This course arms tax planners with strategies and ideas that all clients - but in particular, wealthy clients, middle-income clients and closely-held business owners need to consider right now to take advantage of present and future tax opportunities.
DESIGNED FOR
Those involved in tax planning for individuals who need to go beyond basic tax and financial planning techniques
BENEFITS
- Mine a tax return for tax planning with clients
- Understand the planning implications of the current environment.
- Determine the best tax strategies for retirement.
- Understand tax planning for middle-income clients.
HIGHLIGHTS
Learn strategies that can really have an impact on client lives, while also bringing value to you and your firm. This material is continuously updated to recent legislation impacting individual taxpayers.
- The SECURE Act, including IRA and RMD changes, reviewing beneficiaries, and discussing strategies to mitigate the elimination of the stretch IRA in light of new 2022 proposed regulations
- Understanding the environment: what’s new, what’s expired or expiring, and what’s likely to change
- Reviewing the temporarily increased meals and entertainment deduction
- Reading a tax return for developing client-specific tax strategies
- Will there be more changes in the individual tax laws?
- Changes to the lifetime estate tax exemption by the TCJA in light of April 2022 proposed regulations
- The net investment income tax: planning for compliance
- Family income-splitting strategies that need to be considered
- Income tax issues: impact on timing of other income
- Selling a principal residence
- Use of life insurance to protect families
- Using Roth IRAs and Roth contribution programs to their best advantage
- Conversions: do they still make sense?
- Taking distributions: matching timing to client requirements
- Qualified plan contributions to reduce current income and Social Security tax: implications for business owners and self-employed
- Incentive Stock Options and Employee Stock Purchase Plan considerations
- What to do about itemized deductions
- Trans-generational planning: conversions, income and gain-splitting
- Tax benefits of HSAs
- Recent case law as applicable
- Identifying tax opportunities: reviewing the prior-year return to develop a plan for the future
- Planning for middle-income taxpayers: financial planning for the young, the working, and those approaching or in retirement
COURSE LEVEL
Intermediate
PREREQUISITES
Experience in individual income tax planning and income tax return preparation
ADVANCE PREPARATION
None
ADDITIONAL NOTES
- Qualifies for CFP credit
- Qualifies for IRS credit