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.

Learning Objectives:

Upon successful completion of this course, participants will be able to:

• Point out the goals and purposes of asset protection and describe the objections some people have about shielding assets from creditors.
• Advise clients on the importance of the three types of creditors associated with asset protection and fraudulent transfers.
• Summarize the fraudulent transfer laws listing several badges of fraud, clarify statute of limitations and criminal penalties, and differentiate permissible asset transfer.
• Determine the degree and necessity of asset protection by figuring net worth using a balance sheet, determining asset values, and preparing a balance sheet.
• Analyze and contrast the asset protection advantages and disadvantages of ownership formats and entities.