Systematic saving and intelligent use of tax breaks is critical to being able to retire at all and retire well. This course locks down on building a future to count on. Updated in August of 2020, the course takes a fresh look at the tax and asset protection aspects of individual retirement accounts under the Tax Cuts Jobs Act, recent important court decisions, as well as the SECURE Act.
DESIGNED FOR
CPAs and other interested persons who: wish to grasp IRA and retirement planning; engage in income and estate tax planning; prepare tax returns; and wish to personally retire from work before they die
BENEFITS
- Learn IRA income and estate tax planning best maneuvers
- Investigate available asset protection features of IRAs and how to keep them
- Understand foundational requirements, operational boundaries, opportunities and pitfalls of both conventional and self directed IRAs and Roth IRAs
- Explore what is possible and how to avoid what can go horribly wrong with self directed IRAs
HIGHLIGHTS
- Deductible, nondeductible, spousal, conduit, traditional and Roth IRAs
- Qualification requirements, investment restrictions and constructive receipt
- Income tax reporting and disclosure rules and income tax withholding requirements
- Early distribution penalties and how to avoid them
- Conversion from traditional to Roth IRA, recharacterization and reconversion
- New restrictions on recharachterization – How to not get hurt
- Rollovers, trustee to trustee transfers to/from IRAs, qualified plans and decedents
- Forced distributions (RMDs) at retirement and after death
- Estate planning: Optimal beneficiary designations, avoiding IRD problems, funding marital bequests, special Roth features, charitable giving and estate liquidity
- Proving basis in a nondeductible traditional or Roth IRA – What to do if you can’t
- Taking the mystery out of prohibited transactions and preventing them
- Taking the mystery out of prohibited transactions and preventing them
- Self directed IRAs do’s, don'ts, upside, treachery – Oh, how sweet they can be
COURSE LEVEL
Intermediate
PREREQUISITES
None
ADVANCE PREPARATION
None
ADDITIONAL NOTES
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.