Cpwa - Study guides, Class notes & Summaries

Fiduciary Standard - correct answer-A legal standard that holds a licensee to the highest ethical standards that the law provides. Compensation Disclosure - correct answer-Institute professionals required to "disclose services to be offered and provided, related charges, and compensation." This principle is intended to define an Institute professional's communication responsibilities relating to the scope and cost of services offered and compensation received therefor. Principle 2 requires ...

CPWA EXAM 2023

CPWA ALL SECTIONS EXAM QUESTIONS AND REVISED ANSWERS UPDATE (ALREADY GRADED A+) 1. Planning implications of stock option award programs - Answer- - Conversion of income = converting it from Ordinary to capital gains tax rates- Ensure you get qualifying distributions for ISOs (unless stock price is decreasing)- unregistereed shares under 144 must be held for a minimum of 12 monts (6 months for registerred shares)- NQSOs: a. To avoid section 409A, the exercise price must not be less than the v...

CPWA EXAM QUESTIONS AND REVISED ANSWERS ALL CORRECT 2024 UPDATE A general power of appointment is a power exercisable in favor of the decedent, his estate, his creditors, or the creditors of his estate. One of several notable exceptions includes situations where there is a power limited by something called a(n) _________________ relating to health, education, support, or maintenance. - Answer- ascertainable standard The GST tax on a direct skip is to be paid by the __________. - Answer- tra...

CPWA Exam Questions With Revised Correct Detailed Answers |ALREADY GRADED A+ PASS >> BRAND NEW VERSION 1) Generational wealth - ANSWER Research suggests that • 70% of wealth is lost by the 2nd generation • 90% of wealth is lost by the end of the 3rd generation • <10% survives and transfers to 4th generation 2) Failure in Family Wealth Transfer - ANSWER 60% due to breakdown in communication and trust within the family unit 25% due to heirs not being ...

CPWA Tax Planning Exam Questions with All Correct Answers List interest expense classifications and applicable limitations including the treatment of mortgage interest - Answer- Mortgage interest is a below the line deduction when itemizing deductions Mortgage interest attributable to the first $750K of mortgage debt Primary and secondary home Mortgages executed AFTER 12/15/17 1M for mortgages executed BEFORE 12/15/17 Not deductible for AMT List interest expense classifications and a...

CPWA Exam Questions & Answers 2023/2024 $466K Tax Rates - ANSWER-3.8% Surtax + 0.9% Wage + 39.6% Qualified Dividends - ANSWER-Hold for 60 days during 121 day period Wash Sale Rule - ANSWER-Can't buy back within 30 days or within 61 days for reacquisition such as buying same stock or warrant. AGI Charitable Limits - ANSWER-Public / Private. 50 / 50 / 30 / 30. 30 / 30 / 20 / 20. Cash / STCG / LTCG / Property Gift & Estate Tax - ANSWER-40% / $5.4M Exemption / $2.1M Unified Pros...

CPWA Exam Questions & Answers 2023/2024 IRS forms - ANSWER-1040 Individuals 1065 partnerships Schedule A itemized deductions Schedule K-1 partnership distributions AGI - ANSWER-Wages, salaries + ordinary dividends + rental real estate income= total income - Qualified plan/IRA contribution= AGI AGI Self Employed - ANSWER-LLC Income + other income = total income -(SUBTRACT) HSA, half self-employment tax paid, SEP contribution, self-employed health insurance deduction = AGI Ab...

CPWA 2023/2024 EXAM CORRECTLY SOLVED!!

IRS forms - correct answer-1040 Individuals 1065 partnerships Schedule A itemized deductions Schedule K-1 partnership distributions AGI - correct answer-Wages, salaries + ordinary dividends + rental real estate income= total income - Qualified plan/IRA contribution= AGI AGI Self Employed - correct answer-LLC Income + other income = total income -(SUBTRACT) HSA, half self-employment tax paid, SEP contribution, self-employed health insurance deduction = AGI Above the line deductio...