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Philanthropy is a key element of many estate plans but little attention gets paid to the operational considerations in the planning process. This session will review considerations, conflicts and best practices in the areas of Operations, Governance, Investments and GrantMaking, across all forms of philanthropic endeavors, both within and apart from a Family Office Context. We will, however, highlight issues that may be unique to the operation of a Family Office. Issues of succession and transition planning will be addressed as well. The session assumes some level of experience or expertise with the basic entities and operational considerations.
Objectives:
- Recognize issues and considerations that should be addressed w/r/t succession and transitions in foundations
- Outline considerations for family office executives and advisors with respect to philanthropic activities generally
- Discuss skillsets and considerations for families and FO executives when moving across areas of philanthropic activity
- Identify how you can help families define Impact and what it means to them - citing examples and best practices depending on different definitions of "impact"
This session will allow the participants to understand the role of IT in performing audits and how to properly use the IT to make the audit more efficient. Common problems encountered in Peer Review will be discussed and how to avoid these as you increase the use of IT. Enhancing Audit Quality (EAQ) initiative will be covered. The links to EAQ and Peer Review will be illustrated.
Objectives:
- Discover the role of IT in the current audit environment.
- Identify ways to enable firms to use IT to be more efficient and effective in their audits.
An important study showed that over 60% of the failures to maintain family wealth are due to a lack of communication. This session will focus on best practices and the importance of communicating the estate plan, including:
- Relevant client concerns over qualitative issues
- The why, who, what, when and how to facilitate the communication session
Objectives:
- Understand the importance of clients communicating their estate plans
- Learn ideas for how to create and facilitate the communication session
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:
- Analyze best planning ideas from across all the sessions from the first two days of the PFP conference.
- Recognize current hot topics including tax planning, estate planning, retirement, elder planning, and other financial planning topics will be presented in a practical format.
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?”
In this session we will discuss the significant planning opportunities available with Qualified Small Business Stock. We will start with the basic rules and definitions, however, quickly morph into the unique opportunities that exist within Section 1202. Using practical examples we will illustrate the strategies that exist to exclude greater than the $10M exclusion, discuss rollover techniques when the five-year holding period hasn’t been met and also prepare you, as a practitioner, with the knowledge necessary to assess your risk with claiming the exclusion on your client’s tax returns.
Objectives:
- Identify the basic requirements to qualify for the QSBS exclusion both from the company perspective and the individual investor.
- Describe the planning opportunities to multiply the $10M exclusion by creating trusts, gifting, and leveraging the Section 1202 basis rules.
- Explain as a practitioner the risks associated with reporting QSBS exclusions on your client’s tax returns and the level of comfort required to support such tax positions.
- Recognize and understand QSBS Schedule K1 footnotes and what you need to inquire of your client to determine eligibility as it relates to factors such as holding period and carried interest.
The answer lies in embracing the right technology and focusing our workflow on the right thing like accountants did before technology turned our industry upside down. Join us to learn about the history of our broken workflow and what can finally be done to fix it.
Learn how dynamic father and son team Bob and Davin Carey used succession planning to add wealth management services to their multi-generational CPA tax practice that skyrocketed their business.
Objectives:
- Business Succession Planning – Develop a strategy to grow your practice and plan for the future.
- Wealth Management with a Tax Focus – Leverage your tax expertise to offer holistic wealth management
Due to the rising costs of higher education, the shift to eLearning, and the impact of COVID-19, clients are relying more than ever on advisors to help them navigate the financial complexities associated with the college funding and financial aid planning processes. In this presentation, Ross will share creative education planning strategies you can use with business owners, high income/high net worth individuals, middle-income individuals, divorced/divorcing couples, blended/non-traditional families, and grandparents as they experience the higher ed revolution first hand. In addition, Ross will also cover relevant changes from recently passed and proposed legislation, and identify trends so you can stay ahead of the curve when planning for the next decade.
Objectives:
- Recognize how the passage of the CARES Act and Consolidated Appropriations Act impacts tax and education planning.
- Apply education planning strategies for business owners, high income/high net worth individuals, middle-income individuals, divorced/divorcing couples, blended/non-traditional families, and grandparents.
- Identify trends in higher education to be able to provide more effective comprehensive education planning services for individuals and families over the next decade.
The Covid-19 pandemic created a host of new tax issues for business with employees working from home.
During this session, Speaker Mark Klein will discuss the state tax obligations that impact businesses as a result of employees who work remotely. He will also discuss the tax consequences to the employees.
Objectives:
- Identify the business tax obligations created when employees spend time working in other states.
- Recognize how a business can comply with these rules and avoid the traps associated with doing business in multiple states.
- Identify the potential double tax issues triggered by working from home.
This session will discuss how the Section 199A deduction, the 3.8% surtax on net investment income, the Section 642(c) income tax charitable deduction and other selected issues affect the preparation of the Form 1041. The discussion will cover the reporting requirements for both non-grantor and grantor trusts and available planning opportunities. In addition, examples will be included and discussed for each of the topics covered.
