Designed to help you become comfortable with 'high traffic' issues, the Guide to Federal Corporate and Individual Taxation will prepare you for handling personal and business tax essentials. 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. You'll find out about often missed fringe benefits, retirement planning opportunities, corporate business deductions, income splitting possibilities, and little known estate planning techniques.
Upon successful completion of this course, participants will be able to:
- Identify federal revenue tax sources.
- Identify the characteristics and regulatory and filing requirements of various filing statuses.
- Determine what constitutes gross income under §61 and the applicable tax treatment of compensation, fringe benefits, rental income, Social Security benefits, gifts, alimony, prizes, awards, dividends, distributions, discharged debt, and recourse indebtedness.
- Identify the mechanics of income exclusions.
- Cite the characteristics and regulatory requirements of various income tax deductions.
- Cite the characteristics and eligibility requirement s of various tax credits.
- Cite the characteristics, tax treatment, and requirements of property sales, exchanges of property, and sales of easements.
- Identify the requirements and application elements of the §121 home sale exclusion.
- Identify the characteristics of the installment method, the requirements set forth in §453, and basic terminology associated with using the installment method.
- Identify the variables that determine which rules for repossessions apply; the rules, calculations, and effects of repossessions of personal property and repossessions of real property; and when a bad debt deduction may be taken on a repossession.
- Recognize the tax treatment, terminology, ND reporting requirements of a §1033 involuntary conversion.
- Identify the at-risk rules limitations under §465.
- Cite the requirements, mechanics, and types of like-kind exchanges under §1031.
- Identify the characteristics and requirements of qualified deferred compensation plans and nonqualified plans.
- Identify the characteristics and requirements of the basic forms of qualified pension plans.
- Identify the types, characteristics, and requirements of defined contribution plans.
- Cite the characteristics, mechanics, and requirements of self-employed plans and qualified plans, IRAs, Roth IRAs, SEPs, and SIMPLE plans.
- Cite the basic income types and the 'buckets' of income and loss under §469.
- Identify the special rules for transfers that are deemed not to be fully taxable dispositions.
- Cite the characteristics, application, and consequences of the regular tax and alternative minimum tax.
- Identify the reporting requirements for real estate transactions, independent contractors, and cash reporting.
- Cite types and requirements of accuracy-related and unrealistic position penalties, the IRS's examination of returns policy and assessment process, and any applicable statute of limitations.
- Identify the characteristics and mechanics of sole proprietorships.
- Recognize the characteristics, tax treatment, and requirements of partnerships.
- Identify the characteristics, mechanics, tax treatment, and reporting requirements of estates, trusts, unincorporated associations, corporations, and personal service corporations.
- Identify the transfer of money, property, and/or both by prospective shareholders and the basic requirements associated with §351.
- Identify what constitutes start-up and organizational expenses, what constitutes corporate property, and the elements of corporate tax recognition.
- Cite the requirements for corporate charitable contributions, the former §341 collapsible corporations, and how to avoid §541 status.
- Identify the accumulated earnings §531 status and tax trap, conditions of §444 election, and the accounting periods and methods available to corporations.
- List methods for identifying and valuing inventory, multiple corporation tax advantages and filing requirements, and the tax consequences of corporate liquidations and distributions.
- Cite the components that comprise payroll taxes.
- Identify the uses of Form 941, Form W-4, Form W-2, and Form W-3.
- Cite the application of FICA and FUTA taxes and how to report them.
- Identify common-law rules used to determine employee status for FICA and federal income tax withholding, the scope and limitations of unreasonable compensation, and the requirements and tax treatment of corporate income-splitting.
- Identify the distinguishing characteristics and uses of a buy-sell agreement, an entity purchase, a cross-purchase agreement, and business recapitalizations.
- Identify basic fringe benefit planning, the elements that comprise 'income' under §61, and the rules of former nonstatutory and current statutory fringe benefits.
- Cite the characteristics, requirements, tax treatment, and examples of the various types of fringe benefits.
- Identify the characteristics of §129 dependent care assistance, §127 programs, §125 cafeteria plans, the §119 meals and lodging exclusion, and §105 self-insured medical reimbursement plans.
- Cite employer-provided automobiles valuation methods.
- Identify the requirements and limitations on fringe benefits under §§217, 132, 67 212, 132(h)(5) and 280A.
- Define key tax terms related to business entertainment.
- Cite the required §162 and §274 tests to ensure that entertainment expenses can be deducted.
- Identify the tax treatment of ticket purchases, the percentage reduction restriction for meals and entertainment, the application of the 2% deduction limit, and what constitutes an entertainment facility including allowable deductible costs.
- Identify the characteristics and requirements of substantiation, recordkeeping, reimbursement, and reporting requirements, variations in methods, above-the-line deductions, the itemization of nonreimbursed employee expenses, and the special reporting rules for self-employed persons and employers.
- Cite the characteristics, requirements, application, tax treatment, and reporting requirements of business insurance including life insurance plans; common coverage and premiums provided to employees; corporate uses for life insurance; split-dollar life insurance; and employer paid health, medical, and disability income insurance.
- Identify the interest limitations on policy loans under §264A.
- Cite the requirements of COBRA and what constitutes a voluntary employee benefit association under §501(c)(9).
- Cite the purpose, benefits, requirements, and advantages of postponement of income.
- Identify types of deferred compensation coverage set forth in R.R. 60-31 and the taxability of each type.
- Identify the requirements and mechanics of unfunded plans, funded plans, and segregated asset plans.
- Identify the tax consequences of establishing a nonqualified plan.
- Identify the characteristics, requirements, benefits, drawbacks, and tax treatment of S corporations.
- Identify variables that impact whether a business can choose S corporation status.
- Identify ways an S corporation may be terminated and the related procedures that must be followed.
- Identify important aspects of pass-through items, built-in gain, passive income, tax preference items, LIFO recapture tax, and capital gains tax.
- Cite the costs and tax considerations associated with starting a new business, buying an existing business, and reorganizing a business.
- Identify the types of reorganizations under §368, their characteristics and requirements, and any carryover of corporate tax attributes.
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