Author : | Danny C Santucci, JD |
Course Length : | Pages: 0 ||| Review Questions: 0 ||| Final Exam Questions: 70 |
CPE Credits : | 14.0 |
IRS Credits : | 14 |
Price : | $113.95 |
Passing Score : | 70% |
Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
Technical Designation: | Technical |
Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 1064 |
Description : | This presentation integrates federal taxation with retirement planning. The course will examine tax and savings strategies related to determining retirement income needs, wealth building, capital preservation, and estate distribution. The result is a unified explanation of tax-economics that will permit the tax professional to locate, analyze, and solve financial aspects of retirement. Designed to improve the quality of services to clients and the profitability of engagements, this program projects the accountant into the world of retirement planning. This course will give the participant practice in analyzing problems, developing solutions, and presenting final personal retirement plans to clients. The emphasis is on practical simplicity in dealing with the self-employed and highly compensated individual. |
Usage Rank : | 0 |
Release : | 2016 |
Version : | 1.0 |
Prerequisites : | General understanding of federal income taxation. |
Experience Level : | Overview |
Additional Contents : | Complete, no additional material needed |
Additional Links : |
Financial Planning in Your 50s Retirement Consumer Reports
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Advance Preparation : | None |
Delivery Method : | Self-Study |
Intended Participants : | Anyone needing Continuing Professional Education (CPE) |
Revision Date : | 22-Jul-2016 |
NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 1064 |
Keywords : | Taxes, Tax, Financial, Planning, RetirementBlowout, cpe, cpa, online course |
Learning Objectives : |
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Course Contents : | Chapter 1 - Financial Tax Planning Comparing Goals & Purposes Investment Purposes Purpose #1 - Comfortable Retirement Myths of Retirement Plan For 10 to 15 Retirement Years Stay With One Company to Retire With the Best Benefits Preserve Capital Retirees Are Taxed Less Housing Costs Are Less Just the Spouse and Me Company Insurance & Medicare Will Cover Medical Bills Retirees End Up In a Nursing Home Purpose #2 - Education Purpose #3 - Family & Personal Stability Purpose #4 - Enjoyment of Life Purpose #5 - Commitment Investment Goals Find Your Place in Time “Know Thy Investment Self” Investment Vehicles & Entities Individual Corporate Trusts Co-Tenancy Partnership Retirement Plan Custodianship Estate Retirement Now - The Ultimate Objective Defining Retirement When Do I Want To Retire? What Kind Of Lifestyle Do I Want? Do I Want To Move? Determining Retirement Costs & Income Needs Developing a Plan Savings - The 10% Rule Selected Strategies for Savings Basic Planning Elements Chapter 2 - Building an Estate Assets, Income & Cash Income Type #1 - Taxable Information Reporting on Taxable Income Payments Salary & Wages Interest Income Dividends Tax-refunds Gambling Winnings Other Income Known to the IRS Real Estate Transactions Type #2 - Tax-free Type #3 - Tax-Deferred Type #4 - Tax-sheltered Gifts Borrowed Money Gain on Home Sales IRA Rollovers Inheritances Life Insurance Proceeds Property Settlements Child Support Payments Money Recovered For Personal Injuries Workers Compensation Payments Disability Payments Tax Refunds Municipal Bond Interest Vacation Home Rental Children’s Wages Children’s Investment Income Scholarships Budgeting Rule #1: Expenses - 60% Rule #2: Taxes - 20% Rule #3: Savings - 10% Rule #4: Education - 10% Rule #5: Keep Your Benefits Cash Lifestyle Emergency Funds Savings as Deferred Investing How To Save Programmed Savings Tax Savings Joint vs. Separate Returns Purchase of Assets Acquisition Stay Liquid - Be Able To Get Your Money Back Grow - Make Money on Your Money Shelter - Get Tax Benefits Build - Don’t Spend Your Benefits Avoid Linking - Each Investment Must Stand On Its Own Analyze - Investigate the Investment Assets Management Rule #1 - Develop Cash Flow Rule #2 - Learn To Negotiate Rule #3 - Manage Risk Investment Loss Liability Poor Health Premature Death Rule #4 - Diversify Rule #5 - Monitor Assets Rule #6 - Use Systems Taxes & Investment Economics