2024 AICPA & CIMA National Tax Conference
For tax practitioners, there’s no better place to get immersed in current events than the AICPA & CIMA National Tax Conference. Our coverage of the federal tax ecosystem — the key players, new legislative action, practice implications — will be critical to your positioning for future success.
Master what you need to know, so you can develop the appropriate, cohesive tax defense and compliance strategy for both businesses and individuals.
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This includes sessions from the conference: 2024 AICPA & CIMA National Tax Conference
Sessions Included:
AICPA Tax Division Update (Nov 11, 2024 08:00 AM)
Conference Welcome | Keynote Presentation: Fiscal Cliff or Fiscal Opportunity? Tax and Fiscal Policy in 2025 (Nov 11, 2024 09:00 AM)
Individual Tax Developments - Planning and Due Diligence (Nov 11, 2024 10:30 AM)
International Information Returns - What You Need to Know and Traps for the Unwary (Nov 11, 2024 10:30 AM)
Choice of Entity Post 2025 (Nov 11, 2024 10:30 AM)
Estate Planning for the 99%: Tax and Financial Planning Strategies When Estate Taxes Don't Matter (Nov 11, 2024 10:30 AM)
Business Tax Developments - Planning and Due Diligence (Nov 11, 2024 01:00 PM)
Is your partnership ready for a comprehensive audit? (Nov 11, 2024 01:00 PM)
Finding Your Passion in Tax (Nov 12, 2024 03:20 PM)
The Corporate Transparency Act: (almost) One Year In (Nov 11, 2024 02:30 PM)
Test your tax ethics IQ (Nov 11, 2024 02:30 PM)
SECA - When is a Partner Self-Employed (Nov 12, 2024 04:20 PM)
Estate Planning for the .1% (Nov 11, 2024 02:30 PM)
Tax Planning for Real Estate and Partnerships (Nov 11, 2024 03:50 PM)
Future-Proofing Your CPA Firm: Attracting and Retaining Top Talent (Nov 11, 2024 03:50 PM)
Taxation of the Mobile Workforce – The Surprising Income Tax Consequences and Minefields Created by Remote Workers - From the Employer's Perspective (Nov 11, 2024 03:50 PM)
Current Developments Affecting Estate and Related Planning (Nov 11, 2024 03:50 PM)
The New Ethics of Generative AI for Tax Research presented by Blue J (Nov 12, 2024 08:00 AM)
Shift Happens: Harnessing Innovation in Alternative Investment Tax Compliance To Stay Ahead of a Moving Market, presented by K1x (Nov 12, 2024 08:00 AM)
Empowering Tax Professionals: Leveraging Intelligent Automation to Combat Talent Shortages, presented by Datamatics Global Services Inc (Nov 12, 2024 08:00 AM)
Tax Considerations When Employees Use Corporate Assets (Nov 12, 2024 11:20 AM)
IRS Audit Hot Topics: Trends in Tax Enforcement (Nov 12, 2024 01:35 PM)
Proactively Identifying PFP Opportunities in your Income Tax Practice that could Result in Greater Revenues (Nov 12, 2024 01:35 PM)
TCJA Expiring Provisions Planning (Nov 11, 2024 02:30 PM)
Integrating Generative AI Into Your Tax Services (Nov 11, 2024 01:00 PM)
Trust Is Like The Air We Breathe (Nov 12, 2024 03:20 PM)
Representing Clients in Tax Disputes: Effectively Communicating with the IRS (Nov 12, 2024 04:20 PM)
R & D Update: IRC Section 174 Developments and Regulations (Nov 12, 2024 03:20 PM)
Tax Practice Makeover: Transforming your practice with year-round advisory services (Nov 12, 2024 04:20 PM)
IdentificationNTSP2401DateNovember 11, 2024_SUPPORTING AICPA MEMBERS THROUGH TAX ADVOCACY AND IN THEIR TAX PRACTICES_ Blake Vickers, Chair of the AICPA's Tax Executive Committee, and the AICPA Tax Policy & Advocacy and the Tax Practice & Ethics Teams will discuss the AICPA's advocacy efforts regarding implementation of the Inflation Reduction Act of 2022 (IRA ’22) and the IRS Strategic Operating Plan and how the AICPA supported members with the new rules and provisions. The panel will also discuss other tax legislative initiatives, including extenders, the Form 1099K threshold, and section 174 research and experimentation costs treatment, as well as the AICPA proposed extension filing safe harbor, disaster tax relief efforts, ERC issues, and IRS service updates. Finally, the updated AICPA’s tax standards, the Statements on Standards for Tax Services (SSTSs), will be covered.Objectives
- Determine the prospects for tax legislation for the remainder of the year, including extenders.
