Everyone needs to do estate planning. It is more than just planning for death. Estate planning is designing a program for effective wealth building, preservation, and disposition of property at the minimum possible tax cost. This exceptional mini-course surveys wills, living trusts, gifts, marital property, and probate avoidance. Designed to eliminate estate problems and death taxes, the emphasis is on practical solutions that are cost-effective. The text reviews and explains both federal gift and estate tax systems giving practice pointers and planning observations. ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:* Build, preserve & distribute* Legal documents* Estate planning team* Estate administration* Estate planning techniques & devices* TrustsLearning ObjectivesAfter reading the materials, participants will be able to:1. Identify the key participants and their roles in a coordinated estate plan and recognize the probate process including trust administration.2. Determine specialized estate planning tools recognizing the use of trusts and identify how such tools save death taxes and transfer wealth while accentuating asset control.3. Specify recommended trust provisions and requirements identifying how these terms and rules impact estate and trust taxation. | |
While the nuclear family remains the center point of society, today it is under tremendous economic and social pressure. This mini-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. Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless otherwise indicated, no correct or incorrect feedback for any exam question will be provided. ASSIGNMENTAt the start of the materials, participants should identify the followingtopics for study:* Filing status & exemptions* Divorce costs* Child, dependent care & adoption credits* Education expenses, credits & deductions* Medical costs* Charitable contributions* Casualty & theft losses* Home sales & mortgage interest* Property rights* Elderly, disabled & estate planningLearning ObjectivesAfter reading the materials, participants will be able to:1. Recognize the effect of marital status on filing status, identify the advisability of filing a joint return in light of the innocent spouse rules, specify available exemptions, and determine the differences between deductible and nondeductible divorce costs.2. Identify the costs and fees that qualify for the tax credit for adoption expenses and for education credits, such as the HOPE credit, and cite the requirements for dependent care assistance and the contribution limits for Coverdell ESAs.3. Determine medical cost deductions available to individuals under 213, specify items qualifying as deductible 163 home mortgage interest, and recognize the taxation of 1041 interspousal transfers particularly as to property settlements. | |
This mini-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. As a result of studying the assigned materials, you should be able to meet the objectives listed below.ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:* Comparing goals and purposes* Investment goals and retirement planning* Building an estate* Section 1031 like-kind exchanges* Retirement plans* Tax credits and estimated taxes* Basic deductions* Income splitting* Elimination* Fringe benefitsLearning Objectives:After reading the materials, participants will be able to:1. Identify investment purposes and retirement misconceptions, the multi-step retirement process, and the elements of investment planning.2. Determine income types, from a tax perspective, to be budgeted into cash so that income-producing assets can be acquired and managed for an effective investment plan.3. Recognize the means of achieving tax deferral through like-kind exchanges, retirement plans, and installment sales, and specify the double financial benefit of exchanging through tax postponement and possible tax elimination.4. Determine how to use tax credits, estimated taxes, and basic deductions to effectively reduce federal income tax and thereby increase discretionary income for investment purposes.5. Specify 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.6. Identify the tax 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. | |
The 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.As a result of studying the assigned materials, you should be able to meet the objectives listed below.ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:* Basic protection concepts & fraudulent transfers* Insurance * Individual titles and sole proprietorship* Corporations* Trusts* Co-tenancies* Partnerships * Limited liability companies* Marital property & separate property* Premarital & post-nuptial agreementsLearning ObjectivesAfter reading the materials, participants will be able to:1. Recognize misconceptions about and the main reasons for asset protection, determine fraudulent transfers stating how to structure asset protection planning transfers so that they are not fraudulent, identify goals associated with undertaking asset protection measures, and specify how life insurance can be used as an asset protection vehicle.2. Identify how the various types of entities relate to asset protection and how the various types of joint ownership of property and various trusts directly impact asset protection and tax liability.3. Determine the concepts of common law property, community property, and equitable ownership specifying which states base distribution laws on those concepts, specify asset division principles, and recognize premarital and post-nuptial agreements and how they can be used to advise clients in individual asset protection. | |
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. As a result of studying the assigned materials, you should be able to meet the objectives listed below.
ASSIGNMENT
At the start of the materials, participants should identify the following topics for study:
* Tax law changes
* Bankruptcy types
* Automatic stay
* Preferences
* Priorities
* Debt discharge
* Individual bankruptcy estate
* Individual debtor
* Corporate bankruptcy
* Homesteading & garnishment
Learning Objectives
After reading the materials, participants will be able to:
1. Identify changes made by the 2005 Bankruptcy Act, the common types of bankruptcy, and filing qualifications.
2. Determine the impact of an automatic stay, the treatment of preferential transfers, the priority of claims, and the discharge of debts.
3. Recognize the creation and taxation of an individual bankruptcy estate specifying partnership & corporate bankruptcy differences.
