We are all (including tax practitioners) getting older, and the need for effective retirement planning has never been greater. This course is essential for participants who wish to attain a comfortable retirement for themselves and their clients by maximizing tax-saving strategies. Designed to improve the quality of services to clients and the profitability of engagements, this presentation integrates federal taxation with retirement planning. The emphasis is on practical simplicity in dealing with the self-employed and highly compensated individual. Distribution options from IRAs and other retirement plans are explored.
Learning Objectives
- Differentiate between qualified and nonqualified deferred compensation plans, including their tax implications and ERISA provisions.
- Identify defined contribution and defined benefit plans and their impact on retirement benefits.
- Understand Roth and traditional IRAs, including setup, distributions, rollovers, beneficiary rules, contribution limits, and recharacterization.
Major Topics
- Qualified deferred compensation
- Basic requirements of a qualified pension plan
- Basic types of corporate plans
- Types of defined contribution plans
- Self-employed plans
- Keogh
- Distribution and settlement options of IRAs
- Tax-free rollovers for IRAs
- Roth IRAs
- Simplified employee pension plans (SEPs)
- SIMPLE plans
