After reading Chapter 1, participants will be able to:

1. Identify financial and tax income types and how cash management is used to acquire and operate assets, specify changes recently made to taxable income, determine how the passive loss rules categorize income and identify income splitting formats that can reduce tax.

2. Recognize basic cash management techniques and how to generate tax-free income, identify ways to defer income, and specify techniques to shelter income.

3. Determine the importance of budgeting and rules to budget effectively, specify several cash usages, recognize financial acquisition guidelines for tax-advantaged investments, and specify multiple asset management rules.

After reading Chapter 1, participants will be able to:

1. Identify financial and tax income types and how cash management is used to acquire and operate assets, specify changes recently made to taxable income, determine how the passive loss rules categorize income and identify income splitting formats that can reduce tax.

2. Recognize basic cash management techniques and how to generate tax-free income, identify ways to defer income, and specify techniques to shelter income.

3. Determine the importance of budgeting and rules to budget effectively, specify several cash usages, recognize financial acquisition guidelines for tax-advantaged investments, and specify multiple asset management rules.

After reading Chapter 3, participants will be able to:

1. Determine the meaning of ‘deferred compensation plan”, cite questions for assessing deferral usage, and recognize multiple deferred compensation types so clients may properly structure compensation.

2. Identify client compensation decisions by specifying qualified deferred compensation restrictions, recalling the purposes, benefit formulas, and necessary contractual provisions for nonqualified plans., recognize the IRS’s position on nonqualified compensation, determine ‘constructive receipt” and ‘economic benefit”, and identify the differences among unfunded bare contractual promise plans, funded company account plans and segregated asset plans.

3. Recognize qualified deferred compensation plans and nonqualified plans, the major benefit of the qualified deferred plans, and the basis of the benefits and contributions and, identify the current and deferred advantages and the disadvantages of corporate plans and fiduciary responsibilities and prohibited transactions.

4. Cite the requirements of the basic forms of qualified pension plans permitting clients to elect among such plans.

5. Identify defined contribution and defined benefit plans, specify the differences among the types of defined contribution plans, and recognize their effect on retirement benefits.

6. Determine the differences between self-employed and qualified plans identifying key choice of entity factors.

7. Cite the requirements of IRAs, SEPs, and SIMPLEs, and recognize tax-free Roth IRA distributions and where changes may be necessary to maximize plan benefits.

After reading Chapter 3, participants will be able to:

1. Determine the meaning of ‘deferred compensation plan”, cite questions for assessing deferral usage, and recognize multiple deferred compensation types so clients may properly structure compensation.

2. Identify client compensation decisions by specifying qualified deferred compensation restrictions, recalling the purposes, benefit formulas, and necessary contractual provisions for nonqualified plans., recognize the IRS’s position on nonqualified compensation, determine ‘constructive receipt” and ‘economic benefit”, and identify the differences among unfunded bare contractual promise plans, funded company account plans and segregated asset plans.

3. Recognize qualified deferred compensation plans and nonqualified plans, the major benefit of the qualified deferred plans, and the basis of the benefits and contributions and, identify the current and deferred advantages and the disadvantages of corporate plans and fiduciary responsibilities and prohibited transactions.

4. Cite the requirements of the basic forms of qualified pension plans permitting clients to elect among such plans.

5. Identify defined contribution and defined benefit plans, specify the differences among the types of defined contribution plans, and recognize their effect on retirement benefits.

6. Determine the differences between self-employed and qualified plans identifying key choice of entity factors.

7. Cite the requirements of IRAs, SEPs, and SIMPLEs, and recognize tax-free Roth IRA distributions and where changes may be necessary to maximize plan benefits.

After reading Chapter 5, participants will be able to:

1. Identify tax definition of entertainment, recognize the former tests for pre-2018 entertainment expenses to be deducted, determine the importance of the statutory exceptions and the percentage reduction restriction for meals and entertainment and, specify the former 2% floor on miscellaneous itemized deductions.

2. Determine what constitutes an ‘entertainment facility,” and identify substantiation, recordkeeping, reimbursement, reporting requirements and variations in methods, specify how to itemize non-reimbursed employee expenses and identify the special reporting rules for self-employed persons and employers.

After reading Chapter 6, participants will be able to:

1. Identify business travel and transportation concepts by specifying the differences between transportation and ‘tax home” sensitive travel to maximize deductible expenses.

2. Recognize how time acts as a critical factor in distinguishing a temporary from an indefinite job assignment, cite the ‘away from home” requirement, and determine the factors associated with the business purpose requirement.

3. Identify deductible meals, lodging, conventions, and meetings and related necessary compliance issues, specify the special requirements for cruises, determine the treatment of luxury water travel, recognize auto usage as a component of travel, cite the requirements for family member travel expenses and recognize the interplay of the ‘no additional cost’ rule to ensure taxpayer compliance with §274.

After reading Chapter 7, participants will be able to:

1. Recognize the business and tax importance of available business insurance including the broad spectrum of company paid insurance, §79 group term life, retired lives reserve, split-dollar, former death benefit plans, business travel, disability, medical, and dental specifying permitted coverage and tax treatment.

2. Determine the requirements and restrictions pertaining to the interest limitation on policy loans under §264, the interest limitation for tax-exempt interest income under §265, the conditions under which business owners may fully deduct amounts paid for medical and dental insurance and qualified long-term care insurance, recognize the application of the uniform capitalization rules, and identify the basic mechanics of health savings accounts.

After reading Chapter 8, participants will be able to:

1. Recognize equity participation by specifying factors that determine the benefits of stock options, determine how to transfer an equity position, identify controlled sales, and cite programs to provide executives with an equity ownership interest in a business.

2. Identify the taxation and use of nonqualified stock options under §83 and the mechanism for stock appreciation rights (SARs) plans.

3. Recognize the requirements of §422A  which ensure that a qualified incentive stock option is available, and recall changes the TRA ’86 made to the golden parachute rules and their effect on what constitutes a parachute payment.

4. Determine tax-advantaged entity purchase and cross purchase agreements, recognize the importance of funding a buy-sell agreement, and determine the value of closely held stock.

After reading Chapter 9, participants will be able to:

1. Identify estate planning for business clients and the elements of estate tax planning that have remained unchanged by recent legislation, recognize the unlimited marital deduction including its effect on the gross estate of the value of property, and specify the applicable exclusion amounts for various years of death.

2. Determine ‘stepped-up basis” comparing the former ‘modified carryover basis” rules for estate tax purposes and identify the basis increase for certain business property.

3. Specify several basic estate-planning goals and identify the benefits and drawbacks of the primary dispositive plans.

4. Recognize the various types of trusts and items necessary in business estate planning, specify multiple family estate documents that every taxpayer should consider, and identify the advantages and disadvantages of private annuities for the transferor and the transferee.