|Author :||Danny C Santucci, JD|
|CPE Credits :||14.0|
|IRS Credits :||14|
|Passing Score :||70%|
|Primary Subject-Field Of Study:||
Taxes - Taxes for Course Id 202
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|
|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 :||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 - NASBA Registry - IRS Enrolled Agents - 202
|Keywords :||Taxes, Tax, Financial, Planning, Retirement, 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 Financial Tax Planning
At the start of Chapter 1, participants should identify the following topics for study:
* Investment purposes
* Myths of retirement
* Investment goals
* Investment needs of five critical decades
* Investment vehicles & entities
* Retirement—the ultimate objective
* Retirement costs & income needs
* Retirement plan development
* Basic planning elements
After reading Chapter 1, participants will be able to:
2. Determine the tax consequences of title holding methods by:
b. Cite the tax benefits and drawbacks of co-tenancies, corporations (both C & S), partnerships, qualified retirement plans, and trusts particularly as they relate to a client's after-tax investment return; and
c. Identifying custodianship under the uniform acts and determining how an estate can be tax beneficial to taxpayers.
Chapter 2 Building an Estate
At the start of Chapter 2, participants should identify the following topics for study:
* Information reporting on taxable income
* Rules of budgeting
* Rules of management
* Managing risk
After reading Chapter 2, participants will be able to:
2. Determine the distinctions between tax-free municipal bonds from fringe benefits in generating tax-free income, cite the benefits of tax deferral, and identify tax-deferred investments.
3. Specify ways to shelter income noting how income sheltering amplifies investment return.
4. Recognize the budgeting of income into cash by containing expenditures with the author's step process and discretionary income development, identify a client’s negative outlook on budgeting and counter strategies, determine how to convert income into assets by purchasing investments, and specify asset acquisition rules.
5. Specify tax-advantage investments noting management rules, and determine the economic impact of accelerating deductions, postponing tax liability, and leveraging.
Chapter 3 Preservation of Wealth
At the start of Chapter 3, participants should identify the following topics for study:
* Tracking spending
* Building savings
* Designing a budget
* Determining worth
* Analyzing net worth
* Tax planning tactics
After reading Chapter 3, participants will be able to:
2. Specify why individuals should take primary responsibility for the investment planning including necessary self-education, determine the allocation of financial resources among investments to maximize return, and recognize the impact of inflation, risk versus return, and basic income tax planning tactics.
Chapter 4 Deferral
At the start of Chapter 4, participants should identify the following topics for study:
* Related party exchanges
* Personal & multiple property regulations
* Delayed (deferred) exchange regulations
* Actual & constructive receipt rule
* Qualified contribution plans
* Tax-deferred annuities
* Installment sales
* At-risk rule
* Deferred compensation and options
After reading Chapter 4, participants will be able to:
2. Specify the related party §1031 restrictions identifying prohibited parties or entities and permissible disposition exceptions, cite recommendations for the protection of exchange participants, and recognize the history of the personal and multiple property regulations noting the unique personal property like-kind and netting requirements for multiple asset exchanges.
3. Recall the evolution of delayed exchanges noting allowable transfers, determine how to select qualified replacement property, specify constructive receipt safe harbors & methods to secure exchange party performance, cite the §1031 partnership underlying asset rule, identify retirement plan design, identify popular methods for providing for retirement, and select near retirement investments.
4. Specify the requirements for an installment sale, determine how to elect out of the installment method, identify the variables affecting §453 availability, and determine how to use a property option to receive income and postpone tax.
Chapter 5 Reduction
At the start of Chapter 5, participants should identify the following topics for study:
* Low Income Housing Credit & Child & Dependent Care Credit
* Estimated taxes
* Automobile deductions
* Business entertainment deductions
* Depreciation & cost recovery
* Net operating losses
* Tax breaks for nonitemizers
* Amended returns
After reading Chapter 5, participants will be able to:
2. Recognize the estimated tax rules and procedures including payment deadlines, underpayment penalties and the economics of overpaying estimated taxes, and specify the nondeductible interest types.
3. Determine the deductibility of investment interest, prepaid interest, points, and prepayment penalties noting the offset of passive income with rental property mortgage interest.
