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The Association is dedicated to removing barriers to the accountancy profession and ensuring that all accountancy professionals and other members of the public with an interest in the profession or joining the profession, including those with disabilities, have access to the profession and the Association’s website, educational materials, products, and services. The Association is committed to making professional learning accessible to all product users. This commitment is maintained in accordance with applicable law. For additional information, please refer to the Association’s Website Accessibility Policy. As part of this commitment, this product is closed-captioned. For additional accommodation requests, please contact adaaccessibility@aicpa-cima.com and indicate the product that you are interested in (title, etc.) and the requested accommodation(s): Audio/Visual/Other. A member of our team will be in contact with you promptly to make sure we meet your needs appropriately. 

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11:00am - 12:15pm EDT - July 26, 2021

Monday

This session will be a review of the most recent cases, rulings, and tax code changes that impact estate, gift and generation-skipping tax matters, and income taxation of trusts. 



Objectives:
  • Understand changes to the estate tax rules.
  • Learn how to use the changes to the rules to advantage clients in the context of their estate plans.
Monday

As we enter the third quarter, the economic landscape is dominated by two surges – a fiscal surge and a vaccination surge. In combination, these surges should lead to much stronger economic growth and higher inflation. A key question for investors, however, is whether this will fuel a continued back up in long-term interest rates or a market correction in areas of the markets that look frothy. As the pandemic winds down, investors will likely once again focus on longer-term issues such as sustainable investing and the relentless growth of the Chinese economy and capital markets.



Objectives:
  • Discover how global markets and economies can affect investors and the potential impacts on portfolios.
  • Identify both timely and long-term trends in the markets and global economic landscape.
02:15pm - 03:05pm EDT - July 26, 2021

Monday

This session will cover case studies, descriptions and explanations of effective and practical estate planning techniques to not only save estate taxes, but also to protect clients and their heirs from future estate taxes, divorce and creditors at the same time. 

This session will also show you how to structure basic estate documents, uses of GRATs, sales to grantor trusts, preferred partnership freezes and the like. 



Objectives:
  • Understand the balance between estate tax and income tax and how to potentially minimize both for clients.
  • Assist clients in succession planning for the business and providing for the financial well being of the family members at the same time
Monday

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.



Objectives:
  • Identify planning areas and recommendations
  • Recognize estate and gift tax issues that affect your clients
04:30pm - 05:45pm EDT - July 26, 2021

Monday

With more than 500 different profession-specific software products to choose from in at least 30 different categories, building your tech stack is more complicated than ever. Join a panel of tech experts and business consultants as they survey the landscape and provide guidance on your selection process and what to look for in the CPA planner’s tech future.



Objectives:
  • Develop an understanding of the profession’s current tech landscape.
  • Create a process for comparing your evolving tech needs with the options in the marketplace.
  • Identify some newer software functionality that most advisors are not familiar with.
  • Discover what industry experts see coming from technology providers in the next 24 months, including new tech being developed commercially by advisory firms.
  • Develop a workable strategy for staying current with technology trends and how to leverage your evolving tech stack.
06:00pm - 07:15pm EDT - July 26, 2021

Monday

Inclusion is often described as a Human Resources initiative along with Diversity and Culture. However, it is also a strategic business imperative that can lead to firm growth, increased clients, higher team retention and innovative offerings.



Objectives:
  • More about inclusion’s positive impact on team engagement, client relationships, and business partnerships
  • How to re-evaluate perceptions and thoughts to more effectively lead diverse team members
  • How to increase retention and remove barriers that discourage a sense of belonging
Monday

The presentation is about recent developments regarding federal estate and gift taxes. We will review general procedural and substantive updates regarding estate and gift taxation, including changes in the law that impact the filing of estate and gift tax returns. 



Objectives:
  • Changes in the law that impact the filing of estate and gift tax returns
  • Recent developments regarding federal estate and gift taxes
  • How to obtain transcripts and historical Forms 709 to properly prepare returns
  • Determining when and how to request issuance of IRS Letter 627, also referred to as an estate tax closing letter
11:00am - 12:15pm EDT - July 27, 2021

Tuesday

This session will cover residency for income and transfer tax purposes, and discuss six issues including: revocable trusts and companies tainted by U.S. situated assets under section 2104(b), section 684 planning, section 2801 gifts and bequests from covered expatriates, planning for non-U.S. parents with U.S. beneficiaries, UNI, and CFC and PFIC related issues.



Objectives:
  • Understand common pitfalls and learn how to mitigate exposure to U.S. income and estate tax in relation to estate plans involving foreign trusts and companies with U.S. situated assets, persons leaving the U.S., and U.S. beneficiaries.
Tuesday

We will discuss the issues that can arise with long term trusts, review the tools available to modify irrevocable trusts, and offer advise on advising clients on modifications. 



