Current Issues in Income Tax Planning and Retirement Planning
This session focuses on recent legislative developments impacting income tax planning, such as the Highway Funding Bill and PATH Act of 2015. In particular, new business tax requirements, and an overview of the planning issues associated with qualified transfers of IRA funds to charities will be discussed. The PATH Act made permanent the tax benefits of making qualified distributions of IRA funds to charities, a tool that can be used by wealthy clients and those of more modest means as well. Specific examples of how clients in different income categories can take advantage of these rules will be presented. Due to the 2016 Presidential election, not much has happened in the current legislative year, but a review of the President's Budget Proposals (Green Book), as well as the major income tax and retirement planning proposals of the two Presidential Candidates will be discussed with an emphasis on what may be on the legislative horizon once the election is over.
Objectives:
• Understand the major provisions of the Highway Funding Bill that will impact clients during the 2016 tax season.
• Understand the changes imposed by the PATH Act of 2015.
• Understand how the exemption for qualified distributions from IRAs to charities can be used by clients at various income levels.
• Identify the major tax and retirement issues affecting financial planners and their clients that are raised in the President's proposed budget (Green Book).
• Understand the tax policy initiatives being proposed by the two presidential candidates to inform advisor and client action once election season has passed.
Objectives:
• Understand the major provisions of the Highway Funding Bill that will impact clients during the 2016 tax season.
• Understand the changes imposed by the PATH Act of 2015.
• Understand how the exemption for qualified distributions from IRAs to charities can be used by clients at various income levels.
• Identify the major tax and retirement issues affecting financial planners and their clients that are raised in the President's proposed budget (Green Book).
• Understand the tax policy initiatives being proposed by the two presidential candidates to inform advisor and client action once election season has passed.