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Course Details

Assets, Income and Cash - Tax Mini Course (Course Id 238)

Updated / QAS / Registry / EA
  Add to Cart 
Author : Danny C Santucci, JD
Course Length : Pages: 32 ||| Review Questions: 15 ||| Final Exam Questions: 15
CPE Credits : 3.0
IRS Credits : 3
Price : $26.95
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 238

Description :

This mini-course integrates federal taxation with overall financial planning. The course explores tax strategies relating to the central financial tactics of 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 concerns. Designed to improve the quality of services to clients and the profitability of engagements, this program projects the accountant into the world of financial planning.

Usage Rank : 17778
Release : 2024
Version : 1.0
Prerequisites : General understanding of federal income taxation.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 24-Feb-2024
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 - 238

Keywords : Taxes, Assets, Income, Cash, Tax, Mini, Course, cpe, cpa, online course
Learning Objectives :

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

    At the start of the materials, participants should identify the following topics for study:
      * Comparing goals and purposes
      * Investment goals and retirement planning
      * Building an estate
      * Section 1031 “like-kind” exchanges
      * Retirement plans
      * Tax credits and estimated taxes
      * Basic deductions
      * Income splitting
      * Elimination
      * Fringe benefits
Learning Objectives:
    After reading the materials, participants will be able to:
      1. Identify investment purposes and retirement misconceptions, the multi-step retirement process, and the elements of investment planning.
      2. Determine income types, from a tax perspective, to be budgeted into cash so that income-producing assets can be acquired and managed for an effective investment plan.
      3. Recognize the means of achieving tax deferral through like-kind exchanges, retirement plans, and installment sales, and specify the double financial benefit of exchanging through tax postponement and possible tax elimination.
      4. Determine how to use tax credits, estimated taxes, and basic deductions to effectively reduce federal income tax and thereby increase discretionary income for investment purposes.
      5. Specify formats for income splitting that can benefit taxpayers by lowering overall taxes as a unit and permitting wealth and tax allocation among individuals or entities.
      6. Identify the tax benefits of the $500,000 home sales exclusion, municipal bonds, divorce and separation settlements, gifts and inheritances, life insurance, fringe benefits, and Social Security to eliminate tax on realized gain and ordinary income.
Course Contents :

Chapter 1 - Assets, Income and Cash

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

“Know Thy Investment Self”

Investment Vehicles & Entities

Retirement Now - The Ultimate Objective

Defining Retirement

Determining Retirement Costs & Income Needs

Basic Planning Elements

 Building an Estate

Assets, Income & Cash


Type #1 - Taxable

Type #2 - Tax-free

Type #3 - Tax-Deferred

Type #4 - Tax-sheltered







Section 1031 “Like-Kind” Exchanges

Three Elements

Exchange Requirement

Qualified Property Requirement

Like-Kind Requirement

Related Party Exchanges

Retirement Plans

Sources of Retirement Income

Qualified Corporate Programs

Defined Contribution Plans

Defined Benefit


Self-employed Plans

Individual Retirement Accounts

Roth IRA - §408A

Penalty-Free Withdrawals

Tax-deferred Annuities

Simplified Employee Pension (SEP) Plan

Participant Loan Regulations

Additional Loan Requirements

Installment Sales - §453



Deferred Compensation

Options - §1234


Tax Credits

Earned Income Tax Credit - §32

Child Tax Credit - §24

Child and Dependent Care Credit - §21

Adoption Credit - §23

Credit for the Elderly and Disabled - §22

American Opportunity & Lifetime Learning Credits - §25A

Retirement Savings Contribution Credit – §25B

Work Opportunity Tax Credit (WOTC) – §51

Targeted Groups

Credit Amount

Research & Development Credit - §41

Rehabilitation Tax Credit - §47

Low Income Housing Credit - §42

Estimated Taxes - §6654

General Rule

Basic Deductions

Interest - §163

Investment Interest

Prepaid Interest


Prepayment Penalty

Interest on Real Estate - §164

Rental Property

Home Owners

Business Interest - §163(j)

Automobile Deductions

Employee Automobile Deductions

Business/Personal Proration

Actual Cost Method

Standard Mileage Rate

Depreciation (“Caps”) Limits - §280F(a)

Leasing Restrictions

Expensing - §179

Commuting - Local Business Transportation

Temporary Work Location

Business Entertainment

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 the Public

Entertainment Sold to Customers

Expenses Includable in Income of Non-employees

Depreciation & Cost Recovery - §167 & §168

Net Operating Losses - §172

 Income Splitting

Using Progressive Tax Rates

Major Formats

Unincorporated Business

Deductible Business Expenses - §162

Home-Office Write-Off - §280A

Hiring Your Children

Hiring Your Spouse

Travel Expenses

Casualty Losses - §165

Bad Debts - §166

Self-employment Tax (SECA)

“C” or Regular Corporation

Formation - §351

Cash for Stock

Property for Stock

Stock for Services

Stock for Debt

“S” Corporation

Single Taxation

Tax Advantages

Corporations That Qualify


Family Partnership - §704(e)

Family Members



Employer Dependent Care Program - §129

Education Savings Bonds - §135

Education Loans - §221


Interest-Free Loans - §7872


$500,000 Home Sale Exclusion - §121

Two-Year Ownership & Use Requirements

Tacking of Prior Holding Period

Prorata Exception

Municipal Bonds - §103

Tax-exempt Interest on Qualified State or Local Obligations

Divorce & Separation Settlements

Alimony - §71

Child Support

Property Division - §1041

Dependency Exemption.

Gifts & Inheritances

Income from Property Given to a Child

Life Insurance

Fringe Benefits

Prizes & Awards - §74(b)

Group Life Insurance Premiums - §79

Accident and Health Plans - §106 & §105

Meals & Lodging - §119

Cafeteria Plans - §125

Educational Assistance Program - §127

Dependent Care Assistance - §129

Section 132

Social Security

Earnings Record



Fixed Asset CPE Courses: https://www.cpethink.com/fixed-asset-cpe
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