Individual Income Tax Return Mistakes & How To Fix Them [INB4]

Nov 5, 2018
Time: 12:15pm - 3:45pm



Credit Hours:



Member: $150.00
Non-member: $225.00

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Discussion Leader:

Robert R. Thelen, CPA    more info

Robert (Bob) Thelen is the owner of Robert R. Thelen, CPA, Ltd., a small practice located in Cold Spring, Minnesota. His areas of expertise, as well as what he most enjoys lecturing about, are in the areas of: individual and entity tax planning and preparation; payroll taxes and 1099 issues; retirement planning; Social Security and Medicare planning; and representing clients before taxing agencies. Mr. Thelen was President, CEO, and sole shareholder of another CPA firm located in Cold Spring, Minnesota, from 1992-2008. The company was heavily involved with income tax returns; payroll preparation and reporting; pension plan administration and compliance; retirement and individual financial planning; representing clients before taxing agencies; and life, health, and property/casualty insurance planning and sales. In 2016, he received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills. Mr. Thelen was manager of a tax department for the firm now known as Clifton Larson Allen LLC from 1989-1992. He also had a professional career as a revenue officer and then a tax auditor with the Internal Revenue Service in St. Paul, Minnesota, from 1980-1989. Mr. Thelen holds a Masters of Pastoral Ministry from St. John’s University School of Theology. He also holds a Bachelor of Arts from Metropolitan State University. He is also a member of the Minnesota Society of CPAs and other professional organizations. 

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Website registration for this course closes on November 4, 2018. To register after this date please contact the society at or 907-562-4334.

Full Description

Individual Income Tax Return Mistakes & How To Fix Them (INB4)

November 5, 2018

Westmark Fairbanks Hotel
813 Noble Street
Fairbanks, 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. Every practitioner has been confronted with a client who had a different twist on a lax 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 lax 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, itemized deductions and dependency
- Don't get caught watching the paint dry, the IRS "Future Slate" Initiative
- When "gifts" can be taxable
- Why are manhole covers round?
- 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
- The last word in alimony is not always the best word
- Failing alimony's same household requirement
- Failing to understand the limits on 401(k) loans
- 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?
- The future of Social Security

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 underlying tax law for some common client transactions that many offices have seen, plus some not so common client transactions

CPE Credits: 4, Taxation

Level of Knowledge: Intermediate

Prerequisite: Basic knowledge of individual income taxation

Acronym: INB4

Discussion Leader: Robert R. Thelen, CPA