BOOM! The Tax Bombs Baby Boomers Face


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This program was recorded live on Tuesday, September 22, 2020

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Continuing Education

CPE Program Knowledge Level: Overview
2 CPE Credit; NO prerequisites or advance preparation
CTEC Course #: 3022-CE-0140
IRS/RPO Approved Program
#7ZBUJ-T-00082-20-O (Online/Group) Live (Group-Internet Based)
#7ZBUJ-T-00082-20-S (QAS Self Study) Archive
Federal Tax Law (2 Hours)

Program Content

This online learning program, presented as a live webcast, will be also archived for QAS Self Study. The program will be available for viewing for 12 months after the live webcast. A panel of IRS and industry experts will present the content during a live, interactive discussion, where participant questions can be submitted. Questions will be answered live on the program or posted on the Resources page.

The program, through a lively round-table discussion and real time interaction with the audience, looks at the tax issues that confront the baby boomer generation. The program will focus on tax issues that arise for seniors who may face declining earned income and an increasing reliance on savings and retirement plan drawdowns. Panelists will also examine issues of concern to seniors who are still struggling with offspring attending college. Downsizing is another facet of aging Boomers may face, so the panel also will explore tax issues arising from home sales or other means of financing the golden years.

By the end of the program, participants will have a practical understanding, through accurate, current, and effectively designed communications, of the major tax issues confronting the members of the Baby Boom generation.

Program Learning Objectives

  1. Identify the form used to figure and claim both the American Opportunity and Lifetime Learning Credits.
  2. Identify the amount of tuition expenses that can be paid by 529 plans at elementary or secondary public, private or parochial schools allowed under the Tax Cuts and Jobs Act.
  3. Identify exceptions to the SECURE Act's 10-year rule.
  4. Identify an expense that should not be claimed on Schedule A.

Program Outline

  • THE BOOMER'S TAX RETURN
    • Increased Standard Deduction
    • Credit for the Elderly
    • Tax on Social Security Benefits
    • Out-of-Pocket Volunteer Expenses
    • Medical Expenses
    • Non-Qualified Annuity Income

  • YOUNG BOOMERS AND COLLEGE AGE KIDS
    • American Opportunity Credit
    • Lifetime Learning Credit
    • Qualified Tuition Programs
    • Education Savings Accounts 
    • ABLE Accounts
    • Early IRA Distributions
    • U.S. Savings Bonds

  • DOWNSIZING
    • Reverse Mortgage
    • Tax-Free Home Sale
    • Independent and Assisted Living
    • Life Insurance

  • RETIREMENT PLAN DISTRIBUTIONS
    • IRAs
      • Early distributions
      • Required distributions
      • Survivor benefits
    • Pension Plans
      • Periodic payments
      • Non-Periodic payments
      • Tax on excess accumulations
      • Early distributions
      • Survivor benefits
    • Rollovers                   

Panelists

Moderator

Alan Pinck, EA
A. Pinck & Associates

Alan Pinck is an Enrolled Agent with over 25 years of tax preparation experience in the San Francisco Bay Area. He has built a practice specializing in individual, small business tax preparation and audit representation. He is currently a speaker at the NTPI events, CSEA Super Seminar as well as a variety of other presentations for tax groups and small business associations. Having represented thousands of tax returns in audit, Alan has obtained tremendous insight of the audit process as well as knowledge on a wide variety of tax issues.

IRS Panelist

Anna Falkenstein

Anna Falkenstein, Senior Stakeholder Liaison
Communications & Liaison, Internal Revenue Service

Anna Falkenstein represents the IRS for Face-to-Face and Virtual taxpayer educational and outreach events working with tax professionals, payroll providers, industry and trade associations, small business owners, as well as in conjunction with other Federal, State and local government agencies.

Anna Falkenstein has been employed with the IRS since 1988. Prior to her work in Stakeholder Liaison Division, she held positions as a Field Revenue Officer and Offer-in-Compromise Specialist in the Collection Division. Anna regularly speaks at organization meetings, conferences, seminars and workshops, both face-to-face and via webcast, on tax related topics that are relevant to the given tax professional, payroll or small business audience.

Industry Panelists

Catherine Clow

Catherine Clow, EA
Owner and Principal of CAC Professional Service, Inc.

Catherine Clow, EA, NTPI Fellow, has been a tax professional for the past 32 years. She has served as an instructor for the National Association of Enrolled Agents NTPI program, is past chair of the NAEA Education Committee, past Chair of the NTPI Planning committee, and has served on the NAEA Education Foundation Board. She received the Excellence in Education Award from NAEA in 2011 and the President's Award in 2012. She continues to teach at the local and national level.

Cathy is the owner and principal of CAC Professional Service, Inc. in Auburn, California.  CAC Professional Services offers tax return preparation, tax planning and tax representation services.

Bert Hartmann

Robert (Bert) Hartmann, E.A.
Hartmann Professional Services, Inc.

Robert (Bert) Hartmann received his Enrolled Agent status in 1989 and became a NTPI Fellow in 1995. Bert is one of the founding members of the Northern Nevada Society of Enrolled Agents, where he has served as president, vice president, treasurer and is an annual update speaker for the Nevada Society. Bert's practice is located in Sparks, NV and has five employees, including two Enrolled Agents. Bert has been an instructor for the NAEA NTPI program for many years and believes that education is our road to success.

Content Consultant

David F. Windish, J.D., LL.M
Content Consultant

David F. Windish, J.D., LL.M. in taxation, is a tax attorney and consultant. He has served as an instructor of tax-advantaged investments at the New York Institute of Finance; an Instructor of business law at the U.S. Merchant Marine Academy, Kings Point, N.Y.; and an adjunct professor at George Mason University, Fairfax, Va. He has also served as executive editor for Tax Analysts; managing editor for Business Strategies, published by CCH; and senior editor for the Institute for Business Planning.

Mr. Windish is the author of Practical Guide to Real Estate Taxation, published by CCH and currently going into its sixth edition. Earlier works include Tax Advantaged Investments and Investor's Guide to Limited Partnerships, both published by the New York Institute of Finance. Through the Center for Video Education, he authored continuing education courses dealing with real estate and closely held corporations. Those courses included readings, case studies, and videotape segments.

Mr. Windish is a graduate of Rutgers University Law School and the New York University School of Law, Graduate Division. He has been heard as a guest speaker at professional meetings and seminars and on popular radio programs.

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