INBB
THE TOP 50 MISTAKES PRACTITIONERS MAKE AND
HOW TO FIX THEM: INDIVIDUAL TAX AND FINANCIAL PLANNING

Every practitioner has been confronted with a client who has a different twist on a tax plan or idea. This course focuses on the “law” in order to break down 50 situations in which a taxpayer has attempted to push one of these plans or ideas. The study of the law underlying the tax mistakes made will assist practitioners in satisfying their professional standards of practice.

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

• Complete coverage of the tax acts of 2010 and any new legislation enacted before presentation
• Individual Income Tax:
• Chief Council attacks reimbursement plans
• AMT: big trouble if you don’t know the rules
• Updated rules and just how much trouble do you get in for not filing a TD F 90-22.1 Form?
• Can a lottery winner buy a capital gain?
• Stock sold at loss and repurchased in IRA
• When is a bad debt really bad; and a worthless security really worthless?
• Estimated taxes, the big penalties, and planning.
• S shareholder loans - substance and form both matter
• Review of recent final regulations on S Corp “Open Debt”
• Passive income: knowing what it is and is not
• How does a casual gambler report winnings?
• …and much more!
• Financial Planning:
• Miscues in rollovers and retirement plan distributions, including cases,
• The bad, the good, and the ugly of early retirement SEPPs
• Taking social security early: do you know what you are giving up?
• Making a tax free annuity exchange taxable.
• …and much more!
• Practice Issues for the Practitioner:
• Things professionals do not like to hear!
• Do your clients (inadvertently) misclassify employees as independent contractors?
• Considerations when taxpayers split
• Getting the records and proof from clients (i.e., don’t trust your client too much.
• The best ways to make the IRS ‘preferred customer list’
• Busy season tips that help you do the Form 1040 faster and with fewer mistakes.

Designed For: CPAs who wish to get a deeper insight into tax law for some common and not so common client transactions which will be beneficial in reaching the more-likely than not standard.

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 also in providing the best advice to your clients.

Level of Knowledge: Intermediate