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2 hours
CTEC IRS NASBA

Mastering the Art of Tax Planning

Course Description:

Tax planning is fire prevention. Tax preparation is arson investigation. Tax professionals need to be more than “historians” of the past: they must be the “planners and facilitators” of the future. Instructor Stuart Sobel shares his 48 years of experience in this unique class that will provide practical ways to assist your clients as they navigate through the bottomless abyss called the American tax system.

Course topics:

  • Translating the financial or business plans of the client into tangible tax savings for the future
  • Anticipating the impact of the changing tax climate in the United States
    • Choosing the best tax “choices” for your client
    • Retirement plans
    • Forms of business organization
    • Hobby versus business
    • Charitable giving
    • Opportunities to convert realized income into non-recognized income
    • Understanding the differences between a tax shelter and an abusive tax shelter
    • Office in home, auto expenses, travel, and entertainment
    • Minimizing recordkeeping requirements without giving away tax savings
    • Teaching a client how to properly treat an aggressive tax position
    • Timing for tax savings
    • And more
  • Analyzing IRS data to compare your clients to other clients

Learning objectives:

  • Obtain improved knowledge of your client’s financial background and plans for the future
  • Analyze the impact of future tax law changes on specific clients
  • Secure skills to guide clients toward improving their future financial status
  • Acquire in-depth knowledge of the differences between realized and recognized income
  • Obtain skills of analyzing completed tax returns for recommendations for future planning
  • Discern the differences between legitimate and abusive tax shelters
  • Reduce future scrutiny by the IRS

Who will benefit:

  • This program will provide valuable assistance to all personnel in: For profit and nonprofit organizations dealing with taxation issues
  • Self employed businesses
  • Accounting and taxation firms and service providers serving clients in tax planning, preparation, and controversy issues
  • Faculty and students of taxation courses

Targeted mainly to:

  • Corporate leadership in closely held businesses
  • Payroll supervisors
  • Taxation and accounting staff
  • Independent contractors
  • CFO and controllers

Level: Basic
Prerequisite: None

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