|Author :||Danny C Santucci, JD|
|CPE Credits :||24.0|
|IRS Credits :||24|
|Passing Score :||70%|
|Primary Subject-Field Of Study:||
Taxes - Taxation for Course Id 114
We are all (including tax practitioners) getting older, and the need for effective retirement planning has never been greater. This course is essential for participants who wish to attain a comfortable retirement for themselves and their clients by maximizing tax saving strategies. Retirement income needs are calculated; net after tax Social Security benefits are determined; and distribution options from IRAs and retirement plans are explored. Special consideration is given to the tax treatment of the home and business on retirement. Buy-sell agreements are discussed and eldercare planning is examined.
|Usage Rank :||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 :||Self-Study|
|Intended Participants :||Anyone needing Continuing Professional Education (CPE).|
|Revision Date :||30-May-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 - NASBA Registry - IRS Enrolled Agents - 114
|Keywords :||Taxes, Fast, Track, Retirement, Planning, from, Tax, Perspective, cpe, cpa, online course|
|Learning Objectives :||
As a result of studying each assignment, you should be able to meet the objectives listed below each assignment.ASSIGNMENT SUBJECT
Chapter 1 How Much Do You Need To Retire?
At the start of Chapter 1, participants should identify the following topics for study:
* Common pitfalls
* Popular retirement myths
* Defining retirement
* Developing a plan
After reading Chapter 1, participants will able to:
2. Determine retirement using the major levels of retirement and key questions that have financial and personal ramifications.
3. Identify retirement costs and income needs of clients based on their current budget, recognize tax savings strategies and identify guidelines when purchasing investment assets.
Chapter 2 Social Security Benefits & Retirement Planning
At the start of Chapter 2, participants should identify the following topics for study:
* How Social Security works
* Social Security participants
* Social Security benefits
* Retirement benefits
* Direct deposit
* Social security tax
* Total disability benefits
* Survivors’ benefits
After reading Chapter 2, participants will able to:
2. Identify the requirements to receive Social Security retirement benefits, and determine clients’ retirement benefits following a multi-step calculation process.
3. Recognize Social Security taxes, their tax rates and covered earnings allowing better retirement planning.
4. Specify the eligibility requirements of Social Security disability benefits and survivors’ benefits, and determine what constitutes Medicare Part A and Medicare Part B noting qualifications.
Chapter 3 Retirement Plans
At the start of Chapter 3, participants should identify the following topics for study:
* Basic requirements of a qualified pension plan
* Basic types of corporate plans
* Types of defined contribution plans
* Self-employed plans - Keogh
* Distribution & settlement options of IRAs
* Tax-free rollovers for IRAs
* Roth IRAs
* Simplified employee pension plans (SEPs)
* SIMPLE plans
After reading Chapter 3, participants will able to:
2. Specify the requirements of the basic forms of qualified pension plans.
3. Determine the differences between defined contribution and defined benefit retirement plans and specify several types of defined contribution plans noting their impact on retirement benefits.
4. Recognize self-employed plans from qualified plans for other business types and owners.
5. Identify the requirements of IRAs, SEPs, and SIMPLEs and tax-free Roth IRA distributions noting strategies to maximize plan benefits.
Chapter 4 Distributions from Retirement Plans
At the start of Chapter 4, participants should identify the following topics for study:
* Mandatory basis rule for annuity payments
* Nonqualifying lump-sum distributions
* Treatment options for lump-sum distributions
* Eligible rollover distributions
* 20% withholding
* Rollover period
* Premature distributions
* Minimum distribution rules
* Making charitable gifts with plan balances
After reading Chapter 4, participants will able to:
2. Determine what constitutes a lump-sum distribution permitting clients to receive special tax treatment on such distributions.
3. Recognize the key components of rollovers that can be used to reinvest cash or other assets without including the amount in income.
4. Specify the tax consequences of taking premature distributions noting how to avoid the 10% penalty.
5. Identify the minimum distribution rules and ways to avoid the 50% penalty associated with either taking smaller distributions than required or with taking distributions after the required beginning date for minimum distributions.
Chapter 5 Nonqualified Plans
At the start of Chapter 5, participants should identify the following topics for study:
* Purposes & benefits
* Constructive receipt
* Economic benefit
* Funded company account plan
* Segregated asset plan
* Tax consequences
* Estate planning considerations
* Withholding, Social Security & IRAs
After reading Chapter 5, participants will able to:
b. Specifying deferred compensation patterns set forth in R.R. 60-31 noting the taxability of each; and
c. Determining unfunded and funded plans noting the use of company assets or bookkeeping accounts to avoid employee taxation.
Chapter 6 Life Insurance, Annuities & Buy-sell Agreement
At the start of Chapter 6, participants should identify the following topics for study:
* Types of life insurance
* Life insurance trusts
* Buy-sell agreements
* Purchase price & terms
* Community property
* Professional corporations
* S corporations
* Sole shareholder planning
After reading Chapter 6, participants will able to:
2. Recognize the tax treatment of life insurance proceeds by:
b. Determining the gift tax associated with transfers of life insurance policies.
4. Specify the reasons for using an irrevocable life insurance trust in an estate plan identifying trust considerations and the differences between deferred and private annuities.
5. Determine what constitutes entity purchase and cross purchase buy-sell agreements noting tax and legal advantages.
Chapter 7 Home Sales & Moving Expenses
At the start of Chapter 7, participants should identify the following topics for study:
* Rate groups
* Home sales under §121
* Special rules for ownership & use requirements
* Prorata exception
* 1099-S reporting
* Distance & time tests for moving expenses
* Deductible moving expenses
* Reporting moving expenses
After reading Chapter 7, participants will able to:
2. Recognize the key elements and application of the §121 home sale exclusion and identify safe harbor regulations associated with the home sale exclusion.
3. Identify when a taxpayer meets distance and time tests for deductible moving expenses under §217.
Chapter 8 Estate Planning
At the start of Chapter 8, participants should identify the following topics for study:
* Applicable exclusion amount
* Stepped-up basis
* Basic estate planning goals
* Simple will
* Types of trusts
* Charitable trusts
* Insurance trusts
* Family documents
* Private annuities
After reading Chapter 8, participants will able to:
b. Recognizing the unlimited marital deduction and its effect on the gross estate of the value of property; and
c. Specifying the applicable exclusion amounts for various years of death.
3. Specify basic estate-planning goals, and recognize the benefits and drawbacks of the primary dispositive plans.
4. Identify various types of estate trusts and family documents that every taxpayer should consider, and determine the advantages and disadvantages of the former private annuity format.
|Course Contents :||
Chapter 1 -
Chapter 2 -
Chapter 3 -
2009 Waiver of Required Minimum Distribution Rules (Expired)
Chapter 4 -
2009 Waiver of Required Minimum Distribution Rules (Expired)
Chapter 5 -
Chapter 6 -
Employee Death Benefit - §101(b) (Repealed)
Estate Taxes - §2042 & §2035(a)
Chapter 7 -
Chapter 8 -