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4.0 Credits

The best laid plans of mice and men often go astray; the same is true for taxpayers. Every practitioner has been confronted with a client who had a different twist on a tax idea. This course focuses on the law in order to break down 25 situations in which a taxpayer has attempted to push one of these 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

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
  • Failing to understand the limits on 401K loans
  • Trying to carry back a tax loss that has yet to occur
  • No deduction for donating a house to 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 and retirement plan distributions; the bad, the good, and the ugly of early retirement

Designed For

CPAs who wish to get a deeper insight into underlying tax law for some common client transactions that many offices have seen, plus some not so common client transactions


Basic knowledge of individual income taxation