A little over 20 years ago, the Internal Revenue Service was reorganized from a geographically distributed service organization into the beginning of a technology driven organization based on four categories of customers: large businesses including international organizations, small businesses, not for profits, and individuals. At the same time, conversion from paper processing to electronic processing commenced in earnest, with the expectation of utilizing data driven efficiencies to facilitate taxpayer services, collection and enforcement. The lack of sustained funding, combined with the frequent enactment of increasingly complex tax laws, stalled completion of visionary technological changes expected for improved customer service and appropriately targeted efforts to defeat noncompliance. During 2022, $80 billion of additional long-term funding was promised. Will funds alone ensure a modern-functioning agency for the 21^st century? What’s next?

Learning Objectives:

• Determine the risks and challenges the IRS faces in tax law administration
• Identify what are the non-financial needs are to reach modernization
• Calculate how tax practitioners can work with and support the IRS’s efforts
• Identify how an efficient tax system benefits taxpayers and practitioners alike

For tax years beginning on or after January 1, 2018, partnerships that do not elect out of the federal centralized partnership audit regime enacted by the Bipartisan Budget Act of 2015 (BBA) cannot amend Forms 1065 or Schedules K-1. Instead, these partnerships must file an Administrative Adjustment Request (AAR). The novel AAR process is exceedingly complex for partnerships, as well as for partners that receive statements showing their allocable share of AAR adjustments. A few states have addressed how partnerships and partners should account for adjustments on a federal AAR, though most have not, adding further complexity to partnership tax compliance. The presenters will explain the process for filing a federal AAR, including situations where the partnership allocates adjustments to their partners, and discuss relevant forms such as the Form 8082, Form 8985, and Form 8986. The presenters will also describe the steps partners need to take if they receive an statement with their allocable share of AAR adjustments. In addition, the presenters will describe how states have addressed state tax filing obligations for partnerships filing federal AARs and their partners.

Learning Objectives:

• Select the process for filing an AAR
• Determine the steps partners receiving AAR adjustments need to take
• Identify state tax filing obligations associated with AARs filed with the IRS

Over the last two years, the mergers and acquisitions market has been soaring, and so has the level of focus and diligence buyers are putting towards the tax compliance of target companies. This course will help participants prepare for questions that come up during tax due diligence and allow them to ensure their clients are ready for these questions well in advance of a liquidity event.

Learning Objectives:

• Apply the common questions and documentation that becomes the focus of tax due diligence prior to a sale
• Determine how you can prepare your client from both a tax and financial standpoint for a liquidity event.

This session will cover the latest developments in tax planning opportunities and risks for real estate owners, developers and managers focusing on partnership structures that are the principal choice of entity. We will include a refresher on basic and intermediate transaction planning considerations and advanced creative planning concepts. Included will be a discussion of tweaks in the new Infrastructure law, and the risk of tax law changes, including on the shelf proposals yet to be enacted.

Learning Objectives:

• Analyze advanced knowledge regarding current changes in the tax laws as they affect real estate and partnership taxation.
• Identify tax planning opportunities, and pitfalls, for real estate trades or businesses, with a focus on the impact on those operating as partnerships.

Congress and the IRS have made changes and are proposing more changes to IRA distributions.  Learn the most recent information so you can guide your clients in this important area

Learning Objectives:

• Determine what has changed and what hasn’t as well as the impact to IRA distributions
• Identify what potential planning opportunities are available for your clients

This presentation will provide coverage of the most significant court decisions, federal tax regulations and IRS rulings in 2022 relevant to all types of businesses and entities. These developments involve deductions, accounting methods, reasonable comp, and more. Highlights of the Inflation Reduction Act of 2022 relevant to businesses and federal tax form changes are also covered. Due diligence and planning considerations emphasized throughout.

Learning Objectives:

• Identify tax planning and compliance points from the Inflation Reduction Act of 2022 and significant court cases, regulations and IRS rulings.
• Apply 2022 rulings that represent new legal interpretations for taxation of businesses.
• Identify due diligence actions highlighted by 2022 tax law developments.

Corporate stock options and partnership profit interest, while economically similar, have distinct differences that impact the tax implications of the service provider. In this session we will compare and contrast the two forms of equity-based compensation, including the differences in taxation, and consider alternatives to these awards, such as deferred compensation and appreciation rights. Also, we will consider the factors employers and service providers should consider when granting or receiving these awards, including whether it makes sense to convert employees into partners through profit interests.

