2021 AICPA & CIMA National Tax & Sophisticated Tax Conferences with Private Foundation Summit

Over the past five years, major tax law changes seem to be one of the natural consequences of single-party control in Washington. Although a unified government is common at the beginning of a new president’s term, single-party control also tends to end with the first midterm election. What do condensed periods of unified government mean for tax policy as well as the stability and simplicity of the tax code? Where do areas of bipartisan consensus exist on tax policy and how might bipartisan proposals advance under future single-party rule? Which tax proposals are more likely to advance in divided government?

Session Objectives:

• Learn how “the weaponization of procedure” contributes to volatile tax policy.
• Briefly review select and recent tax law changes with important profession-level impacts.
• Understand where areas of tax policy consensus exist for purposes of future bipartisan tax efforts.

This session will provide an update on recent developments in the area of accounting for income taxes.  It will consider the accounting implications of the administration's tax plan.  In this session we'll also consider recent comments from the SEC on accounting for income taxes.

In the current environment of increased IRS enforcement and administrative delays, learning how to avoid and defend against penalties has become more important than ever.  This session will cover a myriad of late filing, payment and deposit penalties, including those that apply to international information returns.  The panelist will discuss the basics of when penalties apply and will highlight avenues for resolution and what tax practitioners can do to keep their clients out of IRS Collections.

This session in a year in review of notable tax developments affecting individuals, estate and trust and their associated business entities. It will cover legislative and regulatory developments as well as notable court cases occurring in 2021.

States use a myriad of criteria to determine whether a trust should be taxed as a resident trust for income tax purposes, and these criteria vary significantly from state to state.  This session will discuss the ways in which a trust can become subject to a state's income tax.  This session will also discuss the unforeseen tax issues when a trust has ties to several states, along with planning opportunities and practical considerations.

CPAs providing tax services are subject to a myriad of rules and standards when servicing their clients in the everchanging subject of taxation. Join us for a review of the various standards that tax practitioners need to adhere to including Treasury Department Circular No. 230, the AICPA’s Statements on Standards for Tax Services (SSTSs) and the Code of Professional Conduct. Hear about the upcoming revisions to Circular No. 230 and the SSTSs, what is changing and when these new standards will become effective.

Building on the prior session, this panel will discuss the various voluntary disclosure programs available to taxpayers who wish to remedy prior omissions while minimizing penalty exposure.  The panelists will also review accuracy-related penalties, preparer penalties and other "miscellaneous" penalties such as those imposed for erroneous refund claims.  Lastly, the session will cover best practices for documenting facts and tax positions to put you and your clients in the best position to defend against potential penalties.

COVID-19 tax guidance continued to be issued in 2021, even for 2020 returns. In addition there were many court decisions and IRS rulings in 2021 relevant to all types of businesses and non-profit entities. This presentation covers key developments involving COVID-19 business tax provisions, deductions, accounting methods, research credit, new forms and any law changes. Due diligence and planning considerations will be emphasized throughout.

A charitable gift of an interest in a closely held business requires careful planning.  This session will discuss the various tax and valuation issues that arise, including timing, substantiation, and reporting.  In addition, this session will address how the charitable transfer is affected by the both the type of charity (i.e., Public Charity, DAF, Private Foundation) and type of business (i.e., C corporation, S corporation, Partnership).

This session will cover the current guidance on taxation of virtual currency and the IRS's increased attention to this area.  This session will also cover virtual currency’s rapid growth and why it matters to practitioners today.  The panel will also cover the current enforcement and regulatory efforts regarding virtual currencies.

Session will discuss the importance of protecting your tax client's information, explain what 'Zero Trust' concepts mean when evaluating your firm's practices, and the value gained by regularly demonstrating them with your people and with your clients each year.

Running a business in today's environment is extremely challenging.  COVID-19 legislative changes highlighted the challenge of a small business (and their advisers) and how they are able to navigate new tax laws, paid leave laws, local and state health restrictions, operational changes and financing opportunities.  Small means any business from a sole proprietor with no employees to an entity of up to $26 million of gross receipts (small business in the eyes of Congress).  This session will provide best practices and tips on how to help a business help themselves and how we as small business advisers can proactively assist our clients through the complex world of change.

Since March 2020, the IRS has elevated fraud enforcement to new heights with the establishment of the Office of Fraud Enforcement, led by a former IRS Criminal Investigation Special Agent in Charge and Director of International Operations; appointment of National Fraud Counsel; and creation of the Office of Promoter Investigations, led by a veteran of the IRS with extensive experience managing investigations and examinations involving abusive transactions. The IRS also has enhanced fraud training efforts across the IRS operating divisions, reinforced fraud referral procedures with subject matter experts, announced new compliance campaigns, and initiated parallel proceedings targeting taxpayers and professional enablers participating in abusive tax avoidance schemes. Priority areas include, but are not limited to, high income non-filers, micro-captive insurance, syndicated conservation easements, virtual currency, the gig economy, and Puerto Rico residency programs. This session will discuss the current state of enforcement against high income/high wealth taxpayers and what we can expect in the days to come.

This session will cover the recent tax law, regulation and case law changes in the arena of international tax. The course will also cover any proposed ta legislation that would impact US International Tax.  Finally in this session will include an update of the OECD Taxation of a Digital Economy.

You may personally enjoy working remotely or you may detest it. Regardless of your feelings, the fact remains that many employees place a high priority on the flexibility provided by working from home. There are certainly inherent challenges with working remotely and the ability of your firm to find workable solutions will determine the success of the remote environment. In this session, panelists will discuss their experience in the areas of onboarding and training employees, improving employee engagement, rewarding high performers, communication and hiring. Come with your questions for this interactive discussion on best practices for working remotely.