Reviewing Individual Tax Returns: What Are You Missing? WEBCAST

Monday, November 9 8:00am - 11:30am PST

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4 Credits

Member Price $155.00

Non-Member Price $205.00

Overview

The sheer mass of Internal Revenue Code provisions affecting individual taxpayers presents a considerable challenge for CPA’s and tax professionals. Combine that with the potential for input error when utilizing the array of income tax software available creates the potential for a multitude of errors that can occur on the final tax return forms. Join us as we discuss the common errors practitioners make on individual tax returns that are often missed by review staff. The intent is to sharpen skills for reviewers by examining case studies and discussing issues where additional information from the client may be warranted and areas of tax law where proper treatment requires additional analysis and information. Multiple issues will be discussed including passthrough K-1s, home office issues, hobby losses, rental property, hiring spouses, depreciation, Section 179 issues, amortization and more!

Highlights

Common errors made involving the following tax forms: Form 1040, Schedule A, Schedule B, Schedule C, Schedule D, Schedule E, Form 4562, Form 4797

Prerequisites

Basic knowledge of individual income taxation

Objectives

Identify common mistakes made on individual tax returns. Determine strategies to avoid making mistakes on individual tax returns.

Preparation

None

Notice

None

Leader(s):

Leaders

William Murphy

Mr. Murphy is presently a Consulting Principal in Murphy, McClary, Stover, & Burnett, LLC, which was formed July 1, 2007. The firm emphasizes providing tax and financial services to corporations and professional practices in the state of Indiana. In addition to being a Certified Public Accountant, Mr. Murphy is accredited in Business Valuation (ABV - Certificate #3064). Mr. Murphy is also a personal Financial Specialist (PFS - Certificate #30191) presented by the American Institute of Certified Public Accountants in March 2003. Mr. Murphy holds the designation of Certified Valuation Analyst (CVA) awarded by the National Association of Certified Valuation Analysts in January 1995. Mr. Murphy is a member of the Institute of Business Appraisers, Inc. and was admitted to membership on May 15, 1993. In addition to these organizations, Mr. Murphy has appeared as an expert witness in numerous cases involving marital and business disputes and has lectured extensively on valuation and tax issues for the National Business Institute, Professional Education Systems, Inc., Indiana Continuing Legal Education Forum, Indiana CPA Society, American Institute of Certified Public Accountants, National Association of Certified Valuation Analysts, as well as for other local continuing educational programs. He serves as the Chairman of the Ethics Committee for the Indiana CPA Society. Mr. Murphy is a Registered Representative with NASD Series 6 and Series 7 Registration and holds an Insurance License.

Prior to Mr. Murphy’s merger with Murphy, McClary, Stover, & Burnett, LLC, he was the owner of the firm Murphy & Company, P.C. Mr. Murphy was the former Director of Entrepreneurial and Tax services and was the majority Shareholder. Mr. Murphy was a former director with the Indiana Attorney General’s Office. He has been a lecturer on the accounting faculty at the University of Indianapolis and Marion College, which are located in Indianapolis, Indiana. Mr. Murphy has also been appointed to and currently serves on the Butler University Board of Visitors for the School of Business.

Mr. Murphy graduated from Butler University with honors in 1973. Admitted to practice as a Certified Public Accountant in the state of Indiana on December 7, 1977. Mr. Murphy has been associated with both local and national CPA firms with involvement and specialization in taxation, auditing, and small business development.

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Non-Member Price $205.00

Member Price $155.00