Sophisticated Tax Planning for Your Wealthy Clients 2018

This session will provide an overview of the individual tax provisions of the TCJA and associated regulatory guidance issued in 2018. In addition, the session will also cover (a) non-TCJA developments in individual tax over the last 12 months and (b) trends in IRS audit activity.

• Analyze the provisions of TCJA (and associated regulatory guidance) with a focus on individuals that will enable participates to adequately advise their individual clients on 2018 year end planning as well as preparing for the spring 2019 tax filing season.
• Recognize and apply the non-TCJA developments and trends in IRS audit activity to client situations.

Overview of the International Tax provisions of the 2017 Tax Cuts and Jobs Act that will impact High-net-worth individuals. This session will also cover some planning ideas.

• Recognize the how the high-net-worth taxpayer will be impacted by the international tax provisions of the 2017 Tax Cuts and Jobs Act.
• Identify the planning options available to mitigate some of the harsher consequences of the new law.

The IRS has a full plate these days. While it faces the impact and implementation of tax reform, the IRS continues its efforts to ensure robust voluntary compliance through civil and criminal enforcement. This session will discuss the current tax enforcement landscape, including the Tax Gap, IRS leadership and staffing, the 2018 Strategic Plan, current priorities and related enforcement efforts, recent statistics, and best practices for the tax controversy practitioner.

• Recognize the Tax Gap and its impact on IRS priorities 2. Recognize the 2018 Five-year IRS Strategic Plan
• Identify current priorities and recent enforcement efforts 4. Distinguish best practices for the tax controversy practitioners

The recent enactment of the Tax Cut and Jobs Act has dramatically changed the tax landscape for all taxpayers, but the legislation has a particularly significant impact on business owners. While the new rules certainly create many opportunities for tax savings, careful planning is necessary to ensure that business owners take maximum advantage of these new opportunities. In addition, given the speed with which the legislation was passed, there are many unanswered questions as to how the new rules will apply. This presentation will assist practitioners in understanding how to best navigate these new rules, and will include planning tips and ideas to avoid some of the new limits and restrictions added by the 2017 Act.

•  Recognize and plan around the new limits on interest deductibility.
•  Determine the best course in navigating the new 3-year holding period for certain carried interests.

Tax reform has brought renewed focus on the value that CPAs bring to their clients in addressing their overall personal financial planning needs. It presents the perfect opportunity for CPAs to open the door to more formalized planning with their clients’ and their personal finances. This session will show the window of opportunity that exists in a changing environment of both other professionals recognizing these same trends and consumers shifting their expectations. Attend this session to gather ideas to remain the primary point of contact and deepen your relationship with your clients and to position your firm securely for the future.

•  Identify the opportunity that tax reform presents to meet personal finance needs.
•  Assess the impact of changing consumer perceptions on advisor services.
•  Analyze ways to leverage key trends to make proactive decisions that will affect your firms’ future.

Elizabeth Forspan, Esq. will discuss elder care planning and how the CPA plays a critical role in the aging process. She will review key issues affecting clients in the 'sandwich generation' and how the CPA can assist them with their planning and with their parents' planning. Topics will include budgeting for health care and long term care, household income and expense considerations, tax and estate planning for seniors and the professional team. Elizabeth will also discuss way to help clients protect against financial elder abuse.

• Recognize the CPA's key role in the elder care and long term care planning process.
• Identify the various issues affecting seniors and how the CPA can help senior clients protect and preserve their assets.

Planning for matrimonial matters has changed dramatically as a result of the TCJA and other recent developments. What should practitioners advise clients under existing divorce agreements, in the process of divorce, or planning for future marriage to do? Alimony trusts, possible loss of alimony deductions changes in exemptions, developments affecting self-settled trusts, modern trust planning including floating spouse clauses all affect advice practitioners should give clients. With a temporary exemption planning for portability has important implications to clients.

• Identify how new tax laws affect existing and future divorce agreements and prenuptial agreements.
• Determine what role practitioners can provide in reviewing tax and economic considerations of prenuptial agreements, post-nuptial agreements and divorce agreements
• Identify how practitioners can help clients protect themselves prior to marriage.

This session will provide an overview and update on the new 'pass-through deduction,' including a discussion of planning ideas.

• Recognize the structure of Section 199A and who is and who isn't entitled to a deduction.
• Identify planning opportunities to maximize the Section 199A deduction.

TCJA has transformed trust planning. Practitioners need to help clients identify existing trusts that can be modified, improved or eliminated and how new trusts can be structured. What factors should practitioners use to evaluate existing trust plans? A case study of how an old QPRT may be handled will be presented. What about existing irrevocable life insurance trusts (ILITs)? How should wills and revocable trusts be structured going forward to accomplish clients new tax and non-tax goals? What types of new trust structures should practitioners evaluate to accomplish income tax goals? Consideration of INGs and SALTy SLATs and more. Can these same trusts be modified to also use the new temporary estate tax exemption? Consideration of completed gift INGs will be discussed. Can these non-grantor trusts be used to hold a client's home to secure a greater property tax deduction? What can clients in high tax states do to reduce SALT burdens in light of new limitations? What happens if the tax laws change yet again? Can this type of planning be modified?

• Recognize how to review existing (old) trusts to advise clients in light of the current tax environment?
• Identify what types of trusts to recommend to different clients to accomplish the seemingly contradictory goals of: saving income taxes, using temporary estate tax exemptions, achieving asset protection, retaining access to trusts and more?

The session will cover the most significant aspects of the TCJA that impact Real Estate

• Identify how to plan for the impact on the business and the partner.
• Recognize some of the most overlooked aspects of the TCJA

This session will discuss the income taxation of estates and trusts: To the structure of Subchapter J including the concept of distributable net income (DNI), the types of trusts (simple, complex and grantor), trust accounting income, the distribution system, the separate share rule, the 65 day rule, the fiduciary income tax charitable deduction, termination of a trust or estate and administration expenses.

• Identify the basics of taxation of estate and trusts and its distribution system and the tax consequences of distributions to beneficiaries - Analyze planning ideas to help clients minimize the taxation of estate and trust income.
• Recognize the distribution system applicable to estates and trusts.

Our esteemed panel will answer your questions regarding the income, estate and gift tax provisions of the Tax Cuts and Jobs Act (“TCJA”) and discuss planning strategies that are relevant for your clients now and in the future in this new environment.

• Recognize and identify questions regarding TCJA recent developments and IRS guidance.