Approved IAR CE Courses

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine recent tax changes that are significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes.

Retirement Plans, Pensions and Annuities is a course that discusses the federal income tax treatment of, and limitations related to a) qualified employee plan contributions and distributions, and b) commercial annuity contracts. It examines the qualified plan limits and income taxability of: employer and employee contributions (including designated Roth account contributions); plan loans; life insurance contained in the plan; plan distributions, including distributions as periodic payments and non-periodic payments; required minimum distributions; and rollovers. The course also examines the tax treatment of lump-sum distributions and periodic payments received under commercial annuity contracts. A final examination covering the course material is administered.

Individual retirement accounts (IRAs) are used to defer the recognition of income. In the Guide to Individual Retirement Accounts course, we discuss the various types of IRAs, caps on contributions to them, the deductibility of these contributions, required minimum distributions, and several related topics. The intent is to demonstrate how to maximize the deferral of income recognition while also minimizing the taxes and penalties associated with these accounts.

In this course you will be introduced to terms and concepts used in connection with individual retirement accounts. Each new term is defined in the text and included in the Glossary. The concepts are explained and, where appropriate, are demonstrated through the use of examples.At the conclusion of each important section, a Review Quiz is presented to test comprehension of the material presented. A response is given to each answer you select to the questions in the Review Quiz affirming the correct choice or explaining why the choice you selected was incorrect.

There are a number of alternative assets that may generate higher yields than your usual
investments in the stocks and bonds of public companies. In the Investing in Alternative
Assets course, we describe a range of alternative assets and their characteristics, including
investments in collectibles, cryptocurrency, infrastructure, intellectual property, life settlements,
and more. We also note the dangers inherent in these investments, and the types of
analysis work required to decide whether alternative assets might be a good investment
choice for you.

Personal Life Insurance Planning examines the type of client data needed to determine minimum life insurance coverage requirements. It identifies the various lump-sum cash needs at the death of a breadwinner and provides guidelines to enable advisers to recommend life insurance in amounts that fully protect clients. It identifies typical surviving family income needs following a breadwinner's death. Advisers learn to calculate adequate survivor income and appropriate life insurance needed to provide required income. Social Security survivor benefits are discussed, including the Child's benefit, the Mother's or Father's benefit, and Widow's and Widower's benefit.

Principles of Wealth Management examines the financial planning discipline, including Its need, as evidenced by the U.S. poverty rate, the U.S. savings rate, the lack of financial retirement readiness and the ever-increasing cost of higher education. The course details the principal steps in developing a financial plan, the critical issues in managing and protecting wealth, the products and concepts available to implement wealth management objectives and their tax treatment.

The current litigation explosion has created tremendous interest in asset protection. Not only does this area have financial and estate aspects, but it also directly impacts tax planning. This mini-course is designed to survey opportunities for asset protection that can arise during tax planning and to determine how to properly report such transactions.

The various ideas, methods, and techniques to optimize the overall compensation package for key employees and principals are examined in this mini-course. Generally, businesses may deduct employees' pay including wages, salaries, and other perks. Certain fringe benefits that can provide an unusually tax-favored manner of supplementing compensation are described and evaluated. In addition, equity participation is explored through stock sales, repurchase agreements, incentive stock options, ESOTs, stock options, and bonuses. Finally, deferred compensation arrangements are investigated. The goal of this mini-course is to provide participants with a working knowledge of the types of compensation necessary to structure a compensation package minimizing tax liabilities and cost.

According to a survey done by the Pew Research Center whose results were published in April 2023, 17% of Americans indicated they personally have invested in, traded or otherwise used virtual currency. Additionally, the number of people investing in or engaging in transactions involving virtual currency continue to increase. These statistics strongly suggest that tax preparers must be aware of the nature of virtual currency and its tax treatment. It's to provide that awareness that Tax Treatment of Virtual Currency was written.