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

Author/Moderator: Lance Wallach, CLU, CHFC, CIMC
Publisher: AICPA
Availability: 10/01/2008
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Description

This course was created by the renowned Sid Kess and taught by top instructors.

Utilizing Circular 230, the IRS is imposing stepped up penalties of up $100,000 per occurrence against taxpayers and their advisors.

With increased IRS scrutiny and audit activity, you will better understand many of the abusive financial strategies, insurance and annuity-based products being marketed to your clients and how you can alleviate your client’s exposure.

Objectives: 

  • Identify potentially abusive deductions claimed on your client’s tax return
  • Advise your clients so they can avoid IRS penalties and deduction disallowances
  • Learn the pros and cons of the current strategies being employed by financial professionals in developing comprehensive financial plans for individuals and businesses
  • Learn to avoid financial exposure to yourself and your clients for aggressive insurance, retirement and financial planning strategies being marketed today

Prerequisite: None

Table of Contents

  • 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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Excerpts

Videocourse Details

NASBA Field of Study: Taxes
Level: Intermediate
Recommended CPE Credit: 6
Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots, by Sid Kess
Text
Product# 733721
Availability:10/01/2008
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AICPA Member:$125.00
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