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I. FEDERAL INCOME TAXATION OF CORPORATIONS & SHAREHOLDERS
1. MASSACHUSETTS BUSINESS TRUST/QSub REVISITED
is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., CPA. Topics include what to do, if anything, with the MBT/QSub structure now that the MBT is treated as a corporation for MA tax purposes for T/Y/B on or after 1/1/09; the pros and cons of keeping the MBT/QSub structure as is; the federal and MA tax consequences of the three basic ways of simplifying the MBT/QSub structure: merge the MBT downstream into the QSub, merge the QSub upstream into the MBT, or completely terminate the legal existence of the MBT (and why this method probably is a tax disaster); whose EIN prevails if the MBT is merged downstream into the QSub; is a protective S election on behalf of the state law corporation (the former QSub) necessary or desirable; a detailed discussion of the final entity classification regulations dated 3/20/09 including who is responsible to pay MA estimated taxes beginning in 2009 - the MBT or its shareholders; the MA tax treatment of tax-free earnings and profits at 12/31/08 and the impact (if any) on the tax basis of the shareholders of the MBT; and much more. (11/19)2. FEDERAL INCOME TAXATION OF S CORPORATIONS
is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., CPA. Topics include the operative aspects of S corporations including the definition of a "small business corporation" including who are permitted shareholders; avoiding an inadvertent termination of an S election; pass through of items of income, gain, loss, deduction, and credit; adjustments to basis of stock and debt; resolution of tax year issues incident to an S election; recognition of gain on the distribution of appreciated property; an overview of the built-in gains tax in S 1374 and the "sting" tax in S1375; treatment of employee fringe benefits for income and employment tax purposes; a review of the highlights of recent tax legislation relating to S corporations; and more. (12/8)3. SPECIAL PROBLEMS OF S CORPORATIONS
is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., CPA. Topics include a detailed analysis of the built-in gains tax including case law developments; a review of the final regulations on the definition of passive investment income for purposes of SS 1375 and 1362(d)(3); highlights of recent tax legislation regarding S corporations; a reconsideration of C vs. S corporations in light of recent and proposed tax legislation; a review of issues raised by IRS in the audit of S corporations and their shareholders under the National Research Program on S corporations including unreasonably low compensation; and much more. (12/17)4. 1120S PREPARATION WORKSHOP
is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., CPA. Topics include a discussion of the preparation of Form 1120S including the presentation of separately and nonseparately computed items of income, gain, loss, deduction, and credit including passive activity losses; adjustments to basis of stock and debt on a worksheet specially designed for the purpose; treatment of distributions to S shareholders including the accumulated adjustments account and the other adjustments account; computation of the built-in gains tax under S 1374 and the "sting tax" under S 1375 and how to avoid them; a review of recent tax legislation relating to S corporations; and much more. (12/21)5. PURCHASE & SALE OF A CORPORATE BUSINESS
is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., CPA. Topics include the principle methods of disposing of a business; dispositions of C/S corporation assets or stock including the sale of S stock to a purchasing corporation which makes a S338(h)(10) election; tax consequences to buyer/seller; allocation of consideration and information reporting on Form 8594 by buyers and sellers under Section 1060; a review of Section 197 on the amortization of intangibles such as goodwill, customer lists, and covenants not to compete; a discussion of the Norwalk, Frontier Chevrolet, Bemidji and Muskat cases; and much more. (12/22)6. STRATEGIC TAX PLANNING
is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., CPA. Topics include a detailed discussion of 75 of our finest strategic tax planning ideas in areas such as S corporations; unreasonable compensation; accumulated earnings; personal service corporations and qualified personal service corporations; discounts in valuing closely held stock; changes in method of accounting; passive activity losses; deductible interest; independent contractors; abatement of penalties; avoidance of state taxes; and much more. (12/23)II. ESTATE, LONG TERM CARE, MEDICAID & RETIREMENT PLANNING
7. CURRENT ESTATE PLANNING TECHNIQUES
is a 1-day seminar (8 credits) led by Robert Stewart, Esq. Topics include planning for clients with moderate and large estates after EGTRRA of 2001 and any new tax legislation in 2009 including the use of the gift and estate tax marital deductions and two death planning, federal and state; forms of marital deduction including the QTIP trust; life insurance planning including irrevocable insurance trusts; other irrevocable trusts for estate tax savings; gifting techniques including the use of family limited partnerships and nominee trusts for real estate; estate freezing including business freezes, GRITS, GRATS, GRUTS, and personal residence trusts; problems with closely-held businesses, including S corporation stock and QSSTs; disclaimers; planning for the non-citizen spouse; highlights of the new MA Uniform Probate Code; and much more. (12/9)8. FORM 1041 PREPARATION WORKSHOP
