COVID Pandemic Tax Relief - Where Are We Now?

Nov 16, 2021 11:40am ‐ Nov 16, 2021 12:30pm

Identification: NTA2122

With COVID relief ending September 30, 2021, we need to be sure that our clients have filed for the many refundable employment tax credits that were available to them. Refundable tax credits, with a statute of limitations open until 2024 at the earliest, gives everyone an opportunity to assess qualification and apply for payments. In this session, the FFCRA Paid Leave Credits, the Employee Retention Credit, and the COBRA Premium Tax Credit will all be reviewed, focusing on practical problems that clients are having in receiving these credits.

Learning Objectives:
  • Understand if your clients properly paid required paid sick and family leave in 2020
  • Understand if your clients properly informed certain employees of the ability to forgo the payment of COBRA premiums during the April 1. 2021 through September 30, 2021 period
  • Be able to assist clients in claiming refundable employment tax credits for paid sick and family leave incurred April 1, 2020 through September 30, 2021
  • Be able to assist clients in claiming refundable employment tax credits for an employee retention credit for wages paid March 13, 2020 through September 30, 2021
  • Be able to assist clients in claiming a COBRA premium tax credit for COBRA premiums due April 1, 2021 through September 30, 2021
Category: Concurrent Session Onsite and Online

Retirement Transition: Crucial Decisions That Matter Most

Nov 16, 2021 11:40am ‐ Nov 16, 2021 12:30pm

Identification: SOP2108

Every day, thousands of individuals are making stressful decisions with uncertain information as they transition to a new phase in their lives. As a CPA, you are uniquely qualified to reduce sophisticated concepts to the crucial elements needed for clients to make these decisions. The trifecta of retirement decisions includes Social Security claiming, healthcare insurance changes, and retirement income planning. These decisions require juggling tax consequences, confusing regulations, multiple variables, and critical deadlines along with understanding your clients’ goals and dreams.

Learning Objectives:
  • Understand relationships between Social Security benefits decisions and other retirement assets
  • Recognize the Social Security claiming variables and how they impact benefit decisions
  • Observe typical client healthcare transition situations and related pitfalls to plan around
  • Appreciate the connection between retirement income planning and Medicare costs
  • Realize the value you bring to provide tax alpha in the retirement income planning process
Category: Concurrent Session Onsite and Online

Tax Planning Opportunities for Real Estate and Partnerships

Nov 16, 2021 1:30pm ‐ Nov 16, 2021 2:45pm

Identification: NTA2123

Presentation will focus on current regulatory and judicial developments, as well as any new legislation enacted intended to pay for social infrastructure programs, as they affect real estate and partnerships. In addition, the presentation will focus on current issues for investments in Opportunity Zones, gain recharacterization transactions under the final Section 1061 regulations, and new entity level tax deductions for state income taxes paid related to real estate trade or business income.

Learning Objectives:
  • Obtain advanced knowledge regarding current changes in the tax laws as they affect real estate and partnership taxation.
  • Learn about tax planning opportunities, and pitfalls, for real estate trades or businesses, with a focus on the impact on those operating as partnerships.
Category: Concurrent Session Onsite and Online

BBA Partnership Update: AARs, Exams, and Coming Developments

Nov 16, 2021 1:30pm ‐ Nov 16, 2021 2:45pm

Identification: NTA2124

The BBA partnership audit regime is in full swing and practitioners are gaining experience navigating the rules.  More partnerships are filing administrative adjustment requests (AARs), resulting in new complexity for at the entity level and the partner level.  In addition, examinations of partnership taxable years subject to examination have also begun.  The panel will discuss lessons learned from these current experiences, as well as look ahead to what might be on the horizon for partnerships and their partners.

Learning Objectives:
  • Describe the AAR process and provide practical tips
  • Identify the unique characteristics of a BBA examination and how to navigate the process
  • tbd
Category: Concurrent Session Onsite and Online

Disaster Filing Deadlines and Casualty Losses

Nov 16, 2021 1:30pm ‐ Nov 16, 2021 2:45pm

Identification: NTA2125

This session will take you thru the mechanics of a 7508A filing delay to preparing returns for taxpayers with casualty losses. This session will also provide the participants with an update and review of the necessary information for CPAs to prepare returns for taxpayers affected by natural disasters and assist clients with other recovery matters. Major Topics include: Code Section 7508A and how it affects returns Personal Casualty Losses Business Casualty Losses Involuntary Conversions121 Exclusions Personal Property Learning Objectives: Identify how filing delays as a consequence of disasters affects your practice, due dates, and deadlines. Identify how to assist clients who have experienced casualty losses in filing tax returns.

