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Timestamp: 2019-04-25 04:55:13+00:00

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This 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.
Critique investment purposes and retirement misconceptions, and assist clients in implementing the five-step retirement process and in identifying the three basic elements of investment planning.
Identify four types of income, from a tax perspective, to be budgeted into cash so that income-producing assets can be acquired and managed for an effective investment plan.
Discover at least three means of achieving tax deferral, including like-kind exchanges, retirement plans and installment sales, and realize a double financial benefit of not only tax postponement like an "interest-free loan" but even possible tax elimination.
Illustrate how to use tax credits, estimated taxes, and basic deductions to effectively reduce federal income tax and thereby increase discretionary income for investment purposes.
Explain six major 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.
Use the 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.
This course focuses on key tax provisions enacted under the $800 billion American Recovery and Reinvestment Act of 2009 by analyzing tax issues affecting individuals and businesses contained in this first installment of President Obama’s massive economic and recovery agenda. Individual provisions included a new "making work pay” tax credit, an AMT patch, a sales tax deduction, tax credits for education and first-time homebuyers and enhanced tax benefits for energy efficient improvements to homes. Business provisions included the treatment of such issues as extended bonus depreciation, a limited five-year net operating loss carryback period, small business expensing and capital gains, estimated tax payments, and COBRA coverage. In addition, the course discusses new energy incentives and changes made to former energy regulations.
Accounting for and computing 2009 unemployment compensation taxation, allowable qualified motor vehicle deductions, and 2009 individual AMT exemption amounts.
Listing and advising clients as to the new COBRA requirements, delayed implementation 3% government contractor withholding and expand the definition of industrial development bonds.
Discussing the tax benefits, limitations, and requirements of credits for energy property (specifically including solar electric and water heating property), alternative fuel refueling property, electric drive motor vehicles, renewable energy production, and advanced energy manufacturing projects.
Compare and contrast prior law with the Act's expanded program for clean renewable energy bonds and qualified energy conservation bonds.
he current litigation explosion has created tremendous interest in asset protection. Not only does this area have financial and estate aspects but it directly impacts tax planning.
This mini-course is designed to survey opportunities for asset protection that can arise during tax planning and to determine how to properly report such transactions.
Clear up misconceptions about and state the main reasons for asset protection, warn clients about fraudulent transfers and structure asset protection planning transfers so that they are not fraudulent, help your client with setting goals associated with undertaking asset protection measures, and explain how life insurance can be used as an asset protection vehicle.
Advise your clients on how the various types of entities relate to asset protection and how the various types of joint ownership of property and various trusts directly impacts asset protection and tax liability.
Distinguish between the concepts of common law property, community property, and equitable and which states base distribution laws on those concepts, apply asset division principles, and demonstrate a working knowledge of premarital and post-nuptial agreements and how they can be used to advise clients on individual asset protection.
Operating costs for vehicles used in the course of a taxpayer’s business are deductible. Thus, when taxpayers use their vehicles in their businesses or employment, they can deduct that portion of the cost of operating their vehicle. Such costs that can be deducted are property taxes that are paid on their vehicle if deductions are itemized on Schedule A. This mini-course reviews apportionment of personal and business use, the actual cost method and the standard mileage method, and expensing. Moreover, this presentation informs practitioners about topics such as the benefits and costs of leasing versus owning, and working condition fringe benefits.
Identify and implement various tax vehicle depreciation (§168) and expensing (§179) methods describing their requirements and limitations under MACRS and make basis, business use and deduction computations.
Explain the predominate business use rule emphasizing the result of less than 50% qualified business use, name the pros and cons of auto leasing and calculate monthly lease payments indicating what factors affect payments so clients may financially analyze leasing and know common leasing terms.
Review items included under the standard mileage method distinguishing items that may be separately deducted, determine the taxable fringe benefit value of an employer provided automobile using the general and special valuation methods ands list several qualified nonpersonal use vehicles discussing what reporting standards apply.
The Bankruptcy Abuse Prevention and Consumer Protection Act was enacted to minimize abuse of the bankruptcy system. Included in this Act were tax law changes and other changes that individuals, partnerships, and corporations will see in the bankruptcy procedures and qualifications. This mini-course both examines these changes that debtors will face when filing for federal bankruptcy and also explores the many tax issues of bankruptcy. Practitioners will also learn about other issues such as homesteading and garnishment by creditors.
Analyze the 2005 Bankruptcy Act by identifying changes to bankruptcy procedures and qualifications comparing the three most common types of bankruptcy filings and select the appropriate bankruptcy filing using a debtor’s status as an individual or business and their ability to pay off creditors.
