What's Happening in the Tax Ethics Arena?

Nov 16, 2020 5:20pm ‐ Nov 16, 2020 6:10pm

Identification: NTA2017

The COVID-19 world presents it own set of ethical and professional conduct in the tax arena.  In addition, AICPA is moving forward with an update, revision and expansion of the Statements on Standards for Tax Services (SSTSs) that govern ethical conduct of CPAs in the area of tax practice. The speakers will discuss the current ethical challenges in tax practice and the progress and future impact of the proposed changes to the SSTSs.

Learning Objectives:
  • Understand current ethical matters and challenges for CPAs in tax practice
  • Understand forthcoming revisions and expansion of Statement on Standards for Tax Services
Category: Concurrent Session (Online)

Navigating The Maze of Old and New Loss Limitations

Nov 16, 2020 5:20pm ‐ Nov 16, 2020 6:10pm

Identification: NTA2018

A refresher on certain historical loss limitations and an update on recent changes to new loss limitations, as applied at the individual taxpayer level.

Learning Objectives:
  • Review certain loss limitations for individual taxpayers, such as basis limitations, at-risk limitations, and passive activity loss limitations.
  • Analayze how new loss limitations under the TCJA (as modified by the CARES Act) should now be applied at the individual taxpayer level.
Category: Concurrent Session (Online)

Tax Profession in the Virtual Environment

Nov 16, 2020 5:20pm ‐ Nov 16, 2020 6:10pm

Identification: NTA2019

We will look at the current technology trends impacting the tax profession especially given the Covid-19 pandemic. Developing or modifying procedures in order to effectively and efficiently operate virtually. Review data of security measures. 

Learning Objectives:
  • Identify procedures to operate virtually
  • Review data security
Category: Concurrent Session (Online)

AICPA Tax Policy & Advocacy Update

Nov 17, 2020 9:00am ‐ Nov 17, 2020 9:50am

Identification: NTSP20201

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

Learning Objectives:
  • Identify AICPA advocacy efforts
  • Understand how the AICPA made a difference in the guidance implementation process
Category: Concurrent Session (Online)

Tax Research A to Z

Nov 17, 2020 9:00am ‐ Nov 17, 2020 9:50am

Identification: NTSP20202

Do not miss this opportunity to learn more about, or take a refresher, on how to do tax research in your practice to defend certain tax positions. This session will focus on how to perform tax research using free resources that are available online. In this webinar, we will show you how to sort your findings based on the hierarchy of primary and secondary tax law authority. Attendees will be shown various websites that can be utilized to do the research, how keywords are used to narrow down the different findings, and which professional guidelines to keep in mind when assisting your clients. After this webinar, attendees will be more equipped to defend the tax position they have taken on their client's tax return or while defending the client during an audit.

Learning Objectives:
  • Identify and Define an issue to research
  • Use various free resource sites to do the research
  • Sort your findings based on authoritative hierarchy
  • Document and communicate your findings
Category: Concurrent Session (Online)

Cryptocurrency Taxation: Nuts, Bolts and Tax Law Updates

Nov 17, 2020 9:00am ‐ Nov 17, 2020 9:50am

Identification: NTSP20203

With the inclusion of a virtual currency question on the front and center of 2020 Form 1040, cryptocurrencies are heading mainstream. It is important that practitioners know how to help clients who check "yes" for this question. This session will give you a high-level, non-technological understanding of the history of cryptocurrencies and the taxation of common cryptocurrency related transactions. This session also covers current developments surrounding this topic, such as the inclusion of the virtual currency question on the front of Form 1040, how to successfully navigate through tax notices (CP2000, Letter 6173, Letter 6174 & Letter 6174-A) and tax planning opportunities.


Learning Objectives:
  • Understand the tax implications of investing in cryptocurrency, running a mining operation, and using cryptocurrency as a payment method
  • Learn about challenges in dealing with cryptocurrency related clients
  • Apply tax planning opportunities
Category: Concurrent Session (Online)

Top 10 Tax Saving Opportunities From TCJA Updates, New Regulations, & CARES Act

Nov 17, 2020 9:00am ‐ Nov 17, 2020 9:50am

Identification: NTSP20204

During this session attendees will learn 10 tax saving opportunities that can be utilized to generate and retain cash for their real estate clients. These ten opportunities include but are not limited to UNICAP & Construction, Sec. 179 & Related Parties, Rock, Paper, Scissors - picking the right approach & more. Given the CARES Act change to NOLs and the significant role NOLs can play in increasing cashflow and helping to mitigate financial distress, these 10 opportunities you will learn will be essential for tax planning purposes.

Learning Objectives:
  • Learn the new regulations, TCJA and CARES Act updates that generate tax saving opportunities for real estate owners
  • Learn about the top 10 real estate tax saving opportunities
  • Understand how these opportunities impact the 2020 tax year and prior years
Category: Concurrent Session (Online)

Partnership: Part I

Nov 17, 2020 12:40pm ‐ Nov 17, 2020 1:30pm

Identification: NTA2020

Take a deep dive in the advanced concepts of partnership taxation in order to provide your clients with valuable advice and tax planning strategies, updated with the most recent legislation and IRS guidance affecting partnerships and LLCs.

Learn more about capital account reporting, special allocations, liquidating and non-liquidating distributions, property basis calculations under various scenarios, and sales of a partnership interest.

Learning Objectives:
  • Provide practical tips on tax capital account reporting required under Notice 2020-43 (if required for 2020 returns)
  • Consider the tax consequences to a partner/member for distributions
  • Discuss the tax consequences associated with the sale of a partner’s or member’s interest in a partnership/LLC
  • Calculate the gain that can result when a partner joins a partnership
Category: Concurrent Session (Online)

20:20 View of International Tax-Part I Foreign Outbound

Nov 17, 2020 12:40pm ‐ Nov 17, 2020 1:30pm

Identification: NTA2021

This session will be a high level review and update on certain hot topics in the International Tax arena including

-GILTI

-FDII

-Foreign Tax Credits, and 

-Taxation of the Digital Economy

Learning Objectives:
  • Identify where there may be GILTI, FDII or a Foreign tax credit benefit
  • Understand impact of recent regulations on calculating GILTI, FDII and Foreign Tax Credits
Category: Concurrent Session (Online)

Partnership: Part II

Nov 17, 2020 1:40pm ‐ Nov 17, 2020 2:30pm

Identification: NTA2022

Explore the impact of recent tax legislation and newly issued regulations impacting partnership taxation, including the recently issued proposed regulation for carried interests under Sec. 1061.

Dig into CARES Act provisions with an impact on partnerships, including changes to the Sec. 163(j) limitation on deduction on business interest expense.

Learning Objectives:
  • Understand the changes to taxation of capital gains under Sec. 1061
  • Discuss the changes to interest deductions under Sec. 163(j)
  • Understand the opportunity to revoke certain previous Sec. 163(j) elections
  • Explore changes to qualified improvement property and the options for correcting depreciation on prior returns.
Category: Concurrent Session (Online)