Tax Planning & Estate Planning
CFPCM Certification Education Program Syllabus
Module V - Tax Planning & Estate Planning
COURSE DESCRIPTION: This module would cover the knowledge requirements relating to tax planning and estate planning for a CFP professional.
DETAILED CLASS OUTLINE
Tax Planning Considerations
1
|
Ethical considerations in tax planning |
| a. Privileged communications | |
| b. Dangers of tax evasion | |
2 |
Tax compliance matters |
| a. Filing tax returns and documentation | |
| b. Advance tax | |
| c. The audit process | |
| d. Refund of income tax | |
| e. Judicial review | |
3 |
Taxation terminology |
| a. Inclusions |
|
| b. Exclusions | |
| c. Deductions |
Tax Computations
4 |
Tax calculations and special rules |
| a. Gross income |
|
| b. Adjusted gross income | |
| c. Itemized deductions | |
| d. Taxable income | |
| e. Tax liability | |
| f. Clubbing of Income | |
5 |
Tax characteristics of business forms |
| a. Sole proprietorship | |
| b. General partnership | |
| c. Limited liability companies | |
| d. Trusts | |
| e. Foundations/exempt organizations | |
| f. Professional associations/corporations | |
| g. Co-operative Societies | |
| h. Others | |
6 |
Non Resident Indians (NRIs) |
| a. Residential status of individuals |
|
| b. Types of accounts for non-residents | |
| c. Investment opportunities for non-residents | |
| d. Tax implication for non-residents | |
7 |
Heads of income |
| a. Salaries | |
| b. Income from other sources | |
| c. Capital gains | |
| d. Business/ profession | |
| e. House property | |
| f. Interest on government securities | |
8 |
Capital Gains tax rules |
| a. Determination of gain or loss | |
| b. Characterization of gain or loss | |
| c. Netting rules | |
| d. Indexation benefits | |
| e. Capital loss limitations |
Tax Planning Strategies
9 |
Tax relief |
| a. Exemptions | |
| b. Deductions | |
| c. Rebates | |
10 |
Non taxable transactions (e.g., gifts, estate) |
11 |
Tax management techniques |
| a. Deferral and acceleration | |
| b. Maximizations of exclusions and credits | |
| c. Managing loss limitations | |
| d. Capital asset transactions | |
| e. Deductible expenditures of individuals and business forms | |
12 |
Interest and penalty taxes and other charges |
| a. Failure to file tax return or to pay tax | |
| b. Preparer penalties | |
| c. Accuracy related penalties | |
| d. Fraud/concealment penalties |
Estate Planning
13 |
Features of trust |
| a. Classification of trusts | |
| b. Characteristics of selected trust provisions | |
| c. Rule against perpetuities | |
14 |
Taxation of trust |
| A. Income tax implications of trusts | |
| a. Exemptions | |
| b. Simple and complex trusts | |
| c. Distributable net income | |
| d. Tax implications of trusts | |
| e. Recommendations and justifications of the most appropriate trust | |
| f. Tax issue on retirement plans at death | |
15 |
Property documentation |
| a. Sale letter/ power of attorney | |
| b. Freehold | |
| c. Mutation | |
| d. Will | |
| e. Succession | |
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