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. 

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.

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.

The session provides information essential to all peer reviewers, including an update on the Enhanced Audit Quality (EAQ) initiative, as well as a high-level overview of changes to Peer Review standards and guidance.

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.

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. 

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.

Insurance products such as life insurance and annuities can provide tax advantaged investment returns. This presentation will explain the basics of insurance taxation, understanding basic annuity and life product structures, and the mathematics of net returns on assets subject to taxes on growth above basis. Topics include optimal location of financial assets within insurance products and assessing the value of mature insurance policies.

Topics included in this discussion will be a macro fixed income overview, along with the implications for interest rates and where we are seeing opportunities in a low rate environment.

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.

This discussion will address current issues and trends in the transfer tax controversy arena at the audit level, appeals and in litigation. It will include issues related to the valuation and transfer of interests in closely-held entities, the use of formula clauses, recent caselaw, positions taken by the IRS and ways to address them at the planning level.

Gift tax returns when filed with "adequate disclosure" provide a golden opportunity reduce audit issues and exposure on a federal estate tax return and most likely avoid later-life surprises for increases in gift tax liability. The session provides examples for effective gift tax reporting in addition to review of the applicable law and rules. After reviewing the demands and importance of adequate disclosure, this session will review practical return preparation preliminary actions; how Schedule A of the Form 709 integrates with GST reporting; fixed-dollar formula gift disclosures;  engagement agreements with appraisers; informing the appraiser what to value; reporting GRATs; reporting transfers subject to ETIPs and when the ETIP ends; and reporting with Crummey gifts, among other topics. 

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.

Life insurance enjoys similar income tax characteristics as Roth IRAs. Premiums are paid into the policy after tax, earnings in the cash value, and withdrawals therefrom or loans thereagainst, are not includible in the policy owner’s gross income (if the policy is designed and managed properly), and death benefit proceeds are generally not includible the beneficiary’s gross income. For many high-income-earner taxpayers cannot qualify for Roth IRAs, or may be limited with how much can be contributed to a Roth 401(k), cash value life insurance can be a powerful Roth-alternative wealth accumulation strategy. For those with large traditional IRAs not needed for retirement income, cash value life insurance can also be a powerful wealth transfer strategy when distributions from the IRA are used to fund premiums. This session will examine how cash value life insurance can act as an “unlimited Roth IRA” for high earners to grow wealth, including a detailed analysis of the effect of policy charges on cash value accumulation compared to investing in a portfolio of traditional taxable investments, as well as an effective wealth transfer strategy to help control the damage caused by the SECURE Act on traditional IRAs.

With the current, high estate tax exemption, many practitioners believe “generation skipping” tax planning (keeping inherited assets out of the taxable estates of children) is no longer needed for most clients, just for very large estates. However, the estate tax exemption could be frozen or even reduced after the 2020 election. Even if this doesn’t happen, many married couples will likely underutilize the “generation skipping tax” (“GST”) exemption because it isn’t subject to portability. And keep in mind that inherited estates may grow during a child’s lifetime because, even in moderate-sized parental estates, trusts are often being set up for children, e.g., asset protection, divorce, blood-line distribution control or income tax reasons.

The reality is, because of changes in the tax code, GST planning is appropriate in lots of estates when it wouldn’t have been not too long ago. But, this raises an important question: are you up to speed on the complicated GST rules and can you properly apply them?

Join Bob Keebler to learn how to utilize the GST rules to maximum advantage for your clients. Here are just a few of the topics Bob will cover in this content-packed session:

· Who are “skip persons” versus “non-skip persons”
· What are “direct skips” versus “indirect skips”
· The difference between the annual GST exclusion and life GST exemption amounts?
· The automatic allocation rules?
· When do you allocate the lifetime GST exemption amount to “indirect skips”?
· How does late allocation of the lifetime GST exemption amount work?
· How do you calculate the “inclusion ratio”?
· How to split trusts into GST and non-GST shares via “qualified severance”?

