Tax Law

1. Tax Planning and Strategy
   1. Tax avoidance vs. tax evasion
      1. Definitions and differences
         1. Legal tax avoidance
         2. Illegal tax evasion
      2. Ethical considerations and public perception
   2. Common tax planning strategies
      1. Income splitting
         1. Family income splitting
            1. Use of trusts
            2. Gifting strategies
         2. Business income splitting
            1. Partnership structures
            2. Dividend distributions
      2. Use of tax credits and deductions
         1. Personal income tax credits
            1. Education credits
            2. Energy credits
         2. Business tax deductions
            1. Operational expenses
            2. Depreciation and amortization
      3. Choice of business entity
         1. Sole proprietorship vs. corporation
         2. LLCs and partnerships
            1. Tax treatments and benefits
            2. Liability implications
         3. S-corporation vs. C-corporation
   3. Advanced tax strategies
      1. Timing of income and deductions
         1. Deferral of income recognition
         2. Accelerating deductions
      2. Tax loss harvesting
         1. Offset gains with losses
         2. Managing capital gains taxes
      3. Estate and gift tax planning
         1. Trusts and gift exclusions
         2. Annual gift tax exclusion strategies
   4. International tax planning
      1. Transfer pricing strategies
         1. Arm's length principle
         2. Methods and documentation requirements
      2. Controlled foreign corporations (CFC) regulations
         1. Anti-deferral provisions
         2. Inclusion of CFC income
      3. Use of tax treaties
         1. Treaty shopping
         2. Double taxation relief
         3. Permanent establishment considerations
      4. Expats and global employees
         1. Tax equalization strategies
         2. Foreign earned income exclusion
   5. Sector-specific tax planning
      1. Real estate investment strategies
         1. Like-kind exchanges
         2. Real estate investment trusts (REITs)
      2. Tax strategies for startups
         1. Stock options and grants
         2. R&D tax credits
      3. Agricultural tax strategies
         1. Depreciation schedules for equipment
         2. Income averaging for farmers
   6. Tools and software for tax planning
      1. Tax preparation software
      2. Financial forecasting tools
      3. Planning calculators and simulations
   7. Risk management in tax planning
      1. Audit triggers and red flags
      2. Legal uncertainties and tax law changes
      3. Documentation and record-keeping practices
   8. Individual vs. corporate tax planning
      1. Differing goals and methods
      2. Integration of personal and business tax strategies
   9. Long-term tax planning
      1. Retirement planning and savings
         1. Tax-deferred accounts
         2. Timing of withdrawals
      2. Succession planning for businesses
         1. Transfer of ownership strategies
         2. Valuation and tax implications