Tax Staff Training, Level 3 - Tax Senior/Supervisor training identifies the more difficult areas for experienced tax compliance specialists. We will focus on understanding business strategies, analyzing your client's competitive position, and converting this knowledge into tax planning and business advice. Increasing exposure into specialized tax niches will position your work force to capitalize on emerging cross-selling opportunities. This level will give staff Seniors and Supervisors the confidence necessary to begin assuming client and engagement management responsibilities
Minimizing taxes for high-wealth clients
How new tax developments affect individuals
Using IRAs in strategic plans
S Corp current developments: tax planning impact
Use of qualified subchapter S subsidiaries(QSUB) and trusts (QSST)
Shareholder compensation planning
Types of Trusts and Trustee powers
Basic concept of estate planning
Advantages and disadvantages comparison of Business Entities
Business Acquisition basics
Asset versus stock based Transactions
Upon completion of this course, you will be able to:
Implement strategies for high-wealth clients, those approaching retirement, homeowners, parents of college-bound children, employees, self-employed individuals, and seniors.
Respond to tax-law and economic developments with up-to-date strategies that save taxes for individual clients.
Render appropriate federal income tax advice to clients who are separated, divorcing, or already divorced.
Identify circumstances that warrant converting from S to C corporation and gain a basic understanding of how to make the conversion.
Interpret tax issues related to the formation of a corporation.
Understand the complex rules of basis and distributions
Apply the rules related to acquisitions and liquidations of S corporations.
Explain the uses of trusts as S corporation shareholders.
Understand the concept of a trust and the various types of trusts.
Advise clients on filing requirements for Forms 706 and 709.
Identify the elements of an estate and grantor trusts
Understand the basic steps in a business acquisition
Analyze the three principle approaches to valuation of a business
Structure compensation alternatives for individual buyers and sellers
Prerequisite: Approximately 3 years of tax compliance experience
Advanced Preparation: None
This comprehensive, integrated curriculum provides tax training for four different experience levels: