There are three parts to this course under the "Content" tab:
- Earn NAPFA CE by viewing the recording under the NAPFA CE Course.
- Next, complete the optional CFP® CE Quiz/IAR CE Quiz to earn the CFP® CE as needed and be able to request IAR CE.
- Finally, if you need IAR CE in the Products & Practice requirement, complete the IAR CE Request survey as needed AND answer "Yes" to the quiz question.
Content Level: Advanced
NAPFA Subject Area: D - Income Tax Planning
NASAA does not endorse any particular provider of CE courses. The content of the course and any views expressed are our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.
This program will review Form 1040, U.S. Individual Income Tax Return, and demonstrate how financial planners can and should utilize the information provided and reported on a taxpayer's return to identify financial planning opportunities for taxpayers. The presenter will discuss the correlation of specific portions of a tax return with tax planning ideas and meaningful conversations that should take place with clients. He will also address how the extension of certain TCJA provisions and The One, Big, Beautiful Bill impacts financial planning for taxpayers.
The demographics, schedules filed, filing status, and level of income accumulated to prepare a client's individual income tax return point to opportunities for taxpayers to better prepare for the future. Beginning with page 1 of Form 1040, it suggests that dependents on a tax return begs the question, "Has the client considered gift and estate planning opportunities for his or her dependents?" This conversation could uncover additional planning needs, including a 529 plan, life insurance, or the importance of updating all beneficiary designations. A taxpayer's occupation listed could suggest a need for professional liability or disability insurance. A client's age or birthdate may indicate the need to verify wage history with the Social Security Administration or RMD planning.
A client's investment income on Schedules B and D might warrant a discussion of FDIC limits, tax-exempt investments, or foreign bank account reporting requirements. Tax practitioners working with individual income tax clients should explore the benefits and value analyzing a taxpayer's 1040 can add to the client relationship. The program will review the financial planning considerations to take full advantage of the new tax deductions reported on Schedule 1-A and discussion of the new Trump Accounts on Form 4547.
Lawrence Pon, CPA/PFS, CFP®, EA, USTCP, AEP
Lawrence Pon is a Certified Public Accountant, Personal Financial Specialist, CFP® certificant, Enrolled Agent, United States Tax Court Practitioner, and Accredited Estate Planner in Redwood Shores, CA.
Larry has been in practice since 1986 and speaks regularly nationwide on tax planning and financial planning topics to tax professionals and financial advisors. Heteaches Accounting 181 (Individual Income Tax with Tax Software) at the College of San Mateo. Pon received his BS in Business Administration with emphases in Accounting and Finance from the University of California, Berkeley, and MS in Taxation from Golden Gate University in San Francisco.