Explain the scope of the automatic stay, the recoupment preferential transfers, and the priority of creditor claims categorizing dischargeable and nondischargeable debts based on bankruptcy filing.
Outline the creation of a separate individual bankruptcy estate determining its taxable income, appropriate deductions, and special tax year elections and contrast individual with partnership and corporate bankruptcy comparing filing bankruptcy requirements, debt discharge and asset liquidations including reorganizations.
Describe the purpose of homestead laws and available homestead types including the degree of homeowner protection afforded and identify the special rules, terms, and application of garnishment laws.
Practitioners are brought up-to-date information on tax issues affecting estate planning and business issues. A major emphasis of this mini-course is practical estate planning solutions that are cost effective. Devised to reduce or eliminate estate problems and death taxes, this comprehensive guide examines wills, trusts, gifts, insurance, private annuities, and other general estate planning tools. The planning issues and problems that arise from owning a business interest are also addressed.
Describe the unlimited marital deduction, its effect on the gross estate evaluation and the impact of stepped-up basis as they affect survivors and heirs. Summarize the benefits of establishing even a simple will and its control over certain assets.
Discuss the primary ways to dispose of assets using trusts and annuities specifying the importance of family documents to manage assets.
Identify the starting point used to value a business’s tangible assets, continue by reviewing the R.R. 59-60 business valuation factors and listing the four steps in R.R. 68-609’s valuation formula for intangible assets and goodwill noting the effect of both rulings on the total value of a business. Then, analyze the adjustment caused by minority interests in a closely held business and their impact on final evaluation.
Illustrate how to use the various ways to dispose of business interest before death to family members while avoiding the provisions of the constructive ownership rules.
Analyze deferred compensation agreements as a valuable estate planning tool and identify when to recommend the option of paying federal estate taxes in installments indicating the basis of the election and its eligibility requirements.
Business expenses are the costs of carrying on a trade or business, and they are usually deductible if the business is operated to make a profit. This mini-course reviews various expenses that businesses may deduct and the requirements that must be met for those expenses to qualify for deduction. Furthermore, practitioners can use this as a guide to determine which of their clients’ taxes are deductible as business expenses.
List the elements of the §162 and the limitations imposed by the not-for-profit provisions explaining how these elements and restrictions impact business deductions such as cost of goods sold, leases, taxes, loan points, and interest expense.
Analyze the corporate dividends received deduction, determine the cost allocation on the business use of a residence and define casualties, thefts and research costs in the context of business deductions under §162.
Compare and describe the various methods of amortization for business startup, organizational costs, and §179 intangibles with the cost depletion methods used on natural resources.
Explain depreciation rules related to ACRS and MACRS, and list the elements of the business bad debt provisions under §166.
How can you help your clients protect their assets? What is the best way for your client to “go bankrupt”? How can you help your client avoid the tax trap when going through a divorce? This course addresses all of these and many other, critical legal issues for the tax practitioner in a quick and effective potpourri of legal topics and their tax impact. The emphasis is on the tax consequences of common legal issues in today's litigatious society. From the Americans with Disabilities Act to Social Security taxes, a generous sampling of key areas is examined and explored. Tax practitioners will be quickly surprised to find how often the "tax tail" can wag the legal dog.
Identify and analyze the business law concepts of asset protection, bankruptcy, condemnation, and damages by evaluating their tax, economic, and legal impact on the small business planning.
Define the business relationships of principal, employee and independent contractor noting the legal and tax consequences of their relationship to a business, detect and solve business and legal risks posed by these parties, including co-ownership, employment, Worker's Compensation, COBRA and Disability Act provisions by developing proactive techniques such as buy sell agreements and regulatory compliance procedures.
Explain and advise small-business clients on the variety of personal tax and legal issues such as divorce, foreclosure, legal title, and income needs that can directly impact their business and how investment, insurance, and government benefit planning can address these issues.
Taxpayers are once again looking to CPAs for guidance and planning related to travel and entertainment expenses. This comprehensive mini-course examines and explains the practical aspects of business travel and entertainment deductions. To determine the expenses that taxpayers are able to deduct, fundamentals are reviewed and planning opportunities are identified. Practitioners will learn to master the proper administration of these complex and often cumbersome provisions.
Identify the away from home requirement listing eligible deductions, distinguish transportation and travel expenses contrasting the caselaw and IRS test for tax home and compare temporary versus indefinite work assignments demonstrating their affect on a tax home.
Summarize the business purpose requirement emphasizing the 51/49 percent test, discuss deductible conventions and meetings, and specify the limitations applied to meals and lodging when traveling to insure client compliance.
