The Top 50 Mistakes Practitioners Make & How To Fix Them [INBB]

Sep 17, 2019
Time: 8:30am - 4:00pm



Credit Hours:



Member: $295.00
Non-member: $445.00

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Discussion Leader:

Susan Smith, CPA    more info

Susan Smith manages her own firm specializing in tax planning for individuals and business owners and is also a frequent speaker at tax conferences. Smith was a Senior Manager in the tax departments of Price Waterhouse and Peat Marwick (the predecessor of KPMG). While at Price Waterhouse, she also held the national specialist designation for the real estate and partnership tax practices. During her time at Peat Marwick, Smith led the real estate and tax practices locally. She was an associate adjunct professor at Widener University in the master's taxation program. Her ratings have consistently exceeded 4.7 on a scale of 5.0. Smith is a two-time recipient of the James L. McCoy Discussion Leader of the Year Award for excellence in teaching. Smith earned her Bachelor of Business Administration degree with an accounting concentration, from the University of Toledo.

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Website registration for this course closes on September 10, 2019. To register after this date please contact the society at or 907-562-4334.

Full Description

The Top 50 Mistakes Practitioners Make & How To Fix Then: Individual Tax & Financial Planning (INBB)

September 17, 2019

Fireweed Conference Center
725 E. Fireweed Lane
Anchorage, AK

For registrations received less than 21 days from the course date will be charged a late fee of $50 for each 8 hour course and $25 for each 4 hour course and $12.50 for each 2 hour course.

The best laid plans of mice and men often go astray; the same is true for taxpayers and practitioners. 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 50 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.

Major Topics:
- Individual income tax cases regarding income, adjustments, passive activities, and itemized deductions
- The IRS Future State Initiative
- Does aggregating passive activities also aggregate At-Risk?
- When gifts can be taxable
- How many Schedule A filers after TCJA?
- Chained CPI Index and Social Security Is the Horse within the Gates?
- 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
- What are the risks with non-traditional IRA investments
- I want to protect my identity, but I also need to protect my PTIN
- Failing alimonys requirements and the last word is not always the best word
- Failing to understand the limits on 401(k) loans
- Passive income and the self-charged rent rules
- Meal allowances for police or fire workers on 24-hour shifts
- Itemized deduction over aggressiveness
- Estimated taxes, the big penalties, and planning
- Financial planning: Ignoring the future of Social Security; miscues in rollovers & retirement plan distributions; the bad, the good, and the ugly of early retirement SEPPs
- Things professionals do not like to hear!

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

Designed For: 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

CPE Credits: 8, Taxation

Level of Knowledge: Intermediate

Prerequisite: Basic knowledge of individual income taxation

Acronym: INBB

Discussion Leader: Susan Smith, CPA