Learning Objectives:

• Determine various alternatives to stock options and profits interests
• Identify the difference between a profits interest, a capital interest and a stock option
• Compare the effect of employee share ownership vs partner unit ownership

This session will cover the latest guidance including proposed state and federal regulations and the latest topics in the AICPA Virtual Currency Task Force IRS comment letter. The panel will also discuss the practical challenges practitioners face when providing digital asset and virtual currency tax services other hot topics including the unique issues at the intersection of decentralized finance (DeFI), NFTs and the metaverse.

Learning Objectives:

• Analyze the current regulatory developments on the state level including sales tax
• Identify important digital assets issues including where new and additional guidance is needed
• Apply practitioner best practices and considerations for digital assets

It is vitally important to stay on top of the latest updates and developments in trust and estate planning, especially in light of recent legislation and the evolving political landscape. During this presentation, you will be provided with practical advice and high-level tax guidance to advise your clients regarding the most tax-efficient planning techniques to help them achieve their objectives and goals. Topics covered will include limited family partnerships and family LLCs, trusts and estates, and charitable tax planning.

Learning Objectives:

• Identify the trust and estate planning trends and innovations set in motion by the Consolidated Appropriations Act, CARES Act, SECURE Act, and Tax Cuts and Jobs Act.
• Determine ways to help clients align their own wealth planning needs and philanthropic desires with new giving strategies and opportunities.

This presentation covers highlights of the Inflation Reduction Act of 2022 that affect individuals, and the most important federal tax rulings of 2022 involving income, deductions, losses, virtual currency and other property, and procedural matters and their relevance to tax planning and compliance due diligence.

Learning Objectives:

• Analyze 2022 rulings that represent new legal interpretations for individual taxation.
• Identify tax planning and compliance points from the Inflation Reduction Act of 2022 and key 2022 court cases, regulations and IRS rulings.
• Identify due diligence actions highlighted by 2022 individual tax law developments.

The Tax Cuts and Jobs Act (TCJA) ushered in massive changes for US based multinationals. Pass-through entities saw significant changes in the treatment of foreign income and activity which is giving rise to planning and compliance challenges. This session with take a practical look at international pass-through entities and the ramifications of the post TCJA regulatory changes. We will discuss the adoption of the aggregate theory for U.S. partnership owned CFC’s and the related tax considerations including tax basis adjustments, treatment of previously taxes income and the CFC/PFIC overlap rules. While additional guidance on several of these matters is almost certain in the future, taxpayers facing current planning and compliance challenges must navigate the complexity while managing risk without guidance in several key areas.

Learning Objectives:

• Identify the tax related consideration of the TCJA on international pass-through entities
• Determine how to minimize risk in key areas

This session will provide an in-depth review of the obvious and less than obvious tax provisions enacted as part of the flurry of legislation since July, identifying the important provisions that were "left on the shelf" in hopes of future enactment. What are the chances for change in the lame-duck session, or in near future years? What are the most important big ideas, and what are the chances of their becoming tax law in the future?

Learning Objectives:

• Identify what tax provisions the Congress has enacted.
• Determine what tax changes the Congress may consider later this year
• Analyze the next two years to consider whether further tax changes are possible.

A review of the most important legal, tax and financial topics facing your senior clients and their families today including planning for incapacity, estate distribution and long term care financing.

Learning Objectives:

• Determine the basic estate planning documents for senior clients including financial and health care powers of attorney, wills and revocable and irrevocable trusts and their uses.
• Identify the various tax issues facing the elderly.
• Choose the options for financing long term care expenses including private pay, Medicare, Medicaid and long term care insurance.

Tax Season 2023 will be here before you know it, but there are still opportunities to prepare for improvement. In this session, we will brainstorm strategies you can put in place in the next few months that will set you and your firm up for success. Constant change is a given in the tax world and we want to help you make the best use of the resources you have available. 

Learning Objectives:

• Identify areas of opportunity to improving practice management strategies going into tax season.
• Determine strategies for client communication, workflow management, staffing and technology to improve tax season experience.

The Internal Revenue Service designed Schedule K-2/K-3 to enhance the reporting of international activities for owners of passthrough entities.  The Form is required to be filed by most partnerships for tax years beginning in 2022.  This session will discuss the K-2/K-3 reporting requirements and how the increased compliance burden is impacting passthrough's filing requirements.   This session will also cover the common issues encountered when completing the forms along with suggestions for improving compliance.

