This session will review recent cases, rulings and legislation in the area of estate, gift and generation-skipping tax. How those new rules impact estate planning approaches will also be discussed.

Understanding what is community property is key to helping a married client with their planning goals and objectives. Although community property predominantly exists in 11 states, many clients move in and out of these states and bring their community property with them. Many of the non-community property states (or common law states) have laws that address community property brought to their state. This course will explain: (1) how assets obtain their classification as community or separate property, (2) what presumptions and rules are applied in classifying an asset as community property or separate property, (3) the significance of methods of holding title in determining whether an asset is community or separate property, (4) how agreements between spouses impact these classifications (5) the consequences of moving to or from a community property state and (6) the impact of community property on income taxes and transfer taxes.

After much delay and anticipation, Treasury has finally promulgated the proposed regulations to implement the SECURE Act. It includes many refinements to the post-mortem distribution rules. Reviewing beneficiary designations and otherwise updating estate plans will be necessary. Specifically, this session will include the following: A review of how the new regulations are structured Flowcharts to distill the new rules to common practical situations Nuisances to the new 10-year rule Planning for the surviving spouse Planning to capture the exceptions to the new 10-year rule

The failure to pass significant partisan legislation 2021 surprised us all. However, the Democrats remain likely to capture the moment. They last controlled the House, Senate and the Presidency in 2009-2010 and 1993-1995 before that. This session will focus on the latest proposed changes (or legislation) and planning ideas.

In recent years, the need for “traditional” estate tax planning has dramatically decreased. Nevertheless, financial advisors can continue to provide an extraordinary amount of value in the overall estate planning process. This session will explore three key estate planning themes advisors can focus on for success in 2022 and beyond.

Attendees will analyze the paradigm shift in end-of-life tax planning created by the ballooning estate/gift tax exemption, where for more than 99% of families, the primary focus has shifted away from estate tax minimization, and towards basis management and income tax planning. Advisors will also gain a deeper understanding of how today’s rising interest rates impact estate planning for the “lucky” few families who still must contend with the Federal estate tax. Finally, the program will explore how the rise of the digital world has created a new and largely unaddressed wrinkle in estate planning: how to effectively transition “digital” assets, which may include assets with a monetary value, as well as assets with “just” personal or sentimental value, such as social media profiles and digital photos, and online subscriptions.

Presenters will discuss the US income tax and transfer tax implications for non-US persons buying U.S. real estate or securities and the most tax efficient structures to consider. Will also discuss planning related to leaving assets to US beneficiaries.

The current generation-skipping transfer tax has been a part of our transfer tax system for over 30 years and yet it is still a topic that confounds many advisers. Each taxpayer may allocate GST exemption to gifts made during life or at death. The GST exemption also may be automatically allocated if the taxpayer does not elect out of the automatic allocation rules, which are complex. We will explain the rules for automatic and manual allocation on gift and estate tax returns, common return preparation problems and mistakes, and possible options to address prior mistakes. Learn about some GST exemption basics and practical tips, as well as about some common errors and misconceptions that advisers should know about regarding allocation of GST exemption.

Did Grantor Trusts Survive the Challenges of the 2021 Tax Proposals? What Planning Can Be Done? Are GRATs, SLATs and IDGTs still viable planning techniques?

The only constant in partnership taxation seems to be change. This session will highlight certain recent federal tax developments affecting partnerships and their partners. This session is designed to cover considerations that arise in reporting and transactions involving partnerships, and may include the following: the centralized partnership audit regime (BBA), potential international considerations, and TCJA and CARES Act related guidance.

From basics to the latest wrinkles. At this session you’ll learn what to avoid and what to focus on for maximum utilization of these popular retirement vehicles

This is a fast paced session to update you on 2022 individual tax issues including new legislation, regulations, IRS rulings and tax court decisions. Planning and preparation issues are included in this class on mid-year 2022 tax news.

