Essential Legal Concepts with Tax Analysis

Course Information

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Title: Essential Legal Concepts with Tax Analysis
Category: Taxation
Field of Study: Taxes
Course Code: M301
CPE Credits: 27.0
Price: 114.95



While accounting and the practice of law are separate professions, the accountant must be conversant with essential legal concepts. Modern accounting practice requires familiarity with corporate legal structure, business entities, partnership operations, contracts, property rights, employment law, divorce, consumer protection, will & trusts, and even bankruptcy law. This course explores these specific areas with an emphasis on business and accounting issues. This informal and clear guide to the basic concepts of business law provides accountants with an excellent review of legal concepts that arise in any tax professional’s practice. The attendees will gain the ability to recognize and discuss general legal concepts with both client and their counsel. Knowledge is power and nowhere is that truer than in the field of law. To gain such a working knowledge of law, readily understandable explanations are given to essential and related business law subjects. The accountant is guided through the complex maze of lit

Delivery Method: Online Interactive Self Study

Level: Overview

Prerequisites: None

Advanced Preparation: None

Course Details

Category: Taxation

Field of Study: Taxes

Passing Score: 70%

Technical Details: Taxation is a technical field of study for all states.

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Chapter 1: Asset Protection 1. Identify the goals and purposes of asset protection recognizing the objections some people have about shielding assets from creditors by: a. Citing reasons for asset protection and situations that can unexpectedly put assets and financial security at stake; b. Specifying sources of lawsuits and the author’s concept of exploding and imploding liability; and c. Determining asset protection using the primary concepts of insurance, asset placement and statutory protections. 2. Recognize the importance of creditor types associated with asset protection and fraudulent transfers. 3. Specify the fraudulent transfer laws and badges of fraud, define statutes of limitation, criminal penalties, and permissible asset transfers. 4. Identify the degree and necessity of asset protection using net worth and asset values under a balance sheet and the various ways that insurance and buy-sell agreements can offer asset protection. 5. Recognize the asset protection advantages and disadvantages of ow

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QAS: Yes

CPA: Suitable for all CPAs

IRS: IRS credit for Enrolled Agents.

Profession Identifiers: CPA, EA