4. Identify business vehicle operating costs using (or switching between) the actual cost method or the standard mileage rate, recognize the importance of expense and mileage records, and specify depreciation traps when purchasing a vehicle.
5. Recall the requirements for business expenses to meet the directly related test, cite the elements of the associated test, identify the business expense statutory exceptions, and recognize the application of R.R. 90-23 and R.R. 99-7 to the deduction of transportation costs to a temporary work location.
6. Determine business asset depreciation using both ACRS and MACRS recovery classes, identify sources of §172 net operating losses (NOLs) noting carryback and carryover rules, specify tax breaks for nonitemizing taxpayers, recognize the advisability of filing an amended return, determine how to avoid audits by claiming refunds for provable items noting which return amendments are safest.
Chapter 6 Income Splitting
At the start of Chapter 6, participants should identify the following topics for study:
* Deductible business expenses
* Home-office deduction
* C or regular corporations
* S corporations
* Family partnerships
* Kiddie tax trap
* Child care & education
* Interest-free loans
After reading Chapter 6, participants will be able to:
2. Identify the tax opportunities available to an unincorporated business including retirement plans, the hiring of family members, travel expenses, casualty losses, bad debts, and self-employment tax.
3. Determine the uses and tax characteristics of regular and S corporations by:
b. Recognizing the taxation of these entities including their ability to split income; and
c. Specifying initial §351 formation and capitalization issues and identifying appropriate tax form filings for each entity.
5. Identify the use of a custodianship to split income and contain the “kiddie tax” noting initial planning considerations and good investments for children, recognize deductions and credits for childcare, education, children, and §7872 loans, and specify the income and later estate tax benefits of gifts.
Chapter 7 Elimination
At the start of Chapter 7, participants should identify the following topics for study:
* Municipal bonds
* Divorce & separation settlements
* Gifts & inheritances
* Life insurance
* Fringe benefits
* Taxation & valuation of benefits
* Employee expense reimbursement & reporting
* Fixed & variable rate allowances
* Social security
After reading Chapter 7, participants will be able to:
b. Determining qualifications for tax-free state or local obligations including private activity bonds; and
c. Specifying the tax elimination aspects of family transactions such as gifts, bequests, inheritances, life insurance, and even divorce.
b. Identifying popular employee fringe benefits including employer paid accident & health coverage, meals or lodging, cafeteria plan benefits, §127 education assistance, achievement awards, group life insurance and dependent care assistance.
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 be 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 estate-planning goals and the benefits and drawbacks of the primary dispositive plans.
4. Identify the various types of trusts, specify family documents that every taxpayer should consider, and determine the advantages and disadvantages of the former private annuity format.
Chapter 9 Asset Protection
At the start of Chapter 9, participants should identify the following topics for study:
* Types of creditors
* Fraudulent transfers
* Preparation for asset protection
* Types of insurance
* Buy-sell agreements
* Individual ownership & corporate ownership
* Asset protection aspects of trusts
* Co-tenancy & partnerships
After reading Chapter 9, participants will be able to:
b. Specifying sources of lawsuits and the author's concept of exploding and imploding liability; and
c. Determining asset protection using the primary concepts of insurance, asset placement and statutory protections.
3. Specify fraudulent transfer laws noting badges of fraud, define statutes of limitation, criminal penalties, and permissible asset transfers.
4. Recognize the degree and necessity of asset protection using net worth and asset values under a balance sheet.
5. Identify the ways that insurance and buy-sell agreements can offer asset protection by:
b. Specifying the parties under a life insurance contract noting potential reasons for establishing an irrevocable life insurance trust; and
c. Determining what constitutes entity purchase and cross purchase buy sell agreements.
b. Identifying testamentary trusts, living trusts and subcategories of trusts noting asset protection elements;
c. Specifying the various types of co-tenancy, noting their asset protection dangers, and several types of partnerships citing their variation from limited liability companies; and
d. Recognizing the unique asset protection qualities of retirement plans, custodianship, and estates as asset protection tools.
|Course Contents :||
Chapter 1 -
Chapter 2 -
Chapter 3 -
Chapter 4 -
Chapter 5 -
Chapter 6 -
Home Office Deduction Expansion
Square Footage Safe Harbor - R.P. 2013-13
Chapter 7 -
Chapter 8 -
Chapter 9 -