- Distinguish the IRS’ efforts to clear its processing backlogs before the upcoming filing season.
- Analyze the AICPA’s updated tax ethical standards – the Statements on Standards for Tax Services.
- Identify insights into possible 2025 tax legislative proposals and IRS continuing implementation of Inflation Reduction Act of 2022.
- Calculate the AICPA’s efforts to help members improve the efficiency of their tax practices.
Speakers
Elizabeth Young, CPADirector - Tax Practice & Ethics, AICPA & CIMAVP Tax and Treasury, Alamo GroupKristin M. Esposito, CPA, MSTDirector - Tax Policy & Advocacy, AICPA$49Standard Price
IdentificationNTSP2402DateNovember 11, 2024Many of the tax changes put in place as part of the TCJA will be expiring next year. A full extension would cost trillions of dollars, letting them expire in full is likely a political non-starter. Furthermore, lawmakers will have to grapple with the return of the debt-ceiling, the expiration of the current spending caps, and the challenges in Social Security and Medicare’s trust funds. With an unsustainable fiscal picture, high levels of political partisanship, and a presidential campaign that has not included a plan to address any of these issues, none of these issues will be simple to resolve.
Objectives
- Analyze the state of the U.S. fiscal situation
- Determine specific challenges in 2025
- Identify options for how to change our unsustainable trajectory
Speaker
President, Committee for a Responsible Federal Budget/Head of the Campaign to Fix the Debt$49Standard Price
IdentificationNTA2401DateNovember 11, 2024This presentation covers highlights of any 2024 federal tax legislative changes and tax form changes relevant to individuals, and the most important federal tax rulings of 2024 involving income, deductions, losses, digital assets and other property, credits, and procedural matters and their relevance to tax planning and compliance due diligence. Planning considerations for 2025 in light of upcoming TCJA changes will also be covered.Objectives
- Analyze 2024 rulings that represent new legal interpretations for individual income taxation.
- Identify tax planning and compliance points from any 2024 federal tax legislation and key 2024 court cases, regulations and IRS rulings.
- Identify due diligence actions highlighted by 2024 individual tax law developments and upcoming TCJA changes.
Speaker
Professor, MST Program Director, San Jose State University$49Standard Price
IdentificationNTA2402DateNovember 11, 2024In this session we will discuss the most common international information returns that apply to taxpayers with outbound and inbound activity. We will discuss the very steep penalties for failure to file and how to avoid the penalties if a taxpayer discovers they have some delinquencies. We'll also discuss abatement techniques where the IRS has already assessed penalties.Objectives
- Identify the common international information returns and their filing requirements.
- Identify delinquent penalties for late international information returns and assessment procedures.
- Apply abatement techniques for penalties related to Forms 5471 and 5472.
- Distinguish the delinquent international information return submission procedures and other disclosure procedures.
- Apply abatement techniques for penalties related to Forms 3520 and 3520-A.
Speakers
Partner - International Tax Services, Roth&Co CPAPrincipal, Washington National Tax, RSM US LLP$49Standard Price
IdentificationNTA2403DateNovember 11, 2024In this session, we'll discuss how the sunsetting of many TCJA provisions on December 31, 2025 will influence a taxpayer's choice of entity, and may well usher in a golden era of C corporations.Objectives
- Identify the changes to the tax law slated to take effect on December 31, 2025 and how they will influence a taxpayer's choice of entity.
- Recognize the key considerations a passthrough entity should take into account before converting to a C corporation.
Speaker
Partner - National Tax, EY$49Standard Price
IdentificationSOP2401DateNovember 11, 2024An exploration of the many issues clients face in estate planning when estate taxes don’t really come into play because of the high estate tax exemption amounts. The tax and financial planning topics to be covered include the importance of lifetime documents such as health care proxies and powers of attorney, properly drafted wills, protecting inheritances with trusts, probate avoidance and beneficiary designation planning, long term care planning, and basis step up planning.Objectives
- Identify the non-estate tax planning aspects of an estate planning engagement, including necessary lifetime and testamentary documents, and the importance of proper beneficiary designations.
