Tax Considerations in Financial Planning

Exam Questions: 100
Course Level: Basic
Pages: 446 | Content: 430, Supplemental: 16
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 6870J

Any type of investment decision or financial plan must include an analysis of many factors, including the risk of the investment, the individual or couple's short term and long term financial needs, and the related tax implications. This course covers the tax issues and consequences related to investment decisions, retirement planning, and estate and education planning. PLEASE NOTE: This course material is a component of #5630: Real Estate Tax; therefore, we recommend that you should not take #5630 in the same CPE reporting period. All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00543-23-S

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Course Information

Table of Contents
  • Introduction
  • Tax Treatment of Investment Income
  • Deductions of Investment Expenses
  • Passive and At-Risk Rules
  • Basis of Investment Property
  • Sale of a Home
  • Rental Income and Expenses
  • Mutual Fund Distributions
  • Taxation of Business Entities
  • Alternative Minimum Tax
  • Tax Implications of Marriage and Divorce
  • Employer-Sponsored Retirement Plans
  • Individual Retirement Arrangements
  • Taxation of Social Security Benefits
  • Estate and Gift Taxes
  • Tax Benefits for Survivors
  • Life Insurance and Variable Annuities
  • Trusts as a Financial Planning Tool
  • Tax-Free Savings for Education
  • To recognize the proper tax treatment for various types of investment income
  • To identify limitations on the deductibility of investment expenses
  • To identify how the passive activity and at-risk rules affect the deductibility of investment losses
  • To recall what constitutes the basis of an investment
  • To recognize the tax rules that apply when an individual sells his or her main home
  • To identify some of the tax implications of owning a second home, whether or not for rental purposes
  • To recall rules that govern the taxation of distributions from mutual funds
  • To recall various tax implications on an individual business owner that result from different forms of business entities
  • To recognize items that affect the AMT calculation
  • To recognize the rules affecting the classification of marital property and how marriage or divorce can affect income tax liabilities
  • To identify the various types of retirement plans that small business owners can establish for themselves and their employees and the tax implications of each
  • To identify the different tax rules and implications as they apply to the different types of individual retirement arrangements (IRAs)
  • To recognize the rules governing the benefits provided through the social security system
  • To identify when the federal gift tax and estate tax apply and various methods of eliminating this taxation
  • To recognize the tax benefits offered to surviving spouses and beneficiaries
  • To recognize characteristics of different types of life insurance policies and variable annuities
  • To identify the basics of various kinds of trusts
  • To identify tax benefits that may be available to individuals who are saving for and paying education costs either for themselves or their dependents
  • To identify the compilation and review reporting requirements for an entity that elects the VIE accounting alternative

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.