AICPA National Tax & Sophisticated Tax Conferences with Private Foundation Summit 2020

Nov 16, 2020 ‐ Nov 19, 2020


This year, the National Tax Conference the Sophisticated Tax for Your Wealthy Clients Conference will be co-located. Both events will take place at the same time, in the same venue. Attendees of the National Tax Conference will retain the great content and networking opportunities that you value. The AICPA Sophisticated Tax Planning for Your Wealthy Clients event brings together ideas and tips that will help you strategize better 2020 results for your clients. Both conferences benefit from the bonus of additional cross-over sessions to attend and exposure to additional subject matter experts.

Following these conferences will be the Private Foundation Summit which provides an opportunity to get front-row access and hear from the innovators in this highly specialized world. From investing to charitable activities, we’ll help attendees gain clarity for their immediate and long-term goals – and we’ll provide important guidance on dealing with the impacts of the pandemic.

Join us for the industry's most reliable guidance, coverage of the most pressing issues, and dynamic networking opportunities.


Sessions

Welcome and Keynote Presentation: Taxing Perspectives: Hindsight, Insight and Foresight

Nov 16, 2020 10:00am ‐ Nov 16, 2020 11:05am

Identification: NTSP2001

Operation Minutes: 50

Operation Credits: 1

Operation Credit Type: Taxes

Operation Level: Intermediate

Operation Prerequisites: 3-5 Years in the Profession

Operation Advanced Prep: None

Operation Alertness Issued: 4

Operation Alertness Required: 3

Joseph J. Thorndike is one of America's preeminent tax historians. How does the past foretell the future? What's next, after the election? In his words: "in fiscal policy, if necessity is the mother of invention, past experience is its father.” Together, tax law is born. He will explain how history can teach us the likely boundaries of change, although he speculates there can always be a tax Black Swan. What might that be? The success and failure of past proposals will provide you with insight into handicapping the likelihood of proposed changes, particularly nearly 2 weeks after our November national election, although like any horserace, the results can only be precisely predicted at the finish line.

Key topics include a discussion of --

  • how big tax ideas become law, or failed to become law,
  • the politics of income tax versus consumption tax (i.e. VAT), and
  • why “who pays the tax” matters: the true cause of past tax revolutions, beyond the price of tea, and what past revolutions could mean for our future.

Learning Objectives:
  • Understand how past tax legislation often influences future legislation
  • Discuss policy platforms and the potential paths of change following the 2020 Presidential Election
Speaker(s):
Tags: SOP NTA
Category: General Session (Online)

Activity Break - Strech*d - neck/shoulders

Nov 16, 2020 11:05am ‐ Nov 16, 2020 11:15am


Planning for the Sale of Privately Held Businesses

Nov 16, 2020 11:15am ‐ Nov 16, 2020 12:05pm

Identification: NTA2002

Operation Credit Type: Taxes

Operation Level: Intermediate

Operation Prerequisites: 3-5 Years in the Profession

Operation Advanced Prep: None

Operation Minutes: 50

Operation Credits: 1

Operation Alertness Issued: 4

Operation Alertness Required: 3

This session will explore various aspects of M&A transactions for privately held businesses focusing on common issues and opportunities faced by sellers of privately held businesses and steps that can be taken to mitigate tax gain and/or related exposures including Section 1202, negotiating seller gross ups, structuring for rollover deals with private equity buyers, minimization of state withholding on pass through entity sales, the application of Section 280G to sales of private businesses and mitigation steps, and planning for common closing date deductions in various deal scenarios.

Learning Objectives:
  • Identify opportunities to take advantage of Section 1202 on sales of private companies
  • Identify tax traps in private company sales and mitigation strategies
Speaker(s):
Tags: NTA
Category: Concurrent Session (Online)

Working with the Internal Revenue Manual: A Key Resource

Nov 16, 2020 11:15am ‐ Nov 16, 2020 12:05pm

Identification: NTA2003

Operation Credit Type: Taxes

Operation Level: Basic

Operation Prerequisites: 1-2 Years in the Profession

Operation Advanced Prep: None

Operation Alertness Issued: 4

Operation Alertness Required: 3

Operation Minutes: 50

Operation Credits: 1

The Internal Revenue Manual is the primary guide for employees of the Internal Revenue Service pertaining the Service's administration of federal tax law, including examination, collection and appeals.  An understanding of the Manual Contents is indispensable for tax practitioners in understanding IRS practices and procedures and provides invaluable technical information with regard to several important tax areas

Learning Objectives:
  • Understand the Manual contents and tax practitioner use
  • Understand the IRS approach and processes in examination, collection, appeals and special areas
Speaker(s):
Tags: NTA
Category: Concurrent Session (Online)

199A: To Reduce or Not Reduce Qualified Business Income Deduction

Nov 16, 2020 11:15am ‐ Nov 16, 2020 12:05pm

Identification: NTA2004

Operation Credit Type: Taxes

Operation Level: Intermediate

Operation Prerequisites: 3-5 Years in the Profession

Operation Advanced Prep: None

Operation Alertness Issued: 4

Operation Alertness Required: 3

Operation Minutes: 50

Operation Credits: 1

Tax law requires qualified business income to be reduced by certain such as the self-employed health insurance and deductible portion of the self-employment tax along with qualified retirement plan contributions.  However, the application of the law is not well settled as guidance is incomplete.  Learn about the current status of these important reductions as well as the current status of the impact of the aggregation rules by listening to practitioners and IRS representatives discuss the current state of these critical adjustments. 

