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This course provider is registered with the National Association of State Boards of Accountancy as a Quality Assurance Service (QAS) sponsor of continuing professional education. Participating state boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding QAS program sponsors may be addressed to NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. Website: www.nasba.org. |
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Course Title:
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'10 Retirement Planning Tax Strategies |
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Course Code  |
4859 |
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Course Description |
BEACON HILL FINANCIAL EDUCATORS:
CPA*, CFP®, EA, and PACE credit.
This course was updated on 8/10.
This course is essential for practitioners who wish help their clients attain a comfortable retirement by maximizing tax saving strategies. Retirement income needs are calculated; net after tax Social Security benefits are determined; and distribution options from IRAs and retirement plans are explored. Special consideration is given to the tax treatment of the home and business on retirement. Buy-sell agreements are discussed and eldercare planning is examined.
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Subject Area |
Taxes |
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CreditHours |
Credential |
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Measurement Unit |
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Recommended Credit Hours |
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QASHours |
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CPA
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CPE
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16
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16
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CFP™
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CE
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12
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Delivery Method |
Self-Study |
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Facility |
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Start Date |
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End Date |
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Start Time |
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End Time |
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Instructor |
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Course Level |
Overview |
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Learning Objective |
See Program Content. |
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Program Content |
Chapter 1 How Much Do You Need To Retire?
* Mapping mechanics
* Common pitfalls
* Popular retirement myths
* Defining retirement
* Developing a plan
* Savings
* Assets
Objectives:
After reading the chapter, participants will able to:
* Advise clients on mapping out a retirement plan permitting them to prepare for retirement in advance
* Spot two of the most common causes of retirement disillusionment and their bearing on retirement planning
* Appreciate ten misconceptions of retirement and their impact on how taxpayers plan for retirement
* Help taxpayers define retirement using three major levels of retirement and three key questions that have financial and human ramifications
* Determine retirement costs and income needs of clients based upon a reasonable guess process using current income and expense figures
* Direct clients on developing a plan, establishing a savings program and purchasing assets
Chapter 2 Social Security Benefits & Retirement Planning
At the start of the chapter, participants should identify the following topics for study:
* Will Social Security be there?
* How Social Security works
* Social Security participants
* Social Security benefits
* Retirement benefits
* Direct deposit
* Social security tax
* Total disability benefits
* Survivors’ benefits
* Medicare
Objectives:
After reading the chapter, participants will able to:
* Explain Social Security benefits and how they relate to retirement, disability and death
* Calculate a taxpayer’s retirement benefit following a four-step process
* Demonstrate a working knowledge of Social Security tax that can be used to better plan for retirement
* Identify which members of a participant’s family may qualify for disability benefits based on the participant’s record benefits or when the participant dies
* Tell clients about the two types of Medicare and clarify what is needed to qualify
* Discuss the Prescription Drug Benefits plans and Medigap insurance and where changes may be necessary in health care planning
Chapter 3 Retirement Plans
At the start of the chapter, participants should identify the following topics for study:
* Qualified deferred compensation
* Basic requirements of a qualified pension plan
* Basic types of corporate plans
* Types of defined contribution plans
* Self-employed plans - Keogh
* Distribution & settlement options of IRAs
* Tax-free rollovers for IRAs
* Roth IRAs
* Simplified employee pension plans (SEPs)
* SIMPLE plans
Objectives:
After reading the chapter, participants will able to:
* Clarify the differences between qualified and nonqualified deferred compensation plans and list the tax advantages and disadvantages of each
* Improve effectiveness of retirement planning by developing an understanding of the basic requirements of a qualified pension plan
* Locate three classes of vesting under the vesting standards of §401(a)(7)
* Distinguish defined contribution plans from defined benefit plans and help clients choose a suitable qualified corporate retirement plan
* Spot five types of defined contribution plans and their effect on retirement benefits
* Discuss Roth IRA distributions and where changes may be necessary in retirement planning
Chapter 4 Distributions From Retirement Plans
At the start of the chapter, participants should identify the following topics for study:
* Prior law for annuity payments
* Mandatory basis rule for annuity payments
* Nonqualifying lump-sum distributions
* Treatment options for lump-sum distributions
* Eligible rollover distributions
* 20% withholding
* Rollover period
* Premature distributions
* Minimum distribution rules
