Essential Legal Concepts with Tax Analysis

Overview

While accounting and the practice of law are separate professions, the accountant must be conversant with essential legal concepts. Modern accounting practice requires familiarity with corporate legal structure, business entities, partnership operations, contracts, property rights, employment law, divorce, consumer protection, will & trusts, and even bankruptcy law. This course explores these specific areas with an emphasis on business and accounting issues. This informal and clear guide to the basic concepts of business law provides accountants with an excellent review of legal concepts that arise in any tax professional’s practice. The attendees will gain the ability to recognize and discuss general legal concepts with both client and their counsel. Knowledge is power and nowhere is that truer than in the field law. To gain such a working knowledge of law, readily understandable explanations are given to essential and related business law subjects. The accountant is guided through the complex maze of literally hundreds of legal principles from acceptance to zoning.

Highlights

• Asset Protection • Alimony & Child Support • Bankruptcy • Divorce Settlements & Divisions • Employment • Entities & Title • Insurance • Property Dispositions • Retirement & Employee Benefits • Torts & Personal Injuries • Wills & Probate • Trusts

Designed For

This program is appropriate for professionals at all organizational levels.

Objectives

• Identify the degree and necessity of asset protection using net worth and asset values under a balance sheet and the various ways that insurance and buy-sell agreements can offer asset protection. • Specify the types of 71 “divorce or separation instruments” and determine how having an invalid decree, an amended instrument, or a premarital agreement impacts such an instrument. • Identify partnership and corporate bankruptcies, specify debts covered under homesteading, and determine permissible garnishment amounts and special garnishment rules. • Determine deferred tax liability and property basis for the transferor spouse and transferee spouse under 1041 after a property settlement. • Determining what constitutes a “qualified domestic relations or-der” along with specific information to be included in such an order and the tax consequences of QDRO distributions; • Specify common-law rules used to determine employee status for FICA and federal income tax withholding, determine FICA and FUTA taxes including their reporting, and identify unreasonable compensation issues. • Cite the S corporation requirements and tax advantages and disadvantages particularly who is associated with incorporating a farm. • Identify entity purchase and cross-purchase agreements specifying tax and legal advantages and pitfalls.