2024 AICPA & CIMA National Tax Conference

_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.

This 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.

In 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.

In 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.

An 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.

This 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.

In 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.

The 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.

In 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.

This 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).

TO 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…

This 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.

In 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.