Source: https://jncpe.com/courses/ultimate-guide-to-retirement-planning-31-5-hrs/
Timestamp: 2019-04-23 19:03:12+00:00

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This course is essential for participants who wish to attain a comfortable retirement for themselves and their clients by maximizing tax saving strategies. 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. 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.
Format: Online pdf (727 pages). Printed book available.
Identify short-term financial goals and investment purposes, recognize the importance of defining prioritized realistic goals noting how investing allocation changes with age.
Identifying custodianship under the uniform acts and determining how an estate can be tax beneficial to taxpayers.
1. Identify money management noting income types, recognize causes of increased taxable income for itemizing taxpayers, and specify taxable income types and their proper reporting.
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.
1. Identify spending habits noting how to design a budget to increase discretionary income, determine net worth using a balance sheet, and select assets and liabilities for an inventory on which to base financial goals.
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.
1. Identify the benefits of tax deferral, recall the former use of tax deferral under §1034, and cite the tax deferral advantage under §1031 noting its elements.
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 multiple property regulations noting the unique 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.
1. Identify tax credits noting qualified computational expenses, limitations and restrictions.
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.
After studying the materials in Chapter 5, answer the exam questions 42 to 54.
1. Recognize formats for income splitting, determine the tax treatment of employee and self-employed business expenses particularly home-office expenses noting the two non-exclusive use exceptions and the income limitation, cite changes made to home office deduction under TRA ’97, and recognize the ability of self-employeds to make annual deductible contributions to a Keogh plan.
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.
4. Recognize the use of partnerships to split income among partners including the use of §704(e) family partnerships and the consequences of gifting a partnership interest to a child or to another family member.
5. Identify the use of a custodianship to split income specifying 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.
After studying the materials in Chapter 6, answer the exam questions 55 to 67.
3. Determine how to value fringe benefits according to IRS regulations, identify how to comply with ERISA requirements, specify the proper reporting of reimbursed and unreimbursed business expenses under accountable and nonaccountable plans, determine the substantiation of auto expenses using a fixed and variable rate, and specify eligible retirement benefits exempt from social security taxes.
After studying the materials in Chapter 7, answer the exam questions 68 to 75.
c. Determining asset protection using the primary concepts of insurance, asset placement and statutory protections.
2. Recognize the importance of creditor types associated with asset protection and fraudulent transfers.
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 on a balance sheet.
c. Determining what constitutes entity purchase and cross purchase buy sell agreements.
d. Recognizing the unique asset protection qualities of retirement plans, custodianship, and estates as asset protection tools.
7. Identify the formats that courts typically follow if a couple does not have an enforceable premarital agreement, and determine what constitutes post-nuptial and premarital agreements noting how they relate to divorce settlements and divisions.
After studying the materials in Chapter 8, answer the exam questions 76 to 96.
Chapter 9 How Much Do You Need to Retire?
After studying the materials in Chapter 9, answer the exam questions 97 to 113.
1. Determine how Social Security funds are assessed and then paid, specify the system’s mechanics, and select qualified Social Security participants noting their benefit eligibility.
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.
After studying the materials in Chapter 10, answer the exam questions 114 to 127.
1. Identify nonqualified and qualified deferred compensation plans noting their benefits and contributions limits and recognize the current and deferred advantages and disadvantages of corporate plans including fiduciary responsibilities and prohibited transactions.
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, and identify the requirements of IRAs, SEPs, and SIMPLEs, and tax-free Roth IRA distributions noting strategies to maximize plan benefits.
After studying the materials in Chapter 11, answer the exam questions 128 to 146.
1. Identify popular ways to receive distributions from a retirement plan or an IRA, specify types of annuities noting their effect on how and when participants receive payments and determine the tax on annuity payments under the general rule or the simplified general rule.
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.
After studying the materials in Chapter 12, answer the exam questions 147 to 158.
c. Determining unfunded and funded plans noting the use of company assets or bookkeeping accounts to avoid employee taxation.
After studying the materials in Chapter 13, answer the exam questions 159 to 167.
5. Determine what constitutes entity purchase and cross purchase buy-sell agreements noting tax and legal advantages.
After studying the materials in Chapter 14, answer the exam questions 168 to 180.
1. Determine the relationship between home sales and the capital gains rates and specify the rate “baskets” created by the capital gain provisions noting the tax treatment of capital assets in each category.
3. Identify when a taxpayer meets distance and time tests for oew-2018 deductible moving expenses under §217.
After studying the materials in Chapter 15, answer the exam questions 181 to 189.
After studying the materials in Chapter 16, answer the exam questions 190 to 200.

References: §1034
 §1031
 §1031
 §1031
 §453
 §172
 §704
 §7872
 §217