Objectives:
- Identify the nuances of the various components of the distribution system of the income taxation of estates and trusts.
- Discover the importance of distributable net income (DNI) and how it is allocated among beneficiaries.
2020 was a year to remember. Just ask new WNBA Commissioner and former Deloitte CEO, Cathy Engelbert.
The WNBA basketball league was one of the first sporting organizations to be majorly affected by the COVID-19 pandemic. They were also at the forefront of the "Black Lives Matter" movement with many players taking a stand and bringing the organization into the spotlight.
Join Cathy as she discusses the year that was with ENGAGE emcee, Jill Schlesinger. She'll discuss how she led her team and players through the chaos, the changes her organization had to make financially to cater to the new world, and how they had to alter their goals for the future.
This session will cover accounting and auditing new developments, hot topics, and questions and answers coming through the CPEA and Technical Hotline during the year.
Objectives:
- Identify questions and answers on accounting issues, including any COVID related accounting developments for private companies.
- Discover commonly asked questions and answers for practitioners performing compilations, reviews, audits and attest engagements.
With many significant tax proposals being discussed in Washington it is important to integrate flexibility and unwind (re-do) options into planning. This session will cover Estate Compliance-DSUE/Portability, Flexibility, Trusts, Formulas, Disclaimers, Recission, Family LLCs/Partnerships, and Life Insurance
The length of retirement is one of the most important assumptions in a financial plan; therefore, care should be taken that is estimated as accurately as possible. This presentation will explore a variety of topics related to estimating “the end” of retirement, including a review of life expectancy and its drivers, the accuracy of subjective mortality estimates, the actual assumptions used by financial advisors in financial plans, as well as model that can be used to approximate a reasonable retirement period that considers personalized mortality and the probability of success.
Objectives:
- Recognize how accurate subjective life expectancy estimates are, what objective factors actually matter, and what people tend to get wrong
- Identify the implications associated with not considering personalized mortality factors, and the extent financial advisors currently consider them
- Discuss how to appropriately estimate the length of retirement for a financial plan assuming the outcome metric is the probability of success and retirement is assumed to last a fixed period
This session will cover wealth transfer and post mortem planning for clients with estates valued up to $10 million. We will look at why most Americans fail to do any planning and the top reasons why planning is so critical. We will cover the ins and outs of the portability election and how it compares to the use of conventional trusts, along with administrative and fiduciary elections and situations where the estate is an owner of a partnership or S corporation interest.
Objectives:
- Summarize why all clients should have an estate plan
- Identify the various post-mortem elections available to executors and trustees
The year 2020 was unlike any other - requiring each of us to quickly pivot and transform virtually all aspects of our personal and professional lives. Working from home, video meetings and the elimination of business travel became the "new normal" in just a few day's times. But these significant changes also presented tremendous opportunity for innovation and digital transformation. Join Inspector Gadget has he examines the latest technology and products supporting these rapid changes, and explore what is next. Technology has never been more critical and impactful than it is today. Make certain you have the essential details you need to navigate your next steps.
Objectives:
- Recall the latest technology trends and the impact these trends will have on next generation devices.
- Identify where to wisely invest in new technology, and what to avoid.
- Choose technology initiatives based on greatest impact.
The largest financial asset of both financial planners and their small business clients is commonly their equity in the businesses they own and operate. The retirement quality of both financial planners and their small business clients is heavily influenced by the degree of success they experience when they monetize their business ownership stake.
Fortunately, the keys to successful business transitions for financial advisors and their small business clients are similar. Financial planners are uniquely positioned to help their small business clients improve the execution of their business sales and, by following their own advice, improve the sale execution of their own investment advisory practices.
This session will address challenges financial planners may face in providing this assistance including their own resistance, client resistance, business problem identification and remediation and development of a valuable support network.
Objectives:
- Predict and deal with resistance
- Identify issues likely to undermine a successful transition
- Assemble clients toward solutions to identified problems
What are the most important federal tax cases in terms of effect on planning and compliance as well as influencing other decisions? Professor Nellen shares her take on the answer to this question along with an summary of each case. Examples of the importance of each case today is also covered.
Objectives:
- Describe several important federal tax cases and why they are important.
- Outline examples of how these cases are relevant to tax compliance and planning.
Sharon Kreider and Karen Brosi, in their usual fast paced style, will update you on individual tax news that you missed while you were suffering through another brutal tax season. The session will include 2021 changes included in the Consolidated Appropriations Act of 2021 and the American Rescue Plan Act, highlighting planning issues for the balance of the year. A discussion of 2021 Tax Court decisions and IRS rulings will illustrate exam targets for your individual clients.
Objectives:
- Recognize how new tax legislation affects individual clients.
- Identify planning ideas for our individual clients and their 2021 tax returns.
- Review Tax Court decisions and IRS rulings to illustrate IRS exam targets.
