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Understanding Common Errors in Individual Tax Returns (CETR)

Customer Rating
Field of Study
Taxes
Level
Intermediate
Credits
4
Qualifies For
IRS CPE



Price:  $39.99
The best laid plans of mice and men often go awry; 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.

Additional information

Credits

4

Format

Self-Study Download

Company Code

Self Study

Yellow Book Approved

0

CFP Approved

0

IRS Approved

1

CTEC Approved

0

Field of Study Credits

Taxes (Technical) (4)

Field of Study Department

Taxes (Technical)

Course Version

2018-01

CPE Approved

1

Pre-requistes:

Basic knowledge of individual income taxation

Knowledge Level:

Intermediate

Major Topics:

  • Hazy situation, two seemingly similar cases, yet one results in ordinary tax treatment, the other capital treatment. (Heads they win, tails we lose)
  • Individual income tax cases regarding income, adjustments, itemized deductions and dependency
  • When “Gifts” can be taxable
  • Failing alimony’s same household requirement
  • The last word in alimony is not always the best word
  • When a “rollover” is not a rollover, the Claim of Right Doctrine
  • How many Schedule A filers after TCJA?
  • Why are manhole covers round?
  • Don't get caught watching the paint dry, the IRS "Future State" initiative
  • The future of Social Security
  • Does aggregating passive activities also aggregate "At-Risk"?
  • 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?
  • Chained CPI Index and Social Security - Is the horse within the gates?
  • What are the risks with non-traditional IRA investments?

Learning Objectives:

  • Develop strategies that will assist in not only avoiding mistakes but also in providing the best advice to your clients
  • Achieve significant insight into the major mistakes that can be made in individual tax and financial planning

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
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