Guide to Federal Corporate & Individual Taxation ON DEMAND

Overview

We are all (including tax practitioners) getting older, and the need for effective retirement planning has never been greater. 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 the 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.

Highlights

Individual Tax Elements. Property Transfers and Retirement Plans. Losses, AMT, and Compliance. Business Forms and Characteristics. Corporate Formation and Capitalization. Corporate Principals and Employees. Basic Fringe Benefits. Business Entertainment. Insurance. Nonqualified Deferred Compensation. S Corporation. Business Dispositions and Reorganizations.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents and attorneys.

Objectives

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. Specify the various filing statuses and their filing requirements recognizing the advantages and disadvantages of each. Determine what constitutes gross income under Section 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. Identify the mechanics of income exclusions such as education-related exclusions, gift and inheritance exclusions, insurance, personal injury awards, interest on state and local obligations, and the foreign earned income exclusion. Recognize income tax deductions and their use to reduce tax liability, and more.

Preparation

None.

Notice

None.