Tony Nitti will take you through what's new in the world of business taxation. Nitti will address recent legislation and administrative rulings, and also take a look at potential changes over the coming months.
Join members of the AICPA's Individual and Self Employed Tax Technical Resource Panel (ISET TRP) for a debrief of key issues to be aware of for this filing season, along with a review of current legislative developments- including COVID-19 relief and how the AICPA is working to advocate for our members. The panel will also cover new cases and revenue rulings, as well as report on significant code section cases that may affect your practice. Attendees are encouraged to bring their questions to the session as well as get feedback and tips on how to complete the 2021 filing season and start planning for a better 2022 filing season.
Objectives:
- Identify legislative and regulatory tax developments in individual & self-employed tax area.
- Identify emerging individual & self-employed tax policy and advocacy issues important to AICPA members.
COVID-19 has resulted in catastrophic losses estimated in excess of $16 Trillion dollars world-wide. The effects that COVID-19 has had on businesses will be long felt after the pandemic has subsided. In this session, we will discuss current policies and tax strategies centered around making the most of a bad situation.
Objectives:
- Identify the varying types of losses and their appropriate applications
- Identify recent legislative and regulatory developments concerning losses
- Recognize the interaction of tax losses and other important provisions of the IRC
S Corporation Update and Planning Session. It will cover tax legislation, cases, regulations and rulings that have been issued over the last couple of years that affect S Corporations. The focus will be the tax planning that was done or should have been done.
Objectives:
- Describe the latest cases and rulings that can impact your clients
- Identify which situations and planning techniques have addressed by the IRS or the courts, and what needs to be done or avoided to achieve a particular result.
Recent changes in tax law have affected real estate owners and investors. In addition, the current administration is proposing further changes that could have a dramatic impact on taxpayers holding real property. This session will look at recent laws, rulings and court cases as well as possible legislative changes and provide practical tips and planning ideas to pass along to your clients.
Objectives:
- Identify recent new tax laws, rulings and Tax Court cases affecting real estate investors
- Describe potential changes and their impacts on real estate owners
- Review master planning ideas for real estate clients using current and proposed law
This session will take you thru the mechanics of a 7508A filing delay to preparing returns for taxpayers with casualty losses. This session will also provide the participants with an update and review of the necessary information for CPAs to prepare returns for taxpayers affected by natural disasters and assist clients with other recovery matters.
Major Topics include:
- Code Section 7508A and how it affects returns
- Personal Casualty Losses
- Business Casualty Losses
- Involuntary Conversions
- 121 Exclusions
- Personal Property
Objectives:
- To provide an overview for filing returns for those affected by disasters.
- Identify how filing delays as a consequence of disasters affects your practice, due dates, and deadlines.
- Identify how to assist clients who have experienced casualty losses in filing tax returns.
This session will cover all of the updates to international tax that you need to know about. this includes any recent legislation, regulations and case law as well as proposed legislation impacting International Tax.
Objectives:
- Identify recent updates in statute, regulations case law as they relate to international tax
- Identify the various proposed international tax law changes
- Illustrate how the proposed international tax law changes will impact individual taxpayers as well as corporate taxpayers.
Opportunities and obstacles presented by recent legislation and the 2021 final regulations governing partnership and partner §163(j) business interest expense will be covered during this session -- including tactics involving aggregation of gross receipts, trading partnerships, self-lending, debt-financed distributions, tiered partnerships, guaranteed payments, electing real property trades or businesses, relief for BBA partnerships, and CARES Act benefits. We will discuss strategies for carried interest holders to avoid being inadvertently trapped by the TCJA three-year holding period rule in light of the 2021 final regulations -- including ensuring relief for partnership capital interests, avoiding the look-through rule for dispositions, and understanding the special rule for transfers to related parties. In addition, we'll cover tax advantages of converting partner loans to a partnership interest rather than modifying the loan, along with distinguishing debt from equity.
Objectives:
- Analyze the §163(j) final regulation rules providing guidance to partnerships and partners, and the related CARES Act benefits.
- Discover how to avoid the potential traps presented by the 2021 final regulations with respect to carried interests.
- Analyze the benefits of debt to equity exchanges with respect to partner loans.
- Predict the potential tax trap inherent in partner loan modifications.
This session will review the challenges and opportunities that confront debtors and creditors in an insolvent or bankrupt setting.
Objectives:
- Identify planning opportunities associated with troubled businesses.
- Describe the means to counsel clients on their risks as well as opportunities that may be presented.
Big changes are ahead for 2021 Partnership K-1s. Forms K-2 and K-3 have been added to provide greater clarity for partners on how to computer their U.S. income tax liability with respect to items of international tax relevance. This session will highlight the changes coming for 2021 as well as the already challenging changes from 2019-2020.
Objectives:
- Outline expected changes to Form 1065 K-2 and K-3, International
- Review existing issues and troublesome areas of Partners' Distributive Share Items
- Discuss attendees experiences with how-to enter more complex K-1 data to arrive at substantially correct returns