Source: https://jncpe.com/courses/family-tax-planning-24-hrs/
Timestamp: 2019-04-23 19:01:51+00:00

Document:
While the nuclear family remains the center point of society, today it is under tremendous economic and social pressure. This family tax planning course is designed to cover “hot” topics having a direct impact on the practitioner who represents any client with family issues. The emphasis is on using tax solutions to ease family economic concerns permitting the practitioner to be a real tax hero.
Format: Online pdf (710 pages). Printed book available.
d. Identifying the requirements for filing as head of household and the tax advantages and disadvantages of this filing status.
e. Specifying the requirements to treat a child as a qualifying child of a non-custodial parent.
3. Determine deductible and nondeductible divorce expenditures, identify which spouse is subject to tax imposed upon withheld wages, and specify the effects of making separate estimated tax payments or joint declarations of estimated tax.
iii. Recognizing the importance of statements and records to provide estimates of a former spouse’s income and identifying conditions for tax relief.
5. Determine the effect of living together on filing statuses and dependency citing differences between the married tax rate and other tax rates, identify the tax consequences of having a living together contract listing tax traps, and specify the results of Marvin v. Marvin.
After studying the materials in Chapter 1, answer the exam questions 1 to 10.
1. Identify the child tax credit listing the requirements for qualifying child and determine the tax treatment of earned and unearned income for children.
2. Recognize the elements of the adoption tax credit stating qualifying costs and fees, specify the tests for the §21 dependent care credit and identify qualifications for §129 dependent care assistance.
After studying the materials in Chapter 2, answer the exam questions 11 to 14.
1. Determine the differences between qualifying §162 deductible and nonqualifying education and specify education expense credits under §25A listing covered costs and fees.
2. Identify the benefits and requirements of §530 education savings accounts, specify the deductible portion of student loan interest payments and determine the §108 exclusion for the forgiveness of certain student loans.
c. Determining the differences between §117 tax-free scholarships payments and those that are taxable and identifying which education savings bonds qualify for the §135 exclusion of interest from gross income.
4. Identify educational incentives and financial aid available to students and parents.
After studying the materials in Chapter 3, answer the exam questions 15 to 23.
e. Determining the deductibility of health insurance by self-employed taxpayers.
2. Specify variables that impact the deductibility of §170 charitable contributions identifying qualified organizations and limitations for these purposes naming the types of contributions that can be made, their tax treatment, and substantiation requirements.
3. Determine what constitutes casualty and theft, and specify the rules for taking a deduction for all or part of each loss under §165.
After studying the materials in Chapter 4, answer the exam questions 24 to 32.
1. Recognize the relationship between home sales and the capital gains rates, and specify the rate “baskets” created by the capital gain provisions stating how to treat capital assets in each category.
2. Determine the key elements of the §121 home sale exclusion and its application, and specify the safe harbor proration provisions associated with the home sale exclusion.
3. Identify whether a taxpayer meets the former distance and time tests for deductible pre-2018 moving expenses under §217.
After studying the materials in Chapter 5, answer the exam questions 33 to 38.
1. Identify categories of mortgages and characteristics of secured debt that influence the deductibility of interest, determine what constitutes a “qualified home,” and specify special situations that affect qualified home mortgage interest.
2. Recognize the general rule for the tax treatment of points specifying exceptions and identify when a taxpayer will receive a Mortgage Interest Statement – Form 1098 and which information is included on this statement to figure interest deductions.
3. Determine when a stock in a cooperative housing corporation owned by a tenant-stockholder is a qualified home and, identify the limits on the home mortgage deduction.
After studying the materials in Chapter 6, answer the exam questions 39 to 44.
1. Identify forms of marital property stating their likely division in marital property settlements and specify the legal principles used in dividing assets and providing support on divorce or separation.
2. Recognize the benefits of premarital agreements in avoiding potential divorce problems, determine elements of the Uniform Premarital Act, and list the provisions that are allowed in such agreements.
e. Identifying the holding period for assets transferred between spouses incident to divorce.
4. Specify the dangers of interspousal purchases including deferred tax liability, determine three effects of purchasing an interest in tangible personal property or real property used in a trade or business or held for investment, and identify potential depreciation recapture.
5. Determine the tax consequences of selected asset divisions incident to divorce and those that follow bankruptcy.
After studying the materials in Chapter 7, answer the exam questions 45 to 58.
1. Determine what constitutes “alimony” and “separate maintenance payments” under §71 and their deduction or income treatment under §215 before and after 2019, specify types of §71 “divorce or separation instruments” and identify how having an invalid decree, an amended instrument, or a premarital agreement impacts such an instrument.
d. Selecting which payments are subject to the provision establishing a minimum term for alimony.
b. Determining a marital or familial relationship specifying the similarities and differences in the treatment of child support under current law and previous law.