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. 

This session will cover cross-border estate, gift and trust issues and the reporting requirements associated with those issues. 

The beginning of 2021 ushered in a new U.S President and a change of control in the U.S Senate. In this session, we will explore what President Joe Biden has detailed as his proposed tax plan, the focus primarily on individual income tax, estate tax and investment taxation. This program will take a holistic look at the proposed platform, and attendees will learn about the major changes outlined by President Biden, exploring both the new challenges, and planning opportunities, it creates.

Behavioral Finance Advice with Magic bridges the gap in traditional finance that assumes people are rational. Because most people are irrational, it combines traditional finance with the science behind how our brains work and the psychology of why we make the decisions we do.

After this session, you will be able to help your clients:

This session will address the challenges of estate planning in 2021. Have new laws been proposed or passed? How should practitioners respond? What techniques should be recommended now? Which techniques are best to use in a low interest rate environment? Are different techniques best recommended for clients at different levels of wealth? These and related issues will be discussed.

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.

46 million Americans now own bitcoin. Yet, only a few tax professionals understand how to help individuals and businesses dealing with cryptocurrency. This session walks you through the tax implications of common cryptocurrency-related transactions and how to successfully service clients affiliated with cryptocurrency. We will also cover current developments surrounding this topic, such as the inclusion of the virtual currency question on the front of Form 1040, how to successfully navigate through tax notices (CP2000, Letter 6173, Letter 6174 & Letter 6174-A), and tax planning opportunities. 

Disabilities don't discriminate. Families of great means have children and other beneficiaries with disabilities at the same rate as families of modest means. Addressing the myriad needs of a person with a disability (PWD) requires a comprehensive Special Needs Financial Plan (SNFP). The SNFP is built upon a network of Special Needs Trusts (SNTs), each of which is designed to be funded with different types of assets, at different times, from different sources. Identifying and engaging a family's "team" of allied professionals is a critical first step in developing the funding formula for the network of SNTs. Although a SNFP will maximize the use of a family's private wealth and resources, it must also be compatible with maintaining the eligibility of the PWD for government benefits that are the sole gateway to accessing beneficial programs and services that are not available on a private pay basis.

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.

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. 

The traditional approach to liquidations in retirement is very straightforward: spend taxable dollars first, and let tax-deferred retirement accounts keep growing, because "no one" wants to pay taxes any sooner than they have to! Except the reality is that there really is such thing as "too much" tax-deferred compounding growth, which makes future retirement distributions so large it drives the retiree into higher tax brackets and results in less wealth! In this session, we explore a more effective tax-efficient withdrawal approach of equalizing tax brackets throughout life, by mixing together taxable, tax-deferred, and tax-free accounts over time, and leveraging strategies like systematic partial Roth conversions and even capital gains harvesting to smooth out tax brackets from year to year and reduce cumulative taxation throughout retirement!

How many times have we said, “If only I knew, I would have planned better?” Insurance is often thought of as an “expensive” way to transfer risk…until a disaster event occurs! Wouldn’t it be great to share a “best practice checklist” with your clients to identify the risks they should consider transferring at each major stage in life? For example, shouldn’t every 30-something first parent buy some term insurance? And how about an umbrella policy to protect the family fortune from the teen driver? What about the client who is facing staggering bills to keep mom who has dementia in quality care? Our expert panel will share in rapid-fire their best tips in the area of life, long-term care, property, and casualty that are immediately actionable for your clients. Remember, financial planning includes risk management so even if you are not an insurance expert you need to point out the “holes” in the plan and guide your client to take action!

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. 

Your new client just received a significant sum of money! (either from Lottery winnings, inheritance, divorce, legal settlements, sale of a business, athletes, etc.). Chances are your client is feeling both excited and overwhelmed. This session will provide techniques to create a plan that will help preserve, grow and protect new wealth while avoiding irrational decisions. The panel will also include examples of real-life successes and failures to help guide both financial and psychological decisions.