Deductions Now, Taxes Later or Maybe Never Accelerate Deductions Taxes Charitable Contributions Medical Expenses Miscellaneous Expenses Business Expenses Leverage Chapter 3 - Preservation of Wealth Four Obstacles to Preservation Spending Habits Track Your Spending Income Expenditures Living Expenses Fixed Variable Credit Card Payments The Bottom Line Converting a Minus into a Plus Build in Savings Adjustments Designing a Budget What Are You Worth? Inventory Assets Cash Personal Property Investments List Liabilities Analyze Net Worth Wasting Assets Liquidity Diversification Cash Reserve Ignorance Taking Control Planning Responsibility Delegation Asset Allocation - Risk & Return Inflation Taxes Tax Planning Tactics Chapter 4 - Deferral Former §1034 - Repealed Section 1031 “Like Kind” Exchanges Exchange Advantage Importance of Deferral Three Elements Exchange Requirement Two-Party Exchanges Multi-Party Exchanges Alderson Baird Delayed Exchanges Qualified Property Requirement Like-Kind Requirement Rules of Boot Related Party Exchanges Definition of Related Party Exceptions to the Two-Year Rule Contractual Protection Transactions Between A Partner & Partnership Foreign Real Property Exchanges Personal & Multiple Property Regulations Effective Date General Rule for Netting Liabilities Abandonment of Anticipatory (Re)Financing Proposal Like-Kind Requirement for Personal Property Like-Kind Like Class Five vs. Four Digits Miscellaneous Category SIC Replaced by NAICS System Property Held for Investment Class Priority Other Personal Property Goodwill Prohibition Multiple Asset Exchanges Definition Exchange Groups Aggregation & Allocation Residual Group Liabilities Delayed (Deferred) Exchange Regulations Effective Date Deferred (Delayed) Exchange Definition “Reverse-Starker” Transactions Identification Requirements Identification & Exchange Periods Application of §7503 Method of Identification Property Description Incidental Property - 15% Rule Revocation Substantial Receipt Multiple Replacement Properties Actual & Constructive Receipt Rule Four Safe Harbors Disqualified Person Who Is An Agent? Who Is A Qualified Intermediary? Direct Deeding Assignment Simultaneous Exchanges Interest Reporting - §468B(g) Restrictions On Rights to Money & Other Property - “g(6)” Limitations Outside Transfers of Money or Other Property Exchanges of Partnership Interests Effective Date of Partnership Provisions Retirement Plans Designing Your Retirement Sources of Retirement Income Qualified Corporate Programs Defined Contribution Plans Profit Sharing Plan Money Purchase Pension Plan Stock Bonus Plan Employee Stock Ownership Plan 401(k) Plan Defined Benefit Defined Benefit Pension Annuity Plan SIMPLE Plans Self-Employed Plans Individual Retirement Accounts Penalty-Free Withdrawals Roth IRA - §408A Tax-Deferred Annuities Mechanics Types of Deferred Annuity Fixed Annuity Variable Annuity Minimum Investment & Charges Simplified Employee Pension (SEP) Plan Investment Assets Matching Income to Expenditures Participant Loan Regulations Additional Loan Requirements DOL Regulations Installment Sales Requirements Late Election Out of Installment Method Formula Mortgage in Excess of Basis Recapture Dealers At Risk Rule Application Nonrecourse Financing Qualified Nonrecourse Financing Qualified Persons Deferred Compensation Options Chapter 5 - Reduction Tax Credits Work Computation Welfare-to-Work & Work Certification Trap Research Tax Credit - §41 Alternative Simplified Credit Relation to §174 Rehabilitation Tax Credit - §47 Credit Rates Residential vs. Nonresidential External Wall Requirement Basis Reduction Low Income Housing Credit - §42 Amount of Expenditure Set Aside Requirement Qualifying Units Gross Rent Limitation - 30% Section 8 Assistance Exclusion Recapture of Credit 30-Year Rule State Credit Ceiling AGI Limitation Child & Dependent Care Credit - §21 Eligibility Employment Related Expenses Qualifying Out-of-the-home Expenses Payments to Relatives Allowable Amount Identification of Provider Estimated Taxes General Rule Annualized Method Cash-Saving Strategies Underpayment Cautions Tax Refund Trap Basic Deductions Interest Personal Interest – Repealed (Gone Long Ago) Investment Interest Prepaid Interest Points Huntsman Case Prepayment Penalty Interest on Real Estate Rental Property Home Owners Automobile Deductions Employee Automobile Deductions