CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Essential Legal Concepts with Tax Analysis

Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
30 Credits: Taxes

Course Description

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 law. To gain such a working knowledge of 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.

Learning Objectives

Upon completion of this course, participants will be able to:

•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.

•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.

•Recognize when debt is discharged under various bankruptcy types and identify how to establish an individual bankruptcy estate determining its taxable income and filing requirements.

•Identify partnership and corporate bankruptcies, specify debts covered under homesteading, and determine permissible garnishment amounts and special garnishment rules.

•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.

•Cite the position of U.S. v. Davis on interspousal transfers and the changes made by §1041 and, specify the requirements of §1041 and the scope of its application.

•Identify factors that determine when a property transfer is 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 to third-party transfers on behalf of a spouse or former spouse.

•Determine deferred tax liability and property basis for the transferor spouse and transferee spouse under §1041 after a property settlement.

•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 the dangers of purchasing a former spouse’s interest in property particularly a marital residence including its tendency to create deferred tax liability, specify the effects of purchasing an interest in personal or real property used in a business or held for investment, recognize potential recapture and identify the use of an exchange to dispose of low-basis property received in a §1041 transfer.

•Recognize sale, redemption, recapitalization, liquidation and third-party transfers as methods of dividing a business in a marital settlement citing unique provisions under §302, §368, §736 and §754.

•Identify Social Security taxes, their rates and covered earnings to determine actual amounts taken from gross pay.

•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.

•Cite the S corporation requirements and tax advantages and disadvantages particularly whose associated with incorporating a farm.

•Identify characteristics of homeowner’s, automobile, and disability insurance and what asset protection they may offer.

•Specify persons in which rights are placed by life insurance and reasons to purchase life insurance and the benefits, uses, and types of life insurance, identify variables that influence when life insurance is taxable for federal estate tax purposes, and cite reasons for establishing an irrevocable life insurance trust in order to achieve several estate tax planning advantages.

•Determine what constitutes an annuity and the types and characteristics of annuities along with their tax advantages and disadvantages.

•Identify entity purchase and cross-purchase agreements specifying tax and legal advantages and pitfalls.

•Identify capital gains rates with applicable assets using the ‘basket’ approach.

•Cite the elements of the §121 home sale exclusion and the application and safe harbor regulations associated with the exclusion.

•Recognize the importance of effectively designing a retirement plan following a multi-step program.

•Identify qualified corporate plans, SIMPLE plans, self-employed plans, IRAs, tax-deferred annuities, and SEP plans, how to build up investment funds, variables in a current investment plan, and participant loan regulations under §4975.

•Determine the differences between nonstatutory and statutory fringe benefits, identify no-additional-cost services, qualified employee discounts, working condition fringes and de minimis fringes specifying which property or services qualify under each benefit, and §79 group term life insurance.

•Cite the §129 requirements and limits, identify a §125 ‘cafeteria plan,” recognize the §119 meals and lodging exclusion, determine the mechanics of §105 medical reimbursement plans, and cite the requirements and limits §127 programs.

•Determine valuation methods for employer-provided automobiles, recognize interest-free and below-market loans, cite the requirements and limitations on a number of 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.

•Recognize the personal injury exclusion to ensure proper reporting of damages received because of injury, and determine how to report punitive damages, interest on injury awards and legal fees as determined according to case law.

•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 advantages of a properly drafted will, determine the distribution flow of simple wills, and specify the pros and cons of probate proceedings.

•Identify the relationship of parties in a trust, reasons to establish a trust, and types of trusts along with their estate planning function.

•Specify recommended living trust provisions, identify the application of gift and income tax including the use of a grantor trust and an unlimited marital deduction, and determine what constitutes an ‘A-B” and ‘A-B-C” trust format.

 

Course Specifics

Course ID
8202661
Revision Date
April 16, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01539-20-S
IRS Federal Tax Law Credits: 30
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1436
CTEC Federal Tax Law Credits: 30

Course Instructor

Danny Santucci Headshot
Danny Santucci, JD

Danny Santucci, BA, JD, is a prolific author of tax and financial books and articles. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines, and Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning. Speaking to more than 100 groups nationally each year, he is known …

Danny Santucci, JD Read More »

Essential Legal Concepts with Tax Analysis

Expert Instructors
Format
CPE CREDITS
30 Credits: Taxes

$600.00$640.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
30 Credits: Taxes

Course Description

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 law. To gain such a working knowledge of 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.

