Tax Planning for Early Retirement: The Great Resignation 1 Credit
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In the past couple of years, many of our clients have retired or resigned from their jobs. Many times they do this before the age of 59 1/2. With nearly 4.2 million people quitting their jobs in October 2021 alone, the so-called Great Resignation is well underway. American workers are re-evaluating how they want to spend their working lives as they navigate a once-in-a-generation pandemic.
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There are many topics to consider when retiring, especially early.Â
There may be cases where they are inadvertently subjecting themselves to early distribution penalties. There are exceptions to the early distribution penalty. The IRS recently made it easier to take money out of your retirement accounts before age 59 1/2. In addition to retirement withdrawals, there are significant tax differences between traditional and Roth IRA contributions and withdrawals. Tax planning can help negate the tax impact of IRAs and capital gains. Social Security planning can increase the amount a taxpayer receives monthly and reduce the taxes paid on this income.
As taxpayers approach specific ages, they should recognize particular tax issues. Among these are tax considerations when a taxpayer reaches ages 65, 55, and 59 1/2. Tax professionals working with clients contemplating or approaching retirement, particularly early retirement, need to comprehend the impact of decisions made on tax liability.
Key topics covered in this course:
In this CE/CPE Tax Webinar, we will review healthcare planning, minimizing investment and capital gains tax, and key age thresholds. We will also review the various exceptions to the early distribution penalty and how to take advantage of them.
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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
Lawrence Pon is a Certified Public Accountant, Personal Financial Specialist, Certified Financial Planner, Enrolled Agent, United States Tax Court Practitioner, and Accredited Estate Planner in Redwood Shores, CA
Mr. Pon has been in tax practice since 1986 and speaks regularly to tax professionals and financial advisors on the latest tax planning and preparation topics.
Mr. Pon enjoys helping his clients reach their financial goals through comprehensive tax planning and financial planning.
Mr. Pon received his BS in Business Administration (Accounting & Finance) from UC Berkeley and MS in Taxation from Golden Gate University in San Francisco.
Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.
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A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.
To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.
Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.
To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
MB
Mr. Pon is one of the best presenters of myCPE courses, and the quality of his supporting materials are always of very high quality. I enrolled in this class to obtain information on Substantially Equal Periodic Payments (SEPP) - Mr. Pon did an outstanding job with this topic.
EM
Very interesting presentation on the various tax ramifications to consider when retiring early or otherwise.
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