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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
Join Gerontologist, professional coach and life stage expert, Barbara Waxman, as she shares valuable insights that will turn everything you think about midlife on its head. During this interactive presentation you'll learn why this isn't your parents' midlife, why retirement as we know it is ready to be retired, and what specific tools and questions you can use to better serve your clients. Barbara will distill decades of research to help you develop insights into just how the aging of America and demographics of the 21st century have changed the way successful financial professionals think about their work.
Objectives:
- Identify why age alone is no longer the most important litmus test for planning.
- Recall the most important questions you need to be asking your clients.
- Recognize when being a ghostwriter becomes part of your job
- Explain how the changing nature of ambition has changed financial planning.
- Identify which soft skills are most useful and the hardest to cultivate.
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
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.
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
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
You know where technology has been, but where is it headed? What technologies are coming that would be useful to you and to your company? You've heard about 5G, WiFi6, and collaboration, but what products work to make this practical? This session has the breadth, depth, and recommendations to help you understand what is in the market and what is working so that you can make informed decisions. Attend this session to learn how using the right hardware and software can improve your business and your everyday life.
Objectives:
- Distinguish major hardware and software trends and identify their importance as it relates to purchasing these assets.
- Assess the potential impact of implementing new generation hardware options.
LLC CHAPTER HIGHLIGHTS
• CARES Changes Have Special Mention for Partnerships
• Tax Cuts and Jobs Act Makes Few Changes to Partnership Tax Law
• IRS Launches Website for Streamlined Partnership Audit Process
• IRS Adds Reporting Requirements to Form K-1
• IRS Says Small Partnership Abatement of Late Filing Penalties Not Automatic
• Doctor’s Surgery Center K-1 Income Not Subject to SE Tax. Why Not?
• Attorneys’ Law Practice K-1 Income Subject to SE Tax. Why?
S CORPORATION CHAPTER HIGHLIGHTS
• Minimal Changes to S Corporation Tax in CARES and TCJA
• IRS Targets S Corporation Shareholder Basis and Reasonable Compensation
• Court Cases Illustrate IRS Targets
PASS THROUGH ENTITIES - Generally
• Pass-Through Entity Decision Making and the QBI Deduction
• IRS Promises More Audits of Pass-Through Entities
• Covid Relief and its Impact on Pass-Through Entities
Objectives:
- Recall recent court cases concerning pass through entities
- Recall updates on IRS examination targets for pass through entities.
With potential changes to the estate tax exemption and rules on the horizon, business owners are expected to transfer ownership in their companies at significantly higher rates this year. This session will bring you up to speed on the latest trends and methods for discounting non-controlling, non-marketable interests in closely-held business interests and provide tips on how to support the discounts in the valuation report.
Objectives:
- Learn the factors that drive valuation discounts
- Learn the primary methods and resources used to determine valuation discounts
- Learn how to support valuation discounts in the valuation report
- Learn the latest legislative changes impacting valuation discounts
Live from ENGAGE! The AICPA Town Hall Series is the profession’s resource for timely and critical information which includes real-time interpretation and analysis, along with a broader discussion on strategies and capabilities to drive long term success.
It is a high-impact news broadcast series that delivers accounting and finance professionals with the latest news, analysis and insights, and practical guidance to help them understand and respond to the most pressing issues facing the profession. Town Hall contributors include practitioners, thought leaders, policy makers, and a range of experts from across the profession, government and business. Join this special edition Town Hall as AICPA leaders bring the news desk to ENGAGE.
Objectives:
- Identify Timely & Critical Information
- Extend Interpretation & Analysis
- Outline Firm and Business Strategies
- Recognize Practitioner Capabilities
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.