This includes sessions from the conference: National Tax Conference 2018
How is your practice preparing for tomorrow? Adding the latest tech gadgets isn’t enough anymore. The tax profession is evolving in many aspects and at a rapid pace. Join us for an interactive roundtable discussion on changes being driven by tax reform, staff, clients, competitors, and technology. Learn how your practice will be impacted and the AICPA resources available to help your business evolve.
Per the IRS Data Book (2017), 62,000 offers in compromise were proposed with an acceptance rate of 40.3%. In order to take advantage of this powerful tool, practitioners should understand the concepts of the program, while also learning some of the tips and tricks to have a successful submission.
After over 10 years of serious plans for reshaping the tax system, on December 22, 2017 a variety of expectations became reality for some and disappointment for others. On June 21, 2018, Wayfair was decided reversing over five decades of judicial precedent limiting state’s rights to tax based on physical presence. New regulations, updated procedures and judicial decisions continue. The repercussions seem endless, and the challenges overwhelming. The guest speakers will shed light on intentions, current interpretations and expectations.
New IRC 199A allows a 20% deduction for 'qualified business income' from a 'qualified trade or business' -- but who qualifies and how does this work? We'll walk through the requirements for the deduction and point out why the deduction amount may be substantially less than expected.
At the end of this learning sessions, participants should be able to:
The Tax Cuts and Jobs Act shakes up the tax rules for meals, entertainment, transportation benefits, and other fringes for both for profits and not-for-profits. It is the employer that loses the tax deduction, or in the case of not-for-profits to a limited extent is penalized. This session however will present some strategies that will get the optimum results despite these complex new and negative fringe benefit tax rules.
This session will provide a comprehensive review of the most recent regulatory guidance on Section 199A.
At the end of this session, the participants will be able to:
TCJA changes to the individual income tax rules have will have a HUGE impact on fiduciary income tax returns. This session will cover changes in flow through business deductions, investment related deductions, and SALT. We will also look at opportunities related to Electing Small Business Trusts (ESBTs) and planning for the Net Investment Income Tax (NIIT).
This session will cover key federal tax developments, including those related to the Tax Cuts and Jobs Act, on income, deductions, credits, ACA, property transactions, and procedures relevant to individuals.
High income taxpayers don’t receive the benefit of the Section 199A deduction for income generated from specified service businesses. This session strives to define the SSB for the participants.
By the end of this session, the participant should be able to:
With the new $11.18 million exclusion amount ($22.36 for married couples), most taxpayers are no longer subject to federal gift and estate tax (at least through 2025). Yet planning is as important as ever, between existing documents that may no longer work, and new strategies designed to take advantage of the $11.18 million exclusion, with an eye to obtaining a basis step-up for appreciated assets. This session will review what every practitioner needs to know in terms of planning basics, such as wills, revocable trusts, beneficiary designations, and types of property ownership, as well as offer suggestions for going forward in an uncertain planning environment.