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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 33 ||| Word Count: 18,159 ||| Review Questions: 15 ||| Final Exam Questions: 15 |
| CPE Credits : | 3.0 |
| IRS Credits : | 3 |
| Price : | $26.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 240 |
| Description : | This mini-course examines the various ideas, methods, and techniques capable of optimizing the overall compensation package for key employees and principals in small to medium-sized businesses. Qualified and non-qualified deferred compensation, benefit targeting, insurance programs, statutory fringe benefits, interest-free loans, and investment planning are investigated. Consideration is given to indirect compensation in the form of business entertainment, expense accounts, auto use, travel, and transportation. The new field of professional services is probed to provide tax, financial, and estate planning to the key executive. |
| Usage Rank : | 12941 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed |
| Additional Links : |
Cash Flow Definition
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 16-Mar-2024 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 240 |
| Keywords : | Taxes, Getting, Cash, Out, Your, Business, Tax, Mini, Course, cpe, cpa, online course |
| Learning Objectives : |
As a result of studying the assigned materials, you should be able to meet the objectives listed below. ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:
* Avoiding taxable income * Unreasonable compensation * Nonqualified deferred compensation * Basic types of corporate retirement plans * Individual plans * Fringe benefits * Employer-provided automobile * Business entertainment * Business travel & transportation After reading the materials, participants will be able to:
2. Determine compensation to maximize the net dollar return using strategies that involve all aspects of how the client relates to the company for which they may be an owner, employee, or both. 3. Specify the differences between qualified deferred compensation plans and nonqualified deferred compensation plans, and recognize defined contribution plans from defined benefit plans identifying the characteristics of each so that business owners may choose the most suitable plan to accomplish their financial and worker incentive objectives. 4. Recognize the scope and variety of excluded fringe benefits including tax treatment, operational details, and level of incentive-based compensation. 5. Identify the disallowance of entertainment expenses, determine the tax treatment of reimbursements paid under accountable and unaccountable plans, and recognize deductible travel expenses undertaken for business. 6. Specify types of insurance that a company can provide its employees, define the various types of equity participation available from which companies may choose, and identify the basic types of buy-sell agreements. |
| Course Contents : | Chapter 1 - Getting Cash Out of Your Business Financial & Tax Fundamentals Income Compensation Strategies Income Tax Rates Capital Gains & Dividends - §1(h) Tax on Net Investment Income - §1411 Deferral of Income Equivalent to an “Interest-free" Loan Tax Bracket Straddle Tax Savings v. Loss of Buying Power Protecting Deferred Amounts Tax Deferral Is Not Elimination Bottom Line Acceleration of Deductions Time Value of Deductions Special Treatment of Fringe Benefits Avoiding Taxable Income Excluded Statutory Fringe Benefits Foreign Earned Income - §911 Housing Exclusion - §119 Ministers - §107 Worker’s Compensation - §104(a)(1) Personal Injury - §104(a)(2) Unreasonable Compensation Scope of Examination Factors Employee’s Qualifications Size of the Business Employee’s Compensation History Services Performed by the Employee Miscellaneous Factors Nonqualified Deferred Compensation Contractual Arrangement Tax Status Unfunded Bare Contractual Promise Plan - Type I Funded Company Account Plan - Type II Segregated Asset Plan - Type III Qualified Deferred Compensation - Retirement Plans Basic Types of Corporate Plans Defined Benefit Defined Benefit Pension Defined Contribution Types of Defined Contribution Plans Profit Sharing Money Purchase Pension Cafeteria Compensation Plan Thrift Plan Section 401(k) Plans - CODAs Section 415(c) Limitations Self-Employed Plans - Keogh 25% Versus 20% Individual Plans Individual Retirement Accounts Employer-Sponsored IRA Roth IRA - §408A Eligibility Contribution Limitation Roth IRAs Only Roth IRAs & Traditional IRAs Simplified Employee Pension Plans (SEPs) Contribution Limits & Taxation SIMPLE Plans SIMPLE IRA Plan Employee Limit SIMPLE §401(k) Plan Fringe Benefits General Valuation Rule Fair Market Value Special Valuation Rules Restrictions on Special Valuation Rules Withholding & Accounting General Accounting Rule Special 2-Month Pour-Over Accounting Rule Employee Achievement Awards - §74(c) & §274(j) Definition of Employee Achievement Awards Qualified Plan Award Group Term Life Insurance - §79 Group Requirements Family Member Cost Self-Insured Medical Reimbursement Plans - §105 Benefits Reporting Exposure Medical Insurance - §106 Meals & Lodging - §119 Convenience of Employer Cafeteria Plans - §125 Qualified Benefits Non-Qualified Benefits Employee Educational Assistance Programs - §127 Requirements Educational Assistance Dependent Care Assistance - §129 Requirements 55% Test No-Additional-Cost Services - §132(b) Line of Business Requirement Definition Qualified Employee Discounts - §132(c) Amount of Discount Working Condition Fringes - §132(d) Additions to Exclusion De Minimis (Minimal) Fringes - §132(e) Subsidized Eating Facilities Qualified Transportation - §132(f) Employer-Provided Automobile - §132 & §61 General Valuation Method Special Method #1 - Lease Value Annual Lease Value Prorated Annual Lease Value Daily Lease Value Special Method #2 - Cents per Mile Regular Use Mileage Rule Special Method #3 - Commuting Value Control Employee Moving Expense Reimbursement - §217 On-premises Athletic Facility - §132(j)(4)(B) Adoption Assistance Program - §137 Employer-Provided Retirement Advice & Planning - §132 Financial Planning - §212 & §67 Popularity Taxation Tax Planning - §212 & §67 Taxation Estate Planning - §212 & §67 Business Entertainment Percentage Reduction for Meals - §274(n)(1) Application of Reduction Rule Substantiation & Recordkeeping Documentation Employee Expense Reimbursement & Reporting Accountable Plans Business Travel & Transportation Domestic Business Travel Foreign Business Travel Personal Pleasure Primarily Business Full Deduction Insurance Retired Lives Reserve Split-Dollar Life Business Travel Accident Insurance Medical & Dental Insurance Equity Participation Stock Sales or Unrestricted Stock Plan Stock Plans Stock Bonus ESOT Phantom Stock Repurchase or Restricted Stock Agreement Stock Options Stock Appreciation Rights Plans Qualified Incentive Stock Option Buy-Sell Agreements Definition Glossary |
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