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Essential Legal Concepts with Tax Analysis

Instructional MethodAdvanced PreparationProgram PrerequisitesField Of Study Interactive Self Study NONE Basic Understanding of Taxes Taxes Experience LevelCourse IDCPE CreditsAuthor Basic to Intermediate DS-140 40 Danny Santucci  Essential Legal Concepts with Tax Analysis Course De ...Read more
  • Description
Instructional Method Advanced Preparation Program Prerequisites Field Of Study
Interactive Self Study NONE Basic Understanding of Taxes Taxes
Experience Level Course ID CPE Credits Author
Basic to Intermediate DS-140 40 Danny Santucci

 Essential Legal Concepts with Tax Analysis

Course Description:
While accounting and the practice of law are separate professions, the accountant must be conversant with essential legal concepts. Modern accounting practice requires familiarity with corporate legal structure, business entities, partnership operations, contracts, property rights, employment law, divorce, consumer protection, will & trusts, and even bankruptcy law. This course explores these specific areas with emphasis on business and accounting issues. This informal and clear guide to the basic concepts of business law provides accountants with an excellent review of legal concepts that arise in any tax professional’s practice. The attendees will gain the ability to recognize and discuss general legal concepts with both client and their counsel. Knowledge is power and nowhere is that truer than in the field law. To gain such a working knowledge of law, readily understandable explanations are given to essential and related business law subjects. The accountant is guided through the complex maze of literally hundreds of legal principles from acceptance to zoning.

Who Should Attend: CPAs

Topics Covered:
CHAPTER 2 Alimony & Child Support
CHAPTER 3 Bankruptcy
CHAPTER 4 Divorce Settlements & Divisions
CHAPTER 5 Employment
CHAPTER 6 Entities & Title
CHAPTER 7 Insurance
CHAPTER 8 Property Dispositions
CHAPTER 9 Retirement & Employee Benefits
CHAPTER 10 Torts & Personal Injuries
CHAPTER 11 Wills & Probate
CHAPTER 12 Trusts

Learning Objectives:

1. Show the goals and purposes of asset protection and identify the objections some people have about shielding assets from creditors by:

a. Listing at least six reasons for asset protection and identifying sixteen situations that can unexpectedly put assets and financial security at stake;

b. Naming eighteen common sources of lawsuits and stating the author's concept of exploding and imploding liability; and

c. Defining asset protection using the primary concepts of insurance, asset placement and statutory protections.

2. Recognize the importance of the three types of creditors associated with asset protection and fraudulent transfers.

3. Outline the fraudulent transfer laws listing several badges of fraud, identify statute of limitations and criminal penalties, and recognize permissible asset transfers.

4. Identify the degree and necessity of asset protection by defining net worth using a balance sheet, locating asset values, and using a balance sheet. Recognize the various ways that insurance and buy-sell agreements can offer asset protection.

5. Name the asset protection advantages and disadvantages of ownership formats and entities by:

a. Stating the use of individual ownership and corporate ownership in an asset protection plan and including the importance of S corporations and their estate tax planning advantages;

b. Identifying testamentary trusts, living trusts and at least eight subcategories of trusts pointing out asset protection elements;

c. Listing the various types of co-tenancy showing their asset protection dangers, defining several types of partnerships including limited liability companies; and

d. Stating the unique asset protection qualities of retirement plans, custodianship, and estates as asset protection tools.


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