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Self-Study CPE
DEATH AND TAXES: ESTATE PLANNING FUNDAMENTALS FOR ACCOUNTANTS
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TAX REFORM: STRATEGIES FOR YOUR INDIVIDUAL AND SMALL BUSINESS CLIENTS
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EFFECTIVE REPRESENTATION TO ADDRESS ENFORCED COLLECTION ACTIVITY FROM THE IRS
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TAX TREATMENT OF RETIREMENT PLANS, PENSIONS AND ANNUITIES
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EDUCATION TAX BENEFITS
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EARNED INCOME TAX CREDIT
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TAX TREATMENT OF INDIVIDUAL RETIREMENT ARRANGEMENTS
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TAX TREATMENT OF SICKNESS & INJURY PLANS
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HOME OFFICE DEDUCTION
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REASONABLE COMPENSATION FOR SHAREHOLDER-EMPLOYEES OF S-CORPS
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AFFORDABLE CARE ACT: INDIVIDUAL RIGHTS & RESPONSIBILITIES
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ESOPS 101: A DETAILED INTRODUCTION OF EMPLOYEE STOCK OWNERSHIP PLANS
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INDEPENDENT CONTRACTOR DILEMMA: 1099 VERSUS W-2
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1099 HEADACHES
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EARNED INCOME TAX CREDIT DUE DILIGENCE
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TAX TREATMENT OF LIFE INSURANCE PROCEEDS
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AFFORDABLE CARE ACT: EMPLOYER RIGHTS & RESPONSIBILITIES
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THE FUTURE OF IRS VOLUNTARY DISCLOSURES IN A POST-OVDP WORLD
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PUERTO RICO ACT 20/ACT 22 – THE UNBELIEVABLE NEW TAX STRATEGY
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INTRODUCTION TO INTUIT PROSERIES: TAX SOFTWARE DEMONSTRATION
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TAXES IN EMONEY: FINANCIAL PLANNING AFTER THE TAX CUTS AND JOBS ACT
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TAX CUTS & JOBS ACT: INDIVIDUAL TAX PREPARATION
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§199A FINAL REGULATIONS FINALLY DROP: CHOICES, CHOICES – WHICH WAY TO GO?
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THE IMPACT OF THE TAX CUTS & JOBS ACT ON LIFE INSURANCE
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§199A SMALL BUSINESS DEDUCTION OVERVIEW: STATUTORY FRAMEWORK & PLANNING STRATEGY
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THE SECTION §199A PASS-THROUGH DEDUCTION
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INTRODUCTION TO PROCONNECT TAX ONLINE: LIVE DEMO
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TAX REFORM: OVERVIEW
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INTERNATIONAL TAX: CONCEPTS IN A GLOBAL SOCIETY
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TAX REFORM AND PASS THROUGH ENTITIES §199A: PLANNING FOR PROFESSIONAL PRACTICE
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IRS FORM 1099 REPORTING: REPORTING REQUIREMENTS
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2019 TAX SEASON CHAOS: DISCLOSURE? DON’T FILE AN UNCERTAIN TAX RETURN WITHOUT IT
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MANAGING COMPLEX IRS AUDITS OF MIDSIZE BUSINESS TAXPAYERS - EXPANDED
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FORM 1041: UNIQUE ASPECTS TO TAX ACCOUNTING FOR TRUSTS AND ESTATES
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QUALIFIED OPPORTUNITY ZONES: BRAND NEW PROPOSED REGULATIONS ROUND 2
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2020 ANNUAL FEDERAL TAX SEASON UPDATE
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TAXATION OF IRAs AT DEATH
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WHAT CPAS AND FINANCIAL PLANNERS SHOULD KNOW ABOUT TRUSTS AND ESTATES
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LITIGATING FOREIGN ASSET REPORTING TAX PENALTIES: THE CONTROVERSIES CONTINUE
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WHEN IS THE UPDATED VOLUNTARY DISCLOSURE PRACTICE THE BEST CHOICE?
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PRESERVING YOUR CHALLENGES UNDER THE ADMINISTRATIVE PROCEDURES ACT
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TAX TREATMENT OF LIFE INSURANCE PROCEEDS

There is no video recording for this CPE course - materials are in a printable document.
CPE Processing Fee$20.00
Webinar TranscriptionN/A
Presentation Length Hour(s)2.0 hours
CPE2.0
2 hours for EAs (Federal Tax Update)
Course Id# - HURS9-U-00188-17-S
Subject AreaTaxes
Course LevelBasic
Instructional MethodQAS Self-Study
PrerequisitesNone
Advance PreparationNone
Recorded DateOct 20, 2017
Date OfferedFeb 07, 2018
Course Description

Tax Treatment of Life Insurance Proceeds discusses the income tax treatment of death benefits and living proceeds from life insurance contracts. It considers the statutory definition of life insurance contained in Internal Revenue Code §7702 and the tax consequences of a life insurance contract’s failure to meet the definition.  It also addresses the general rules governing the taxation of life insurance policy death benefit proceeds and examines the consequences of: a transfer for value; inclusion of a policy in a qualified plan; corporate-owned life insurance; and the payment of death benefits under a settlement option. The course also discusses the tax treatment of proceeds received under viatical settlements and accelerated death benefits.  

In addition, it considers the modified endowment contract (MEC) rules, the tax consequences of a life insurance policy’s MEC status, the tax treatment of policy loans, withdrawals and surrenders and the tax treatment of proceeds received under life settlements.

When you have completed this course, you should be able to:

 

Learning Objectives

  • Calculate the gain to be recognized as a result of various life insurance policy transactions, including – o withdrawals, o loans, o surrenders, and o payment of death benefits;

  • Identify the changes to the customary tax treatment of life insurance policy living proceeds resulting from the policy being deemed a modified endowment contract (MEC);

  • Calculate the reportable gain upon receipt of life insurance policy death benefits when the life insurance policy – o has been transferred for a valuable consideration, or o was included in a qualified plan;

  • Recognize the types of life insurance exchanges that are tax-free under IRC §1035;

  • Define the terms “terminally-ill” and “chronically-ill” as used in the Health Insurance Portability and Accountability Act; and

  • Identify the income tax treatment of accelerated death benefits, viatical settlements and life settlements.

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Frequently Asked Questions
  • CPAacademy self-study courses are online.
  • The self-study format allows you to a) access the material online 24/7 and b) study at your own pace.
  • Per NASBA guidelines, you have one year from date of purchase to complete each program.
  • Complete your final exam at any time and get graded instantly. You can retake the exam at no additional charge (unlimited attempts).
  • Print your own certificate of completion on the spot upon passing the exam.
  • Grading policies: a) courses have a minimum passing score 70% b) test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.

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Paul Winn

Winn Publications
Financial Writer, Editor & Trainer
pjwinn@verizon.net
(757) 253-8075

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Paul J. Winn, CLU, ChFC has over thirty years experience in the life insurance and investment industry. As well as fifteen years as a financial writer, editor, and trainer. Paul has worked for Mutual Life Insurance Company of New York, Security Mutual Life Insurance Company, Principal Financial Group, and the Maryland Financial Corporation. Paul is a Published book author, writer & editor of major mutual life insurance company’s agent-training “university”, and the creator of more than 100 training courses in computer-based training, print and scripted classroom formats.

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About Our Presenter

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Training and continuing education courses dealing principally with life insurance, health insurance, annuities and taxation.