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Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots, by Sid Kess
Author/Moderator: Lance Wallach, CLU, CHFC, CIMC
Publisher: AICPA
Availability: In Stock
Description
Table of Contents
Reviews
Description
This course will enable the practitioner to better understand many of the abusive insurance and annuity-based products being marketed to your clients and how you can alleviate exposure to IRS scrutiny.
Objectives:
- Identify potentially abusive deductions claimed on your client’s tax return
- Enable the practitioner to advise his clients so they can avoid IRS penalties and deduction disallowances
- Learn the pros and cons of the current strategies being employed by financial professionals in developing comprehensive financial plans for individuals and businesses
- Learn to avoid financial exposure to yourself and your clients for aggressive insurance, retirement and financial planning strategies being marketed today
Prerequisite: None
Accepted for CFP® credit.
See full description
Table of Contents
- Overview
- Course Objectives
- Introduction
- Organization
- \Chapter 1 - Abusive Tax Avoidance Transactions - Circular 230 Implications and
- Standards
- Learning Objectives
- Introduction
- Circular 230 - The Best Practice Rules
- Best Practices
- Compliance
- Covered Opinions
- Background of Circular 230
- The Covered Opinion - In General
- Additional Requirements for Marketed Opinions
- Other Written Advice - In General
- Definitions of Federal Tax Issue and Significant Federal Tax Issue
- The Covered Opinion - Listed Transaction Opinions
- Principal Purpose Transactions
- Significant Purpose Transactions
- Marketed Opinions in Significant Purpose Transactions
- Advice Excluded from the Covered Opinion Rules
- Covered Opinion Standards
- Penalty Avoidance
- Specific Requirements
- Special Rules for Marketed Opinions
- Conclusion Generally Required
- Practitioner Competence
- Required Disclosures
- Circular 230 Rules for Other Written Advice
- Determining Compliance and a Higher Standard for Marketed-Type Advice
- Professional Discipline under Circular 230
- Client Problems Facing the Practitioner
- Personal Real Life Experiences
- Penalty for Failure to Disclose Reportable Transactions
- Summary
- Commentary
- Chapter 2 - Abuses in Utilizing Insurance, Retirement, and Welfare Benefit Plans
- Learning Objectives
- Introduction
- Abusive Tax Avoidance Transactions, Especially 419 Plans - How to Spot Them and Advise Clients about Them
- 419A(f)(6) - An Update on Recent Developments
- Definition of Experience Rating
- Use of Insurance Contracts
- Special Rules of Application
- Characteristics Indicating a Plan Is Not Described in Section 419A(f)(6)
- Effective Date
- Adoption of Amendments to the Regulations
- New Development - Welfare Benefit Plans under Section 419(e)
- Personal Real Life Experiences
- Section 419A(f)(5) - Abusive Tax Transactions - Collectively Bargained Welfare Benefit Funds 2-20
- Final Regulations to IRC Sections 6011, 6111, and 6112
- Internal Revenue Service Audits of 412(i) Plans
- Personal Real Life Experiences
- 401(k) Problems
- Problems with the Voluntary Correction Program
- Personal Real Life Experiences
- Summary
- Commentary
- Chapter 3 - Health Insurance, VEBA, College Funding, Hot Spots
- Learning Objectives
- Introduction
- Health Savings Accounts
- Small Businesses at Greater Risk of Losing Money with HSAs
- The Risk of On-Site Medical Clinics
- Creating a Personal Retirement Vehicle using an HSA
- Employers Try to Create a Retirement Vehicle for Employees
- Completion of IRS Form 8889 (Health Savings Accounts)
- Health Reimbursement Arrangements and Individual Insurance
- Voluntary Employees Beneficiary Association (VEBA)
- Strategies and Solutions for College Funding
- The Traditional College Planning Approach
- Good Intentions Can Lead to Potentially Disastrous Consequences
- Traditional Investment Vehicles
- Personal Real Life Experiences
- Summary
- Commentary
- Chapter 4 - Dabbling, Abusive Financial Products, and Avoiding Practice Problems
- Learning Objectives
- Introduction
- Pros and Cons of Some Current Financial Strategies
- Competency, Malpractice, and Related Ethical Issues
- Rule 503
- Should You Be Licensed to Sell Life Insurance and Other Products?
- Pros and Cons of Unneeded Life Insurance
- The Insurance Swapout ProcessSM
- Pros and Cons of Life Insurance Settlements
- Problems with Life Settlements
- Life Settlement Suggested Procedure
- An Abusive Insurance Strategy - A (Negative) Word about Investor-Initiated Life Insurance
- Tax Avoidance and Investor Originated Life Insurance
- An Insurance Recommendation You Should Consider
- Thoughts about Selling Life Insurance and/or Investments
- Current Annuity Strategies
- Variable Annuities
- Fixed Annuities
- Equity Indexed Annuities
- Common Mistakes - "Hotspots"
- Problems with Selling an Annuity
- Why Cancel an Annuity?
- NASD Law Suits
- Organizations You Should Know About
- A Growing Problem - An Example
- Registered Investment Advisor - Why You Might Consider Working with One
- The Vital Role of Business Succession Planning, and Why Life Insurance Is the Best Funding Vehicle
- Rose Stone and Roy Robinson - Case Study
- Business Profile
- LLCs Can Be Member Managed or Manager Managed
- Types of Businesses Structures
- Limited Liability Company - LLC
- What Happens If We Lose A Partner?
- What Is Business Succession Planning
- Determining the Value of Your Business
- Who Are You Going to Call?
- Business Succession Planning Protects R & R LLC Against
- Ok ... Let's Do It!
- The Buy-Sell Agreement
- R & R LLC Choice
- Funding the Buy-Sell Arrangement
- Summary
- Commentary
- Chapter 5 - Ethics Focus: Taxation
- Ethics Overview
- Recent Developments
- Spotlight on Independence in Tax Services
- Key Ethical Dilemmas and Judgment Calls
- Addressing Ethical Dilemmas
- Available Resources
- Chapter 6 - Latest Developments
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