Surgent's This Year's Best Income Tax, Estate Tax, and Financial-Planning Ideas Download

Overview

With different tax rates for individuals and trusts, tax planning takes on more importance. New legislation including the SECURE Act and CARES Act increases the importance of generating new ideas for financial planning and saving for retirement. The purpose of this course is to explore practical tax-planning ideas that practitioners can use to assist clients with their needs. This course is crucial for CPAs who are looking for good ideas that can save clients money! Continually updated for legislative developments.

Prerequisites

Basic course in individual income tax, Social Security, and estate planning

Objectives

• Understand life insurance for both income and estate planning
• Identify strategies that are effective following estate and gift tax reform
• Understand options available to baby boomers as they reach retirement in light of Social Security
• Prepare for potential legislative changes to retirement and estate planning

Highlights

• The SECURE Act IRA and RMD changes, with a specific look at planning strategies in light of the elimination of the "stretch IRA"
• A preview of proposals outlined in The Securing a Strong Retirement Act of 2020 ("SECURE Act 2.0")
• Major COVID-19 legislative updates, including provisions from the CARES Act, Consolidated Appropriations Act of 2021 (CAA 2021), and American Rescue Plan Act (ARPA)
• The Biden administration's proposed American Families Plan with an emphasis on provisions that impact estate planning
• An overview of the mechanics and practical considerations of Donor Advised Funds
• A historical overview of virtual currency as well as increased IRS scrutiny on the tax implications of such transactions
• The best new income tax and estate-planning ideas, including items from tax reform
• The changing Social Security landscape: what it means for planning
• Creative charitable giving strategies
• Financial planning strategies
• Maximizing retirement plan benefits
• Using intentionally defective grantor trusts
• Miscellaneous tax-planning techniques that can add up to significant tax savings
• How to use the whole family for tax savings
• Life insurance
• Up-to-the-minute ideas reflecting new tax law changes in cases, regulations, and rulings