This session will cover the best 2022 retirement tax planning strategies. The program will show CPAs how to react to the most recent tax changes, including the SECURE Act, and other major tax planning changes. Most clients will need to have their current retirement, tax, and estate plans revised based on the recent tax rule changes. The program will show advisors how to increase consulting income by identifying the planning areas where CPAs and other financial planners can add the most value to clients. In addition, this session will include the latest cases and rulings, many of which are not widely publicized, yet apply to all clients with retirement accounts. Find out the latest in the world of IRA tax planning so you can share this with clients who will be looking to you for guidance on making critical retirement decisions. This will add to your value as a key retirement planning tax advisor.

Entrepreneurs have a unique set of estate and income tax problems, most of which are interrelated and require a planner who is well versed in both. This presentation will focus on the practical aspects of planning for the transfer of wealth for closely-held business owners whether they be in a family business or otherwise.

This session will explore the NIMCRUT and its close cousin, the Flip-CRUT in some detail, highlighting the NIMCRUT’s use in philanthropic planning. Additionally, the session will review suitability, investment approaches, administration, and pitfalls arising from the selection of the NIMCRUT format.

This session will focus on recent developments including the final regulations defining real property for like-kind exchanges, hot topics in like-kind exchanges and state tax issues to consider in an exchange.

Forms 706 and 709 are both extensively filed and often times incorrect through insufficient disclosures. Preparing very few Forms 1041 can lead to errors as well. Your instructors believe there are NO stupid questions and invite you to bring your questions to this interactive session. In fact, the worst question is the one never asked.

A well-drafted trust can provide enhanced estate, creditor and divorce protection. Many of our clients have inferior trusts. This presentation will outline how to modify irrevocable trusts through the use of decanting, non-judicial settlement agreements and powers of appointment.

The pace of tax legislative change has not slowed and companies, once again, face another year of significant developments that have a wide ranging impact. An update will be provided on recently enacted tax legislation and the status of current legislative proposals as well as key tax developments at the federal, state, and international level over the past year. Key considerations from a tax accounting perspective will be covered in terms of the impact of tax legislative developments and recent FASB guidance.

In some ways, it feels as if we are participants in a reality show based on a never-ending tax season. This session will present as a panel of seasoned professionals discussing the highs and lows of tax season 2022 along with lessons learned, tax law changes at the federal and state level, and productivity hacks for hybrid and remote teams. The session will use polls and audience participation to tackle issues that firms of all sizes care most about. Firms will take away ideas to possibly make changes to their tax season process in 2023.

The COVID-19 pandemic triggered an exodus of workers from office buildings, as employees sought the safety of their homes and other remote locations. While some of this displacement was temporary, certain employees may continue to work remotely for years to come. This session will explore the state tax consequences of this new paradigm. Does the employee’s presence in another state mean that the employer is doing business (and subject to tax) in that state? What are the state tax concerns of an employee who is employed in one state while working in another? Can two states tax the same earned income (hint: yes they can)?

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 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 and tax planning opportunities.

This session will review various planning opportunities available for trusts including (1) including gains in DNI, (2) qualifying for the income tax charitable deduction, (3) how the final Section 67(e) regulations affect planning, (4) funding fractional versus pecuniary bequests, (5) distributions in-kind, (6) termination of trusts, (7) state income taxation of trusts, (8) the most frequently used power to create grantor trust status, (9) trusts as S corporation shareholders and (10) the Section 645 election.

AICPA advocates for good tax policy, including on trust, estate, and gift tax issues. This session will cover the many developments and projects the TRP is advocating for in the estate and trust area. Contacts with Treasury, IRS, and Congress are emphasized.

In addition to reviewing the general framework in individual tax planning for our families and the implications of 2017’s Tax Cuts and Jobs Act in planning, 2021's American Rescue Plan Act, and current legislation, our session will focus on some financing nuances associated with the medical expense deduction (i.e., retirement planning distributions and home equity loans), the tax benefit rule, and the interaction of the medical expense and home equity deductions in planning. In addition, the Alternative Minimum Tax will be reviewed. If time permits, an income tax case study will illustrate the impact of these various provisions.

This session will cover the importance of planning for the modest estate owner, making the portability election vs. use of a credit shelter trust, state death tax considerations, filing the decedent's final return including the use of losses, disclaimers, administrative and fiduciary elections available to the executor including Sections 645 and 663(b), gift tax elections, along with elections available if the decedent was an owner in a partnership or S corporation, and much more!

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.