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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.
The tax environment is fluid and what will occur is uncertain. This session will be updated up until the date of the program to provide practitioners with practical, actionable, tax planning advice that can be given to clients. Depending on the status of tax legislation current proposals and what to do in light of them will be reviewed. If there is actual legislation that will be discussed. in all events the focus will be on specific planning you can guide clients with.
Objectives:
- Recognize specific planning strategies that can be recommended to clients of ALL wealth levels to take now in light of various tax proposals
- Identify specific steps clients should take to create and fund life insurance trusts now and why is this so important for even more moderate wealth clients.
- Spousal lifetime access trusts (“SLATs”) are all the rage. Discover specific planning techniques that can be used to enhance this type of planning, and discuss how greater access to trust assets be provided GRATs may be on the way out but there may be one last opportunity to use GRATs.
- Identify how those GRATs should be structured and how and why are the different then GRATs that have been done in the past
- Identify techniques can be used to try to mitigate retroactive tax changes
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
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.
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
This session will cover the best 2021 retirement tax planning strategies, following a year that upended even the best-laid plans. The program will show CPAs how to react to the most recent tax changes, including the SECURE and CARES Act and more. Most clients will need to have their current retirement tax and estate plans revised based on the recent tax rule changes.
Objectives:
- Identify the retirement tax planning areas where advisors can add the most value and increase consulting income.
- Recognize the latest tax and IRA distribution decisions from recent cases and rulings. These will apply to your clients who are relying on you for the right advice before making major decisions affecting their retirement savings.
This presentation will survey various charitable giving techniques, including outright cash and noncash gifts, gifts of life insurance and annuities, bargain sales, charitable gift annuities, charitable remainder trusts, charitable lead trusts, pooled income funds, and gifts of remainder interests. In addition, the presentation will review the reduction rules and charitable contribution substantial rules.
Objectives:
- Attendees will be able to describe the difference between various gift types and their suitability for specific donors.
- Attendees will be able to apply reduction rules as they apply to gifts of certain types of property and the classification of the recipient charity.
- Attendees will be able to apply the substantiation rules to charitable gifts.
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?”
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.
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.