Learning Objectives:

• Identify cash flow, tax, investment, and legal planning necessary to protect your client
• Discuss acting as the value added advisor by providing financial, and just as critical, non-financial help

The undeniable impacts of super trends, governmental intervention and geopolitical volatility have move the markets into unchartered territory. The panel will discuss best practices in strategic investment management, including navigating a low yield environment, passive versus active, international versus domestic, product innovations, client communications and more. We'll look at how the lines between investing and gaming/gambling can become blurred in investments like derivatives, SPACs, Bitcoin and Options Trading, accentuating their inherent benefits and pitfalls. Join AICPA thought leaders in a discussion of what’s working now and, more importantly, what’s likely to work going forward in investment management.

With the advent of technology over the years, RIAs are constantly looking for an edge; a way to build a better mouse trap in an effort to help clients to more comprehensively meet their tax and financial planning objectives. In this session we will discuss the RIA of the future from both the small firm and large firm perspective. We will address the future integration of tax and financial planning, technology and the ever-changing demands of clients and increased customization of investment management. In addition, we will look at the pros and cons of various types of firm structure, delving into ways to find and retain top talent, and explore resources available to RIAs to help you focus more on working on the business. Finally, we'll discuss the evolution of fees (for investments as well as planning).

The aftermath of COVID-19 has required many CPAs to help clients during their most unusual time. This session will use a panel approach to address what is a distressed business and how CPAs and advisors can advise clients with their options. Panelists will bring their real world examples to illustrate the professional role in assisting business owners through their most challenging time.

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

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:

Data analytics can support your organization’s top initiatives and provide relevant insights into risks, profitability, and other critical issues. Unfortunately, many organizations lack a clear strategy for how to incorporate it effectively. New technology and modern techniques can significantly reduce the time required to complete tasks, enabling your personnel to focus their efforts on the projects that enhance client value. During this panel discussion, our experts will help firms make sense of when and where to use different types of data analytics tools in the audit. You’ll gain insight on how combining the right technology and approach can:

• Reduce redundancy or inefficiencies to enable focus on more value-added tasks
• Increase consistency through repeatable activities streamlined for process optimization
• Allow management to make more intelligent decisions faster based on accurate data
• Deliver measurable value to your organization’s bottom line

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. 

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.

This session will be a discussion on how aggressively advisors should allocate to investment products with an environment, social and governance (ESG) mandate. We will present a series of concerns about ESG investing, and our panelists will respond to those concerns from a practical perspective and from the standpoint of academic research.

The global pandemic has accelerated the need for financial advisors to adapt and innovate to stay relevant and grow in 2021 and beyond. While many advisors have struggled to adapt, elite practices have been able to make the subtle, yet significant adjustments to their strategies and tactics to gain market share during these challenging times.

The Business Strategy team at Goldman Sachs has identified the 5 Tactical Themes that they believe will help Financial Advisors stay ahead of the curve in 2021 and beyond. These tactics are the by-product of a recently completed global survey as well as thousands of client interactions around the world during the global pandemic.

In order for taxpayers to resolve their back tax issues they are required to be in tax compliance. But what exactly does that mean? This program will cover the role tax compliance plays in resolving tax debts and what practitioners need to know to help get their clients into compliance to resolve their debt. The program will also discuss the issue of cleaning up a client’s bad behavior and the potential for voluntary disclosure to avoid a criminal referral. Also addressed will be the role of economic hardship and how it can be used to resolve a tax debt and prevent enforcement action by the IRS.

With continued impacts of the COVID-19 pandemic as well as the priorities of a new administration, businesses today face more regulatory demands than ever before as In response, accountants are seeking to increase their client engagement regarding important legislation, creating more strategic, consultative opportunities.

Join this session to learn about the top regulatory items that are impacting businesses. Ensuring that your clients address these areas wisely further strengthens and expands your advisory role.