Selected Legal Issues with Tax Analysis (mini)

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.
At 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 injuries
Learning Objectives
After 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.