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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.
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.
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