Tax Strategies for the High-Income Individual (as part of AICPA ENGAGE 2018)

In a panel discussion led by Conference Chair Marty Finn and featuring Chair Emeritus Sid Kess, our committee of experts will:
• Discuss income tax, estate tax and financial planning strategies for our clients in light of the new tax regime enacted by the "Tax Cuts & Jobs Act" (“TCJA”)
• Highlight various conference sessions that will take deeper dives into TCJA changes and client planning opportunites.

Responding to pushback—whether its on investment questions, fees or other client experience issues--can occasionally trip up even the most seasoned advisor, and mean the difference between landing and losing that next prospect! Hear from Ernest Clark on key ways to keep the conversation focused and build confidence.

Firms that currently serve the Baby Boomers and Silent Generation clients know they will need to attract the younger generations to maintain the longevity of their firm. Forging a relationship with their clients' children is great for both the parents and their children. Yet most struggle to figure out how to connect with and provide planning services for younger generations. This session will provide you with specific recommendations for how to successfully and profitably serve NexGen clients by leveraging technology and workflow automation. Deborah Fox will share how she and her team built this service tier in their firm and what specific components made it a resounding success.

Learning Objectives:

- Provide ideas for successfully serving NexGen clients, especially the children of their existing clients
- Discuss examples of how Deborah structured this service in her own firm (what to do, but more importantly, what NOT to do

Navigating the tax law changes can be tricky; it can be even harder to explain to clients how they are impacted. Whether your clients need help changing their estate structure, modifying their charitable giving strategy, considering new choices for funding college education or just navigating the complexities of retirement, you can be the primary point of contact to help them through tax (and life’s) changes. In this session, you’ll learn how to take what you know about the tax code and apply it to your individual clients in a proactive way with planning as the center of everything.

- Learning Objectives:

o How to capitalize on tax reform as a conversation to dive deeper with clients

o Understand planning opportunities that arise from the new tax law and client life transitions

o Explore options and best practices for proactively deepening client relationships

o Learn how maximize your complimentary membership with Broadridge Advisor (this tools is included with PFP Section membership)

Today, a staggering number of Americans do not have access to a workplace retirement savings program, and many have little or nothing saved for their golden years. As your business clients’ most trusted advisor, you are well positioned to help address this issue. Join our session to uncover critical retirement strategies and opportunities to further assist your clients in achieving their financial goals.

Objectives:

• Review current state of retirement readiness and the regulatory environment

• Compare features and options to maximize savings potential

• Highlight the exclusive benefits provided by the AICPA to help you and your clients prepare for retirement security

This session will discuss the gig economy and tax and business considerations for workers, platform companies and even CPA firms. Beyond the gig workforce, this session will examine trends in the new economy including transacting business using virtual currency, providing goods and services in a digital market, and worker issues with freelance work. Attendees will: Learn how the new Section 199A deduction applies to gig workers, how to deal with business versus hobby and worker classification issues, and obtain tips for serving new economy clients.

Join us to look at tax law changes in 2018 - what has changed and what is needed to maximize the incentives.

Learning objectives:

• Research & Development credit - significance, who it applies to and how to position your company to take advantage of the credit

• Cost Segregation Studies - what has changed in 2018, types of qualified property and changes in bonus depreciation

• 179D Energy Efficient Deduction - who is this deduction for and how to use this deduction for projects

Does your audit team efficiently perform analytics as part of the audit? Are you able to efficiently collaborate with your client? Current audit quality initiatives coupled with increased fee pressures have auditors looking for new and innovative ways to improve quality without sacrificing efficiency. In addition, being future ready is important because your clients want an accountant who can proactively leverage technology to provide them better client service. We will discuss top trends impacting the profession and learn the value behind the expanded capabilities.

Learning objectives:

• Learn practical ways how to incorporate analytics as part of your audit.
• Learn common peer review deficiencies and how to use technology to improve the quality of your audit.

The Hybrid Domestic Asset Protection Trust is the leading asset protection vehicle used by planners throughout the country. The presenter will describe why a traditional asset protection trust has potential flaws and how and why a Hybrid version is the better solution. The attendees will leave the session with a heightened knowledge about how to protect assets from creditors and divorcing spouses.

Learning objectives:

• Learn how to explain the Hybrid Domestic Asset Protection Trust technique to clients

• Learn why this technique works so well and how to use this technique to differentiate yourself from your competitors

The new Sec. 199A deduction is probably one of the most complex provisions of the new Tax Act. This session will:

1. Address the issues we face in determining which clients will qualify and how to calculate the amount. Any IRS updates and new developments will be included, as well as providing a forum for practitioner comments and questions.

2. Address which client businesses or rental activities will qualify for the deduction - What steps can clients take to secure the deduction and obtain the necessary information needed to calculate the amount.

CPAs with an eye to the future know that tax season is also opportunity season. CPAs in tax have begun offering a broader slate of services that more completely address their individual clients’ needs. These services can provide CPAs with additional revenue streams, deeper relationships with clients and less dependence on the busy season. Perhaps more importantly, practitioners can meet the growing need for experts capable of providing objective advice to individuals, families and business owners on complex tax and planning needs. This promises both more opportunity for practitioners and better service for clients. In this session, you will learn how to address changing client demands today in a way that positions you for success both now and in the future.

Learning objectives:

• Understand how expanding services to individuals can help address changing client needs and demands
• Learn how to position yourself and your firm as the provider of integrated tax and financial planning services

Pre-registration is required for these lunch sessions – seats are limited.

For online audience only

Join U.S. Tax Reform Speakers including Martin Finn, Sid Kess and Bob Keebler and ask any lingering questions you may have on U.S. Tax Reform.