Business/Personal Proration Actual Cost Method Standard Mileage Rate Limitations on Standard Mileage Method Must Be an Individual Switching Methods Claiming Deductions Records Mileage Records Depreciation Traps Percentage Test Depreciation “Recapture” Depreciation Limits for Autos Leasing Restrictions Mileage Allowance for Leased Autos First-year Expensing - §179 Commuting - Local Business Transportation Revenue Ruling 90-23 - Superseded Temporary Work Site Definition Reserve Units Reimbursements Revenue Ruling 99-7 Business Entertainment Directly Related Test Associated Test Statutory Exceptions Food and Beverages for Employees Expenses Treated as Compensation Reimbursed Expenses Recreational Expenses for Employees Employee, Stockholder and Business Meetings Trade Association Meetings Items Available to Public Entertainment Sold to Customers Expenses Includible in Income of Non-employees Depreciation & Cost Recovery - §167 & §168 Personal Property ACRS - §168 Applicable Percentage Straight-line Election MACRS Recovery Classes MACRS Elections Straight-line 150% Declining Balance Bonus (or Additional First-year) Depreciation - §168(k) Initial 50% Additional First-year Depreciation Temporary 100% Additional First-year Depreciation Back to 50% Additional First-year Depreciation PATH Act Extensions & Modifications Qualified Property - §168(k)(2) Nonqualified Property - §168(k)(2) 5-31 Coordination with §179 MACRS Conventions Election to Expense Assets - §179 Income Limitation Carryover Deduction Reduction Employee Restriction Recapture - §1245 Net Operating Losses - §172 Creation of a NOL Individual NOLs Carrybacks & Carryovers Temporary 5 Year Carryback - Expired Further Limitations Corporate NOLs Tax Breaks for Nonitemizers Adjustments Credits Amended Returns Audit Avoidance Safest Amendments Not-So-Safe Amendments Chapter 6 - Income Splitting Using Progressive Tax Rates Splitting Income among Group Members Wealth Allocation Major Formats Unincorporated Business Deductible Business Expenses Home-Office Deduction Requirements - §280A Non-Exclusive Use Exceptions Income Limitation Home Office Deduction Expansion Analysis Square Footage Safe Harbor - R.P. 2013-13 Retirement Plans Hiring Your Children Hiring Your Spouse Travel Expenses Casualty Losses Bad Debts Self-Employment Tax Incorporation “C” or Regular Corporation Planning Considerations When to Incorporate Formation Cash for Stock Property for Stock Stock for Services Stock for Debt Repeal of the “General Utilities” Doctrine Corporate Assets Leasing Lessor Gift & Leaseback Sale & Leaseback “S” Corporation Single Taxation S Corporation Return Planning Considerations Tax Advantages Formation Corporations That Qualify Income-Splitting Estimated Tax Payments Family Partnership Partner’s Distributive Share Partnership Return Schedule K-1 (Form 1065) Family Partnerships Family Members Capital Children as Partners Earned Income Gift of Capital Interest Custodianship & Children Taxation Kiddie Tax Trap Planning Points Income-Shifting Investments US Savings Bonds Municipal Bonds Growth Stock Real Estate Child Care & Education Nursery School & Day Care - §21 Special Schools Employer Dependent Care Program - §129 Education Savings Bonds - §135 Notice 90-7 Interest on Education Loans - §221 Buying an Off-campus House Status as Second Home Status as Rental Property Gifting Gain for Education Expenses Gifts Gifts by Check Facts Holding Interest Free Loans De Minimis Exception Special Rule for Gift Loans Chapter 7 - Elimination Former Age 55 Exclusion - Repealed $500,000 Home Two-Year Ownership & Use Requirements Tacking of Prior Holding Period Vacant Land Mixed Business & Residence Use Prorata Exception Change in Place of Employment Health Unforeseen Circumstances Use of Old §1034 & §121 - Gone Long Ago Limitations on Exclusion Renting to Parents Parent’s Benefits Children’s Benefits Municipal Bonds Tax-Exempt Interest on Qualified State or Local Obligations Reporting Private Activity Bonds Divorce & Separation Settlements Alimony Child Support Property Division Dependency Exemption Gifts & Inheritances Basis of Gift FMV Less Than Donor’s Adjusted Basis FMV More Than Donor’s Adjusted Basis Holding Period Income from Property Given to a Child Life Insurance Proceeds Not Received in Installments Proceeds Received in Installments Fringe Benefits Prizes & Awards - §74(b) Group Life Insurance