4. Recognize the pre-2019 deduction of alimony paid and reporting of alimony received, recognize the use alimony trusts to realize tax advantage and security, determine alimony recapture, and identify the use of annuity contracts and the tax treatment of alimony paid by an estate.
5. Specify the tax treatment of child support recognizing events that determine whether a contingency is clearly child-related recalling how to rebut this presumption of child support and identify COBRA rules and qualified medical child support orders to make the most of health care coverage plans.
After studying the materials in Chapter 8, answer the exam questions 59 to 68.
1. Identify short-term financial goals and investment purposes, recognize the importance of defining, realistic goals and how investing allocation changes with age.
3. Recognize the impact of retirement planning postponement recognizing the importance of early planning using the author’s suggested step process, specify a balance sheet method to plan retirement, determine how to diversify portfolios by balancing liquid and nonliquid assets, and identify the purpose of savings listing strategies to save.
After studying the materials in Chapter 9, answer the exam questions 69 to 75.
1. Identify the goals of money management listing types of income in order to preserve cash more effectively.
2. Determine how to budget income into cash by containing expenditures and developing discretionary income and control cash, specify how to convert income into assets by purchasing investments, and identify asset acquisition rules.
3. Recognize tax-advantage investments stating management rules, and determine the economic impact of accelerating deductions, postponing tax liability, and leveraging.
After studying the materials in Chapter 10, answer the exam questions 76 to 82.
1. Determine how splitting income among a family group minimizes overall taxes using major income splitting formats, and recognize the use of an unincorporated business to obtain deductible business expense and the home-office deduction.
2. Identify the benefits and requirements of using a C or an S corporation specifying the taxation of these entities including their ability to split income, and determine family members in a §704(e) family partnership.
3. Recognize a custodianship’s ability to split income and contain the former “kiddie tax,” identify the use of gifts to reduce death taxes and split income, and specify how to prevent the recharacterization of a loan under §7872.
After studying the materials in Chapter 11, answer the exam questions 83 to 88.
1. Determine what constitutes nonqualified and qualified deferred compensation plans identifying their benefits and contributions limits and specify the current and deferred advantages and disadvantages of corporate plans listing fiduciary responsibilities and prohibited transactions.
2. Identify the requirements of basic forms of qualified pension plans enabling clients to compare and contrast such plans.
3. Determine the requirements of defined contribution and defined benefit retirement plans and specify the types of defined contribution plans recognizing their impact on retirement benefits.
4. Identify the differences between self-employed plans and qualified plans from other business types and owners citing key choice of entity factors.
5. Specify the requirements of IRAs, SEPs, and SIMPLEs, and recognize tax-free Roth IRA distributions listing strategies to maximize plan benefits.
After studying the materials in Chapter 12, answer the exam questions 89 to 102.
1. Identify popular ways to receive distributions from a retirement plan or an IRA, specify types of annuities and their effect on how and when participants receive payments, determine the tax on annuity payments using either the general rule or the simplified general rule and recognize lump-sum distributions and their special tax treatment.
2. Cite the key components of rollovers that can be used to reinvest cash or other assets without including the amount in income.
3. Specify the tax consequences of taking premature distributions assisting clients in avoiding the 10% penalty, and recognize the minimum distribution rules stating how to avoid the 50% penalty associated with taking either smaller distributions than required or distributions after the required beginning date for minimum distributions.
After studying the materials in Chapter 13, answer the exam questions 103 to 108.
1. Identify ways to manage an incompetent person’s estate specifying their uses and benefits.
2. Recognize the basic eldercare benefits of Medicare and Medicaid, specify what constitutes income and the three separate asset groups for Medicaid, determine differences and requirements for Supplemental Security Income and Social Security disability benefits, and identify common health care decisions such as having a living will.
After studying the materials in Chapter 14, answer the exam questions 109 to 112.
1. Specify types of wills citing functions a will can perform, identify types of bequests, determine the duties of executors and guardians, and recall ways to hold title and their tax ramifications.
After studying the materials in Chapter 15, answer the exam questions 113 to 116.
1. Recognize the unlimited marital deduction and its effect on the gross estate of the value of property, determine the applicable exclusion amounts for various years of death, and specify what constitutes “stepped-up basis” and the repealed “modified carryover basis” for estate tax purposes.
2. Identify estate-planning goals, recognize the benefits and drawbacks of the primary dispositive plans, specify the various types of estate trusts and family estate documents, and recall the former advantages and disadvantages of the private annuity.
After studying the materials in Chapter 16, answer the exam questions 117 to 120.

References: v. 
 §21
 §129
 §162
 §25
 §530
 §108
 §117
 §135
 §170
 §165
 §121
 §217
 §71
 §215
 §71
 §704
 §7872