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Course Details

Getting Cash Out of Your Business - Tax Mini Course (Course Id 240)

Updated / QAS / Registry / EA
  Add to Cart 
Author : Danny C Santucci, JD
Course Length : Pages: 33 ||| 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 240

Description :

This mini-course examines the various ideas, methods, and techniques capable of optimizing the overall compensation package for key employees and principals in small to medium-sized businesses. Qualified and non-qualified deferred compensation, benefit targeting, insurance programs, statutory fringe benefits, interest-free loans, and investment planning are investigated. Consideration is given to indirect compensation in the form of business entertainment, expense accounts, auto use, travel, and transportation. The new field of professional services is probed to provide tax, financial, and estate planning to the key executive. 

Usage Rank : 16875
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 : 16-Mar-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 - 240

Keywords : Taxes, Getting, Cash, Out, Your, Business, 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:

    * Deferral of income
    * Avoiding taxable income
    * Unreasonable compensation
    * Nonqualified deferred compensation
    * Basic types of corporate retirement plans
    * Individual plans
    * Fringe benefits
    * Employer-provided automobile
    * Business entertainment
    * Business travel & transportation
Learning Objectives:

      After reading the materials, participants will be able to:
    1. Identify types of income, from a financial and tax perspective, to be budgeted into cash so that income-producing assets can be acquired and managed for an effective investment plan.
    2. Determine compensation to maximize the net dollar return using strategies that involve all aspects of how the client relates to the company for which they may be an owner, employee, or both.
    3. Specify the differences between qualified deferred compensation plans and nonqualified deferred compensation plans, and recognize defined contribution plans from defined benefit plans identifying the characteristics of each so that business owners may choose the most suitable plan to accomplish their financial and worker incentive objectives.
    4. Recognize the scope and variety of excluded fringe benefits including tax treatment, operational details, and level of incentive-based compensation.
    5. Identify the disallowance of entertainment expenses, determine the tax treatment of reimbursements paid under accountable and unaccountable plans, and recognize deductible travel expenses undertaken for business.
    6. Specify types of insurance that a company can provide its employees, define the various types of equity participation available from which companies may choose, and identify the basic types of buy-sell agreements.
Course Contents :

Chapter 1 - Getting Cash Out of Your Business


Financial & Tax Fundamentals


Compensation Strategies

Income Tax Rates

Capital Gains & Dividends - §1(h)

Tax on Net Investment Income - §1411

Deferral of Income

Equivalent to an “Interest-free" Loan

Tax Bracket Straddle

Tax Savings v. Loss of Buying Power

Protecting Deferred Amounts

Tax Deferral Is Not Elimination

Bottom Line

Acceleration of Deductions

Time Value of Deductions

Special Treatment of Fringe Benefits

Avoiding Taxable Income

Excluded Statutory Fringe Benefits

Foreign Earned Income - §911

Housing Exclusion - §119

Ministers - §107

Worker’s Compensation - §104(a)(1)

Personal Injury - §104(a)(2)

Unreasonable Compensation

Scope of Examination


Employee’s Qualifications

Size of the Business

Employee’s Compensation History

Services Performed by the Employee

Miscellaneous Factors

Nonqualified Deferred Compensation

Contractual Arrangement

Tax Status

Unfunded Bare Contractual Promise Plan - Type I

Funded Company Account Plan - Type II

Segregated Asset Plan - Type III

Qualified Deferred Compensation - Retirement Plans

Basic Types of Corporate Plans

Defined Benefit

Defined Benefit Pension

Defined Contribution

Types of Defined Contribution Plans

Profit Sharing

Money Purchase Pension

Cafeteria Compensation Plan

Thrift Plan

Section 401(k) Plans - CODAs

Section 415(c) Limitations

Self-Employed Plans - Keogh

25% Versus 20%

Individual Plans

Individual Retirement Accounts

Employer-Sponsored IRA

Roth IRA - §408A


Contribution Limitation

Roth IRAs Only

Roth IRAs & Traditional IRAs

Simplified Employee Pension Plans (SEPs)

Contribution Limits & Taxation



Employee Limit

SIMPLE §401(k) Plan

Fringe Benefits

General Valuation Rule

Fair Market Value

Special Valuation Rules

Restrictions on Special Valuation Rules

Withholding & Accounting

General Accounting Rule

Special 2-Month Pour-Over Accounting Rule

Employee Achievement Awards - §74(c) & §274(j)

Definition of Employee Achievement Awards

Qualified Plan Award

Group Term Life Insurance - §79

Group Requirements

Family Member Cost

Self-Insured Medical Reimbursement Plans - §105




Medical Insurance - §106

Meals & Lodging - §119

Convenience of Employer

Cafeteria Plans - §125

Qualified Benefits

Non-Qualified Benefits

Employee Educational Assistance Programs - §127


Educational Assistance

Dependent Care Assistance - §129


55% Test

No-Additional-Cost Services - §132(b)

Line of Business Requirement


Qualified Employee Discounts - §132(c)

Amount of Discount

Working Condition Fringes - §132(d)

Additions to Exclusion

De Minimis (Minimal) Fringes - §132(e)

Subsidized Eating Facilities

Qualified Transportation - §132(f)

Employer-Provided Automobile - §132 & §61

General Valuation Method

Special Method #1 - Lease Value

Annual Lease Value

Prorated Annual Lease Value

Daily Lease Value

Special Method #2 - Cents per Mile

Regular Use

Mileage Rule

Special Method #3 - Commuting Value

Control Employee

Moving Expense Reimbursement - §217

On-premises Athletic Facility - §132(j)(4)(B)

Adoption Assistance Program - §137

Employer-Provided Retirement Advice & Planning - §132

Financial Planning - §212 & §67



Tax Planning - §212 & §67


Estate Planning - §212 & §67

Business Entertainment

Percentage Reduction for Meals - §274(n)(1)

Application of Reduction Rule

Substantiation & Recordkeeping


Employee Expense Reimbursement & Reporting

Accountable Plans

Business Travel & Transportation

Domestic Business Travel

Foreign Business Travel

Personal Pleasure

Primarily Business

Full Deduction


Retired Lives Reserve

Split-Dollar Life

Business Travel Accident Insurance

Medical & Dental Insurance

Equity Participation

Stock Sales or Unrestricted Stock Plan

Stock Plans

Stock Bonus


Phantom Stock

Repurchase or Restricted Stock Agreement

Stock Options

Stock Appreciation Rights Plans

Qualified Incentive Stock Option

Buy-Sell Agreements




Tax CPE Courses: https://www.cpethink.com/tax-cpa-courses
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