Description:
This course discusses the income tax treatment of death benefits and living proceeds from life insurance contracts. It considers the statutory definition of life insurance contained in Internal Revenue Code §7702 and the tax consequences of a life insurance contract’s failure to meet the definition. It also addresses the general rules governing the taxation of life insurance policy death benefit proceeds and examines the consequences of: a transfer for value; inclusion of a policy in a qualified plan; corporate-owned life insurance; and the payment of death benefits under a settlement option. The course also discusses the tax treatment of proceeds received under viatical settlements and accelerated death benefits.
In addition, it considers the modified endowment contract (MEC) rules, the tax consequences of a life insurance policy’s MEC status, the tax treatment of policy loans, withdrawals and surrenders and the tax treatment of proceeds received under life settlements.
Description:
We discuss the federal income tax treatment and limitations related to qualified employee plan contributions and distributions, as well as commercial annuity contracts.
Description:
The Tax Cuts and Jobs Act of 2017 (TCJA), signed into law during the closing days of 2017, affects the tax planning and income tax liability for many taxpayers. Among those for whom the TCJA will have a more significant effect are business owners of pass-through trades or businesses who may be eligible for the TCJA’s pass-through deduction. The Section 199A Pass-Through Deduction course examines this deduction This course will examine the pass-through deduction authorized under § 199A of the TCJA.
Description:
You are more likely than ever to encounter clients who have engaged in one or more virtual currency transactions during the year and who may have taxable income as a result. We’ll look at the nature of virtual currency and the tax implications for your clients.
This course provides an overview of accounting and tax professionals’ responsibility to maintain the privacy of customer or consumer information, and to safeguard the information or data, as required by the Gramm-Leach-Bliley Act (GLBA). The course emphasizes how accounting and tax professionals can maintain their compliance with the GLBA through the creation and implementation of a written information security program or plan (WISP). Other considerations that accounting and tax professionals need to be aware of as it relates to Internal Revenue Service Regulations as well as state law, are also considered and explored.
