Surgent's Individual Tax Planning Ideas Download

Overview

With the far-reaching changes brought about by recent tax reform, careful planning takes on new importance. This course presents the most important income tax planning ideas wealthy clients and closely held business owners need to consider this year to take advantage of the present and plan for the future. It highlights areas in the income tax return that suggest future opportunities for the individual client. Continually updated for items regarding tax reform, including 2021 stimulus bill(s).

Prerequisites

Experience in individual income tax planning and income tax return preparation

Objectives

• Identify areas where individual taxpayers are not taking full advantage of the Code
• Know the directions in which taxes are changing or are likely to change and how that affects planning

Highlights

• The SECURE Act, including IRA and RMD changes, reviewing beneficiaries, and discussing strategies to mitigate the elimination of the stretch IRA
• 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
• Review of pertinent changes from tax reform
• Reading a tax return for developing client-specific tax strategies
• Identifying tax opportunities: reviewing the prior-year return to develop a plan for the future
• Compensation and fringe benefit issues
• Identify clients with net investment income tax problems and the potential ways to reduce or eliminate them
• All in the family: Tax tactics for spouses, children, and parents
• Understanding the environment: what’s new, what’s expired or expiring, and what’s likely to change