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Guide to Federal Corporate & Individual Taxation

Instructional MethodAdvanced PreparationProgram PrerequisitesField Of Study Interactive Self Study NONE Basic Understanding of Taxes Taxes Experience LevelCourse IDCPE CreditsAuthor Basic to Intermediate DS-131 24 Danny Santucci Guide to Federal Corporate & Individual Taxation Course ...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-131 24 Danny Santucci

Guide to Federal Corporate & Individual Taxation

Course Description:
Designed to make the practitioner comfortable with “high traffic” issues, this program enables participants to discuss and handle business/personal tax essentials. The course examines and explains the practical aspects of individual & corporate planning, bridging the gap between theory and application. Significant new developments are summarized with emphasis on tax savings ideas. This course examines and explains the practical aspects of using the closely held corporation to maximize after-tax return on business operations. Recent developments giving corporations a competitive edge over other entities are explored and detailed. Practitioners are alerted to often missed fringe benefits, retirement planning opportunities, corporate business deductions, income splitting possibilities and little known estate planning techniques.

Who Should Attend: CPAs

Topics Covered:
CHAPTER 1 Individual Tax Elements
CHAPTER 2 Property Transfers & Retirement Plans
CHAPTER 3 Losses, AMT & Compliance
CHAPTER 4 Business Forms & Characteristics
CHAPTER 5 Corporate Formation & Capitalization
CHAPTER 6 Corporate Principals & Employees
CHAPTER 7 Basic Fringe Benefits
CHAPTER 8 Business Entertainment
CHAPTER 9 Insurance
CHAPTER 10 Nonqualified Deferred Compensation
CHAPTER 11 S Corporations
CHAPTER 12 Business Dispositions & Reorganizations

Learning Objectives:

After reading Chapter 1, participants will be able to:

1. Identify federal revenue tax sources noting how gross income is reduced by certain credits, exclusions, and deductions, recognize current schedules, tables, and statutory amounts, and select withholding and/or estimated tax responsibility.

2. Specify the various filing statuses and their filing requirements noting the advantages and disadvantages of each.

3. Determine what constitutes gross income under §61 noting the tax treatment of compensation, fringe benefits, rental income, Social Security benefits, alimony, prizes and awards, identify dividend and distribution types and their tax differences, and specify how debt discharge can result in taxable income.

4. Identify the mechanics of income exclusions such as education-related exclusions, gift and inheritance exclusions, insurance, personal injury awards, interest on state and local obligations, and the foreign earned income exclusion.

5. Recognize income tax deductions and their use to reduce tax liability by:

a. Identifying personal, spousal and dependency exemptions and reporting requirements including pre-2005 dependency rules;

b. Specifying the five fundamental categories of interest expense noting whether they are deductible;

c. Recognizing which education expenses are deductible and nondeductible;

d. Determining what constitutes Medicare and whether medical care expenses including medical insurance premiums, costs for meals and lodging, transportation expenses, expenditures for making permanent improvements to a home and lifetime care advance payments are deductible or nondeductible;

e. Specifying four variables that impact the deductibility of charitable contributions, identifying qualified organizations and limitations for these purposes, and identifying the types of contributions that can be made, their tax treatment, and substantiation requirements;

f. Identifying the taxes that individuals may deduct under §164 and specifying the differences between casualty and theft noting the rules for taking a deduction for all or part of each loss;

g. Identifying at least twelve deductions that are subject to the 2% of AGI limitation, up to six deductions not subject to the 2% limit, and eleven nondeductible expenses; and

h. Determining whether a taxpayer meets distance and time tests for deductible moving expenses under §217.

6. Determine distinctions among several types of tax credits identifying the eligibility requirements and defining the cited changes created by recent tax legislation to individual tax returns.


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