Surgent's Individual and Financial-Planning Tax Camp Download

Overview

Each year brings its own set of tax planning challenges, and this year is no exception. This course aims to arm tax planners with planning strategies and ideas that all clients, but in particular, 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 that can really have an impact on client lives, while also bringing value to you and your firm. This material is continuously updated for recent legislation impacting individual taxpayers.

Prerequisites

Experience in individual income tax planning and income tax return preparation

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

Highlights

• The SECURE Act, including IRA and RMD changes, reviewing beneficiaries, and discussing strategies to mitigate the elimination of the stretch IRA
• Understanding the environment: what’s new, what’s expired or expiring, and what’s likely to change
• Overview of major CARES Act and ARPA changes related to individual taxpayers
• Overview of new COVID-19 legislation provisions impacting partners, S corporations, and sole proprietorships, including PPP loans, the ERTC, FFCRA credits, and payroll tax deferral
• Reviewing the temporarily increased meals and entertainment deduction
• Review of pertinent changes from tax reform
• Reading a tax return for developing client-specific tax strategies
• Will there be more changes in the individual tax laws?
• A preview of the Biden administration proposed tax policy changes including The American Families Plan and The Made in America Tax Plan and how they could impact individual tax planning as well as choice of entity considerations 
• 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
• 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
• What to do about itemized deductions
• Trans-generational planning: conversions, income and gain-splitting
• HSAs
• 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
• A brief preview of The Securing a Strong Retirement Act of 2020, also known as The SECURE Act 2.0