Essential Legal Concepts with Tax Analysis 2021

  • Credits: 30
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Law
  • Author/Speaker: Danny C. Santucci, CPA
Course ID: Advanced Preparation: Experience Level:
EWTFM-T-01804-21-S | 6233-CE-0524 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© May 2021 General Understanding of Federal Income Taxation Self-Study eBook

While accounting and the practice of law are separate professions, the accountant must be conversant with essential legal concepts. Modern accounting practice requires familiarity with corporate legal structure, business entities, partnership operations, contracts, property rights, employment law, divorce, consumer protection, will & trusts, and even bankruptcy law. This course explores these specific areas with an emphasis on business and accounting issues. This informal and clear guide to the basic concepts of business law provides accountants with an excellent review of legal concepts that arise in any tax professional’s practice. The attendees will gain the ability to recognize and discuss general legal concepts with both client and their counsel.

Knowledge is power and nowhere is that truer than in the field of law. To gain such a working knowledge of the law, readily understandable explanations are given to essential and related business law subjects. The accountant is guided through the complex maze of literally hundreds of legal principles from acceptance to zoning.

Topics include:
  • CHAPTER: 1 - Asset Protection
  • CHAPTER: 2 - Alimony & Child Support
  • CHAPTER: 3 - Bankruptcy
  • CHAPTER: 4 - Divorce Settlements & Divisions
  • CHAPTER: 5 - Employment
  • CHAPTER: 6 - Entities & Title
  • CHAPTER: 7 - Insurance
  • CHAPTER: 8 - Property Dispositions
  • CHAPTER: 9 - Retirement & Employee Benefits
  • CHAPTER: 10 - Torts & Personal Injuries
  • CHAPTER: 11 - Wills & Probate
  • CHAPTER: 12 - Trusts

Learning Objectives:

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

  • Identify the goals and purposes of asset protection recognizing the objections some people have about shielding assets from creditors.
  • Recognize the importance of creditor types associated with asset protection and fraudulent transfers.
  • Recognize the asset protection advantages and disadvantages of ownership formats and entities.
  • Determine “alimony” and “separate maintenance payments” under §§71 and 215.
  • Specify the types of §71 “divorce or separation instruments” and determine how having an invalid decree, an amended instrument, or a premarital agreement impacts such an instrument.
  • Identify the deduction of pre-2019 alimony paid and the reporting of alimony received on the proper forms with the required information.
  • Recall the COBRA and qualified medical child support order rules to maximize the use of health care coverage plans.
  • Determine how the 2005 Bankruptcy Act changed procedures, qualifications, and tax law, and identify the most common bankruptcy types and their influence on how an individual or business “goes bankrupt.”
  • Specify the rules for automatic stay and levy along with their impact on “freezing” creditor activity, tax assessment, and collection.
  • Identify the differences between preferential and nonpreferential payments together with the priority of creditor claims.
  • Identify the formats that courts typically follow if a couple does not have a premarital agreement and post-nuptial and premarital agreements including how they relate to divorce settlements and divisions.
  • Identify factors that determine when a property transfer is an incident to divorce and how to meet these factors or avoid §1041 altogether when desired and recognize the application of §1041 to transfers in trust under §1041(e) and third-party transfers on behalf of a spouse or former spouse.
  • Recognize the application of §1041 to property transfers where the transferee assumes liabilities encumbering the property, and identify with appropriate records the holding period for an asset transferred between spouses or former spouses incident to divorce.
  • Identify an overall tax and economic strategy for the division of pension benefits in a marital settlement.
  • Specify common-law rules used to determine employee status for FICA and federal income tax withholding, determine FICA and FUTA taxes including their reporting, and identify unreasonable compensation issues.
  • Recognize the mechanics of the Social Security system allowing better retirement planning.
  • Determine Medicare Part A and Medicare Part B differences and what is needed to qualify, and identify the eligibility requirements of Social Security disability and survivors’ benefits.
  • Identify tax and legal title formats recognizing the distinctions among these entity formats.
  • Cite the S corporation requirements and tax advantages and disadvantages particularly those associated with incorporating a farm.
  • Specify the title-holding benefits of trusts, co-tenancy, partnerships, and limited liability companies and the tax characteristics of each, identify the types of retirement plans used to provide lifetime benefits to a business owner and employees, determine how title can be held on behalf of minors and the tax treatment of custodianships, and specify the tax treatment of a probate estate.
  • Identify characteristics of homeowner's, automobile, and disability insurance and what asset protection they may offer.
  • Determine what constitutes an annuity and the types and characteristics of annuities along with their tax advantages and disadvantages.
  • Identify capital gains rates with applicable assets using the "basket" approach.
  • Recognize the installment method rules and regulations related to using this method.
  • Determine gain or loss on foreclosure or repossession identifying reporting and filing requirements and the hidden income tax danger of directly or indirectly acquiring one's own debt at a discount.
  • Recognize the differences between personal property and real property repossessions, and identify when a bad debt deduction may be taken if the seller repossesses the real property.
  • Recognize the importance of effectively designing a retirement plan following a multi-step program.
  • Determine valuation methods for employer-provided automobiles, recognize interest-free and below-market loans, cite the requirements and limitations on several other fringe benefits under §§217, 132, 67 212, 132(h)(5) and 280A, identify the limited S corporation fringe benefits, and specify ERISA compliance requirements.
  • Identify types of tort and the remedies tort law provides.
  • Specify types of wills and the functions a will can perform, identify types of bequests, determine the duties of executors and guardians, and recall ways to hold title and their tax ramifications.
  • Identify the relationship of parties in a trust, reasons to establish a trust, and types of trusts along with their estate planning function.

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: