Help Clients Deal with Tax Law Challenges: Using Practical Planning Strategies

Author: Steven G. Siegel

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2025 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

Help Clients Deal with Tax Law Challenges with Practical Planning Strategies There is a great deal of planning necessary as 2022 comes to an end and 2023 quickly approaches. This year presents special challenges as proposed Tax reform has scrambled many of your standard planning techniques and your clients have questions. What still works? What needs to change? What is coming?

Publication Date: November 2022

Designed For
All tax professionals, accountants, attorneys, financial and estate planners who advise clients on critical tax, estate planning and wealth management

Topics Covered

• Breaking News
• 2022 - Planning in Light of the Pandemic
• Will We See Tax Law Changes in 2022 -2025?
• Are Retro-Active Tax Laws Possible?
• Estate / Gift Taxes: Current Situation
• Planning Opportunity
• Transfers Targeted by the Proposed Regs Not Covered by the Anti-Clawback Rules 20.2010
• Annual Exclusion and Other Gifts
• Take Advantage of IRC 529 Savings Plans
• Consider Direct Tuition and Medical Expense Payments
• The Portability Imperative
• Planning Techniques Remain Alive and Well - For Now
• Biden 2023 Budget Plan ("Greenbook")
• Understand the Income Tax Basis of Property
• Special Basis Rules
• Strategies to Build Basis
• A Powerful Planning Tool - the General Power of Appointment
• Losses in 2022? Realize Gains to Offset Losses
• Are Grantor Trusts The Most Important Tax Planning Technique?
• Charitable Tax Planning
• Stop and Reflect - " In the Planning and Drafting Frenzy of 2020 - 2021" Did We Get Everything Right???

Learning Objectives

• Identify the implications of enacted and proposed tax law changes
• Recognize how to develop planning strategies to protect clients from changes under tax reform
• Identify how to show clients how to maximize current provisions for tax, estate and retirement planning
• Identify the correct statements regarding available planning opportunities
• Identify the five categories of EDBs after the Secure Act
• Recognize correct statements regarding a SLAT
• Identify the number of workers presently acting as independent contractors
• Identify the 2022 estate/gift tax exemption
• Identify the type of trust that provides for life estates in property for every generation of beneficiaries and is typically structured to last for the maximum period of time permitted by state law
• Identify the the 2022 annual exclusion for outright gifts
• Identify the current maximum qualified charitable deduction

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of federal income taxation concepts.

Advance Preparation
None