* Making charitable gifts with plan balances
Objectives:
After reading the chapter, participants will able to:
* List four types of annuities and their effect on how and when participants receive payments
* Calculate the tax on annuity payments using either the general rule or the simplified general rule
* Advise clients on lump-sum distributions permitting them to receive special tax treatment on the distribution
* Demonstrate a working knowledge of rollovers that can be used to reinvest cash or other assets without including the amount in income
* Become aware of the premature distribution rules and assist clients in avoiding the 10% penalty
* Know the minimum distribution rules and assist clients in a avoiding the 50% penalty
Chapter 5 Nonqualified Plans
At the start of the chapter, participants should identify the following topics for study:
* Postponement of income
* Purposes & benefits
* Constructive receipt
* Economic benefit
* Funded company account plan
* Segregated asset plan
* Tax consequences
* Accounting
* Estate planning considerations
* Withholding, Social Security & IRAs
Objectives:
After reading the chapter, participants will able to:
* Demonstrate a working knowledge the concepts of constructive receipt and economic benefit that can be used in establishing a nonqualified deferred compensation plan
* List five factual patterns set forth in Revenue Ruling 60-31 and explain the taxability of each
* Demonstrate a working knowledge of how to establish an unfunded bare contractual promise plans and thereby avoid constructive receipt of income
* Explain how to fund a deferred cash compensation arrangement using company assets or bookkeeping accounts
Chapter 6 Life Insurance, Annuities & Buy-sell Agreement
At the start of the chapter, participants should identify the following topics for study:
* Taxes
* Types of life insurance
* Life insurance trusts
* Annuities
* Buy-sell agreements
* Purchase price & terms
* Community property
* Professional corporations
* S corporations
* Sole shareholder planning
Objectives:
After reading the chapter, participants will able to:
* Identify three variables that influence whether life insurance is taxable for federal estate tax purposes
* Compare the pros and cons of seven types of life insurance policies to help clients choose a suitable policy
* Provide reasons for establishing an irrevocable life insurance trust in order to achieve several estate tax planning advantages
* Distinguish an entity purchase agreement from a cross purchase agreement and thereby realize tax advantage
Chapter 7 Home Sales & Moving Expenses
At the start of the chapter, participants should identify the following topics for study:
* Capital gains rates
* Rate groups
* AMT
* Home sales under §121
* Special rules for ownership & use requirements
* Prorata exception
* 1099-S reporting
* Distance & time tests for moving expenses
* Deductible moving expenses
* Reporting moving expenses
Objectives:
After reading the chapter, participants will able to:
* List four rate baskets created by the capital gain provisions and how to treat capital assets in each category
* Recognize the key elements of the $500,000 home sale exclusion and how to apply it
* Apply the three safe harbor regulations associated with the home sale exclusion
* Find unforeseen circumstances under the home sale exclusion rule and show the common mistakes in using this provision
* Become aware of the distance and time tests for deductible moving expenses and be able to advise clients accordingly
Chapter 8 Estate Planning
At the start of the chapter, participants should identify the following topics for study:
* Unlimited marital deduction
* Applicable exclusion amount
* Stepped-up basis
* Basic estate planning goals
* Simple will
* Types of trusts
* Charitable trusts
* Insurance trusts
* Family documents
* Private annuities
Objectives:
After reading the chapter, participants will able to:
* Identify at least three elements of estate tax planning that have been changed by recent legislation
* Realize the unlimited marital deduction and its effect on the gross estate of the value of property
* Discuss trusts and annuities and where changes may be necessary in estate planning
* Improve business valuation by developing an understanding of the different ways a business interest can be valued
* List the four steps in R.R. 68-609’s valuation formula for intangible assets and goodwill and the effect the amount has on the total value of the business
* Appreciate minority interest in a closely held business and its impact on family members
* Employ deferred compensation agreements and identify where changes may be necessary in estate planning |
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Course Prerequisites |
None |
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Advanced Preparation |
None |
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Cost |
$119 |
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Administrative Policies |
You may return any course within 30 days of purchase (and
before we receive the exam for grading) for a full refund. For
more information regarding administrative policies such as
complaint and refund, please contact our offices at 1-800-588-7039.
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Additional Notes |
Prices, Availability Download: $119.Print: $139 plus shipping/handling.
Order online or by phone (800-588-7039).
All of our courses include our e-Exam interactive PDF answer sheet that you submit electronically for instant results and a certificate.
What's our greatest strength?
Customer service: We are good about answering the phone (or returning calls). No phone menus, no waiting on hold.
We usually ship printed courses same day.
We also have a great Website. Visit us at www.bhfe.com. To go directly to the course description, use the link below.
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Course URL |
http://www.bhfe.com/store/retirement-planning-tax-strategies,Product.asp |
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Contact Information |
Call Dave
Beacon Hill Financial Educators
144 Cape Newagen Road
Southport, Maine 04576
USA
Phone:800-588-7039
Fax:877-902-4284
Click below to go directly to the provider's website.
http://www.bhfe.com
Click below to email the provider about this course:
Call Dave
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