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Course Details

Tax and Financial Planning for Retirement - v08 (Course Id 1403)

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Author : Danny C Santucci, JD
Status : Production
CPE Credits : 18.0
IRS Credits : 18
Price : $127.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 1403

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 : 2018
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 : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 28-Aug-2018
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 - 1403

Keywords : Taxes, Tax, Financial, Planning, Retirement, v08, cpe, cpa, online course
Learning Objectives :
    To view Learning Objectives, please Click here.
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

Childrens Wages

Childrens 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 - Dont 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

Qualified 1031 Exchange of Personal Property Repealed

Requirements for Personal Property - Prior to 2018

Like-Kind or Like-Class

Like-Kind Personal Property - Identical

Like Class Personal Property - General Asset or Product Class

Five, Four, Then Six Digit Product Classes

Other Personal Property

Multiple Asset Exchanges

Exchange Groups

Aggregation & Allocation

Delayed (Deferred) Exchange Regulations

Deferred (Delayed) Exchange Definition

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

Safe Harbor #1 - Security

Safe Harbor #2 - Escrow Accounts & Trusts

Disqualified Person

Who Is An Agent?

Safe Harbor #3 - Qualified Intermediary

Who Is A Qualified Intermediary?

Direct Deeding

Assignment

Simultaneous Exchanges

Safe Harbor #4 - Interest

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 Opportunity Tax Credit (WOTC) 51

Computation

Welfare-to-Work & Work Opportunity Credits Merged

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

Prior to 2018

Former Directly Related Test

Former Associated Test

Statutory Exceptions - 274(e)

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)

Phase Down

Qualified Property - 168(k)(2)

Nonqualified Property - 168(k)(2)

MACRS Conventions

Mid-quarter Convention Exception

Election to Expense Assets - 179

Income Limitation

Carryover

Deduction Reduction

Employee Restriction

Recapture - 1245

Net Operating Losses - 172

Creation of an NOL

Individual NOLs

Carryovers

Farming

Temporary 5 Year Carryback - Expired

Corporate NOLs

Further Limitations

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

Partners 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

Former Kiddie Tax Trap

Income-Shifting Investments

US Savings Bonds

Municipal Bonds

Growth Stock

Real Estate

Child Care & Education

Nursery School & Day Care - 21

Special Schools

Credit Plus Special School Expenses

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 Sale Exclusion - 121

Two-Year Ownership & Use Requirements

Tacking of Prior Holding Period

Vacant Land

Mixed Business & Residence Use

Prorata Exception

Safe Harbor Regulations

Change in Place of Employment

Health

Unforeseen Circumstances

Use of Old 1034 & 121 - Gone Long Ago

Limitations on Exclusion

Renting to Parents

Parents Benefits

Childrens 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 Donors Adjusted Basis

FMV More Than Donors 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)

On-premise 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 Date Safe Harbor

Period Statement Safe Harbor

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 (or Exclusion) Amount

Spousal Portability of Unused Exemption Amount - 2010(c)(2)

Stepped-up Basis - 1014

Former Modified Carryover Basis Rules - 1022

Property to Which the Former  Modified Carryover Basis Rules Applied

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 California Example

Permitted Items of Agreement

Unenforceable Items

Retirement Equity Act of 1984

Benefits of a Premarital Agreement

Post-Nuptial Agreements

 

Glossary

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