12880 - FPCC 437 Tax Planning for Professionals

Course Description

This comprehensive course provides students with an understanding of income tax planning principles to effectively boost household income after tax. The curriculum places a strong emphasis on gaining a deep understanding of tax laws, concepts, and rules, as well as highlighting opportunities for effective planning. Students will be well-versed in the application of tax planning principles to a range of financial scenarios, enabling them to provide effective guidance to clients and individuals alike.

Course Outline

Introduction to Tax & Tax Law
Gross Income from Personal and Investment Activities
Intro to Deductions
Below the Line Deductions
Other Deductions, Penalties; and Loss Disallowance
Fundamentals of Income Taxation
Basis Rules, Depreciation, and Asset Categorization
The Taxation of Capital Assets; Business Assets
Nontaxable Exchanges
Passive Activity Rules; Alternative Minimum Tax
Business Entity Selection and Taxation
Case Study Applications for Tax Planning

Learner Outcomes

Describe and apply the federal income tax system to the calculation of gross income and tax liabilities for households and small businesses.
Describe the tax implications of property transactions, including depreciation, sales, and other disposition.
Explain the alternative minimum tax and its effects on tax liability, and describe the characteristics and taxation of various legal business entities, such as partnerships, LLCs, and C and S Corporations.
Apply the concepts of gift and estate taxation to the development of plans for estate and lifetime giving to achieve the benefactor’s goals.

Notes

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Prerequisites

Preferred: Completion of FPCC 435 Financial Planning Fundamentals with a 'C' or better. This course can be taken concurrently with 435.

Students should not take this course concurrently with FPCC 441 Financial Plan Development & Capstone.