Learning Objectives:
  • Participants will acquire a knowledge of Code Section 7508A and the mechanics of a disaster related filing delay
  • Participants will acquire a knowledge of filing returns for taxpayers with disaster related casualty losses.
Category: Concurrent Session Onsite and Online

Planning to Obtain an Increased Cost Basis at Death

Nov 16, 2021 1:30pm ‐ Nov 16, 2021 2:45pm

Identification: SOP2109

The current estate, gift and GST tax exemption exempts all but the super-rich from Federal transfer taxes. However, the income tax remains. Numerous provisions in the Internal Revenue Code allow for a basis adjustment at death to minimize or, in some cases, eliminate gain. This session will begin by discussing those types of assets that will benefit from a basis increase. We will then discuss planning ideas to obtain an increased cost basis at death for those assets for which such an increase will be beneficial. Among the planning topics discussed will be the use of “upstream” outright gifting and gifts to grantor trusts while avoiding Section 1014(e), the importance of discretionary distribution provisions in trusts in obtaining a basis increase, how a “swap” power in a trust can aid in obtain a basis increase and the use of powers of appointment, including formula powers of appointment, to obtain a basis increase. Also, an overview of the Delaware tax trap and why that may or may not result in an increase in cost basis.

Learning Objectives:
  • Learn the various provision of the Internal Revenue Code that govern the determination of cost basis.
  • Discover how careful planning an use the basis rules can increase the cost basis for a person’s heirs.
  • Learn how to use “upstream” planning and general powers of appointment to increase the cost basis of an assets and the traps that may exist in implementing such planning.
Category: Concurrent Session Onsite and Online

Equity Compensation Practices, Pitfalls and Federal Income Taxation

Nov 16, 2021 3:15pm ‐ Nov 16, 2021 4:30pm

Identification: NTA2126

The session will cover the most prevalent forms of equity compensation, including the scenarios in which each should be used as well as the potential pitfalls. The federal income tax rules applicable to each form of equity compensation will be explored in detail.

Learning Objectives:
  • Familiarity with the most popular types of equity compensation.
  • An understanding of the basic federal income tax rules applicable to equity compensation.
  • Familiarity with common pitfalls.
Category: Concurrent Session Onsite and Online

Deconstructing the K1 (inc. K2 and K3)

Nov 16, 2021 3:15pm ‐ Nov 16, 2021 4:30pm

Identification: NTA2127

In recent years, K-1 reporting requirements have changed dramatically. Practitioners are faced with the challenge of properly reporting more and more information to partners and shareholders. This session will explore proper reporting of the various items disclosed on a Sch. K-1 by a partnership or S corporation. In addition, entities with foreign activity are required to prepare and provide new Sch. K-2 and K-3 for the 2021 tax year. After attending this session, attendees should be more comfortable with where and how to report the information that must be reported to a member or shareholder for inclusion on that individual's Form 1040.

Learning Objectives:
  • Identify the various types of information reported to a member or shareholder on Schedule K-1.
  • Understand how the information reported on Schedule K-1 impacts the member/shareholder's Form 1040.
  • Determine when a partnership will be required to complete new Sch. K-2 and K-3.
Category: Concurrent Session Onsite and Online

Should Everyone be an Employee? Policy for the Modern Workforce

Nov 16, 2021 3:15pm ‐ Nov 16, 2021 4:30pm

Identification: NTA2128

Congress, federal and state agencies and the courts have struggled for over 50 years to determine when workers are sufficiently controlled to be classified as employees rather than contractors. Are gig platform workers and freelancers a new category of worker? What motivates efforts to make more workers employees? Are such efforts supported by safety net laws, economics, and the realities of the modern workforce? What recent federal and state law changes have been enacted and proposed; what are the policy considerations to positively address workforce and employment needs and changes of the modern world?

Learning Objectives:
  • Explain the factors that make 20th century employment laws outdated.
  • Explain proposals for change to tax, labor and other laws and their pros and cons; and policy considerations.
Category: Concurrent Session Onsite and Online

Planning for Distributions from IRAs

Nov 16, 2021 3:15pm ‐ Nov 16, 2021 4:30pm

Identification: SOP2110

This course will focus on the key retirement distribution planning decisions to be addressed in 2021, including planning with the changes required by the SECURE Act of 2019. Who are “eligible designated beneficiaries” permitted to stretch out required distributions, and who are not? Clients’ plans and planning documents may need to be revised in light of the SECURE Act rules. Is 2021 the ideal year to consider a Roth IRA conversion? How should this be analyzed? Which plans are eligible for Roth conversion, and which are not? Should deductible plan contributions continue to be made by high income taxpayers – if withdrawal tax rates will be higher in the future? What do the 2021 tax proposals say about Roth IRA conversions? These and more related issues will be addressed.

Learning Objectives:
  • Understand the changes to clients' planning that may be required by the Secure Act.
  • Address Roth IRAs and other planning options - what we need to be telling clients now.
Category: Concurrent Session Onsite and Online