2023 AICPA & CIMA National Tax and Sophisticated Tax Conference

Usage of ChatGPT and other generative AI platforms has surged in 2023. Join our expert panel led, by Erik Asgeirsson, CEO and President at CPA.com, for a lively discussion as we delve into the world of artificial intelligence and explore its impact on the tax and accounting profession. The growth of Artificial Intelligence from conversational applications such as Siri to the use of today’s cutting-edge generative AI technologies like ChatGPT have revolutionized the way professionals approach their work. But what does this mean for tax professionals and their clients now, tomorrow and in the years to come? * How can you leverage AI to stay relevant?     * How is the IRS using AI?     * How will it impact tax and accounting practices?     * What risk assessments and safeguards should be considered?

This presentation covers highlights of any 2023 federal tax legislative changes that affect individuals, and the most important federal tax rulings of 2023 involving income, deductions, losses, digital assets and other property, credits, and procedural matters and their relevance to tax planning and compliance due diligence.

In this session, Brian and Brandon will explore basis adjustments available under Sec. 754. They will look at when and how to go about making these basis adjustments and will analyze the impact of making (or not making) an adjustment. The discussion will cover the initial calculation of the adjustment and the allocation of the adjustment to partnership assets, along with the depreciation benefits available after an adjustment is made.

Understanding cybersecurity breaches and intrusion investigations, electronic discovery, forensic computer science, and information security. This session will also focus on safeguard rules and current trends.

THIS SESSION WILL DISCUSS THE FOLLOWING TOPICS: PROTECTING THE FIDUCIARY, ESTATE’S FISCAL YEAR ELECTION, ADMINISTRATION EXPENSE ELECTION, ALTERNATE VALUATION ELECTION, SECTION 643(E) ELECTION, PORTABILITY, QTIP ELECTION, QUALIFIED DOMESTIC TRUSTS, DISCLAIMERS, DEATH OF A PARTNER, S CORPORATION STOCK, SECTION 645 ELECTION, SECTION 6166 DEFERRAL OF ESTATE TAX AND GENERATION SKIPPING TAX ELECTIONS.

Coverage of the most significant court decisions, federal tax regulations and IRS rulings in 2023 relevant to all types of businesses and entities. These developments involve deductions, accounting methods, property transactions, credits, and more. Highlights of any federal legislation enacted this year as relevant to businesses and federal tax form changes is covered. Due diligence and planning ideas are emphasized throughout.

This presentation covers significant state income tax developments that have occurred in 2023, including a consideration of: the continuing adoption of state pass-through entity tax regimes; state income tax conformity to federal provisions (including changes to IRC Sec. 174); the proposed (and soon to be final?) New York corporation income tax regulations in response to tax reform; New Jersey corporation business tax changes; and cost of performance / market-based sourcing cases in Florida and Texas. In addition to a review of these developments, the presentation will provide a first look as to what may happen in this area in 2024.

This session will focus on 5 questions to use with clients to initiate an estate planning conversation. We will discuss estate tax rules today and focus on planning in advance of scheduled sunset of several provisions. We will also discuss tools that CPA's can use to enhance the estate planning process.

One of the last provisions under the Tax Cuts and Jobs Act of 2017(TCJA) to take effect were the changes to the treatment of research and experimental expenditures under IRC Section 174. The new law results in a dramatic shift in the timeline over which these expenditures are deductible and without substantial regulation leave significant uncertainty for tax practitioners to navigate. While the Credit for Research & Development under IRC 41 was not changed by the TCJA, the new landscape puts a new premium on understanding the credit and the most recent developments relating to claiming the credit.

In representing clients in tax matters, it is critical that accountants and other tax professionals know what privileges may apply, when those privileges apply, who holds the privilege, how and when a privilege is invoked, the ramifications of invoking privilege, exceptions to a privilege, and the facts and circumstances that may waive a privilege. Because certain privileges are reserved to communications with or services rendered by lawyers, other tax professionals need to know when a client should be referred to counsel. This presentation will address these issues and provide practical, real-world examples and best practices.

Develop deeper client relationships and reinforce your role as a trusted adviser through expanded tax and financial planning services.

In this fun, interactive and engaging session, you will learn about the "Creating Mental Wealth" program and how it is being used in both corporate, professional and educational organizations.