Source: https://jncpe.com/courses/guide-to-corporate-individual-taxation-35-hrs/
Timestamp: 2019-04-23 18:59:52+00:00

Document:
This course enables participants to discuss and handle business and personal tax essentials. The course examines and explains the practical aspects of individual & corporate planning, bridging the gap between theory and application. Significant new developments are summarized with emphasis on tax savings ideas. This course examines and explains the practical aspects of using the closely held corporation to maximize after-tax return on business operations. Recent developments giving corporations a competitive edge over other entities are explored and detailed. Practitioners are alerted to often missed fringe benefits, retirement planning opportunities, corporate business deductions, income splitting possibilities and little known estate planning techniques.
Format: Online pdf (784 pages). Printed book available.
1. Identify federal revenue tax sources citing the definitive role of gross income and, determine a client’s tax liability using current rates, tables, exemptions, and statutory amounts, and their withholding and/or estimated tax responsibility.
2. Specify the various filing statuses and their filing requirements recognizing the advantages and disadvantages of each.
3. Determine what constitutes gross income under §61 stating the tax treatment of compensation, fringe benefits, rental income, Social Security benefits, alimony, prizes, and awards, identify dividend and distribution types and their tax differences, and specify how debt discharge can result in taxable income.
After studying the materials in Chapter 1, answer the exam questions 1 to 43.
1. Specify the differences among property sales, exchanges of property and sales of easements, and determine capital gain and ordinary income tax treatment in property sales.
2. Identify the application elements of the §121 home sale exclusion specifying the associated safe harbor regulations.
4. Identify the variables that determine which §1038 rules apply recognizing distinctions among the rules, calculations, and effects of repossessions of personal property and repossessions of real property, and recognize when a bad debt deduction may be taken on a repossession.
b. Recognizing the current and deferred advantages and the disadvantages of corporate plans stating fiduciary responsibilities and prohibited transactions.
11. Determine what constitutes SEPs and SIMPLEs recognizing the mechanics and eligibility requirements of each type of plan.
After studying the materials in Chapter 2, answer the exam questions 44 to 85.
2. Specify differences between the regular and alternative minimum tax recognizing the application tax preferences and adjustments, and determine the life of assets under ADS, alternative minimum taxable income, passive losses under the AMT, and what constitutes ACE.
4. Recognize types of accuracy related and unrealistic position penalties, and specify the IRS’s examination of returns policy and assessment process including applicable statute of limitations.
After studying the materials in Chapter 3, answer the exam questions 86 to 106.
After studying the materials in Chapter 4, answer the exam questions 107 to 116.
After studying the materials in Chapter 5, answer the exam questions 117 to 132.
After studying the materials in Chapter 6, answer the exam questions 133 to 141.
3. Recognize the requirements and limits of §129 dependent care assistance, identify §125 “cafeteria plans” specifying how they function, specify the §119 meals and lodging exclusion, cite the mechanics of §105 self-insured medical reimbursement plans, and determine the requirements and limits of §127 programs.
After studying the materials in Chapter 7, answer the exam questions 142 to 149.
After studying the materials in Chapter 8, answer the exam questions 150 to 159.
After studying the materials in Chapter 9, answer the exam questions 160 to 167.
After studying the materials in Chapter 10, answer the exam questions 168 to 176.
1. Determine what constitutes an S corporation and specify the advantages and list disadvantages associated with them.
After studying the materials in Chapter 11, answer the exam questions 177 to 195.
After studying the materials in Chapter 12, answer the exam questions 196 to 200.

References: §61
 §121
 §1038
 §129
 §125
 §119
 §105
 §127