Premiums - §79 Table I Accident and Health Plans - §106 & §105 Meals & Lodging - §119 Cafeteria Plans - §125 Educational Assistance Program - §127 Dependent Care Assistance - §129 Reporting Requirements for Dependent Care Programs Cash Reimbursement Plans In-kind Assistance Section 132 No Additional Cost Services - §132(a) & (b) Qualified Employee Discounts - §132(c) Services - §132(c)(1) Property - §132(c)(2) & (4) Working Condition Fringe Benefits - §132(d) De Minimis Fringe Benefits - §132(e) Spousal Insurance Transportation Fringe Benefits - §132(f) Moving Expense Reimbursements - §132(a)(6) Retirement Planning Services - §132(a)(7) Athletic Facilities - §132(j) Nondiscrimination Under §132 Taxation & Valuation of Benefits Valuation Provisions Leased Cars Purchased Cars Fleet-Average Rule Cents-Per-Mile Valuation Commuting Valuation Rule Chauffeur Services Eating Facilities Meal Subsidy Rule ERISA Compliance Welfare Plans Additional Requirements Employee Expense Reimbursement & Reporting Family Support Act of 1988 Remaining Above-The-Line Deduction Accountable Plans Reasonable Period of Time Fixed Adequate Accounting Per Diem Allowance Arrangements Federal Per Diem Rate Related Employer Meal Break Out Partial Days of Travel Usage & Consistency Unproven or Unspent Per Diem Allowances Travel Advance Reporting Per Diem Allowances Reimbursement Not More Than Federal Rate Reimbursement More Than Federal Rate Nonaccountable Plans Fixed & Variable Rate (FAVR) Allowances - R.P. 90-34 Elements Periodic Fixed Payment Periodic Variable Payment Limitations Record keeping Social Security Earnings Record Payments Exempt from Social Security Social Security Checkup Form SSA-7004 Form SSA-7050 Chapter 8 - Estate Planning Unlimited Marital Deduction Outright To Spouse Marital Deduction Trust Qualified Terminable Interest Property Trust Applicable Exclusion Amount Spousal Portability of Unused Exemption Amount - §2010(c)(2) Stepped-up & Modified Carryover Basis Modified Carryover Basis - §1022 Limited Basis Increase for Certain Property 2010 Special Election Basic Estate Planning Goals Primary Dispositive Plans Simple Will Danger for Larger Estates Probate Assets Not Subject to a Will Assets Subject to a Will Trusts Types of Trusts Living Trusts Testamentary Trusts Revocable & Irrevocable Living “A-B” Revocable Trust Living “A-B-C” (QTIP) Trust Impact of Spousal Portability on Trust B under TUIRJCA Charitable Trusts Charitable Remainder Trusts Charitable Income Trusts Insurance Trusts Family Documents Living Will Property Agreement & Inventory Durable Power Of Attorney Power of Attorney for Health Care Conservatorship Funeral Arrangements Anatomical Gifts Private Annuity? Advantages to the Transferor Disadvantages to the Transferor Advantages to the Transferee Disadvantages to the Transferee Regulations Restrict Private Annuity Income Chapter 9 - Asset Protection Why Asset Protection? Situations That Create Danger Sources of Lawsuits Types of Liability Basic Protection Concepts Types of Creditors Evading Creditors Fraudulent Transfers Badges of Fraud Statute of Limitations Criminal Penalties Permissible Asset Transfers Asset Protection Goals Preparation Insurance Homeowners Insurance Automobile Insurance Disability Insurance Life Insurance Life Insurance Trust Buy-Sell Agreements Definition Asset Protection Aspects of Common Entities Individual Ownership Sole Proprietorship Corporate C Corporation No Pass Through The S Corporation - §1361 Trusts Types of Trusts Revocable Trust Land Trusts Irrevocable Trusts Testamentary Trust Business Trusts Foreign Trusts - §679 Asset Protection Trusts - APTs Foreign Jurisdictions Alternatives Income Taxation Estate & Gift Tax Creditor Protection Family Trusts Medicaid Trust Grantor Retained Income Trust Co-Tenancy Tenancy in Common Varying Percentages No Survivorship Joint Tenancy with Right of Survivorship Equal Percentages Tenants by the Entirety Right of Partition Partnership Family Partnerships Charging Orders Phantom Income to Creditor Tax Issues Estate Savings Income Tax Savings Limited Liability Company Retirement Plan Retirement Fund Protection in Bankruptcy Custodianship Estate Divorce Premarital Agreements Uniform Premarital Act - The Permitted Items of Agreement Unenforceable Items Retirement Equity Act of 1984 Benefits of a Premarital Agreement Post-Nuptial Agreements Glossary |