railroad Workers, Water Transportation Workers, Transportation Workers—Common Income and Expenses, Other Taxpayers, Authors and Writers, Household Employers, Performing Artists and Athletes, Real Estate Agents, Teachers, Waiters and Waitresses
Tab 13: Index
Easy-to-use Topical Index