Learning Objectives:

• Analyze the Schedule K-2/K-3 including who is required to file and what information must be reported
• Identify common issues and challenges in completing the Schedule K-2/K-3/

This session reviews the origins of Family Offices in the United States; the current regulatory structure(s) that support high net worth and ultra-high net worth families; and the services provided to those families. During this presentation, participants will be provided with practical advice and high-level tax guidance in the design and implementation of a family office as well as establishing, and working with, collaborative teams. A case study will be reviewed illustrating the various stages of the development of a family office.

Topics covered will include charitable tax planning, family limited liability companies, family limited liability partnerships, family social media policies, grantor and non-grantor trusts, philanthropy, qualified plan design, risk management and insurance, trust reformation, and wealth management.

Learning Objectives:

• Identify the various types of family office structures.
• Determine risk management solutions for multiple businesses controlled by a family office.
• Apply private family foundations and charitable contributions to mitigate standard deviation in an investment portfolio.

Assist your small business owner clients with their largest personal balance sheet asset - their business.

Learning Objectives:

• Determine how to diversify assets while the business is growing, so the owner is able to be financially independent of the business
• Identify how to attract talent, keep talent and design the business for eventual sale
• Choose the best options for selling the business: is it to family, current employees or a third party – Learn how to decide?

Social media tax "experts" have creeped into your client's inbox/DMs/social media feeds. With the proliferation of social media tax "experts", clients are often misled or fed a false narrative about a tax planning opportunity that does not actually exist. Clients used to come to us with "my neighbor says I can deduct my hunting camp because his CPA lets him deduct his hunting camp". Now, the clients come to us with "I saw this video on social media about how to move to Puerto Rico and pay zero US taxes...how come you never told me about this". This session will explore the dark side of the "tax experts" on social media and debunk the tax myths conveyed by these "experts".

Learning Objectives:

• Identify top income tax planning techniques conveyed by the "experts" on social media
• Determine how these techniques can often be misleading or false and identify how to "debunk" these tax myths

US citizens and residents are required to report their ownership and interests in various foreign assets to the IRS. In this session, we will discuss general reporting requirements and highlight IRS activity related to certain information returns.

Learning Objectives:

• Identify information reporting requirements triggered by various types of foreign assets.
• Recognize applicable penalties when information reporting requirements are not timely and/or completely satisfied.

CPAs providing tax services are subject to a myriad of rules and standards when servicing their clients in the everchanging subject of taxation. Join us for a discussion with real-world scenarios of the various standards that tax practitioners need to adhere to including Treasury Department Circular No. 230, the AICPA’s Statements on Standards for Tax Services (SSTSs) and the Code of Professional Conduct. Hear about the upcoming revisions to Circular No. 230 and the SSTSs, what is changing and when these new standards will become effective.

Learning Objectives:

• Identify the existing ethical requirements that CPA tax practitioners must adhere to, including Circular No. 230, the AICPA’s Code of Professional Conduct and the SSTSs
• Analyze the upcoming changes to the existing tax standards and the subjects being considered in these revisions so as to better serve your clients and comply with these updated rules.

This session will quickly review the types of charitable organizations, the percentage of AGI limitations and the substantiation rules. The discussion will then move to  the income tax consequences of charitable gifts of securities, closely held business interests (C corporations, S corporations, partnerships), retirement plans, artwork, bitcoin, stock options, deferred compensation, private equity,  life insurance, real estate, intellectual property, and cars, boats and planes. 

Learning Objectives:

• Identify the importance of complying with the substantiation rules
• Apply the rules for obtaining an income tax charitable deduction for the different types of assets frequently given to charity
• Determine the three things most professionals do not know about the income tax charitable deduction that can avoid mistakes

Jan Lewis, Chair of the AICPA's Tax Executive Committee, and the AICPA Tax Policy & Advocacy and the Tax Practice Management & Ethics Teams will discuss the AICPA's advocacy efforts regarding the Inflation Reduction Act of 2022 (IRA ’22) and how the AICPA supported members through the effort. The panel will also discuss the implications of major legislative initiative not included in IRA ’22 including extenders, as well as IRS service updates. Finally, a major “refresh” to the AICPA’s tax ethical standards, the Statements on Standards for Tax Services (SSTSs), will be covered.

Learning Objectives:

• Determine the prospects for 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 project to refresh its tax ethical standards – the Statements on Standards for Tax Services.
• Identify insights into the IRS resources that were provided as part of the Inflation Reduction Act of 2022.
• Calculate the AICPA’s efforts to help members improve the efficiency of their tax practices.

