Tax Planning for Seniors

Overview

Internal Control is designed to provide reasonable assurance to achieve the entity’s objectives related to financial reporting, effectiveness and efficiency of operations and compliance with applicable laws and regulations. It safeguards assets against unauthorized acquisition, use, or disposition and may include controls relating to financial reporting and operating objectives. Auditors should understand internal control relevant to the audit and the application of professional judgment. Most audit-related controls relate to financial reporting. However, not all controls related to financial reporting are appropriate for audits. Therefore, the auditor should evaluate the design of controls and determine whether they have been implemented by performing procedures and the inquiry of the entity’s personnel.

Highlights

• Income for seniors: retirement, earnings and investments
• Tax Deductions: planning, bunching, strategies
• Planning to help family members

Prerequisites

Experience in individual tax preparation and planning. General knowledge of social security and other retirement vehicles.

Objectives

• Recognize the tax planning changes affecting Seniors
• Determine how retirement distribution requirements can impact the overall retirement strategy
• Identify alternatives to achieve family objectives

Notice

This is a self-study/on demand course offered by a 3rd party vendor and will NOT be accessible in the My Upcoming CPE section of the ISCPA website. Course access information will be emailed directly to you by CalCPA. The course expires one year from the purchase date. Format = Online Self-Study.