This comprehensive course is essential if you want to help your clients maximize tax saving techniques. Tax-expert Danny Santucci examines some of the most common retirement myths, while providing straightforward advice on strategies for determining retirement income needs, wealth building, capital preservation, and estate distribution. You will learn how to analyze problems, develop solutions, and present personal retirement plans to clients. In addition, the course also addresses:
- Creating buy-sell agreements
- Dealing with self-employed and highly compensated individuals
- Calculating retirement income needs
- Determining net after-tax Social Security benefits
- Distribution options from IRAs and retirement plans
- The tax treatment of the home and business upon retirement
- Eldercare planning
Upon successful completion of this course, participants will be able to:
- Identify short-term and long-term financial goals and investment purposes.
- Cite how investing allocation changes with age.
- Identify ways to hold title to assets and the tax consequences of title holding methods.
- Identify the tax benefits and drawbacks of co-tenancies, corporations, partnerships, qualified retirement plans, and trusts.
- Identify the goals of money management.
- Identify types of income and how to appropriately report taxable income.
- Cite the applicable tax treatment for tax-free income, tax-deferred income, and tax-sheltered income.
- Identify budgeting techniques and strategies to turn discretionary income into cash, control or reduce taxes, and purchase investments or acquire assets.
- Cite basic asset management rules and the economic impact of accelerating deductions, postponing tax liability, and leveraging.
- Identify obstacles preventing the preservation of wealth and ways to build income to achieve financial planning goals.
- Cite the components of determining net worth and the nature or value of the assets that make up net worth.
- Identify the elements of responsible financial planning and basic strategies that can be used to allocate resources and minimize taxes.
- Cite the benefits of tax deferral and the deferral advantage under §1031.
- Identify §1031 assets, regulations, and restrictions associated with related party transactions, exchange participants, personal properties, and multiple properties.
- Identify the elements, legislation requirements, safe harbors, qualified parties, and restrictions of §1031 delayed exchanges.
- Cite the requirements and tax implications for an installment sale, late election, variables affecting §453 availability, and recapture.
- Identify tax credits, noting their function, characteristics, limitations, and restrictions.
- List the types of interest that are nondeductible including personal interest under §163(h)(1).
- Identify the methods of calculation, deductibility, reporting requirements, and statutory exceptions of business vehicle operating costs, noting depreciation issues when purchasing a vehicle.
- Cite the characteristics and reporting requirements of deductible business expenses, including applicable tests and statutory exceptions.
- List the various classes and methods of depreciation under ACRS and MACRS noting how to coordinate with §179 expense.
- Identify sources of §172 net operating losses (NOLs) noting carryback and carryover rules.
- Identify the formats and benefits of income splitting.
- Cite tax opportunities and subsequent limitations for unincorporated businesses and self-employed individuals.
- Identify the uses, tax characteristics, and reporting requirements of regular and S corporations.
- Cite the use, tax benefits, and applicable reporting requirements of partnerships to split income among partners.
- Cite the use of a custodianship to split income.
- Identify important aspects and planning considerations related to the 'kiddie tax.'
- Identify the qualifications, tax treatment, and reporting requirements for the §121 home sale exclusion, municipal bonds, and family transactions such as divorce, separation, gifts, inheritances, bequests, and life insurance.
- Cite the tax treatment, eligibility, and reporting requirements of employee fringe benefits.
- Recognize the valuation methods, taxation provisions, and reporting requirements for business expenses under accountable and nonaccountable plans.
- Identify the concepts and goals of asset protection, including the best time to create an asset protection plan.
- Cite important aspects of the fraudulent transfer laws, including statute of limitations, criminal penalties, and permissible asset transfers.
- Identify specific assets and liabilities using a balance sheet to create a financial base to value assets for protection.
- Identify the planning purpose of insurance and buy-sell agreements and ways that they can offer asset protection.
- List the asset protection advantages and disadvantages of ownership formats and entities.
- Cite the court treatment of postnuptial and premarital agreements, divorce settlements and divisions, and for when a couple does not have an enforceable premarital agreement.
- Cite the impact of Social Security, effective tax rates, housing costs, insurance, and pensions on retirement planning.
- Identify major levels of retirement, key retirement questions, different retirement types and lifestyles, and local factors to consider for retirement.
- Identify retirement costs and income needs, tax savings strategies, and general best practice rules to follow for acquiring assets.
- Identify how Social Security funds are assessed and then paid, who qualifies as a Social Security participant, and eligibility requirements for benefits.
- List steps in the four-step benefit calculation process.
- Identify Social Security taxes, their tax rates, and covered earnings.
- Identify the eligibility requirements of Social Security disability benefits, survivors' benefits, Medicare Part A, and Medicare Part B.
- Cite the characteristics, requirements, contribution limits, and prohibited transactions of nonqualified and qualified deferred compensation plans.
- List the basic requirements of qualified pension plans, profit-sharing plans, and stock bonus plans.
- Identify the components, requirements, and mechanics of qualified defined contribution plans and defined benefit plans.
- List the characteristics, requirements, and tax benefits of self-employed plans, IRAs, SEPs, SIMPLEs, and Roth IRA distributions.
- Identify popular ways to receive distributions from a retirement plan or an IRA.
- Identify types of annuities, their effect on how and when participants receive payments, and the tax on annuity payments using either the general rule or the simplified general rule.
- Determine what constitutes a lump-sum distribution permitting clients to receive special tax treatment on such distributions.
- List the key components of rollovers that can be used to reinvest cash or other assets without including the amount in income.
- Identify the tax consequences of taking premature distributions and ways 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 purpose, characteristics, requirements, and tax status of nonqualified plans.
- Cite the principles of constructive receipt and economic benefit concepts.
- Cite the taxability and deferred compensation patterns set forth in R.R. 60-31.
- Identify characteristics of unfunded and funded plans and the use of company assets or bookkeeping accounts to avoid employee taxation.
- Identify the tax consequences, accounting requirements, and estate planning considerations of establishing a nonqualified plan.
- Identify the purpose of life insurance, its uses in estate planning, and parties with rights in a life insurance policy.
- Identify the tax treatment of life insurance proceeds, including premiums, lifetime benefits, exceptions, and variables that influence whether life insurance is taxable for federal estate tax purposes.
- Cite the value of a gift and the tax associated with transfers of life insurance policies.
- Identify the characteristics of different types of life insurance policies and their variations.
- List characteristics, considerations, and benefits of using an irrevocable life insurance trust in an estate plan.
- Cite what constitutes an entity purchase and a cross purchase buy-sell agreement, noting tax issues and legal advantages.
- Cite the impact of a home sale on capital gains, the current rate baskets created by the capital gain provisions, and the tax treatment of capital assets in each category.
- Identify the key elements and application of the §121 home sale exclusion, including safe harbor regulations and reporting requirements.
- Identify the requirements of distance and time tests for deductible moving expenses under §217.
- Cite the elements of the unlimited marital deduction, marital deduction trusts, qualified terminable interest property trusts, and effect on the gross estate of the value of property.
- List the components and requirements of 'stepped-up basis' and 'modified carryover basis' for estate tax purposes.
- Identify reasons for estate planning and the characteristics of primary dispositive plans.
- List the various types of estate trusts and family documents, their characteristics, and tax treatment.
- Identify the characteristics and tax treatment of the private annuity format.
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