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Tax Planning for Early Retirement: The Great Resignation

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • CFA
  • EA
  • ORTP
  • CPA/PFS
  • TEP
  • ChFC
  • CSA
  • Maryland Tax Prep.
  • ERPA
  • FSCP
  • CASL
  • ChSNC
  • RICP
  • WMCP
  • CIPM
  • CFIRS
  • CWS

Published: May, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Basic financial planning
    9 mins
  • What is Cashflow
    19 mins
  • 2022 Ordinary tax rates
    27 mins
  • Retirement accounts
    31 mins
  • Qualified Disaster-Related distributions
    45 mins

Course Description

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.

There are many topics to consider when retiring, especially early.

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.

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.

Learning Objectives

  • To analyze what are the various age thresholds to consider and what they mean.
  • To inspect why healthcare planning is important.
  • To discuss how to claim social security considerations.
  • To analyze investment planning considerations.
  • To review the dozen early distribution penalty exceptions.
  • To explain why you should not always roll over your 401(k) or 403(b) plans to an IRA.

Recommended For

  • This IRS-approved CE Tax Course is recommended for CPA, EA, AFSP, CRTP, MRTP, ORTP, CFIRS, CWS, and any other tax professionals who want to understand everything about tax planning for early retirement.
  • This CE webinar is also helpful for CFA, CIPM, ChFCA, CASL, ChSNC, RICP, WMCP, FSCP, TEP, CSA, PFS, and other tax professionals.

Who Should Attend?

  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Public Accountant (CPA)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Professionals
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 General Credit for Accountant/Bookeeper
  • 1 CE Credit for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01085-22-S)
  • 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0913)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 PL Credit for Chartered Financial Analyst (CFA)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP)
  • 1 CPD Credit of Retirement and Financial Independence Planning for Personal Financial Specialist (PFS)
  • 1 CPD Credit for Trust and Estate Practitioners (TEP)
  • 1 CPE Credit for Chartered Financial Consultant (ChFC)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01085-22-S)
  • 1 CE Credit for Certified Senior Advisor (CSA)
  • 1 CE Credit of Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (Approval No. GEHNZ-Q-01092-22-S)
  • 1 CPE Credit for Financial Services Certified Professional (FSCP)
  • 1 CPE Credit for Chartered Advisor in Senior Living (CASL)
  • 1 CPE Credit for Chartered Special Needs Consultant (ChSNC)
  • 1 CPE Credit for Retirement Income Certified Professional (RICP)
  • 1 CPE Credit for Wealth Management Certified Professional (WMCP)
  • 1 PL Credit for Certificate In Investment Performance Measurement (CIPM)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • 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

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. 


About Company

Pon & Associates

www.larryponcpa.com/

We believe in the value of relationships. We view every client relationship like a partnership, and truly believe that our success is a result of your success. We are committed to providing close, personal attention to our clients. We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training, technical experience and financial acumen.

We provide a variety of services including:

  • Income Tax Preparation for all types of businesses, individuals, trusts, and estates.
  • IRS and State Audit Representation
  • Financial Planning
  • Estate Planning and Preparation
  • Business startup services including Business Planning
  • Tax Planning and Consulting
  • Charitable Planning

Our continual investment of time and resources in professional continuing education, state-of-the-art computer technology and extensive business relationships is indicative of our commitment to excellence.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • 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.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.3

18 Ratings

Excellent

7

Very Good

9

Average

2

Poor

0

Terrible

0

BS

Brian Smith, CPA (US)

May 25th, 2022

HE is a great teacher!

YJ

Yan Ji, CPA (US)

Jun 13th, 2022

good course.

PP

Peter Parlapiano, CFP (US), EA

Jul 4th, 2022

Overall the material was great even though the material was dry. The only thing that was a little distracting was the speaker kept sniffing which took away from the overall presentation.

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