Learning Objectives:
  • Understand the current IRS interpretation of the Reg. Sec. 199A-3(b)(vi) regulation as evidenced through form instructions, published frequently asked questions and oral presentation.
  • Determine how to apply the aggregation rules of Reg. Sec. 199A-4 as it relates to reduction items.
  • Understand the status of the outstanding guidance issues regarding QBI reductions and the aggregation rules.
Speaker(s):
Tags: NTA
Category: Concurrent Session (Online)

Is Estate Planning Dead for Those Not Subject to Estate Tax?

Nov 16, 2020 11:15am ‐ Nov 16, 2020 12:05pm

Identification: SOP2002

Operation Credit Type: Taxes

Operation Level: Intermediate

Operation Prerequisites: 3-5 Years in the Profession

Operation Advanced Prep: None

Operation Alertness Issued: 4

Operation Alertness Required: 3

Operation Minutes: 50

Operation Credits: 1

The high transfer tax exclusions would seem to make sophisticated estate planning unnecessary for many clients whose estates will not exceed the taxation thresholds. But there are many other considerations that should go into an estate plan including portability, income tax considerations and asset protection concerns that make "simple" planning a risk for many clients. Life insurance, retirement plans, existing estate plans, gifting and many other issues may need to be considered differently when advising clients in this new world of estate planning. The newly enacted SECURE Act along with the combination of the sunset of the 2017 Act after 2025 and possible "political risk" before then makes advising clients in 2020 of critical importance.

Learning Objectives:
  • Obtain a comprehensive understanding of necessary planning to be done by clients with net worth below the current federal transfer tax threshold.
  • Identify opportunities in the areas of income, retirement, gift and estate planning techniques which may benefit clients with estates that may be at risk of tax changes in light of new laws, political uncertainty and the impending sunset of the current law.
Speaker(s):
Tags: SOP
Category: Concurrent Session (Online)

Key Rulings 2020/Individual Update

Nov 16, 2020 12:15pm ‐ Nov 16, 2020 1:05pm

Identification: NTA2005

Operation Credit Type: Taxes

Operation Level: Intermediate

Operation Prerequisites: 1-2 Years in the Profession

Operation Advanced Prep: None

Operation Alertness Issued: 4

Operation Alertness Required: 3

Operation Minutes: 50

Operation Credits: 1

While COVID-19 tax legislation and related IRS guidance was a significant part of tax updates for 2020, there were also lots of important court cases decided and IRS regulations and rulings issued. This presentation covers the most important of these rulings involving income, deductions, losses, health care provisions, and procedural matters and their relevance to tax planning and compliance due diligence.

Learning Objectives:
  • Identify tax planning and compliance points from key 2020 court cases, regulations and IRS rulings.
  • Explain 2020 rulings that represent new legal interpretations for individual taxation.
Speaker(s):
Tags: NTA

Updates from IRS Small Business/Self-Employed Division and Criminal Investigations

Nov 16, 2020 12:15pm ‐ Nov 16, 2020 1:05pm

Identification: NTA2006

Operation Alertness Issued: 4

Operation Alertness Required: 3

Operation Minutes: 50

Operation Credits: 1

Operation Credit Type: Taxes

Operation Level: Intermediate

Operation Prerequisites: 3-5 Years in the Profession

Operation Advanced Prep: None

Tags: NTA
Category: Concurrent Session (Online)

Does My Business Owe Taxes to Multiple States?

Nov 16, 2020 12:15pm ‐ Nov 16, 2020 1:05pm

Identification: NTA2007

Operation Prerequisites: 3-5 Years in the Profession

Operation Credit Type: Taxes

Operation Level: Intermediate

Operation Advanced Prep: None

Operation Alertness Issued: 4

Operation Alertness Required: 3

Operation Minutes: 50

Operation Credits: 1

In 2019, direct spending for business travel throughout the US averaged $3.1B a day, or $35,700 a second.  While the Covid-19 pandemic reduced business travel, it created a host of new tax issues for business with employees working from home.  Many states also tax businesses that never send employees into their states based on sales volume alone.  This session will discuss the state tax obligations that impact  businesses as a result of sales or the location of employees in multiple states.

Learning Objectives:
  • Identify the business tax obligations created when employees spend time working in other states.
  • Understand how a business can comply with these rules and avoid the traps associated with doing business in multiple states
Speaker(s):
Tags: NTA
Category: Concurrent Session (Online)

Trusts Owning Interests in Partnerships, S Corporations and IRA

Nov 16, 2020 12:15pm ‐ Nov 16, 2020 1:05pm

Identification: SOP2003

Operation Credit Type: Taxes

Operation Level: Intermediate

Operation Prerequisites: background in fidiciary income taxation and t

Operation Advanced Prep: None

Operation Alertness Issued: 4

Operation Alertness Required: 3

Operation Minutes: 50

Operation Credits: 1

This session will review the tax and administration issues of a trust owning an interest in a partnership, S corporation or IRA. Among the issues reviewed will be what trusts are eligible S corporation shareholders, how the S corporation or partnership taxable income is reported and how the ownership of such an interest affects trust accounting income and distributable net income, as well as a discussion of the treatment of passive activity losses arising from the ownership of such interests. The session will also cover the tax and administration issues of a trust owning an IRA including qualification of such an interest for the estate tax marital deduction, how IRA distributions are allocated between income and principal and how distributions from an IRA affect the calculation of DNI.

Learning Objectives:
  • Learn the how distributions from partnerships, S corporations and IRA affect the calculation of TAI and DNI and taxable income
  • Learn how distributions from partnerships and S corporations can result in "phantom" income to an estate or trust.
Speaker(s):
  • Jeremiah Doyle, BS (Accounting), JD, LL.M. (Taxation), LL.M. (Banking Law), SVP/Family Wealth Strategist, BNY Mellon Wealth Management
Tags: SOP
Category: Concurrent Session (Online)
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