Guide to Federal Corporate and Individual Taxation

  • Credits: 35
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Update
  • Author/Speaker: Danny C. Santucci, CPA
Course ID: Advanced Preparation: Experience Level:
EWTFM-U-01817-21-S | 6233-CE-0535 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© June 2021 General Understanding of Taxes Self-Study eBook
COURSE DESCRIPTION

Designed to make the practitioner comfortable with “high traffic” issues, this program enables participants to discuss and handle business/personal tax essentials.

The course examines and explains the practical aspects of individual & corporate planning, bridging the gap between theory and application. Significant new developments are summarized with emphasis on tax savings ideas.

This course examines and explains the practical aspects of using the closely held corporation to maximize after-tax return on business operations. Recent developments giving corporations a competitive edge over other entities are explored and detailed. Practitioners are alerted to often missed fringe benefits, retirement planning opportunities, corporate business deductions, income splitting possibilities, and little-known estate planning techniques.

Topics include:
  • Chapter 1 Individual Tax Elements
  • Chapter 2 Property Transfers & Retirement Plans
  • Chapter 3 Losses, AMT & Compliance
  • Chapter 4 Business Forms & Characteristics
  • Chapter 5 Corporate Formation & Capitalization
  • Chapter 6 Corporate Principals & Employees
  • Chapter 7 Basic Fringe Benefits
  • Chapter 8 Business Entertainment
  • Chapter 9 Insurance
  • Chapter 10 Nonqualified Deferred Compensation
  • Chapter 11 S Corporations
  • Chapter 12 Business Dispositions & Reorganizations

Learning Objectives:

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

  • 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 differences among property sales, exchanges of property, and sales of easements, and determine capital gain and ordinary income tax treatment in property sales.
  • Identify basic income types and the “buckets” of income and loss under §469 that can influence what can be deducted, determine the suspension of disallowed passive losses, and recognize the special rules for transfers deemed not to be fully taxable dispositions.
  • Specify the advantages and disadvantages of sole proprietorships including self-employed taxes and payment requirements and identify the characterization of sole proprietorship assets upon disposition.
  • Identify the transfer of money, property, or both by prospective shareholders and the basic requirements associated with §351.
  • Determine payroll taxes and the uses of Form 941, Form W-4, Form W-2, and Form W-3, specify the application of FICA and FUTA taxes and how to report them, and identify major employee labor laws.
  • Identify basic fringe benefit planning by determining “income” under §61 and specifying the differences between former nonstatutory and current statutory fringe benefits.
  • Define the key tax term “entertainment" and identify the pre-and post-2018 required §162 & §274 deductibility tests recognizing the importance of the remaining statutory exceptions for entertainment.
  • Identify the impact of the disallowance of the interest deduction on purchasers and the insurance industry recognizing the §264 interest limitation on policy loans, specify the benefit of corporate key person life insurance, citing the requirements of COBRA, and determine what constitutes a Voluntary Employee Benefit Association under §501(c)(9).
  • Specifying a reorganization under §368(a)(1) recognizing the types of transactions that qualify as non-taxable reorganizations

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