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Overview

8.0 Credits
ONLINE

Each year brings its tax planning challenges, and this year is no exception. Discuss planning strategies and ideas that all clients, particularly wealthy clients, middle-income clients, and closely held business owners, need to consider right now to take advantage of present opportunities and plan for future tax advantages. Learn strategies to impact client lives while bringing value to you and your firm. This material is continuously updated for recent legislation affecting individual taxpayers.

Objectives

  • Mine a tax return for tax planning with a client
  • Understand the planning implications of the current environment
  • Determine the best tax strategies for retirement
  • Understand tax planning for the middle-income client

Major Topics

  • Comprehensive coverage of the Inflation Reduction Act of 2022 and the SECURE Act 2.0
  • Understanding the environment: what’s new, what’s expired or expiring, and what’s likely to change
  • Reading a tax return for developing client-specific tax strategies
  • Will there be more changes in the individual tax laws?
  • Changes to the lifetime estate tax exemption in light of proposed regulations 
  • The net investment income tax: planning for compliance
  • Family income-splitting strategies that need to be considered
  • Income tax issues: impact on timing of other income
  • Selling a principal residence
  • Use of life insurance to protect families
  • Using Roth IRAs and Roth contribution programs to best advantage
  • Conversions: do they still make sense?
  • Taking distributions: matching timing to client requirements
  • Qualified plan contributions to reduce current income and Social Security tax: implications for business owners and self-employed
  • Incentive Stock Options and Employee Stock Purchase Plan considerations
  • What to do about itemized deductions
  • Trans-generational planning: conversions, income, and gain-splitting
  • Tax benefits of HSAs
  • Recent case law, as applicable
  • Identifying tax opportunities: reviewing the prior-year return to develop a plan for the future
  • Planning for middle-income taxpayers: financial planning for the young, the working, and those approaching or in retirement

 

Prerequisite

A basic course in estate and gift tax and a basic course on estate and trust income taxation

 

Sessions

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Tuesday, July 30, 2024

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