Performing Tax Planning for Individual Clients – Ideas and Strategies (PRTX)

Pre-requistes:

Experience in individual income tax planning and income tax return preparation

Knowledge Level:

Intermediate

Major Topics:

• Understanding the environment: what’s new, what’s expired or expiring, and what’s likely to change
• Review of pertinent changes from recent legislation
• Identifying tax opportunities: reviewing the prior-year return to develop a plan for the future
• Overview of major CARES Act and ARPA changes related to individual taxpayers
• Compensation and fringe benefit issues
• All in the family: Tax tactics for spouses, children, and parents
• Reading a tax return for developing client-specific tax strategies
• Identify clients with net investment income tax problems and the potential ways to reduce or eliminate them

Learning Objectives:

• Know the directions in which taxes are changing or are likely to change and how that affects planning
• Identify areas where individual taxpayers are not taking full advantage of the Code

Designed For:

All practitioners involved in tax planning for individuals who need to go beyond basic tax and financial planning techniques