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 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.
Learning Objectives
- 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
Major Topics
- Applicable coverage of recent tax acts and any new legislation enacted before presentation
- Individual income tax cases regarding income, adjustments, passive activities, and itemized deductions
- When "gifts" can be taxable
- Hazy situation, two seemingly similar cases, yet one results in ordinary tax treatment, the other capital treatment (heads they win, tails we lose)
- When a rollover is not a rollover - the Claim of Right Doctrine
- I want to protect my identity, but I also need to protect my PTIN
- Failing alimony's written instrument requirement
- Failing alimony's same household requirement
- Trying to carry back a tax loss that has yet to occur
- No deduction for donating a house to a fire department
- Failure to report income witnessed by 20 million people
- Form 8938 for reporting foreign financial assets and updated rules. How much trouble results in not filing a FinCEN Form 114?
- Financial planning -- Ignoring the future of Social Security; Miscues in rollovers & retirement plan distributions, The bad, the good, and the ugly of early retirement