4. Identify the scope of and special rules for homesteading and garnishment. | |
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. As a result of studying the assigned materials, you should be able to meet the objectives listed below.ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:* Unlimited marital deduction* Simple will* Types of trusts* Charitable trusts* Family documents* Private annuities* Business valuation* Redemptions* Lifetime dispositions* Installment payment of federal estate taxesLearning ObjectivesAfter reading the materials, participants will be able to:1. Identify the unlimited marital deduction specifying its effect on the gross estate evaluation and the impact of stepped-up basis as they affect survivors and heirs, and recognize the benefits of establishing even a simple will and its control over certain assets.2. Specify the primary ways to dispose of assets using trusts and annuities including the importance of family documents to manage assets.3. Recognize the starting point used to value a businesss tangible assets, cite the R.R. 59-60 business valuation factors and the steps in R.R. 68-609s valuation formula for intangible assets and goodwill stating the effect of both rulings on the total value of a business, determine the adjustment caused by minority interests in a closely held business and their impact on final evaluation.4. Identify ways to dispose of a business interest before death to family members while avoiding the provisions of the constructive ownership rules.5. Recognize 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. As a result of studying the assigned materials, you should be able to meet the objectives listed below.ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:* Section 162* Expenses of not-for-profit activities* Rent expenses* Interest expense* Deductible taxes* Other selected deductible costs* Amortization* Depletion -613* Business bad debts* DepreciationLearning ObjectivesAfter reading the materials, participants will be able to:1. Cite the elements of 162 and the limitations imposed by the not-for-profit provisions stating how these elements and restrictions impact business deductions such as cost of goods sold, leases, taxes, loan points, and interest expense.2. Determine the corporate dividends received deduction, identify the cost allocation on the business use of a residence and specify casualties, thefts, and research costs in the context of business deductions under 162.3. Recognize methods of amortization for business startup, organizational costs, and 179 intangibles with the cost depletion methods used on natural resources.4. Identify depreciation rules related to ACRS and MACRS, and cite 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 litigious 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. As a result of studying the assigned materials, you should be able to meet the objectives listed below.ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:* Asset protection* COBRA coverage* Bankruptcy * Divorce settlements & divisions* Employment & Social Security* Americans with Disabilities Act* Entities and title* Insurance & foreclosure* Involuntary conversions* Torts and personal injuriesLearning ObjectivesAfter reading the materials, participants will be able to:1. Recognize the business law concepts of asset protection, bankruptcy, condemnation, and damages specifying their tax, economic, and legal impact on small business planning.2. Determine the business relationships of principal, employee, and independent contractor including the legal and tax consequences of their relationship to a business, specified business and legal risks posed by these parties, including co-ownership, employment, Worker's Compensation, COBRA and Disability Act provisions and identify proactive techniques such as buy-sell agreements and regulatory compliance procedures.3. Recognize the variety of personal tax and legal issues such as divorce, foreclosure, legal title, and income needs that can directly impact a clients business and determine 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. As a result of studying the assigned materials, you should be able to meet the objectives listed below.ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:* Transportation & travel distinguished* Definition of tax home* Temporary & indefinite assignments* Business purpose requirement for business travel* Convention & meetings* Statutory exceptions of ordinary & necessary requirement * Entertainment facilities* Employee expense reimbursement & reporting* Self-employed persons* EmployersLearning ObjectivesAfter reading the materials, participants will be able to:1. Recognize the away from home requirement and related deductions, determine what constitutes transportation and travel expenses specifying the tests for tax home and recognize the differences between temporary and indefinite work assignments including their effect on a tax home.2. Identify the business purpose requirement using the 51/49 percent test, determine deductible conventions and meetings, and specify the limitations applied to meals and lodging when traveling.3. Determine what constitutes business entertainment and identify business entertainment activity deduction restrictions and disallowance.4. Specify the 274(e) exceptions to entertainment deduction disallowance, recognize the necessity of expense substantiation, and determine accountable and non-accountable plans stating the impact on deductions. | |
This basic course describes the variables that need to be used in calculating the need, if any, for sharing the financial risk of death. The importance of knowing the investment vehicle to be used by the beneficiaries is discussed in some detail. The various types of life insurance and the appropriateness of each type are covered. Life insurance vehicles such as Term, Whole Life, Universal Life, and Variable Life policies and their attributes are discussed. Special contracts and clauses coverage are included.
Objectives:
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This course describes the various equity vehicles that are available, from the purchase of individual stocks to investing in a limited partnership. Investment approaches for common stocks as well as the analytical tools and definitions used in evaluating them are covered. The risks faced and indexes that may be used in choosing the investment portfolio are included. Topics such as diversification of the portfolio, market timing, portfolio design, and do-it-yourself investing versus using a financial advisor are discussed.
