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The business environment is complex and evolving more rapidly than ever. In order to position ourselves for success, we must understand prevailing environmental trends, how they impact what we do as assurance providers, and the opportunities they present.
Objectives:
- Analyze the trends in the environment that are impacting assurance practice
- Determine impacts on audit quality
- Discover insights into developments that will affect practice in the near future
- Evaluate new assurance opportunities
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
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.
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.
The Association (unified voice of AICPA & CIMA) and CPA.com 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.
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 CPA.com Startup Accelerator
- Get inspired to rethink how you can leverage emerging technologies to be ahead of mass adoption
The reality of the of long term care planning for today’s mass affluent client has changed for the positive. Longevity, lifestyle and legacy are why the subject must be considered.
The financial and non-financial consequences that providing care brings will result in difficult decisions and compromise family dynamics. This is especially true for the sandwich generation, blended families, divorce, and growing solo aging population.
The desire for control about how, where and who provides care is front and center in a Covid world.
An increase in chronic conditions for aging such as Alzheimer’s, Parkinson’s, and Covid long-haulers demands proactive LTC planning. Reduced government programs and increased costs for retirement lifestyle make LTC planning valuable, if not critical.
We will compare the new planning solutions in the marketplace. Hybrid polices, Joint and Second to Die LTC solutions and Life and Annuities with Riders. A discussion of the differences in LTC riders, and a focus on the sweet spots for planning given health and family history will highlight opportunistic planning windows.
An analysis of “self- insuring “will solve for the true cost of self-funding for the mass affluent and HNW clients. Financing, gifting options, ILITs, tax incentives and 1035 exchanges in LTC planning are unique and opportunistic planning tools that will be addressed.
Lastly, why the broker you ultimately work with matters - for successful client outcomes and at policy execution.
Objectives:
- Identify how the mass affluent can benefit from today's long term care planning solutions and why the LTC discussion deserves consideration in a comprehensive financial plan.
- Evaluate the myriad of planning solutions in today's marketplace. Why a comprehensive analysis of ALL solutions matters in maximizing successful outcomes.
We all thought that tax season 2020 was the most difficult season ever…and then came 2021. Whether you are a sole proprietor or work in a firm, the adversities were real. We will discuss the struggles that all firms endured including post yearend tax law changes, moving due dates, non-conformity issues and working in a semi-virtual office. This session will be discussion based with audience participation and polls to see what were some of the biggest issues of 2021 and what changes firms are looking to make for 2022.
Objectives:
- Compare what other firms are doing in relation to training in a post COVID era.
- Determine what other firms feel are the biggest issues for firms in the future.
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.
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.