(CPE Savers) Individual Income Tax Return Mistakes and How to Fix Them

Code: CS-INB4

Date Monday, July 29, 2019
Time 8:30am - 12:00pm
Central Time
Location Minnesota Society of CPAs
1650 W 82nd St Ste 600
Bloomington, MN 55431-1458
Map & directions
 
CPE credits CPE 4.0
Specialty
credits
CFP pending
Field(s)
of study
Taxes - Technical (4.0)
Instructor Christopher Wittich, MBT, CPA
Boyum Barenscheer
Fees
Standard member fee $99.00
checkmarkStandard nonmember fee $129.00

Members: Please log in to receive member fee.

Description

You've likely been confronted by a client who had a "different twist" on a tax idea -- one that may not exactly be legal or legitimate. In this half-day course, examine the law behind various situations in which taxpayers might try to push one of these ideas. Come away with a stronger understanding of the tax law, reinforced tactics to avoid mistakes on your individual returns and tips to help you complete Form 1040 accurately.

This course is part of the CPE Savers program, seminars led by new MNCPA instructors.

Who should take this program?

CPAs and tax advisers in public practice

Major subjects

  • Individual income tax cases related to income, adjustments, itemized deductions and dependency
  • The IRS future state initiative
  • Schedule A filers after the Tax Cuts and Jobs Act (TCJA) tax reform law
  • When gifts can be taxable
  • Does aggregating passive activities also aggregate at-risk?
  • Two seemingly similar cases, yet one results in ordinary tax treatment and the other in capital treatment
  • Consumer price index and Social Security
  • When a rollover is not a rollover
  • The Claim of Right Doctrine
  • Risks with nontraditional individual retirement account (IRA) investments
  • Failing alimony's same household requirement
  • Failure to report income
  • Form 8938 for reporting foreign financial assets, updated rules and trouble with not filing a FinCEN Form 114

Learning objective(s)

  • Achieve 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

Notes:

Course code Code CS-INB4
Sponsor MNCPA
NASBA ID#: 139884
Level Intermediate
Format Group Live
Prerequisites Prereq. Basic knowledge of individual income taxation recommended.
Advance
prep
None