This course is specifically for Enrolled Agents that need to report to the IRS.

3 CPE Credits

Comming soon

This course integrates federal taxation with overall financial planning. The course explores tax strategies relating to the central financial tactics of wealth building, capital preservation, and estate distribution. The result is a unified explanation of tax-economics that will permit the tax professional to locate, analyze, and solve financial concerns. Designed to improve the quality of services to clients and the profitability of engagements, this program projects the accountant into the world of financial planning.

Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless otherwise indicated, no correct or incorrect feedback for any exam question will be provided.

Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

ASSIGNMENT

At the start of the materials, participants should identify the following topics for study:

• Comparing goals and purposes
• Investment goals and retirement planning
• Building an estate
• Section 1031 “like kind” exchanges
• Retirement plans
• Tax credits and estimated taxes
• Basic deductions
• Income splitting
• Elimination
• Fringe benefits

Learning Objectives:

After reading the materials, participants will be able to:

• Critique investment purposes and retirement misconceptions, and assist clients in implementing the five-step retirement process and in identifying the three basic elements of investment planning.
• Identify four types of income, from a tax perspective, to be budgeted into cash so that income-producing assets can be acquired and managed for an effective investment plan.
• Discover at least three means of achieving tax deferral, including like-kind exchanges, retirement plans and installment sales, and realize a double financial benefit of not only tax postponement like an "interest-free loan" but even possible tax elimination.
• Illustrate how to use tax credits, estimated taxes, and basic deductions to effectively reduce federal income tax and thereby increase discretionary income for investment purposes.
• Explain six major formats for income splitting that can benefit taxpayers by lowering overall taxes as a unit and permitting wealth and tax allocation among individuals or entities.
• Use the benefits of the $500,000 home sales exclusion, municipal bonds, divorce and separation settlements, gifts and inheritances, life insurance, fringe benefits, and Social Security to eliminate tax on realized gain and ordinary income.

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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