Tax and Financial Planning for Retirement 2021 (eBook)

  • Credits: 18
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Law
  • Author/Speaker: Danny C. Santucci, CPA
Course ID: Advanced Preparation: Experience Level:
EWTFM-T-01824-21-S | 6233-CE-0542 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© June 2021 General Understanding of Taxes Self-Study eBook
COURSE DESCRIPTION

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.

Learning Objectives:

After reading the course material, you will be able to:

  • Identify short-term financial goals and investment purposes, recognize the importance of defining, listing, and prioritizing realistic goals and how investing allocation changes with age.
  • Recognize the impact of retirement planning postponement and 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 and strategies to save.
  • Identify money management and income types, recognize causes of increased taxable income for itemizing taxpayers, and specify taxable income types and their proper reporting.
  • Determine the distinctions between tax-free municipal bonds from fringe benefits in generating tax-free income, cite the benefits of tax deferral, and identify tax-deferred investments.
  • Specify ways to shelter income and how income sheltering amplifies investment return.
  • Recognize the budgeting of income into cash by containing expenditures with the author's step process and discretionary income development, identify a client’s negative outlook on budgeting and counter strategies, determine how to convert income into assets by purchasing investments, and specify asset acquisition rules.
  • Specify tax-advantaged investments and management rules, and determine the economic impact of accelerating deductions, postponing tax liability, and leveraging.
  • Identify spending habits and how to design a budget to increase discretionary income, determine net worth using a balance sheet, and select assets and liabilities for an inventory on which to base financial goals.
  • Specify why individuals should take primary responsibility for the investment planning including necessary self-education, determine the allocation of financial resources among investments to maximize return, and recognize the impact of inflation, risk versus return, and basic income tax planning tactics.
  • Identify tax credits, qualified computational expenses, limitations, and restrictions.
  • Recognize the estimated tax rules and procedures including payment deadlines, underpayment penalties, and the economics of overpaying estimated taxes, and specify the nondeductible interest types.
  • Determine the deductibility of investment interest, prepaid interest, points, and prepayment penalties recognizing the offset of passive income with rental property mortgage interest.
  • Identify business vehicle operating costs using (or switching between) the actual cost method or the standard mileage rate, recognize the importance of expense and mileage records, and specify depreciation traps when purchasing a vehicle.
  • Recall the requirements for business expenses to meet the directly-related test, cite the elements of the associated test, identify the business expense statutory exceptions, and recognize the application of R.R. 90-23 and R.R. 99-7 to the deduction of transportation costs to a temporary work location.
  • Determine business asset depreciation using both ACRS and MACRS recovery classes, identify sources of §172 net operating losses (NOLs) and carryback and carryover rules, specify tax breaks for non-itemizing taxpayers, recognize the advisability of filing an amended return, determine how to avoid audits by claiming refunds for provable items and which return amendments are safest.
  • Recognize the importance of creditor types associated with asset protection and fraudulent transfers.
  • Specify fraudulent transfer laws and badges of fraud, define statutes of limitation, criminal penalties, and permissible asset transfers.
  • Recognize the degree and necessity of asset protection using net worth and asset values under a balance sheet.
  • Identify the formats that courts typically follow if a couple does not have an enforceable premarital agreement, and determine what constitutes post-nuptial and premarital agreements and how they relate to divorce settlements and divisions.
Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Return Preparers (TRPs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA
IRS
CTEC