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.
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.
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.
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.
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.
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.
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.
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.
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?
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.