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Speaker, author, teacher, consultant: I teach/consult to financial, tax, and legal professionals about the tax laws that govern IRAs and employer plans

All-Star Tax Series -IRAs from A to Z: What Tax Practitioners Need to Know (IRAZ)

  • 16 Sep 2015
  • 12:30 PM - 3:30 PM
  • Broadcast

Broadcast Date: Sept. 16, 2015

Denise Appleby, APA, CISP, CRPS, CRC
Mary Kay Foss, CPA
Michael J. Tucker, CPA (moderator)

Tax practitioners should be conversant with all aspects of IRAs, as clients depend on their advice with respect to adopting, contributing to, designating beneficiaries for, and taking distributions from such accounts. The year 2015 saw an unusual number of new developments in this field which tax practitioners must be familiar with. This program addresses the most commonly addressed issues relating to IRAs by using a lifecycle approach, starting with setting up the IRA and concluding with issues relating to beneficiaries taking required minimum distributions.  This information is a “must know” for a general tax practitioner.

Major Topics:

  • New developments and planning strategies for IRA owners and beneficiaries
  • IRA rollovers: what they are, how to do them, and when and how to avoid pitfalls for the unwary tax practitioner
  • How to make beneficiary designations that effectuate the intentions of the owner of the IRA
  • Beneficiary disclaimers and fixing bad beneficiary designations
  • When and how to use a trust as an IRA beneficiary
  • Roth IRA conversions and recharacterizations
  • New rules that allow after-tax contributions to a qualified plan to roll over to a Roth IRA tax-free
  • Calculating and taxing required minimum distributions during the participant’s life, in the year of the participant’s death, and after death
  • How to deal with IRAs that have multiple beneficiaries
  • Problems, penalties and fixes: how to minimize or avoid fines and penalties for mistakes associated with IRAs

Learning Objective: Advise clients regarding major issues and questions associated with IRAs

Designed For: Any tax practitioner who advises clients regarding IRAs

Level of Knowledge: Intermediate

CPE/CFP/EA Credits: 3

NASBA Field of Study: Taxes

IRS Credit Category: Federal tax law

Prerequisite: A basic understanding of the tax rules impacting individuals

Advance Preparation: None


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