Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots, by Sid Kess

• Overview
  • Course Objectives
  • Introduction
  • Organization
• Chapter 1 - Abusive Tax Avoidance Transactions - Circular 230 Implications and
  • Standards
  • Learning Objectives
  • Introduction
  • Circular 230 - The Best Practice Rules
    • Best Practices
    • Compliance
    • Covered Opinions
    • Background of Circular 230
    • The Covered Opinion - In General
    • Additional Requirements for Marketed Opinions
    • Other Written Advice - In General
    • Definitions of Federal Tax Issue and Significant Federal Tax Issue
    • The Covered Opinion - Listed Transaction Opinions
    • Principal Purpose Transactions
    • Significant Purpose Transactions
    • Marketed Opinions in Significant Purpose Transactions
    • Advice Excluded from the Covered Opinion Rules
  • Covered Opinion Standards
    • Penalty Avoidance
    • Specific Requirements
    • Special Rules for Marketed Opinions
    • Conclusion Generally Required
  • Practitioner Competence
  • Required Disclosures
  • Circular 230 Rules for Other Written Advice
  • Determining Compliance and a Higher Standard for Marketed-Type Advice
  • Professional Discipline under Circular 230
  • Client Problems Facing the Practitioner
    • Personal Real Life Experiences
    • Penalty for Failure to Disclose Reportable Transactions
  • Summary
  • Commentary
• Chapter 2 - Abuses in Utilizing Insurance, Retirement, and Welfare Benefit Plans
  • Learning Objectives
  • Introduction
  • Abusive Tax Avoidance Transactions, Especially 419 Plans - How to Spot Them and Advise Clients about Them
    • 419A(f)(6) - An Update on Recent Developments
    • Definition of Experience Rating
    • Use of Insurance Contracts
    • Special Rules of Application
    • Characteristics Indicating a Plan Is Not Described in Section 419A(f)(6)
    • Effective Date
    • Adoption of Amendments to the Regulations
    • New Development - Welfare Benefit Plans under Section 419(e)
    • Personal Real Life Experiences
    • Section 419A(f)(5) - Abusive Tax Transactions - Collectively Bargained Welfare Benefit Funds 2-20
    • Final Regulations to IRC Sections 6011, 6111, and 6112
    • Internal Revenue Service Audits of 412(i) Plans
    • Personal Real Life Experiences
  • 401(k) Problems
    • IRS Top 401(k) Problems
  • Problems with the Voluntary Correction Program
    • Personal Real Life Experiences
  • Summary
  • Commentary
• Chapter 3 - Health Insurance, VEBA, College Funding, Hot Spots
  • Learning Objectives
  • Introduction
  • Health Savings Accounts
    • Small Businesses at Greater Risk of Losing Money with HSAs
    • The Risk of On-Site Medical Clinics
    • Creating a Personal Retirement Vehicle using an HSA
    • Employers Try to Create a Retirement Vehicle for Employees
    • Completion of IRS Form 8889 (Health Savings Accounts)
  • Health Reimbursement Arrangements and Individual Insurance
    • Conclusion
  • Voluntary Employees Beneficiary Association (VEBA)
  • Strategies and Solutions for College Funding
    • The Traditional College Planning Approach
    • Good Intentions Can Lead to Potentially Disastrous Consequences
    • Traditional Investment Vehicles
    • Personal Real Life Experiences
  • Summary
  • Commentary
• Chapter 4 - Dabbling, Abusive Financial Products, and Avoiding Practice Problems
  • Learning Objectives
  • Introduction
  • Pros and Cons of Some Current Financial Strategies
    • Competency, Malpractice, and Related Ethical Issues
  • Rule 503
  • Should You Be Licensed to Sell Life Insurance and Other Products?
    • Pros and Cons of Unneeded Life Insurance
    • The Insurance Swapout ProcessSM
    • Pros and Cons of Life Insurance Settlements
    • Problems with Life Settlements
    • Life Settlement Suggested Procedure
    • An Abusive Insurance Strategy - A (Negative) Word about Investor-Initiated Life Insurance
    • Tax Avoidance and Investor Originated Life Insurance
    • An Insurance Recommendation You Should Consider
    • Thoughts about Selling Life Insurance and/or Investments
    • Current Annuity Strategies
    • Variable Annuities
    • Fixed Annuities
    • Equity Indexed Annuities
    • Common Mistakes - "Hotspots"
    • Problems with Selling an Annuity
    • Why Cancel an Annuity?
    • NASD Law Suits
    • Organizations You Should Know About
    • A Growing Problem - An Example
    • Registered Investment Advisor - Why You Might Consider Working with One
  • The Vital Role of Business Succession Planning, and Why Life Insurance Is the Best Funding Vehicle
    • Rose Stone and Roy Robinson - Case Study
    • Business Profile
    • LLCs Can Be Member Managed or Manager Managed
    • Types of Businesses Structures
    • Limited Liability Company - LLC
    • What Happens If We Lose A Partner?
    • What Is Business Succession Planning
    • Determining the Value of Your Business
    • Who Are You Going to Call?
    • Business Succession Planning Protects R & R LLC Against
    • Ok ... Let's Do It!
    • The Buy-Sell Agreement
    • R & R LLC Choice
    • Funding the Buy-Sell Arrangement
  • Summary
  • Commentary
• Chapter 5 - Ethics Focus: Taxation
  • Ethics Overview
  • Recent Developments
  • Spotlight on Independence in Tax Services
  • Key Ethical Dilemmas and Judgment Calls
  • Addressing Ethical Dilemmas
  • Available Resources
• Chapter 6 - Latest Developments

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