This session will quickly review the types of charitable organizations, the percentage of AGI limitations and the substantiation rules. The discussion will then move to  the income tax consequences of charitable gifts of securities, closely held business interests (C corporations, S corporations, partnerships), retirement plans, artwork, bitcoin, stock options, deferred compensation, private equity,  life insurance, real estate, intellectual property, and cars, boats and planes. 

Jan Lewis, Chair of the AICPA's Tax Executive Committee, and the AICPA Tax Policy & Advocacy and the Tax Practice Management & Ethics Teams will discuss the AICPA's advocacy efforts regarding the Inflation Reduction Act of 2022 (IRA ’22) and how the AICPA supported members through the effort. The panel will also discuss the implications of major legislative initiative not included in IRA ’22 including extenders, as well as IRS service updates. Finally, a major “refresh” to the AICPA’s tax ethical standards, the Statements on Standards for Tax Services (SSTSs), will be covered.

This session will provide an overview of the 15 percent corporate minimum tax and adjacent concerns.

The avalanche of new tax legislation over the past five years and the impact of COVID-19 on firms and clients heighten the importance of proactive tax advisory services. Learn about the industry insights that will help you benchmark planning and advisory services against your peers in the tax professional community.

Join us for updates by the IRS Executive Leadership where they will provide overviews on current challenges and efforts the IRS is making to adapt to the evolving needs of taxpayers, tax professionals and the nation. You will hear insights from and priorities about each of the IRS’s key operating divisions as well as learn about the efforts by the National Taxpayer Advocate to provide high-quality taxpayer service, as well as effective implementation of legislation, examination and collection initiatives.

A moderated panel discussion will cover current and near-term IRS examination priorities from the perspectives of (1) the IRS Large Business & International (LB&I) Division; (2) the IRS Small Business / Self-Employed (SB/SE) Division; and (3) the impacts on practitioners and taxpayers. The panel will cover how the multi-year funding commitments in the recently enacted Inflation Reduction Act of 2022 will affect examinations and other compliance programs.

Use of LLCs and other passthrough entities continues to grow. Taxpayers and preparers can be overwhelmed by the volume, or may be unaware of the state income tax issues involved. This presentation will address how to handle multiple state K-1s for individuals, corporations and other pass-through entities. The discussion will cover the state treatment of passthrough entities and their owners and the necessary decisions to be made at the owner level. In addition, there will be an overview of the tools for managing the information flow.

Enacted by Congress in 2021, the Corporate Transparency Act (CTA) directs the Treasury Department to create a federal database of the beneficial ownership of a myriad of entities. The reporting rules will go into effect one year after the enabling regulations – the first tranche of which was published in December 2021 – are finalized. Are you and your clients ready? Come learn the basics of who must report, what information must be reported and when.

This session will address the important decisions that must be made by the family and fiduciaries of a decedent. This will include decisions regarding estate taxes, income taxes, retirement plan distributions, tax returns to file and more. Particular emphasis will be placed on the disclaimer planning technique - how it works and when it is best used.