Guide to Federal Corporate and 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 miss fringe benefits, retirement planning opportunities, corporate business deductions, income splitting possibilities and little known estate planning techniques.

Learning Objectives:

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

• Identify federal revenue tax source noting how gross income is reduced by certain credits, exclusions, and deductions.
• Specify the various filing statuses and their filing requirements noting the advantages and disadvantage of each.
• Determine what constitutes gross income under §61 noting the tax treatment of compensation, fringe benefits, rental income, social security benefits, alimony, prized and awards.
• Identify the mechanics of income exclusions such as education-related exclusions, gift and inheritance exclusions, insurance and personal injury awards.
• Recognize income tax deductions and their use to reduce tax liability.
• 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.