Early Bird Fees (through 10/26)
After 10/26, add $50 to your fee.
CPE: 8 hours
Vendor: Surgent McCoy CPE
Prerequisites: Basic knowledge of individual income taxation
Advanced prep: None
Who should attend: CPAs who wish to get a deeper insight into the tax law for some common client transactions that many offices have seen, plus some not-so-common client transactions
The best laid plans of mice and men oft go astray. 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 and will help you in preparing Form 1040.
• 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
• Complete coverage of recent tax acts and any new legislation enacted before presentation
• Individual income tax cases regarding income, adjustments, passive activities, and itemized deductions
• Itemized deduction for donating a house to fire department
• Mortgage payments and life insurance premiums deductible alimony? Yes!
• Not all forgiven principal residence debt is excludable
• Passive income and the self-charged rent rules
• Form 8938 for reporting foreign financial assets and updated rules. How much trouble results in not filing FinCEN Form 114?
• Does my online poker account need to be reported as a foreign account?
• IRS response to unprofessionalism: Office of Professional Responsibility (OPR) – How does the disciplinary process work?
• Meal allowances for police or fire workers on 24-hour shifts
• When is bad debt really bad and a worthless security worthless?
• Estimated taxes, the big penalties, and planning * S shareholder loans – substance and form both matter
• Financial Planning: Ignoring the future of Social Security; Miscues in rollovers & retirement plan distributions, + cases; The bad, the good, and the ugly of early retirement SEPPs; Making a tax-free annuity exchange taxable; Self-directed IRA miscue eliminates bankruptcy exemption
• Things professionals do not like to hear!: Do your clients (inadvertently) misclassify employees as independent contractors?; Considerations when taxpayers split; How do tithing and tuition affect Offers-in-Compromise?