This session will provide an overview of the 15 percent corporate minimum tax and adjacent concerns.

Learning Objectives:

• Analyze the new 15 percent corporate book minimum tax
• Consider guidance needs concerning the book minimum tax
• Analyze unusual implications of the book minimum tax

The avalanche of new tax legislation over the past five years and the impact of COVID-19 on firms and clients heighten the importance of proactive tax advisory services. Learn about the industry insights that will help you benchmark planning and advisory services against your peers in the tax professional community.

Learning Objectives:

• Recognize tax advisory services
• Identify data insights that support adding tax advisory services
• Determine how to strategically add tax advisory services to your business model
• Indicate how to position and price your advisory services
• Identify and learn with tax advisory services

Join us for updates by the IRS Executive Leadership where they will provide overviews on current challenges and efforts the IRS is making to adapt to the evolving needs of taxpayers, tax professionals and the nation. You will hear insights from and priorities about each of the IRS’s key operating divisions as well as learn about the efforts by the National Taxpayer Advocate to provide high-quality taxpayer service, as well as effective implementation of legislation, examination and collection initiatives.

Learning Objectives:

• Determine the current challenges the IRS has identified in working with the evolving needs of taxpayers and tax professionals
• Identify the efforts the IRS is making to improve tax-processing systems, electronic filing and payment options, and expanding digital or online services
• Determine how the IRS will provide quality service to all taxpayers by helping them understand and comply with applicable tax laws

The IRS Acting Commissioner will discuss current challenges and the efforts the IRS is making to adapt to the evolving needs of taxpayers, tax professionals and the nation as they evolve based on their private interactions. Those efforts include improving tax-processing systems, increasing electronic filing and payment options, and expanding digital or online services available on IRS.gov for taxpayers and tax professionals.

Learning Objectives:

• Determine the current challenges the IRS has identified in working with the evolving needs of taxpayers and tax professionals
• Identify the efforts the IRS is making to improve tax-processing systems, electronic filing and payment options, and expanding digital or online services

Receive insights from and priorities about each of the IRS’s key operating divisions. Hear how each division plans to be effective in their responsibilities to collect taxes and assist taxpayers.

Learning Objectives:

• Determine how the IRS will provide quality service to all taxpayers by helping them understand and comply with applicable tax laws,
• Identify how taxpayers (including small businesses and self-employed) will meet their tax obligations while applying the tax law with integrity and fairness to all, and
• Identify how corporations and partnerships, among other taxpayers, will receive support in conducting business in an expanding global environment.

This session will discuss the current state of U.S. tax administration and the major challenges the IRS faces today as it attempts to administer the tax system. Major challenges include providing high-quality taxpayer service, implementing legislation, conducting examination and collection initiatives that promote future voluntary compliance, and expanding the ability of taxpayers and preparers to conduct their business with the IRS online while simultaneously maintaining data security.

Learning Objectives:

• Identify how to best use the services of the National Taxpayer Advocate to protect your clients' rights as a taxpayer, and help you with tax problems you can't resolve on your own.
• Recognize the major challenges faced by the IRS in administering the tax system.

A moderated panel discussion will cover current and near-term IRS examination priorities from the perspectives of (1) the IRS Large Business & International (LB&I) Division; (2) the IRS Small Business / Self-Employed (SB/SE) Division; and (3) the impacts on practitioners and taxpayers. The panel will cover how the multi-year funding commitments in the recently enacted Inflation Reduction Act of 2022 will affect examinations and other compliance programs.

Learning Objectives:

• Assess examination and collection fraud referrals
• Identify how the IRS develops its strategic plans and goals for the examination program, especially in light of recent legislation
• Analyze the future of the IRS compliance program
• Determine the implementation of streamlined audit rules for partnerships and increasing partnership audit coverage
• Identify high-net worth examinations of high-net-worth individuals, large corporations, and complex partnerships

Use of LLCs and other passthrough entities continues to grow. Taxpayers and preparers can be overwhelmed by the volume, or may be unaware of the state income tax issues involved. This presentation will address how to handle multiple state K-1s for individuals, corporations and other pass-through entities. The discussion will cover the state treatment of passthrough entities and their owners and the necessary decisions to be made at the owner level. In addition, there will be an overview of the tools for managing the information flow.