Unit Titles:
Objectives:
To describe the main equity investment vehicles that are available to be included in your portfolio. (Unit One)
To discuss different investment approaches used in equity selection. (Unit One)
To highlight the decisions to be made in determining your specific portfolio and the management of it over time. (Unit Two)
To cover the risks faced and measurement tools used in the decision-making process. (Unit Two)
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Description: This course will be focusing on how to integrate integrity and objectivity in situations faced by the accounting professional on a daily basis. The participant will be able to know not just what is the right thing to do according to the AICPA Code of Professional Conduct but how to put your values into action! As part of this course, we will also walk through real world examples of individuals and companies faced with these dilemmas. Learning Objectives: By the end of the course, the participant will be able to: 1. Be able to define integrity and objectivity as promulgated by the AICPA Code of Professional Conduct and understand its importance to the CPA. 2. Have the ability to identify situations where the CPA may be susceptible to subordinating his/her judgment to a client or employer | |
Description: This course will be focusing on how to integrate independence and avoiding conflicts of interest in situations faced by the accounting professional on a daily basis. The participant will be able to know not just what is the right thing to do according to the AICPA Code of Professional Conduct but how to put your values into action! As part of this course, we will also walk through real world examples of individuals and companies faced with these dilemmas. Learning Objectives: By the end of the course, the participant will be able to: 1. Have the ability to define independence as promulgated by the AICPA Code of Professional Conduct and understand its importance to the CPA. 2. Be able to ascertain situations which could threaten a CPA’s independence. 3. Understand how conflicts of interest and the use of contingency fees can subvert independence. | |
Description: This course will be focusing on the concepts of due care and client confidentiality as the CPA carries out his/her responsibility to the public. We will also discuss the CPA’s duty to “blow the whistle” in situations where the professional becomes aware of financial fraud or subversion of the tax rules. As part of this course, we will also walk through real world examples of individuals and companies faced with these dilemmas. Learning Objectives: By the end of the course, the participant will be able to: 1. Be able to define a CPA’s responsibility to the public and apply related concepts such as due care and client confidentiality in practice. 2. Be able to discuss a CPAs potential duty to blow the whistle in certain circumstances even though it may result in a negative consequence to the whistleblower. | |
Description: This course will examine certain qualities a leader must exhibit to set an ethical tone from the top.
Who should Attend: Those who make difficult or significant daily decisions, or who work in fast-paced or challenging environments will benefit from this timely and insightful seminar.
Program Content:
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The Patient Protection and Affordable Care Act (PPACA) has brought about the most significant change in healthcare since the passage of the 1965 legislation that authorized Medicare. It imposes healthcare-related requirements on health plans, health insurers, and employers. Eligible small employers may receive tax credits for providing health insurance coverage to their employees, and large employers may find themselves subject to tax penalties for failing to provide such employee coverage. This course will review the principal coverage provisions of the law and will examine its tax impact on employers. | |
By changing many of the rules traditionally applicable to health insurance and imposing healthcare-related requirements on virtually every individual, the Patient Protection and Affordable Care Act (PPACA) is likely to affect virtually every person in the United States in some way. The Patient Protection and Affordable Care Act (PPACA) imposes various tax increases in order to generate revenue and uses a carrot-and-stick approach to ensure individuals comply with its provisions by offering tax credits for compliance and, until 2019, by imposing tax penalties for noncompliance. | |
Navigating an IRS Tax Audit is a three-credit CPE course examining the nature of IRS tax audits, the format they may take, and the reasons why any particular tax return might be chosen for audit. It then discusses taxpayer representation before the IRS and the power of attorney needed to engage in client representation.
The possibility of receiving a letter from the IRS requesting documents for a tax audit often produces considerable taxpayer fear. However, an IRS tax audit doesn't suggest that the IRS has found a significant error or omission on the clients' tax returns. Instead, it is only a review and examination of a client's tax return rather than an indication the IRS has identified the taxpayer as a tax cheat. | |
There is little doubt in the minds of many observers that the world of work environment in which a legion of wage earners commute to an employer's office or worksite to toil from 9 to 5 is changing, and that impression is bolstered by recent studies. Among those studies is a Gallup report titled The Gig Economy and Alternative Work Arrangements. The changing nature of work for many taxpayers is likely to have an effect on tax preparers' need to prepare Schedule C. The gig economy, an economy characterized by multiple types of alternative work arrangements including independent contractors, online platform workers, contract firm workers, on-call workers, and temporary workers, engages 36% of U.S. workers. Gallup, in its report, also estimates that 29% of all workers in the U.S. have an alternative work arrangement as their primary job. Whether the strength of the gig economy is due to the flexibility and freedom it affords, the fewer limits on the income it exerts compared to being a wage earner, or results from some other advantage it offers, it seems clear that barring a cataclysmic event affecting the economy, the gig economy is here to stay and intent on growing larger with each year. With that growth is the likely growth of tax preparers need to be familiar with the preparation of Schedule C. | |
The Internal Revenue Service routinely processes more than 240 million tax returns each year, many of them prepared by tax professionals. Not surprisingly, as tax law becomes increasingly complex, taxpayers often seek the assistance of knowledgeable professionals to represent them with respect to tax and other matters before the IRS. However, the ability to represent a client before the IRS is, with certain exceptions, extremely limited. This course addresses the nature of practice before the IRS, identifies those permitted to engage in such practice, and examines the power of attorney under which a taxpayer authorizes representation before the IRS. |
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