Practical Guide to IRAs – Contributions & Distributions for Traditional, Roth, SEP & SIMPLE IRAs

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8 Credits

Subject Area

Taxes

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Course Description
Course Qualification
Presenter
FAQ

Course Description

This course is valid up to December 31st, 2023 for CFP Professionals. It is advisable to complete this course before that to process the credit on time.
Opening, funding, distributions, taxation rollovers, and beneficiaries are all essential facets of dealing with the regular and Roth IRAs including employer IRAs. The tax rules associated with the IRA can be incredibly complex, particularly in the area of distributions and beneficiaries. We will work through these complexities as well as the issues to help you assist your clients in dealing with the critical decisions necessary to take full advantage of the powerful tax and distribution opportunities that Congress has imparted on the IRA.
This comprehensive online CPE/CE course is designed to get the accountant up to speed quickly with the different types of individual retirement accounts (IRAs). The cornerstone of the course is in-depth coverage of the contribution and distribution rules to the Traditional, Roth, Simplified Employee Pension (SEP), and Savings Incentive Match Plan for Employees (SIMPLE) IRAs. The online continuing education course will also discuss the basics of the health savings account (HSA) as well as any newly enacted tax legislation related to IRAs.
This course aims to provide an explanation of the announcement made in Notice 2023-54, which states that the forthcoming conclusive regulations under section §401(a)(9) will be utilized to calculate Required Minimum Distributions (RMDs) for the start of calendar years from 2024 onwards, ensuring that the application begins no sooner than the year 2024.
We will use all real-life examples & case studies to gain practical understanding.
This IRS-Approved online CPE course on Taxes covers the following key topics:
An emphasis on newly enacted tax legislation affecting IRAs including those made by the SECURE & CARES Act
Contribution limits to and tax treatment of distributions from Traditional, Roth, SEP, and SIMPLE IRAs
Deductible phase-out limits for Traditional IRA contributions for taxpayers that are active participants in qualified retirement plans
Roth IRA contribution phase-out limits as well as tax-free qualified distributions
Planning opportunities for conversions to ROTH IRAs
Rollover rules to/from different retirement accounts and the one-rollover-per-year limitation
The different options of receiving IRA distributions before age 59 ½ and avoiding the 10% early distribution penalty (including substantially equal periodic payments)
The required minimum distribution (RMD) rules from IRAs are needed to avoid the 50% penalty after the account owner turns age 72 or dies
The tax ramifications of spouse and non-spouse beneficiaries and how this affects the RMD calculation after the account owner’s death
Overview of health savings account (HSA) eligibility rules, contribution limits, and distribution rules
Notice 2023-54- Update
J. Patrick Garverick is one of the most admired and best-reviewed Tax Speakers in the country and we are offering the classes at a much-discounted price. His courses have been best-reviewed by audiences for:
Quality of Content
Relevance and Practical Case studies
Best Teaching Approach
Best Course Material
Awards and Accolades
Award for Instructor Excellence for California Education Foundation
Award for Outstanding Course Materials for California Education Foundation.
Rated top tax instructor in nearly every location he has presented
One of the few instructors to have received perfect scores (multiple times) from attendees for presentation skills and knowledge.
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Learning Objectives

To recognize the tax and non-tax advantages and disadvantages of the various IRAs (i.e. Traditional, Roth, SEP, SIMPLE, and HSAs)
To learn how to calculate the maximum contributions to and taxable distributions from the various IRAs
To recall the exceptions to the 10% early withdrawal penalty from IRAs
To explain the rules and compute the required minimum distribution (RMD) from the IRAs during an account owner’s life (i.e. turns age 70 ½) and after their death
To identify the foundational tax concepts of retirement distribution planning.

Course Qualification

Webinar Qualifies For

8 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
8 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
8 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-U-01629-23-S)
8 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-U-01629-23-S)
8 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1296)
8 CPD Credit of Retirement and Financial Independence Planning for Personal Financial Specialist (PFS)
8 PL Credit of Retirement Planning for Chartered Financial Analyst (CFA)
8 CE Credit of Retirement Planning for Chartered Financial Consultant (ChFC)
8 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-01629-23-S)
8 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-01629-23-S)
8 CE Credit of Financial aspects of estate and retirement planning for Certified Senior Advisor (CSA)
8 CPD Credit for Trust and Estate Practitioners (TEP)
8 CE Credit for Certified Wealth Strategist (CWS)
8 CE Credit for Certified Fiduciary and Investment Risk Specialist (CFIRS)
8 CE Credit of Retirement Planning for Retirement Income Certified Professional (RICP)
8 CE Credit of Retirement Planning for Financial Services Certified Professional (FSCP)
8 CE Credit of Retirement Planning for Wealth Management Certified Professional (WMCP)
8 CE Credit of Estate Planning for CPFA
8 CE Credit of Federal tax-related matters for LTC (Approval No. GEHNZ-U-01629-23-S)
8 CE Credit of Retirement Planning for Chartered Advisor in Senior Living (CASL)
8 CPE Credit of Taxes for Iowa Licensed Public Accountant (IA-LPA)
8 PL Credit of Retirement Planning for CIPM
8 CPE Credit of Taxes for Maine Licensed Public Accountant (ME-LPA)
8 CE Credit of Retirement Planning for Chartered Special Needs Consultant (ChSNC)
8 CPE Credit of Taxes for Delaware Licensed Public Accountant (DE-LPA)

Additional details

Course Level :

Basic
Credits :

8
Pre-requisites :

None
Advance Preparation :

None

IRS APPROVED

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 maintenance 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.

NASBA APPROVED

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 through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

J.Patrick Garverick, CPA, MT, CFP®

Owner, The Garvs, LLC (dba The Tax U)

Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.

In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession’s most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.

During his time in college, Pat earned a letter as a member of the Ohio State Basketball squad. He remains a staunch supporter of the sports programs at his alma mater.

Awards & accolades

Multi-time winner of the California Education Foundation’s 1) Award for Instructor Excellence and 2) Award for Outstanding Course materials
Rated top tax instructor in nearly every location he has presented
One of the few instructors to have received perfect scores (multiple times) from attendees for both presentation skills and knowledge.

About Company

The Garvs, LLC (dba The Tax U)

thetaxu.com/

Since 1993 award winning author and instructor J. Patrick “Pat” Garverick, CPA, MT, CFP® has been providing tax and financial training educational courses to business professionals through out the country. Pat is recognized as one, if not THE best tax instructor in the country.

Faq

FAQs content

To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
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Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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