Deferred Compensation Plans: Qualified (Currently Unavailable)

Author: CCH Tax Law Editors

CPE Credit:  3 hours for CPAs
3 hours Federal Tax Related for EAs and OTRPs
3 hours Federal Tax Law for CTEC

This course specifically covers qualified deferred compensation plans setting forth the current requirements and consequences of each of the many plans allowed by the federal tax law. It contains an introduction to the various qualified deferred compensation plans available to large and small organizations, as well as those available to individuals. At the completion of this course, the practitioner should be able to: Recognize the key differences between qualified and nonqualified deferred compensation plans. Clarify the hurdles to surpass in achieving tax deferral status for qualified deferred compensation plans. Clarify the specific rules governing the timing and amount of distributions from qualified deferred compensation plans. Clarify how contributions to qualified deferred compensation plans are taxed. Clarify how distributions from qualified deferred compensation plans are taxed. Recognize the basic types of qualified deferred compensation arrangements that employers can sponsor and describe their features. Recognize the deferred compensation plans available to self-employed taxpayers and describe their features. Differentiate between traditional and Roth IRAs and explain how they operate and are taxed. Appreciate how nonqualified deferred compensation plans are set up to attain tax advantages similar to those offered by qualified deferred compensation plans. Recognize vehicles available for educational savings and describe their features. Understand the protection protection provided by compensation plans in bankruptcy.

Publication Date: July 2016

Learning Objectives

  • At the completion of this course, the practitioner should be able to: Recognize the key differences between qualified and nonqualified deferred compensation plans. Clarify the hurdles to surpass in achieving tax deferral status for qualified deferred compensation plans. Clarify the specific rules governing the timing and amount of distributions from qualified deferred compensation plans. Clarify how contributions to qualified deferred compensation plans are taxed. Clarify how distributions from qualified deferred compensation plans are taxed. Recognize the basic types of qualified deferred compensation arrangements that employers can sponsor and describe their features. Recognize the deferred compensation plans available to self-employed taxpayers and describe their features. Differentiate between traditional and Roth IRAs and explain how they operate and are taxed. Appreciate how nonqualified deferred compensation plans are set up to attain tax advantages similar to those offered by qualified deferred compensation plans. Recognize vehicles available for educational savings and describe their features. Understand the protection provided by deferred compensation plans in bankruptcy. Identify vehicles available for savings for health insurance. Identify the tax credits available as incentives to retirement Savings.

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (3 hours)

Program Prerequisites
Basic knowledge of federal income taxation

Advance Preparation
None

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