Income Tax Planning
Certification Education Program
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Income Tax Planning
Course Description
This course introduces students to the application of income tax planning in personal financial planning. The course construct is based on the Job Analysis Topics specified by the CFPT Board of Standards. This course is designed to provide students with an understanding of the concepts of the fundamentals of income taxation, tax computations and concepts, tax planning, and hazards and penalties. This course is intended to be part of a preparatory program for the CFP® Certification Examination and is designed to meet the educational requirements for certification in income tax planning.
Course Schedule and Assignments
Session 1, Introduction
- Leimberg: Chapter 1. Income Tax Law Fundamentals
- Leimberg: Chapter 2. Tax Compliance
- Leimberg: Chapter 6. Calculation of Tax
Session 2, Gross Income
- Leimberg: Chapter 3. Income
- Leimberg: Chapter 10. Accounting Periods
- Leimberg: Chapter 23. Income in Respect of a Decedent
- Leimberg: Chapter 24. Timing of Income and Deductions
- Leimberg: Chapter 25. Conversion of Income
Session 3, Deductions and Credits
- Leimberg: Chapter 4. Deductions
- Leimberg: Chapter 5. Credits
- Leimberg: Chapter 19. Charitable Contributions and Deductions
- Leimberg: Chapter 28. Charitable Planning
Session 4, Property Transactions
- Leimberg: Chapter 16. Cost Recovery Concepts
- Leimberg: Chapter 20. Basis
- Leimberg: Chapter 21. Capital Gains and Losses
- Leimberg: Chapter 30. Like-Kind Exchanges
- Leimberg: Chapter 31. Planning for Sale or Exchange of Assets
Session 5, Passive Activity Rules and Alternative Minimum Tax
- Leimberg: Chapter 17. Passive Activity and At-Risk Rules
- Leimberg: Chapter 18. Alternative Minimum Tax
- Leimberg: Chapter 26. Alternative Minimum Tax Planning
Session 6, Business Forms
- Leimberg: Chapter 11. Sole Proprietorships
- Leimberg: Chapter 12. Partnerships
- Leimberg: Chapter 13. C Corporations
- Leimberg: Chapter 14. S Corporations
- Leimberg: Chapter 15. Limited Liability Companies and Partnerships
Session 7, Trusts and Estates
- Leimberg: Chapter: 7. Grantor Trusts
- Leimberg: Chapter. 8. Simple vs. Complex Trusts
- Leimberg: Chapter. 9. Income Taxation of Estates
Session 8, Special Planning
- Leimberg: Chapter. 22. Marriage and Divorce
- Leimberg: Chapter. 27. Stock Option Planning
- Leimberg: Chapter. 32. Retirement Income Planning
Session 9, Course Summary and Review
- Lovett: Summary Review Notes
Session 10, Examination
- Examination, Income Tax Planning
Grading
- 90 to 100 A
- 80 to 89 B
- 70 to 79 C
- Below 70 F
Textbooks
- The Tools and Techniques of Income Tax Planning, Leimberg. To order click National Underwriter.
- Income Tax Planning, Keir http://jckeir.storezonline.com/barry.asp
- Multiple Choice Questions, Income Tax Planning, Keir
- Comprehensive Case Study, Keir
The Keir texts are supplements to the primary text and lecture. They provide focus on the learning objectives required for the CFP® Certification Examination.
Certified Financial Planner Board of Standards, Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete initial and ongoing certification requirements.
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