Objectives:
  • Understand the mechanisms to modify trusts
  • Understand the issues that may drive the need for a modification
02:15pm - 03:30pm EDT - July 27, 2021

Tuesday

What have we learned from the past 15 months of living through a life changing pandemic? How has it changed the world around us in temporary and permanent ways? What does it mean for your firm and practice? Have you thought about what it looks like going forward? How has it impacted your clients and their perspective of their lives, goals, ambitions and future direction?

This session will give you the perspectives on these questions from three of the thought leaders in the CPA Financial Planning Profession. These leaders have been thinking deeply about these issues from Day One of the pandemic through their own firms, study groups, and various webinars and conference presentations. Now, as we hopefully see some light at the end of the COVID tunnel, how do we capture the lessons learned from this experience to make our firms, our clients lives, and us better?



Objectives:
  • Identify critical pandemic impacts to your firm and how you can prosper going forward.
  • Recognize client post-pandemic concerns and how to deepen client relationships using life planning concepts.
  • Recognize the value of focusing on both client and technical perspectives in client discussions on retirement, income tax, estate planning and other financial planning.
  • Review how the future of the financial advisory profession has changed from our collective pandemic experiences.
Tuesday

The calculation of trust accounting income (TAI) determines how much is payable to income beneficiaries and remaindermen. It is determined by the applicable state's version of the Uniform and Principal Act, unless trumped by the trust instrument. This session will begin with an overview of trust accounting income and proceed to discuss some of the most frequently encountered issues in calculating TAI. Among the issues discussed the participant will learn:



Objectives:
  • Identify how income from entities is allocated between income and principal as well as the related income taxes.
  • Identify how distributions from IRAs payable to a trust are allocated.
  • Describe how TAI differs from a trust's taxable income and distributable net income.
05:30pm - 06:45pm EDT - July 27, 2021

Tuesday

The Best Ideas Panel will pull together the best thinking from the first two days of the conference and some of our highest rated speakers. We will give the attendees practical planning strategies that affect their clients that they can implement now. Topics will cover thought leadership in the income tax planning, estate planning, retirement and other areas as well as some of the general sessions. Our panel consists of individuals who are recognized experts in each area and consistently ranked as our top speakers at the conference.

Learning Objectives:


  1. Analyze best planning ideas from across all the sessions from the first two days of the PFP conference.
  2. Recognize current hot topics including tax planning, estate planning, retirement, elder planning, and other financial planning topics will be presented in a practical format.

Tuesday

This session will review trusts commonly used by clients such as life insurance trusts, survivorship life insurance trusts, trusts for children and grandchildren, and others. 



Objectives:
  • Recognize common mistakes and problems exist in many (maybe most) of these trusts that CPAs can identify and fix. What are those mistakes? How can you identify these issues from trust income tax returns, gift tax returns and even from trust plans themselves?
  • Identify how GST issues are often mishandled and how to correct them with a late allocation of GST exemption even for smaller clients.
  • Discover why most trust plans dangerously fail to protect trust assets for beneficiaries and how clients might fix them. What to report on income and/or gift tax returns when those issues are fixed.
  • Identify if trusts are properly reported as grantor or complex (non-grantor) trusts? The commonly used life insurance trust, is it grantor or not? What about trusts owning survivorship life insurance policies? Are they grantor as to one or both spouses and what happens on one spouse’s death? Why is this all so important for so many clients?”
Tuesday

The much-debated ruling by the US Supreme Court forcing the NCAA to alter long-standing financial policies around collegiate athletics, athletes and teams speaking out on social issues, and the Tokyo Olympics taking place amid a global pandemic has made the intersection of business and sports more apparent and newsworthy than ever.

The role of the trusted, professional financial advisor is critical from the onset of an athlete’s career requiring an understanding of financial literacy, wealth management and compliance. Given the stunningly short, average length of a player’s career, preparing for the day the buzzer sounds should start well before they sign their first professional contract.

This session features lessons learned from three groundbreaking professionals - Amobi Okugo, Jeremy Bloom and Nicole Lynn - each bringing their own unique perspectives on overcoming adversities, maximizing opportunities and navigating an often treacherous business environment on and off the field.


Wednesday

The COVID-19 pandemic accelerated change in the profession. This panel discussion will provide insights into the trends and issues impacting the profession and how these are creating new opportunities to thrive in the future.



Objectives:
  • Describe the current economic environment and important issues impacting the accounting and finance profession.
  • Recognize how accountants are leading in economic recovery efforts and hear how the Association is supporting them through advocacy, resources and learning.