EST2103. AICPA Trust Estate and Gift Tax TRP Round Table

Jul 26, 2021 10:15am ‐ Jul 26, 2021 11:05am

Identification: EST2103

AICPA works hard for its members. This session will show what projects the TRP is advocating for in the estate and trust area. Contacts with IRS and tax writing groups are emphasized.

Learning Objectives:
  • Identify planning areas and recommendations
  • Recognize estate and gift tax issues that affect your clients

EST2104. State Income Taxation of Trusts

Jul 26, 2021 10:15am ‐ Jul 26, 2021 11:05am

Identification: EST2104

This presentation will examine the significance of state residency for fiduciary income tax purposes, the state fiduciary income taxation rules and the impact of recent decisions, such as, for example, the US Supreme Court decision in North Carolina v. Kaestner.

PFP2103. Using Insurance Products for Tax Sheltered Growth

Jul 26, 2021 10:15am ‐ Jul 26, 2021 11:05am

Identification: PFP2103

Insurance products such as life insurance and annuities can provide tax advantaged investment returns. This presentation will explain the basics of insurance taxation, understanding basic annuity and life product structures, and the mathematics of net returns on assets subject to taxes on growth above basis. Topics include optimal location of financial assets within insurance products and assessing the value of mature insurance policies.

Learning Objectives:
  • Identify the potential tax benefits of annuities and life insurance.
  • Recognize asset location strategies to maximize benefits from the use of insurance products

PFP2104. Fixed Income in a Low Interest Rate Environment

Jul 26, 2021 10:15am ‐ Jul 26, 2021 11:05am

Identification: PFP2104

Topics included in this discussion will be a macro fixed income overview, along with the implications for interest rates and where we are seeing opportunities in a low rate environment.

Learning Objectives:
  • Describe current fixed income markets
  • Demonstrate portfolio construction

PFP2105. Exponential: A New Way of Thinking About Growth

Jul 26, 2021 10:15am ‐ Jul 26, 2021 11:05am

Identification: PFP2105

A truth has emerged: growth begins with behavior. The idea that growth begins with behavior should be no stranger to leaders of professional service, including advisory firm owners. While a focus on behavior has always been present, today there is a major trend within wealth management to help investors focus on their behavior and to shed light on how their actions and attitudes affect their retirement and financial goals. And yet, focusing on behavior is often the last place firm owners think to look when analyzing their own revenue and profit growth. In this session, you will learn the behaviors that are holding back growth, how to look at them differently, and how to overcome them to grow exponentially.

Learning Objectives:
  • Identify the three most common problems holding back firm growth, including how to capture overlooked opportunities for growth.
  • Discover the most common firm growth barriers and how to overcome them.

ENG2102. Real World Planning: Working with Clients with Diminishing Mental Capacity

Jul 26, 2021 12:30pm ‐ Jul 26, 2021 1:45pm

Identification: ENG2102

In this session, we will explore what it looks like to work with the ever growing segment of clients experiencing diminished capacity.  We will discuss how our current regulatory environment impacts the way we do business, and what tools and best practices we can implement not only to protect our businesses but to best serve our clients and families.

Learning Objectives:
  • Define cognitive decline and diminished capacity and how to recognize it.
  • Review current and future industry regulation related to this segment of clients.
  • Recall tools and best practices to utilize, from a practice management perspective
  • Discuss actions to take to best serve and protect these clients and their families, from a fiduciary standpoint

ENG21ACCEL. Investing in Innovation: AICPA/ 2021 Startup Accelerators

Jul 26, 2021 12:30pm ‐ Jul 26, 2021 1:45pm

Identification: ENG21ACCEL

The Association (unified voice of AICPA & CIMA) and launched a shark-tank style startup accelerator four years ago with a focus on FinTech and EdTech solutions. Its purpose is to foster innovation and bring emerging technologies to the accounting profession. Investment into new technologies and solutions is critical for not only staying ahead of the curve, but providing client-centric service. In this session, you will hear about trends in FinTech developments and see the  startup companies that make up the 2021 cohort. These solutions have a leading role in a diverse range of categories including: crypto-asset management, financial impacts of climate change, accounting task automation and cash flow management.

Learning Objectives:
  • Discover trends in FinTech that are impacting the profession and your role
  • Hear from the front lines of designing new tech for business
  • Learn about the 4 startups that are members of the third cohort of the Association and Startup Accelerator
  • Get inspired to rethink how you can leverage emerging technologies to be ahead of mass adoption

EST2106. A View from the Trenches - Current Issues in Estate and Gift Tax Audits

Jul 26, 2021 12:30pm ‐ Jul 26, 2021 1:45pm

Identification: EST2106

This discussion will address current issues and trends in the transfer tax controversy arena at the audit level, appeals and in litigation. It will include issues related to the valuation and transfer of interests in closely-held entities, the use of formula clauses, recent caselaw, positions taken by the IRS and ways to address them at the planning level.

Learning Objectives:
  • Familiarizing participants with issues related to certain sophisticated estate planning techniques.
  • Providing tips on planning and preparing for an IRS audit with respect to those techniques.

EST2110. Advanced 709 Form Issues

Jul 26, 2021 12:30pm ‐ Jul 26, 2021 1:45pm

Identification: EST2110

Gift tax returns when filed with "adequate disclosure" provide a golden opportunity reduce audit issues and exposure on a federal estate tax return and most likely avoid later-life surprises for increases in gift tax liability. The session provides examples for effective gift tax reporting in addition to review of the applicable law and rules. After reviewing the demands and importance of adequate disclosure, this session will review practical return preparation preliminary actions; how Schedule A of the Form 709 integrates with GST reporting; fixed-dollar formula gift disclosures;  engagement agreements with appraisers; informing the appraiser what to value; reporting GRATs; reporting transfers subject to ETIPs and when the ETIP ends; and reporting with Crummey gifts, among other topics. 

Learning Objectives:
  • Learn effective election statements to include for optimum GST exemption elections (or elections out)
  • How to used the deceased spousal unused exclusion amount on gift tax returns and special disclosures needed
  • Ask questions and receive answers to practical questions for your Form 709 preparation practice.
  • Learn advanced techniques to prepare a more effective gift tax return for your clients

PFP2107. Global Investing: The Alpha and The Beta Omega

Jul 26, 2021 12:30pm ‐ Jul 26, 2021 1:45pm

Identification: PFP2107

Session is intended to provide education on structuring and implementing public equity portfolios, including a case study with considerations and outcomes.

Learning Objectives:
  • Describe global equity markets
  • Distinguish between active vs. passive management in public equity management