Family Tax Planning 2021

  • Credits: 28
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Update
  • Author/Speaker: Danny C. Santucci, CPA
Course ID: Advanced Preparation: Experience Level:
EWTFM-U-01813-21-S | 6233-CE-0531 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© May 2021 General understanding of Federal Income Taxation. Self-Study eBook

While the nuclear family remains the center point of society, today it is under tremendous economic and social pressure. This course is designed to cover “hot” topics having a direct impact on the practitioner who represents any client with family issues. The emphasis is on using tax solutions to ease family economic concerns permitting the practitioner to be a real tax hero.

Topics include:
  • Chapter 1 Basic Marital Tax Matters
  • Chapter 2 Children
  • Chapter 3 Education
  • Chapter 4 Medical, Charitable & Casualty
  • Chapter 5 Home Sales & Moving Expenses
  • Chapter 6 Home Mortgage Interest
  • Chapter 7 Transfers Incident to Divorce
  • Chapter 8 Alimony & Child Support
  • Chapter 9 Financial Tax Planning
  • Chapter 10 Building an Estate
  • Chapter 11 Income Splitting
  • Chapter 12 Retirement Plans
  • Chapter 13 Distributions from Retirement Plans & IRAs
  • Chapter 14 Elderly & Disabled Planning
  • Chapter 15 Wills & Probate
  • Chapter 16 Estate Planning

Learning Objectives:

After reading the course material, you will be able to:

  • Determine how filing status affects taxpayers’ filing requirements, standard deductions, and correct tax.
  • Identify the child tax credit listing the requirements for qualifying children and determine the tax treatment of earned and unearned income for children.
  • Determine the differences between qualifying §162 deductible and nonqualifying education and specify education expense credits under §25A listing covered costs and fees.
  • Identify deductible §213 medical care expenses for federal tax purposes.
  • Determine the key elements of the §121 home sale exclusion and its application, and specify the safe harbor proration provisions associated with the home sale exclusion.
  • Identify categories of mortgages and characteristics of secured debt that influence the deductibility of interest, determine what constitutes a “qualified home,” and specify special situations that affect qualified home mortgage interest.
  • Recognize the benefits of premarital agreements in avoiding potential divorce problems, determine elements of the Uniform Premarital Act, and list the provisions that are allowed in such agreements.
  • Determine what constitutes “alimony” and “separate maintenance payments” under §71 and their deduction or income treatment under §215 before and after 2019, specify types of §71 “divorce or separation instruments” and identify how having an invalid decree, an amended instrument, or a premarital agreement impacts such an instrument.
  • Identify the alimony and child support provisions that currently apply with those that applied to instruments executed before 1985.
  • Identify short-term financial goals and investment purposes, recognize the importance of defining realistic goals, and how investing allocation changes with age.
  • Identify the goals of money management listing types of income to preserve cash more effectively.
  • Identify the benefits and requirements of using a C or an S corporation specifying the taxation of these entities including their ability to split income, and determine family members in a §704(e) family partnership.
  • Specify the requirements of IRAs, SEPs, and SIMPLEs, and recognize tax-free Roth IRA distributions listing strategies to maximize plan benefits.
  • Identify popular ways to receive distributions from a retirement plan or an IRA, specify types of annuities and their effect on how and when participants receive payments, determine the tax on annuity payments using either the general rule or the simplified general rule, and recognize lump-sum distributions and their special tax treatment.

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Return Preparers (TRPs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s: