Panelists

Denise Appleby, CISP, CRC, CRPS, CRSP, APA, Heather Schreiber, RICP, Mike Tucker, CPA, LL.M.

• Credits 3
• Level Basic
• Field of Study Taxes

On-site : June 05

Webinar : June 05, June 13

Broadcast Times: Various

Individual course: $89
Volume Discounts:Click here for details.

Overview

Tax practitioners are often challenged when trying to determine which rules apply to IRAs owned by clients who get married, get divorced, retire, attain age 70½ or die.  This program summarizes and explains those rules so tax practitioners can understand which IRA rules apply to these life-changing events.  Because the governing tax code and other authoritative sources are complex, our panelists will present the topics simply and in plain English to help ensure understanding and provide practical solutions that tax professionals can use in their practices.

Major Topics:

• When an IRA owner can take a distribution without an early distribution penalty – highlighting IRA vs. 401(k) exceptions
• The proper way to split IRAs as part of a divorce settlement
• How to preserve the tax-deferred status of inherited IRAs
• The importance of a designated beneficiary
• Tax-efficient required minimum distribution strategies
• Choosing the right distribution options for a spouse beneficiary

Learning Objectives

• Understand the tax aspects of IRA distributions to IRA owners, spouses of IRA owners, ex-spouses of IRA owners, designated beneficiaries and those inheriting IRAs
• Advise clients regarding IRA ownership and IRA distributions that occur because of life-changing events such as marriage, divorce, retirement and death.

Instructor(s): Denise Appleby, APA, CISP, CRPS, CRC, Mike Tucker, Ph.D., LL.M., J.D., CPA

CPE Credits: 2

Register here : https://www.surgentcpe.com/cpe-courses/Top-20-Roth-Rules-Tax-Free-Retirement-Income-IRA2

Overview

Since becoming available in 1998, Roth accounts have become increasingly popular. This is primarily because of the opportunity for tax-free distributions; unlike traditional accounts, for which tax-deferred amounts would be taxable when distributed. Those who want to take advantage of Roth accounts should understand the different ways in which contributions can be made, the different types of contributions, and limitations that apply to such contributions.

Major Topics:

• Roth IRA contribution rules
• Roth 401(k) contribution rules
• Direct and indirect Roth conversions
• Direct and indirect Roth rollovers from qualified plans
• Recharacterizations
• Income tax considerations for Roth conversions
• The two 5-year rules for determining tax treatment

Learning Objectives

• Know how Roth IRA contributions can be made and who is eligible to make those contributions
• Identify the operational and compliance requirements that apply to Roth conversions
• Understand the limitations that apply to recharacterizing Roth activity.
• Recgonize the impact of changes to the recharacterization rules under the Tax Cuts and Jobs Act of 2017
• Understand the transfer or rollover rules that apply to Roth IRAs and Roth 401(k)s
• Know the beneficiary options that apply to Roth accounts
• Understand what makes a distribution “qualified”

Designed for:

Financial advisors, tax professionals, and individuals who support IRAs and employer plans (employees of financial institutions who answers questions about and handle transactions for IRAs and employer plans)

Prerequisite:

A basic understanding of individual income tax

Advanced Preparation:

None

Instructor(s): Denise Appleby, APA, CISP, CRPS, CRC, Mike Tucker, Ph.D., LL.M., J.D., CPA

CPE Credits: 2

Register here : https://www.surgentcpe.com/cpe-courses/Guide-Fundamental-Rules-Tax-Free-Roth-401k-IRA3

Overview

According to the Center for Retirement Research at Boston College, about 40 percent of marriages end in divorce. For many of these individuals, IRAs are included in their divorce settlement agreement. The spouse who receives an IRA as part of a divorce settlement agreement is responsible for paying any income tax due on the amount. To ensue that this requirement is properly applied, the applicable provisions in the Tax Code must be adhered to.

Major Topics:

• The tax implications of splitting an IRA or 401(k) under a divorce settlement
• How divorce affects the 10% early distribution penalty
• Special documentation requirements for qualified retirement plans vs IRAs
• Divorce and portability of retirement accounts
• Distribution limitations for assets awarded under a divorce settlement agreement

Learning Objectives

• Protect clients from unintended consequences when giving up retirement accounts under a divorce settlement agreement
• Identify transactions that are affected by splitting a retirement account under a divorce settlement
• Know the documentation requirements that must be provided to IRA custodians and plan trustees
• Properly split IRA assets that are awarded under a divorce settlement agreement
• Understand how divorce affects a former spouse’s IRA
• Identify tax planning opportunities for retirement assets awarded under a divorce settlement

Designed for:

Financial advisors, tax professionals, and individuals who support IRAs and employer plans (employees of financial institutions who answers questions about and handle transactions for IRAs and employer plans)

Prerequisite:

A basic understanding of individual income tax

Advanced Preparation:

None

Instructor(s): Denise Appleby, APA, CISP, CRPS, CRC, Mike Tucker, Ph.D., LL.M., J.D., CPA

CPE Credits: 2

Register here : https://www.surgentcpe.com/cpe-courses/Top-10-Factors-Choosing-Between-SEP-IRA-SIMPLE-IRA-IRA7

Overview

SEP IRAs and SIMPLE IRA plans are easy to establish and operate and have little administrative cost. They are also easy to communicate to employees and are often considered to be ideal starter plans for small businesses. Both plans have competing and similar features and benefits that would make them suitable for the small business.

Major Topics:

• The features and benefits of SEP IRAs and SIMPLE IRAs
• Documentation requirements for SEP IRAs and SIMPLE IRAs
• Identifying suitable businesses
• Contribution rules
• Notification requirements
• Terminating a SEP or SIMPLE IRA

Learning Objectives

• Learn the operational and compliance requirements fort SEP IRAs and SIMPLE IRAs
• Determine the contribution requirements and limits for SEP IRAs and SIMPLE IRAs
• Know how to establish SEP IRAs and SIMPLE IRAs
• Learn how to communicate SEP IRAs and SIMPLE IRAs, in accordance with regulatory requirements

Designed for:

Financial advisors, tax professionals, and individuals who support IRAs and employer plans (employees of financial institutions who answers questions about and handle transactions for IRAs and employer plans)

Prerequisite:

A basic understanding of individual income tax

Advanced Preparation:

None

Instructor(s): Denise Appleby, APA, CISP, CRPS, CRC, Mike Tucker, Ph.D., LL.M., J.D., CPA

CPE Credits: 2

Register here : https://www.surgentcpe.com/cpe-courses/Retirement-Account-Early-Distribution-Penalty-Exceptions-IRA6

Overview

Distributions from retirement accounts that occur before the account owner reaches age 59½ are subject to a 10% additional tax, unless an exception applies. Eligibility for any of these exceptions is determined by several factors, including the type of account from which the distribution is made. Making a wrong move can result in a retirement account owner losing eligibility for an exception. In some cases, exceptions can only be claimed through proper reporting on the individual's tax return.

Major Topics:

• Early distribution penalty
• Exceptions to the age 59½ rule
• Substantially equal periodic payments
• Exceptions by plan/account type
• Transfer and rollover rules and their effects on qualifications for the exceptions
• Claiming the exception when an IRA custodian's tax reporting shows no exception
• The rules that apply to the different exceptions

Learning Objectives

• Identify distributions that might be subject to the 10% early distribution penalty
• Ensure that clients who qualified for the exceptions do not pay the 10% early distribution penalty because of conflicting tax reporting by IRA custodians and plan trustees
• Understand the tax reporting requirements that apply to early distributions
• Determine suitability for the substantially equal periodic payment program

Designed for:

Financial advisors, tax professionals, and individuals who support IRAs and employer plans (employees of financial institutions who answers questions about and handle transactions for IRAs and employer plans)

Prerequisite:

A basic understanding of individual income tax

Advanced Preparation:

None

Instructor(s): Denise Appleby, APA, CISP, CRPS, CRC, Mike Tucker, Ph.D., LL.M., J.D., CPA

CPE Credits: 2

Register here : https://www.surgentcpe.com/cpe-courses/Top-20-Strategies-Avoiding-RMD-Mistakes-Penalties-IRA5

Overview

Required minimum distribution (RMD) must begin for the year in which the account owner reaches age 70½, unless an exception applies. Failure to comply with the RMD rules will result in the account owner owing the IRS a 50% excess accumulation penalty on any RMD shortfall. RMDs must also be taken from inherited accounts, and the process for determining RMDs for these accounts are more complex than those that apply to RMDs for non-inherited accounts. Interested parties must understand the compliance requirements that apply to RMDs, to be able to assist in ensuring that penalties are avoided.

Major Topics:

• The definition of a required minimum distribution
• The types of accounts that are subject to the required minimum distribution rules
• The parties that are subject to the required minimum distribution rules
• The process for calculating required minimum distribution
• Exceptions and special considerations for required minimum distributions
• Rollover and transfer rules in an RMD year
• The various responsibilities for interested parties
• Qualified charitable distributions

Learning Objectives

• Define an RMD
• Understand how RMDs are calculated
• Recognize the individuals and accounts that are subject to the RMD rules
• Identify mistakes that can occur, how to avoid such mistakes, and how to correct them where possible

Designed for:

Financial advisors, tax professionals, and individuals who support IRAs and employer plans (employees of financial institutions who answers questions about and handle transactions for IRAs and employer plans)

Prerequisite:

A basic understanding of individual income tax

Advanced Preparation:

None

Instructor(s): Denise Appleby, APA, CISP, CRPS, CRC, Mike Tucker, Ph.D., LL.M., J.D., CPA

CPE Credits: 2

Register here :  https://www.surgentcpe.com/cpe-courses/Guide-Avoiding-Top-10-IRA-Distribution-Mistakes-IRA4

Overview

Required minimum distribution (RMD) must begin for the year in which the account owner reaches age 70½, unless an exception applies. Failure to comply with the RMD rules will result in the account owner owing the IRS a 50% excess accumulation penalty on any RMD shortfall. RMDs must also be taken from inherited accounts, and the process for determining RMDs for these accounts are more complex than those that apply to RMDs for non-inherited accounts. Interested parties must understand the compliance requirements that apply to RMDs, to be able to assist in ensuring that penalties are avoided.

Major Topics:

• The definition of a required minimum distribution
• The types of accounts that are subject to the required minimum distribution rules
• The parties that are subject to the required minimum distribution rules
• The process for calculating required minimum distribution
• Exceptions and special considerations for required minimum distributions
• Rollover and transfer rules in an RMD year
• The various responsibilities for interested parties
• Qualified charitable distributions

Learning Objectives

• Define an RMD
• Understand how RMDs are calculated
• Recognize the individuals and accounts that are subject to the RMD rules
• Identify mistakes that can occur, how to avoid such mistakes, and how to correct them where possible

Designed for:

Financial advisors, tax professionals, and individuals who support IRAs and employer plans (employees of financial institutions who answers questions about and handle transactions for IRAs and employer plans)

Prerequisite:

A basic understanding of individual income tax

Advanced Preparation:

None

Instructor(s): Denise Appleby, APA, CISP, CRPS, CRC, Mike Tucker, Ph.D., LL.M., J.D., CPA

CPE Credits: 2

Register here : https://www.surgentcpe.com/cpe-courses/20-essential-ira-tips-saving-taxes-avoiding-penalties

Overview

Years of savings in an IRA or other tax deferred retirement account can be lost to avoidable income tax, IRS penalties and poor tax planning. In many cases, these costs can be avoided by following the provisions in the Internal Revenue Code, IRS regulations and other IRS guidance. These sources, however, are often very complex and can be easily overlooked or misunderstood. This webinar covers 20 tax saving tips that can help account owners avoid pitfalls that frequently cost them a great deal of money.

Major Topics:

• One per 12 month rollover rule
• Rollover tips and traps
• Options for spousal beneficiaries
• Net unrealized appreciation
• Required minimum distributions
• Roth IRA conversions, recharacterizations and reconversions
• Pre-age 59 ½ distributions including Form 5329
• IRA beneficiary related issues and disclaimers

Learning Objectives

• Identify and address many commonly encountered issues associated with IRAs

Designed for:

Financial advisors, tax professionals, and individuals who support IRAs and employer plans (employees of financial institutions who answers questions about and handle transactions for IRAs and employer plans)

Prerequisite:

A basic understanding of individual income tax

Advanced Preparation:

None