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 current rates, selected deductions, statutory amounts, and
  their withholding and/or estimated tax responsibility and specify the
  various filing statuses and their filing requirements recognizing the
  advantages and disadvantages of each.
• Recognize the scope of the §465 at-risk rules and their effect on
  property depreciation, and identify the requirements, taxation, and
  types of §1031 like-kind exchanges.
• Identify the reporting requirements for employers, real estate
  transactions, independent contractors, and cash reporting.
• Recognize the definition of a corporation and its taxation including
  the application of the “check the box” regulations and passive loss limitations.
• Specify methods for identifying inventory items and identify multiple
  corporation tax advantages including consolidated returns.
• Determine payroll taxes and the uses of Form W-2 and identify major employee labor laws.
• Identify basic fringe benefit planning by determining “income” under §61 and specifying the income exclusion for statutory fringe benefits.
• Identify substantiation, recordkeeping, reimbursement, and reporting requirements.
• Recognize the importance and variety of business insurance by
  identifying business insurance types such as §79 group term, retired
  lives reserve and split-dollar life insurance.