TEXAS COMPLIANCE PENDING:
Texas requires a class be reviewed by enough students to assign earned CPE credits. This course is still new enough that we are obtaining the reviews needed. We recommend Texas CPAs check back soon. This process is usually finished within a few weeks.
Getting Cash Out Of Your Business
Mini-Course Description & Study Guide
This mini-course examines the various ideas, methods, and techniques capable of optimizing the overall compensation package for key employees and princi-pals in small to medium-sized businesses. Qualified and non-qualified deferred compensation, benefit targeting, insurance programs, statutory fringe benefits, interest-free loans, and investment planning are investigated. Consideration is given to indirect compensation in the form of business entertainment, expense accounts, auto use, travel, and transportation. The new field of professional ser-vices is probed to provide tax, financial, and estate planning to the key execu-tive.
Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless oth-erwise indicated, no correct or incorrect feedback for any exam question will be provided.
Course Level: Overview. This program is appropriate for professionals at all organizational levels.
Field of Study: Taxes
Prerequisite: General understanding of federal income taxation.
Advanced Preparation: None
Learning Assignment & Objectives
As a result of studying the assigned materials, you should be able to meet the objectives listed below.
ASSIGNMENT SUBJECT
At the start of the materials, participants should identify the following topics for study:
* Deferral of income
* Avoiding taxable income
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* Unreasonable compensation
* Nonqualified deferred compensation
* Basic types of corporate retirement plans
* Individual plans
* Fringe benefits
* Employer-provided automobile
* Business entertainment
* Business travel & transportation
Learning Objectives
After reading the materials, participants will be able to:
1. Identify types of income, from a financial and tax perspective, to be budgeted into cash so that income-producing assets can be acquired and managed for an effective investment plan.
2. Determine compensation to maximize the net dollar return using strategies that involve all aspects of how the client relates to the com-pany for which they may be an owner, employee, or both.
3. Specify the differences between qualified deferred compensation plans and nonqualified deferred compensation plans, and recognize defined contribution plans from defined benefit plans identifying the characteristics of each so that business owners may choose the most suitable plan to accomplish their financial and worker incentive objec-tives.
4. Recognize the scope and variety of excluded fringe benefits includ-ing tax treatment, operational details, and level of incentive-based compensation.
5. Identify the disallowance of entertainment expenses, determine the tax treatment of reimbursements paid under accountable and unac-countable plans, and recognize deductible travel expenses undertaken for business.
6. Specify types of insurance that a company can provide its employ-ees, define the various types of equity participation available from which companies may choose, and identify the basic types of buy-sell agreements.
After studying the materials, answer exam questions 1 to 15.
Notice
This course and test have been adapted from materials and information contained in the above text and any supplemental material provided. This course is sold with the understand-ing that the publisher is not engaged in rendering legal, accounting, or other professional ad-vice and assumes no liability whatsoever in connection with its use. Since laws are constantly changing, and are subject to differing interpretations, we urge you to do additional research
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and consult appropriate experts before relying on the information contained in this course to render professional advice.
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