- Analyze the various income tax and financial matters relevant to a client's estate plan including asset protection planning, probate avoidance techniques, income tax basis step-up strategies, and long-term care planning opportunities.
Speaker
Partner, Rowlands, LeBrou & Griesmer, PLLC$49Standard Price
IdentificationNTA2404DateNovember 11, 2024This presentation covers the most significant court decisions, federal tax regulations and IRS rulings of 2024 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 are also covered. Due diligence and planning ideas are emphasized throughout.Objectives
- Identify tax planning and compliance points from any 2024 federal tax legislative changes, significant court cases, regulations, and IRS rulings.
- Analyze 2024 rulings that represent new legal interpretations for taxation of businesses.
- Identify due diligence actions to take based on 2024 tax law developments and upcoming Tax Cuts and Jobs Act (TCJA) changes.
Speaker
Professor, MST Program Director, San Jose State University$49Standard Price
IdentificationNTA2405DateNovember 11, 2024The IRS is using increased funding it received under the Inflation Reduction Act of 2022 to increase enforcement, including increasing audits of partnerships. Changes in the IRS' organization along with increased hiring of agents and improved training on partnership tax contribute to an increased likelihood of a partnership audit. The centralized partnership audit regime enacted under the Bipartisan Budget Act of 2015 (BBA) is complex. This panel will discuss the changes at the IRS and provide tips to prepare for and navigate a BBA partnership audit.
Objectives
- Recognize the changes at the IRS that increase the likelihood of a partnership audit.
- Identify the steps in the BBA partnership audit process.
Speakers
Principal, Crowe LLPDirector, KPMG LLP$49Standard Price
IdentificationNTA2418DateNovember 12, 2024In this session, Tony Nitti will discuss all you need to know about one of the most powerful incentives in the Code — the "qualified small business stock" exclusion of Section 1202 —but with a twist: Nitti will use Section 1202 as an example of how you can use the process of learning, writing and teaching about a topic to make your career more rewarding and enjoyable.Objectives
- Identify the corporate and shareholder level requirements that must be satisfied for stock to meet the definition of qualified small business stock.
- Apply the process a tax professional can use to gain mastery over a subject.
Speaker
Partner - National Tax, EY$49Standard Price
IdentificationNTA2407DateNovember 11, 2024The Corporate Transparency Act (CTA) went into effect January 1, 2024. Since that time, millions of entities have made their initial filings, though millions more filings were expected given the January 1, 2025, initial filing deadline. This session will briefly review what is required under the CTA, will explore the impact of Financial Crimes Enforcement Network’s (FinCEN) newly issued FAQ and recent case law, and will walk through some of the more complicated ownership structures that FinCEN has yet to address.Objectives
- Identify the filing requirements of the Corporate Transparency Act and their deadlines
- Analyze the impact of recent court filings and FinCEN's FAQ
- Apply the Corporate Transparency Act to fact patterns involving trusts and other ownership structures
Speaker
Partner, Kostelanetz LLP$49Standard Price
IdentificationNTA2408DateNovember 11, 2024In this interactive session, participants will engage in a series of quizzes designed to challenge and enhance their understanding of tax ethics. Using real-world dilemmas, the session will explore key principles from the AICPA Statement on Standards for Tax Services (SSTSs) and other essential tax ethics resources. Attendees will gain insights into ethical decision-making processes and access valuable resources to navigate complex tax situations with integrity and professionalism.Objectives
- Identify and analyze common ethical dilemmas in tax practice, referencing the AICPA SSTSs and other authoritative tax ethics guidelines.
- Apply critical thinking skills to help make informed and ethical decisions in various tax scenarios.
- Identify best practices to support ethical conduct in their tax practices.
