Fast Track Retirement Planning

  • Credits: 17
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Law
  • Author/Speaker: Danny Santucci, CPA
Course ID: Advanced Preparation: Experience Level:
EWTFM-T-01818-21-S | 6233-CE-0536 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© June 2021 General Understanding of Federal Incom Taxation Self-Study eBook

We are all (including tax practitioners) getting older, and the need for effective retirement planning has never been greater. This course is essential for participants who wish to attain a comfortable retirement for themselves and their clients by maximizing tax-saving strategies. Retirement income needs are calculated; net after-tax Social Security benefits are determined, and distribution options from IRAs and retirement plans are explored. Special consideration is given to the tax treatment of the home and business on retirement. Buy-sell agreements are discussed and eldercare planning is examined.

Topics include:
  • Chapter 1 How Much Do You Need To Retire?
  • Chapter 2 Social Security Benefits & Retirement Planning
  • Chapter 3 Retirement Plans
  • Chapter 4 Distributions from Retirement Plans
  • Chapter 5 Nonqualified Plans
  • Chapter 6 Life Insurance, Annuities & Buy-sell Agreement
  • Chapter 7 Home Sales & Moving Expenses
  • Chapter 8 Estate Planning

Learning Objectives:

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

  • Recognize the importance of personal retirement maps to suit client objectives and lifestyles and summarize the basic guidelines of retirement planning, including common pitfalls and misconceptions of retirement.
  • Determine retirement using the major levels of retirement and key questions that have financial and personal ramifications.
  • Identify retirement costs and income needs of clients based on their current budget, recognize tax savings strategies and identify guidelines when purchasing investment assets.
  • Determine how Social Security funds are assessed and then paid, specify the system’s mechanics, and select qualified Social Security participants determining their benefit eligibility.
  • Identify the requirements to receive Social Security retirement benefits, and determine clients’ retirement benefits following a multistep calculation process.
  • Recognize Social Security taxes, their tax rates, and covered earnings allowing better retirement planning.
  • Specify the eligibility requirements of Social Security disability benefits and survivors’ benefits, and determine what constitutes Medicare Part A and Medicare Part B recognizing their qualifications.
  • Identify nonqualified and qualified deferred compensation plans specifying their benefits and contributions limits and recognize the current and deferred advantages and disadvantages of corporate plans including fiduciary responsibilities and prohibited transactions.
  • Specify the requirements of the basic forms of qualified pension plans.
  • Determine the differences between defined contribution and defined benefit retirement plans and specify several types of defined contribution plans recognizing their impact on retirement benefits.
  • Recognize self-employed plans from qualified plans for other business types and owners.
  • Identify the requirements of IRAs, SEPs, and SIMPLEs, and tax-free Roth IRA distributions specifying strategies to maximize plan benefits.
  • Specify the tax consequences of taking premature distributions stating how to avoid the 10% penalty.
  • Identify the minimum distribution rules and ways to avoid the 50% penalty associated with either taking smaller distributions than required or with taking distributions after the required beginning date for minimum distributions.
  • Identify the setup of a segregated asset plan where the account is not subject to the claims of the employer’s creditors and still avoids employee taxation and specify the tax consequences of establishing a nonqualified plan.
  • Specify the reasons for using an irrevocable life insurance trust in an estate plan identifying trust consideration and the differences between deferred and private annuities.
  • Determine what constitutes entity purchase and cross-purchase buy-sell agreements recognizing tax and legal advantages.
  • Recognize the key elements and application of the Section 121 home sale exclusion and identify safe harbor regulations associated with the home sale exclusion.
  • Identify when a taxpayer meets distance and time tests for pre-2018 deductible moving expenses under Section 217.

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: