INBB
THE TOP 50 BLOOPERS AND BLUNDERS AND HOW TO FIX THEM:
INDIVIDUAL TAX AND FINANCIAL PLANNING

Errors, slip-ups, gaffes, mix-ups…whatever you call them, mistakes happen to everyone and even small ones can be embarrassing. For CPAs, mistakes mean more than a red face. They can be costly and damaging to both the practitioner and client. Avoid these situations by learning what not to do by learning what others have done before. This enjoyable and entertaining course will uncover the significant errors that practitioners can be involved in and the best way to plan for a better result. This course will help experienced professionals learn in a fun way to avoid the BIG mistake and get your client the best planning strategies available today.

Major Topics:

This broad area of tax law will be divided into practice sections that will look at selected topics such as:

  • Complete coverage of The Small Business and Work Opportunity Tax Act of 2007

  • Individual Income Tax :
    • Winning and losing with your vacation home and principal residence
    • AMT: big trouble if you don’t know the rules
    • How much trouble do you get in for not filing a TD F 90-22.1 Form?
    • Family income splitting, the mistakes that can be made, and the significant planning benefits that can still be obtained today.
    • Estimated taxes, the big penalties, and planning.
    • The big mistakes with pension plans for the sole proprietor.
    • Trade or business or personal expenses?
    • Knowing what effective tax bracket a client is really in.
    • Funding the wrong way and the right way for college
    • Failure to use or not use a related party in your tax planning.
    • Passive income: knowing what it is and is not.
    • …and much more!
  • Financial Planning :
    • Big mistakes in rollovers and retirement plan distributions, including cases,
    • Making Roths or regular 401(k)s: it really can make a difference
    • Taking social security early: do you know what you are giving up?
    • Don’t let the tax trees hide the forest: a plethora of errors.
    • Helping your kids too much can be a big mistake -- what to do.
    • Understanding what it really takes to retire
    • …and much more!
  • Practice Issues for the Practitioner:
    • Failure to keep basis worksheets for all your clients’ investments.
    • Getting the records and proof from clients (i.e., don’t trust your client too much.
    • Busy season tips that help you do the Form 1040 faster and with fewer mistakes.

Designed For: CPAs who wish to get a broader insight into tax planning by understanding the significant mistakes professionals can make and how to avoid them.

What You Will Learn:

  • Achieve significant insight into the major mistakes that can be made in individual tax and financial planning.
  • Develop strategies that will assist in not only avoiding mistakes but in providing the best advice to your clients.

Level of Knowledge: Intermediate

Field of study: Taxes