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Family Tax Planning

Instructional MethodAdvanced PreparationProgram PrerequisitesField Of Study Interactive Self Study NONE Basic Understanding of Taxes Taxes Experience LevelCourse IDCPE CreditsAuthor Basic to Intermediate DS-305 24 Danny Santucci Online Investing: Evaluating Investment Alternatives Co ...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-305 24 Danny Santucci

Online Investing: Evaluating Investment Alternatives

Course Description:
All tax professionals need to know the tax-economics of investing for themselves and their clients. This need is accentuated by the rapid rise of the Internet as a broad-based and effective investment tool. Over 20 million investors have switched to online investment brokerages. Learn about: investing in Bull and Bear markets, direct investing, investment vehicles for maximum tax savings, risk management, investment evaluation, alternative investments and the impact of global economic factors - all this at the speed of the Internet. This course will explore the use of the Internet in company research, fundamental analysis, technical research and the use of key ratios. Whether you intend to invest yourself or just assist clients in reporting their transactions - this course is a must for the techno-accountant!

Who Should Attend: This program is appropriate for professionals at all organizational levels.

Topics Covered:
* Investment purposes
* Investment vehicles & entities
* Analyzing your present situation
* Asset allocation – risk & return
* Taxes
* Developing a financial plan
* Cash management & savings
* Asset types
* Life insurance
* Investment selection & evaluation strategies
Learning Objectives:

After reading Chapter 1, participants will be able to:

1. Determine how filing status affects taxpayers’ filing requirements, standard deductions, and correct tax by:

a. Specifying six severe divorce tax implications and the requirements and effects of filing as married or unmarried;

b. Identifying the requirements of filing a joint return and how to avoid being penalized;

c. Recalling the key elements of filing separate returns including what items to report and recognizing whether or not married taxpayers should file separate returns; and

d. Identifying the requirements for filing as head of household and the tax advantages and disadvantages of this filing status.

2. Select the number of exemptions a client has and state the impact said exemptions will have by:

a. Recognizing the phaseout of exemptions showing its tax impact on taxpayers, identifying when exemptions can be taken for spouses, and specifying reporting requirements for dependent exemptions;

b. Recalling the requirements for pre-2005 dependency particularly relationship, married person, citizen or resident, and income;

c. Identifying the former regular and special method for determining support noting complications from back child support and multiple support agreements;

d. Determining the current “qualified child” standard using residency, relationship, age, and joint return prohibition; and

e. Specifying three requirements that must be met for parents to treat a child as a qualifying child of a non-custodial parent.

3. Determine the differences between deductible and nondeductible divorce expenditures, identify which spouse is subject to tax imposed upon withheld wages, and specify the effects of making separate estimated tax payments or joint declarations of estimated tax.

4. Recognize the special rules that apply to community property states and identify whether clients are affected by these rules by:

a. Determining what constitutes community property noting the nine community property states and specifying the effects of conversion and commingling of property including how to avoid such issues;

b. Identifying community income earned by married couples by:

i. Specifying three reporting guidelines, identifying how to separating income earned and received into community property and separate property and recognizing what income and property belongs to which spouse when they have different residency statuses;

ii. Identifying five requirements for the special community income allocation rules of §66(a) and determining a community property termination and the treatment of alimony payments; and

iii. Recalling importance of statements and records to provide estimates of a former spouse’s income and identifying four conditions for tax relief.

5. Recognize the effect of living together on filing statuses and dependency noting differences between the married tax rate and other tax rates, determine the tax consequences of having a living together contract noting tax traps, and specify four results of Marvin v. Marvin.


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