Define business entertainment applying the deductibility tests of §162 and identify business entertainment activity deduction restrictions to avoid later disallowance.
Explain deduction limitations including the percentage reduction for meals and entertainment expenses, list miscellaneous itemized business deductions and expenses associated with an entertainment facility, and describe employee expense reimbursement and reporting options including available federal per diem rates while noting the special treatment given to self-employed persons.
This mini-course describes and compares sole proprietorships, partnerships, limited liability companies, “C” corporations and “S” corporations. It examines their advantages and disadvantages, permitting the participant to properly select the right business entity for their tax and liability needs.
Compare and contrast the central differences among business entities and the advantages and disadvantages associated with five basic business entity types.
Explain the tax attributes sole proprietorships, partnerships, LLCs, S corporations and C corporations and how each entity can be used to enhance tax and financial purposes and objectives.
Direct clients about the unique (e.g., self employment) and general taxes applicable to particular entities and the tax forms that may be required.
Describe the basic deductions that are permissible for each entity type and the conditions under which they are allowed.
Summarize the tax years, accounting methods and valuation methods that each entity type may use, and how the entities can be terminated.
Determine for different entity types the basis and the tax effect of sales, exchanges, transfers, contributions and distributions.
The various ideas, methods, and techniques to optimize the overall compensation package for key employees and principals are examined in this mini-course. Generally, businesses may deduct employees’ pay including wages, salaries, and other perks. Certain fringe benefits that can provide an unusually tax favored manner of supplementing compensation are described and evaluated. In addition, equity participation is explored through stock sales, repurchase agreements, incentive stock options, ESOT’s, stock options, and bonuses. Finally, deferred compensation arrangements are investigated. The goal of this mini course is to provide participants with a working knowledge of types of compensation necessary to structure a compensation package minimizing tax liabilities and cost.
Identify the twenty common-law rules used by the IRS to determine whether a person is an employee for purposes of FICA, FUTA and federal income tax withholding.
Recognize employee and officer compensation deductibility factors and the related employment taxes and reporting obligations to ensure compliance with regulations.
Analyze and compare fringe benefits to provide deductible incentive based employee compensation.
Explain equity incentive opportunities available to employers emphasizing the variety, tax treatment, and use of stock plans.
Discuss using deferred compensation agreements to attain compensation and retirement objectives.
This course examines and explains the basics of corporate taxation. The focus is on regular or C corporations, their formation, and operation under tax law. The advantages and disadvantage of corporations are examined; incorporation and capitalization issues are discussed; and, basic tax rates and specialty taxes are reviewed. The tax treatment of operational expenses and deductions are outlined; and accounting periods and methods are explored. Finally, the dangers of multiple corporations and corporate distributions are highlighted.
Recognize the key elements of regular corporations, explain their advantages and disadvantages, including tax treatment and tax advantages and disadvantages, and how to distinguish them from PSC corporations.
Direct clients on §351 requirements for tax free incorporation, explain the impact of the transfer of money, property or both by prospective shareholders pointing out the availability of §1244 for stock losses and §195 amortization of start-up expenditures.
Compute corporate alternative minimum tax recognizing the small corporation exemption, explain the corporate tax consequences of capital gains and losses, and describe several ways to avert the accumulated earnings trap noting the potential use of the accumulated earnings credit.
List accounting periods and methods available to corporations describing the tax consequences of liquidating property distributions.
Inform clients on the various forms of marital property and how to proceed with a tax structured property settlement pointing out the benefits of premarital agreements to avoid potential divorce problems.
c. property basis for the transferor and transferee spouse under §1041.
d. pointing out benefit distribution problems and the tax advantages of QDROs.
Today taxpayers must plan for their children's education. Touching on various topics such as qualified tuition programs (QTPs), scholarships and fellowships, this mini-course examines the tax treatment of costs related to education. Practitioners will learn the ins and outs of the tax benefits concerning education and will be able to identify those educational expenses that are deductible. Additionally, financial planning strategies and techniques are outlined to better prepare taxpayers for future educational costs.
Before launching into an estate planning program, it’s important to know who owns what and exactly for whom you are planning. This requires that methods of holding title must be analyzed, considered, and selected. Sole proprietorships, S corporations, C corporations, partnerships, and limited liability companies are analyzed as to formation, operation, and ultimate disposition. Since who or what holds title imposes its own unique tax and legal consequences on the estate plan, emphasis is given to the maximization of tax benefits in each business format. While each has its own separate characteristics, several may be used together in more sophisticated planning.
List the various retirement plans and how they can be used to provide substantial lifetime benefits to a business owner and to employees.

References: §162
 §162
 §179
 §166
 §162
 §351
 §1244
 §195
 §1041