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A perfect follow-up to “Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots,” this course was created by the renowned Sid Kess. Learn the best strategies for reducing taxes and building, conserving and passing wealth to the next generation while at the same time avoiding abusive strategies. Utilize retirement planning strategies under the Pension Protection Act and the latest health care financing methods. Advise your clients how to avoid being victims of IRS enforcement of aggressive insurance and retirement products.
Objectives:
Prerequisite: None
Accepted for PFS and EA credit.
733731
Chapter 0 - Overview
Course Objectives
Introduction
The last few years have seen the Treasury Department and Congress taking steps to curb the proliferation of abusive tax shelters. Congress reacted by enacting the American Jobs Creation Act of 2004 (AJCA) which includes 15 different tax shelter provisions. In addition to providing new and increased penalties for taxpayers and their advisors, the AJCA amended 31 USC ~§~330 to grant the Treasury and the IRS expanded authority to impose Circular 230 standards for written advice and monetary penalties for practitioners who violate any provision of Circular 230.
The IRS has issued Notice 2007-39 to implement provisions of the AJCA. Previously the IRS's arsenal of enforcement weapons to deal with the regulation of practitioners that violated Circular 230 did not include any monetary penalties.
The new practice standards enumerated by the IRS provide (1) "inspirational" practice standards for tax advisors, (2) mandatory requirements for "covered opinions," and (3) new practice standards for all other written tax advice.
Increasingly, the accounting profession is the subject of lawsuits filed by disgruntled clients. The accountant is looked upon by the litigators as the "deep pocket," as often times other defendants have made themselves judgment proof. It is important for accountants to understand planning alternatives to "abusive" strategies.
Organization
This course will cover four main planning areas: Business financial planning, personal financial planning, advanced financial planning, and health insurance planning.
The course is a combination of discussion and examples to illustrate the concepts covered in the course.
Chapter 1 - Planning for Business Owners
Learning Objectives
After completing this chapter, you should . Understand how to integrate a SEP IRA, defined benefit/defined contribution plans, VEBAs, and long-term care as part of a business financial plan. . Discover how to use innovative retirement and financial programs to improve business and personal financial wealth of your clients. Introduction Your business owner clients face a number of important concerns, including, how to offer benefit plans that provide substantial benefits to the owner without engaging in abusive tax shelters. This chapter will focus on how to build a retirement plan that favors the business owner(s), executive carve out long-term care, a relatively new benefit that can legally be designed to discriminate in favor of the owner and/or key employees, and how to participate in a VEBA plan without running afoul of the IRS.
733731
Customer Service
Customer Service
Customer Service
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