AICPA Advocacy Regarding the TCJA

Nov 14, 2019 7:00am ‐ Nov 14, 2019 7:50am

Identification: NTA19203

Chris Hesse (Chair of the AICPA's Tax Executive Committee) Kristin Esposito and Amy Wang (AICPA Tax Policy & Advocacy) discuss how the AICPA's advocacy efforts resulted in guidance helpful to taxpayers and CPAs.

Learning Objective:
  • Participants in the session will recall AICPA advocacy efforts and understand how the AICPA made a difference in the guidance implementation process.

Social Security and Marriage

Nov 14, 2019 7:00am ‐ Nov 14, 2019 7:50am

Identification: NTA19204

This session will discuss strategies to deal with Social Security and Marital Benefits. It will cover:

  • Martial Benefits
  • Spousal rights
  • Primer on when to draw
  • How Same Sex Marriage Rulings Affect Decision Making
  • Survivor Benefits
  • When there are dependent children
  • Before age 60 remarriage
  • After age 60 marriage
Learning Objectives:
  • Learn strategies as to when you should choose to draw social security
  • Learn the difference between drawing social security benefits for a spouse vs a surviving spouse
  • Learn the strategies for same-sex marriages under social security

Major Challenges Facing the IRS Today: National Tax Payer Advocate

Nov 14, 2019 9:20am ‐ Nov 14, 2019 9:45am

Identification: NTA1922c

This session will discuss the current state of U.S. tax administration and the major challenges the IRS faces today as it attempts to administer the tax system. Major challenges include providing high-quality taxpayer service, assisting victims of tax-related identity theft, implementing legislation, conducting examination and collection initiatives that promote future voluntary compliance, and expanding the ability of taxpayers and preparers to conduct their business with the IRS online while simultaneously maintaining data security.

Learning Objective:
  • Identify how to best use the services of the National Taxpayer Advocate to protect your clients' rights as a taxpayer, and help you with tax problems you can't resolve on your own.

IRS Appeals Division Update

Nov 14, 2019 10:40am ‐ Nov 14, 2019 11:30am

Identification: NTA1927

The recently enacted Taxpayer First Act places increased emphasis on the independence of the IRS Appeals organization (Appeals). This session will evaluate the Act’s specific impact on Appeals settlement practices and policies. The session will also analyze the range of Appeals programs and policies that present specific challenges and opportunities for taxpayers. Additionally participants will increase their ability to evaluate individual appeals options by gaining insight into the resources and infrastructure that support Appeals.

Learning Objectives:
  • Evaluate the Taxpayer First Act’s specific impact on Appeals settlement practices and policies.
  • Analyze the Appeals programs and policies for taxpayer challenges and opportunities.
  • Identify the resources and infrastructure that support Appeals.

Structuring Partnership Agreements

Nov 14, 2019 10:40am ‐ Nov 14, 2019 11:30am

Identification: NTA1928

This session will focus on identifying, analyzing and interpreting key tax provisions in partnership agreements, as well as amendments to partnership agreements, in light of recent changes to the tax laws. Key tax provisions that will covered include guaranteed payments, provisions affecting tax basis planning and preferred interests created for estate planning purposes.

Learning Objectives:
  • Identify key tax provisions of partnership agreements affected by recent changes in the tax laws.
  • Analyze and interpret amendments to partnership agreements adopted in light of recent changes to the tax laws.

Monetizing Your Assets (Beyond Looking for Change in the Couch)

Nov 14, 2019 10:40am ‐ Nov 14, 2019 11:30am

Identification: NTA1929

This session provides an analysis of the ways CPAs can help clients find untapped sources of funds and how to optimize the tax effects. Topics covered include:

  • Finding and reducing excess expenses including expensive health plans
  • Reducing education expenses
  • Checking unclaimed property reports
  • Acquiring and safely holding virtual currencies
  • Dealing with high equity in a principal residence
  • And many others
Learning Objectives:
  • Understand how to find and take advantage of untapped sources of funds and enable them to fit into tax and investment planning strategies
  • Understand how to improve income from cash and other investments

Ethics Today and the TCJA Issues

Nov 14, 2019 11:40am ‐ Nov 14, 2019 12:30pm

Identification: NTA1933

This presentation will provide an update of current tax practice ethics issues and particularly tax practice ethics matters arising from passage of the Tax Cuts and Jobs Act of 2017.

Learning Objectives:
  • Understand key ethics issues confronting CPAs in today's tax practice
  • Understand particular tax practice ethics issues arsing from the TCJA
  • Learn about common mistakes that CPAs make in tax practice in applying professional eithical standards

Opportunity Zone Funds: Basic Rules

Nov 14, 2019 1:30pm ‐ Nov 14, 2019 2:20pm

Identification: NTA1934

This session will cover the basic rules governing formation and tax deferral benefits of opportunity zones.

Learning Objectives:
  • Understand the basic requirements for making a qualifying investment into a qualified opportunity zone.
  • Identify the tax incentives that result from a qualifying investment.

QSBS: The Quest for Quantum Exclusions (Queries, Qualms & Qualifications)

Nov 14, 2019 1:30pm ‐ Nov 14, 2019 2:20pm

Identification: NTA1935

Qualified Small Business Stock (QSBS) under Section 1202 is not just for tech companies anymore. It's time to reconsider QSBS because the new tax act has paved the way for closely-held companies to benefit 'bigly'. QSBS provides an exciting array of benefits (and a surprising alternative) for owners of new and pre-existing business (large and small): (i) 100% gain exclusion on sale; (ii) tax-free rollover of gains; and (iii) a chance to 'stack' (multiply) and 'pack' the exclusion by 10 times (maybe more). While the benefits of QSBS are straightforward, the qualifications and questions surrounding QSBS planning are far from it. This presentation will discuss planning opportunities, unanswered questions, potential pitfalls, and best practices in the quest for quantum QSBS exclusions.

Learning Objectives:
  • Understand why the time finally right for QSBS.
  • What has changed since its enactment?
  • Understand the basic elements and qualifications of QSBS.
  • Analyze planning to maximize QSBS exclusions.

Selecting, Coaching and Representing the Partnership Representative

Nov 14, 2019 1:30pm ‐ Nov 14, 2019 2:20pm

Identification: NTA1936

This session will discuss what partnerships should consider when they select a partnership representative, what entities and individuals should consider before accepting the role of partnership representative or designated individual, and what tax practitioners should consider when representing a partnership before the IRS given that decisions are made by the partnership representative.

Learning Objectives:
  • Identify the requirements for qualification as a partnership representative,
  • Identify the issues a partnership should consider when selecting a partnership representative,
  • Analyze what a potential partnership representative or designated individual should consider before accepting the role,
  • Identify unique issues that may arise when representing a partnership through the partnership representative.