Learning Objectives

Upon completion of this course, participants will be able to:

•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.

•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.

•Recognize when debt is discharged under various bankruptcy types and identify how to establish an individual bankruptcy estate determining its taxable income and filing requirements.

•Identify partnership and corporate bankruptcies, specify debts covered under homesteading, and determine permissible garnishment amounts and special garnishment rules.

•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.

•Cite the position of U.S. v. Davis on interspousal transfers and the changes made by §1041 and, specify the requirements of §1041 and the scope of its application.

•Identify factors that determine when a property transfer is 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 to third-party transfers on behalf of a spouse or former spouse.

•Determine deferred tax liability and property basis for the transferor spouse and transferee spouse under §1041 after a property settlement.

•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 the dangers of purchasing a former spouse’s interest in property particularly a marital residence including its tendency to create deferred tax liability, specify the effects of purchasing an interest in personal or real property used in a business or held for investment, recognize potential recapture and identify the use of an exchange to dispose of low-basis property received in a §1041 transfer.

•Recognize sale, redemption, recapitalization, liquidation and third-party transfers as methods of dividing a business in a marital settlement citing unique provisions under §302, §368, §736 and §754.

•Identify Social Security taxes, their rates and covered earnings to determine actual amounts taken from gross pay.

•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.

•Cite the S corporation requirements and tax advantages and disadvantages particularly whose associated with incorporating a farm.

•Identify characteristics of homeowner’s, automobile, and disability insurance and what asset protection they may offer.

•Specify persons in which rights are placed by life insurance and reasons to purchase life insurance and the benefits, uses, and types of life insurance, identify variables that influence when life insurance is taxable for federal estate tax purposes, and cite reasons for establishing an irrevocable life insurance trust in order to achieve several estate tax planning advantages.

•Determine what constitutes an annuity and the types and characteristics of annuities along with their tax advantages and disadvantages.

•Identify entity purchase and cross-purchase agreements specifying tax and legal advantages and pitfalls.

•Identify capital gains rates with applicable assets using the ‘basket’ approach.

•Cite the elements of the §121 home sale exclusion and the application and safe harbor regulations associated with the exclusion.

•Recognize the importance of effectively designing a retirement plan following a multi-step program.

•Identify qualified corporate plans, SIMPLE plans, self-employed plans, IRAs, tax-deferred annuities, and SEP plans, how to build up investment funds, variables in a current investment plan, and participant loan regulations under §4975.

•Determine the differences between nonstatutory and statutory fringe benefits, identify no-additional-cost services, qualified employee discounts, working condition fringes and de minimis fringes specifying which property or services qualify under each benefit, and §79 group term life insurance.

•Cite the §129 requirements and limits, identify a §125 ‘cafeteria plan,” recognize the §119 meals and lodging exclusion, determine the mechanics of §105 medical reimbursement plans, and cite the requirements and limits §127 programs.

•Determine valuation methods for employer-provided automobiles, recognize interest-free and below-market loans, cite the requirements and limitations on a number of 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.

•Recognize the personal injury exclusion to ensure proper reporting of damages received because of injury, and determine how to report punitive damages, interest on injury awards and legal fees as determined according to case law.

•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 advantages of a properly drafted will, determine the distribution flow of simple wills, and specify the pros and cons of probate proceedings.

•Identify the relationship of parties in a trust, reasons to establish a trust, and types of trusts along with their estate planning function.

•Specify recommended living trust provisions, identify the application of gift and income tax including the use of a grantor trust and an unlimited marital deduction, and determine what constitutes an ‘A-B” and ‘A-B-C” trust format.

 

Course Specifics

Course ID
8202661
Revision Date
April 16, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01539-20-S
IRS Federal Tax Law Credits: 30
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1436
CTEC Federal Tax Law Credits: 30

Course Instructor

Danny Santucci Headshot
Danny Santucci, JD

Danny Santucci, BA, JD, is a prolific author of tax and financial books and articles. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines, and Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning. Speaking to more than 100 groups nationally each year, he is known …

Danny Santucci, JD Read More »

Essential Legal Concepts with Tax Analysis

Expert Instructors
Format
CPE CREDITS
30 Credits: Taxes

$600.00$640.00

Clear