Learning Objectives:

• Analyze the unitary theory and its application to passthrough entities and their owners
• Identify the information needed from a passthrough entity for state income tax purposes
• Determine the methods of accumulating information from multiple K-1s

Enacted by Congress in 2021, the Corporate Transparency Act (CTA) directs the Treasury Department to create a federal database of the beneficial ownership of a myriad of entities. The reporting rules will go into effect one year after the enabling regulations – the first tranche of which was published in December 2021 – are finalized. Are you and your clients ready? Come learn the basics of who must report, what information must be reported and when.

Learning Objectives:

• Distinguish the who, what and when of reporting responsibilities
• Recognize what other anti-money laundering obligations may apply
• Estimate penalties for failures

This session will address the important decisions that must be made by the family and fiduciaries of a decedent. This will include decisions regarding estate taxes, income taxes, retirement plan distributions, tax returns to file and more. Particular emphasis will be placed on the disclaimer planning technique - how it works and when it is best used.

Learning Objectives:

• Calculate the many important decisions that can and should be made by the heirs and fiduciaries of a decedent.
• Identify how disclaimers work, and the many planning opportunities they present.
• Determine the tax returns that must be filed after a decedent's death to address the proper administration of the estate.

Employees are working from a variety of locations in our post- COVID world. This program will identify and discuss the business tax consequences that are created from this new, and still evolving, way of doing business.

Learning Objectives:

• Calculate the tax consequences of working remotely
• Analyze how to reduce the tax exposure in other states
• Identify the steps needed to remediate multistate tax problems

This session will cover the application of passthrough entity taxes and associated federal tax treatment resulting from Notice 2020-75.

Learning Objectives:

• Identify the federal income tax consequences of the a PTET payment
• Determine situations where electing into a PTE regime may not be advantageous

The decision between operating as a partnership, corporation, S-Corporation, or sole proprietorship for tax purposes has both long and short term consequences. This session will run through some of the key triggers and decision points for understanding which form makes the most tax sense, and the most business sense, for your clients given the current tax landscape.

Learning Objectives:

• Compare the different annual tax ramifications of entity choice
• Analyze the differences in equity compensation and capital raising options based on equity choice
• Calculate the impact of a sale of the business on entity choice

As trust planning becomes more and more prevalent, the need to understand the federal and state income tax treatment of trusts has become more important than ever. This program will provide the practical fundamentals that every estate planner should know about fiduciary income taxation. Different definitions of income, including Taxable Income (TI), Fiduciary Accounting Income (FAI) and Distributable Net Income (DNI), will be translated in a clear and concise manner, in order for practitioners to protect themselves from many of the traps for the unwary.

Learning Objectives:

• Identify ways to minimize the federal and state income taxes on trusts and estates.
• Distinguish how recent case law, IRS guidance and Treasury Regulations impacts the income taxation of trusts and estates.

IRS penalties are nothing new, but the proliferation of automated penalty assessments and the increasingly lengthy, and challenging, process of requesting and obtaining reasonable cause abatement has tried the patience of both taxpayers and practitioners in recent years. This panel will discuss the IRS's current penalty landscape, including a discussion of the most effective ways of obtaining reasonable cause relief for your clients. Hear from two experienced tax controversy practitioners who will share their tips and tricks of the trade!

Learning Objectives:

• Identify the current penalty priorities of the IRS
• Apply the process of penalty assessment and abatement
• Determine how to obtain reasonable cause relief

In this session, we will discuss the exclusion of gain from the sale of qualified small business stock. We will walk through the statutory requirements that must be met for stock to meet the definition of QSBS, the limitations that apply on gain, identify planning opportunities to maximize the exclusion, and point out traps the unwary that may cost a taxpayer the exclusion.

Learning Objectives:

• Identify the tests that must be met at the corporate and shareholder level for stock to meet the definition of QSBS.
• Determine the cumulative and annual limitations on the Section 1202 exclusion.

This session will address the many issues and challenges facing a surviving spouse arising from tax law and financial planning considerations. The surviving spouse will face a myriad of decisions to be made - many of which may have important implications for both the survivor and the survivor's family. This will be the focus of the session.

Learning Objectives:

• Identify the estate tax issues the surviving spouse must face.
• Analyze the income tax changes that the surviving spouse must consider.
• Determine how to assist the surviving spouse with making important decisions about social security, Medicare, retirement distributions and more.

A spirited review of the best planning ideas from the conference - and some year end client planning thoughts - from our esteemed conference planning committee members that you can take back to your practice and implement immediately.

Learning Objectives:

• Analyze the most important income and business tax planning topics from the conference.
• Identify year end planning tips to take back to clients now for immediate practice revenue generation.