Speakers
Partner, EisnerAmperApril Walker, CPA, CGMALead Manager, Tax Practice & Ethics - Tax Section, AICPA & CIMA$49Standard Price
IdentificationNTA2420DateNovember 12, 2024This session pertains to whether a partner in a partnership must include net business income / (loss) in net earnings from self-employment (NESE). In particular, this session will focus on the exclusion of income / (loss) from NESE under section 1402(a)(13).Objectives
- Distinguish the history of IRC section 1402(a)(13)
- Identify the litigation position of the IRS in recent cases
Speaker
David H. Kirk, CPA/PFS, J.D., LL.M., CFPNational Tax Partner, Ernst & Young LLP$49Standard Price
IdentificationSOP2403DateNovember 11, 2024TO BE TOP .1% IN 2023, A HOUSEHOLD NEEDED A NET WORTH OF $61,827,166. HOW DOES PLANNING FOR THOSE WITH $62M AND ABOVE DIFFER FROM CLIENTS WITH LESSER WEALTH? THE RECIPROCAL TRUST DOCTRINE, DAPTS, HYBRID-DAPTS, OR SPAT SHOULD NOT BE NECESSARY. OR SHOULD THEY BE? WHAT TYPES OF PLANNING TECHNIQUES SHOULD BE CONSIDERED? HOW CAN, FOR EXAMPLE, PLANNING USING A TECHNIQUE LIKE A NOTE SALE TRANSACTION BE ENHANCED TO POTENTIALLY PROVIDE A GREATER CHANCE OF SUCCESS AND TO BETTER DEFLECT AN AUDIT CHALLENGE? STEPS LIKE INDEPENDENT COUNSEL, ESCROW ARRANGEMENTS, AND ALTERNATE TECHNIQUES FOR EACH TRANSACTION (E.G., USE A DIFFERENT SPILLOVER RECEPTACLE IN EACH TRANSACTION). HOW CAN CLIENTS WITH SCORES OF ENTITIES MORE PRACTICALLY HANDLE DOCUMENTATION? HOW TO ADDRESS POWELL/MOORE ISSUES THAT A WANDRY OR CHRISTIANSEN DEFINED VALUE MECHANISM MIGHT INTRODUCE. DISCLAIMER PROVISIONS IN TRUSTS, SPILLOVER TO SUB-TRUSTS FOR THE GRANTOR AND MORE. INCOME TAX PLANNING FOR NON-GRANTOR COMPLEX TRUSTS. WHAT MIGHT CCA 202353018 MEAN TO A CLIENT’S RENUNCIATION OF A DAPT OR HYBRID-DAPT INTEREST? THE IMPACT OF TAX PROPOSALS LIKE THE AMERICAN HOUSING AND ECONOMIC MOBILITY ACT OF 2024 COULD BE ESPECIALLY DEVASTATING. AND MORE…Objectives
- Identify how larger wealth transactions can be handled with more sophisticated techniques that may enhance the plan’s potential for success.
- Apply variations of planning techniques into components of a complex large estate transfer.
- Use one planning approach to address state pass-through business alternative income tax (BAIT)/pass-through entity tax (PTET) programs, Powell, and estate inclusion.
- Identify techniques to consider incorporating into complex trust plans.
- Use one planning approach to address state pass-through business alternative income tax (BAIT)/pass-through entity tax (PTET) programs, Powell, and estate inclusion.
Speaker
Martin M. Shenkman, CPA, MBA, PFS, AEP (distinguished), JDAttorney, CPA, Shenkman Law$49Standard Price
IdentificationNTA2410DateNovember 11, 2024This session provides an exploration of tax planning strategies specifically tailored for real estate investments and partnerships. Attendees will gain insights into the latest tax laws, deductions, and credits that can optimize their financial outcomes. Key topics include the benefits of cost segregation, 1031 exchanges, and the intricacies of partnership taxation. This session will equip you with the knowledge to make informed decisions and maximize your tax efficiency.Objectives
- Determine the benefits of cost segregation in real estate investments
- Identify opportunities for basis adjustments
- Compare different opportunities for tax deferral in real estate disposals
Speaker
Partner, Withum$49Standard Price
IdentificationNTA2411DateNovember 11, 2024In today’s competitive landscape, attracting and retaining top talent is a critical challenge for CPA firms. As the accounting industry evolves, younger CPAs are essential for driving growth, innovation, and client satisfaction. This dynamic session will delve into proven strategies to attract, nurture, and retain the best accounting professionals. Attendees will gain insights from industry leaders and educators on what the next generation of CPAs seeks in an employer.Objectives
- Identify key strategies for talent acquisition including understanding what younger CPAs are seeking in an employer.
- Analyze retention programs that nurture and retain top accounting professionals.
- Determine alternative talent pathways and hear ways to develop partnerships with educational institutions and tap into non-traditional candidate pools.
Speakers
Professor, Schoolcraft CollegeTax Partner, Porte Brown LLCJoseph M. Falbo, Jr., CPA, CGMAPartner, Tax, Cohen & Company$49Standard Price
