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Back to Course Descriptions
Prerequisite - None
Program Level - Basic
Advance Preparation - None
Instructional Delivery Method - This course includes a minimum of 5 review questions with correct and incorrect responses and 5 exam questions for each cpe hour. For the best results we recommend the following steps to complete this course:
(1) Complete the reading assignments. We recommend you read and study all of the required materials prior to beginning the review or final exam.
(2) Complete the related review questions. Each review question offers interactive feedback for all questions. We recommend that you view all feedback, correct and incorrect, to each question. These responses focus on key areas related to the questions and will assist in preparing for the exam.
(3) Complete the exam. Review any incorrect answers.
Recommended CPE Credit - 8 hours (16 hours for Enrolled Agents). These hours are based on pilot testing results and a 100 minute study hour (50 minute study hour for Enrolled Agents).
Course Registration Requirements - CPAs should check the Sponsor Information page to determine if this course is available in their state of registration.
Lesson and Objectives |
Reading
Assignment |
| Retirement Plans for Small Business |
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| 1. Updates and Introduction |
Updates & Introduction |
The learning objectives for this lesson are to gain an understanding of:
- What's new for 2005
- What's new for 2006
- Key retirement plan rules
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2. Definitions You Need to Know |
Chapter 1 |
The learning objectives for this lesson are to gain an understanding of:
- Definitions related to retirement plans for small business
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| 3. Simplified Employee Pension (SEPs) |
Chapter 2 |
The learning objectives for this lesson are to gain an understanding of:
- Setting up a SEP
- How much you can contribute
- Deducting contributions
- Salary Reduction Simplified Employee Pension (SARSEPs)
- Distributions
- Additional taxes
- Reporting and disclosure requirements
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| 4. SIMPLE Plans |
Chapter 3 |
The learning objectives for this lesson are to gain an understanding of:
- SIMPLE IRA plan
- SIMPLE 401(k) plan
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| 5. Qualified Plans |
Chapter 4 |
The learning objectives for this lesson are to gain an understanding of:
- Kinds of plans
- Setting up a qualified plans
- Minimum funding requirements
- Contributions
- Employer deduction
- Elective deferrals
- Distributions
- Prohibited requirements
- Qualification rules
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| Individual Retirement Arrangements (IRAs) |
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1. Introduction |
Introduction |
The learning objectives for this lesson are to gain an understanding of:
- Important changes for this year and next year
- Tax advantages of IRAs
- How are a traditional IRA and a Roth IRA different
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2. Traditional IRAs |
Chapter 1 |
The learning objectives for this lesson are to gain an understanding of:
- What is a traditional IRA
- Who can set up a traditional IRA
- When can a traditional IRA be set up
- How can a traditional IRA be set up
- How much can be contributed
- When can contributions be made
- How much can you deduct
- What if you inherit an IRA
- Can you move retirement plan assets
- When can you withdraw or use assets
- When must you withdraw assets
- Are distributions taxable
- What acts result in penalties or additional taxes
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3. Roth IRAs |
Chapter 2 |
The learning objectives for this lesson are to gain an understanding of:
- What is a Roth IRA
- When can a Roth IRA be set up
- Can you contribute to a Roth IRA
- Can you move amounts into a Roth IRA
- Are distributions taxable
- Must you withdraw or use assets
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4. Savings incentive match plans for employees (SIMPLE) |
Chapter 3 |
The learning objectives for this lesson are to gain an understanding of:
- What is a SIMPLE plan
- How are contributions made
- How much can be contributed on your behalf
- When can you withdraw or use assets
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5. Retirement savings contributions credit |
Chapter 4 |
The learning objectives for this lesson are to gain an understanding of:
- Who is eligible to take a tax credit
- Maximum eligible contributions
- How to figure and report the credit
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6. How to get tax help |
Chapter 5 |
The learning objectives for this lesson are to gain an understanding of:
- How you can get help with unresolved tax issues
- How to order free publications and forms
- How to ask the IRS tax questions
- How to get more information from the IRS in several ways
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