is a 1-day seminar (8 credits) led by Robert Stewart, Esq. Topics include the preparation of a decedent’s final 1040 return and Form 1041 and Schedule K-1 for estates and simple and complex trusts including a discussion of electing small business trusts; the allocation of income and deductions between the decedent and the estate; selection of fiscal year and other post-mortem tax planning issues; computing DNI and the deduction for distributions; special problems of IRD; allocation of items such as depreciation and the S 691© deduction; special issues for a complex trust including distributions in kind and the 65-day rule; applicability of the 2% floor to irrevocable trusts; AMT considerations; grantor trust issues; changes made by recent tax legislation; MA changes in the tax treatment of certain estates and trusts as a result of Ch. 262 of the Acts of 2004; and much more. (1/13)9. LONG TERM CARE (LTC) PLANNING FOR ACCOUNTANTS AND THEIR CLIENTS
is a 1-day seminar (8 credits) led by Marilee Driscoll, CLU, CSA, and author of The Complete Idiot’s Guide to Long Term Care Planning. Twenty-three percent of LTC is paid for out of pocket at typical costs of $90,000+ per year in MA. The objectives of this seminar are to obtain a thorough understanding of the topic relative to personal finances and retirement planning decisions – what long term care is, how long it lasts, how much it costs, when government programs (Medicare, Medicaid, VA) pay, and how long term care insurance works; proper LTC insurance policy design, and how policies that look the same may differ; how to review a policy; how to protect against premium rate increases, and what to do if this happens; pension protection provisions regarding LTCi; personal and business deductibility; state incentives to purchase LTC insurance; and much more. (11/10)10. MEDICAID PLANNING FOR CLIENTS & THEIR ADVISORS
is a 1-day seminar (8 credits) led by Steven Cohen, Esq. Topics include a detailed analysis of the recent dramatic federal changes to the Medicaid transfer rules; the Division of Medical Assistance’s newest regulations and decisions; how to preserve assets; the risk to the primary residence; the use of trusts – revocable and irrevocable; liens and estate recovery; the basic rules of Medicaid eligibility; strategies for protecting the spouse of a nursing home resident; and trusts for the benefit of disabled children. The seminar also includes a discussion of Medicare benefits; durable powers of attorney; health care proxies; guardianship; and much more. (11/13)11. TAX PLANNING STRATEGIES FOR RETIREMENT
is is a 1-day seminar (8 credits) led by Jeffrey West, CPA/PFS, CFP. This seminar will address how plans work and what best fits employer profiles. Topics include Qualified Plan Choices including the latest changes in cross-tested and hybrid 401(k) plans, and the new cash balance defined benefit plans. Also covered will be 412(i) defined benefit plans for the successful business owner interested in contributing amounts too large for the defined contribution limits. Having the right plan design is key to creating a successful qualified retirement plan. Planning design strategies to maximize employer contributions while minimizing or tailoring employee contributions will be explored as well as integrating retirement planning with business continuation and estate planning. We also will explore eligibility, participation, vesting, and how to exclude many employees. The trustee’s fiduciary responsibilities will be detailed in light of the new Department of Labor rules. Distribution Planning topics will be addressed including investment alternatives which guarantee lifetime retirement income. How to turn qualified plans into a multi-generation estate plan; minimize income and estate taxes; and avoid early distribution penalties. 401(k) Planning – the list of alternatives available in administration and funding continue to grow, from the basic safe harbor plan to all of the bells and whistles – and now add automatic enrollment and one-person plans to the list of options; combination plans; and much more. (12/1)III. OTHER TAX SEMINARS
12. 2009 TAX LEGISLATION / CURRENT TAX DEVELOPMENTS
is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., CPA. Topics include a detailed discussion of the American Recovery and Reinvestment Tax Act of 2009, and other new tax legislation, and time permitting, recent Supreme Court and other important judicial decisions and administrative pronouncements on issues such as the application of the 2% floor to an irrevocable trust (the Knight case); permitted use of the cash method; customer deposits; deferral of income; one year spread for taxpayer favorable adjustments; tax year rules for S corporations and PSCs; unreasonable compensation; accumulated earnings; passive activity losses, built-in gains, recharacterization of distributions by S corporations as wages for employment tax purposes; AMT; section 530 relief; valuation issues and discounts; preparer penalties; allocation to and amortization of covenants not to compete; and much more. (11/6, 11/10, 11/11, 11/12, 11/13, 11/20, 12/1, 12/02, 12/03 ME, 12/04, 12/10 VT, 12/11, 12/15, 12/16, 12/18, 01/04, 01/11, 01/28)13. NEW FORM 990/TAX ASPECTS OF NFPs
is a 1-day seminar (8 credits) led by Frank Monti, CPA. This seminar focuses on the preparation of the NEW 2009 version of Form 990 with references that include the basis for exemption; application for recognition of exempt status; avoidance of designation as a private foundation; compliance reporting to safeguard exempt status; the unrelated business income tax; lobbying expenses; rental income; and fund raising expenses; and much more. (12/16)14. 2009 FEDERAL TAX UPDATE
is a 2-day seminar (16 credits) led by Lucien Gauthier, Esq., CPA and other distinguished panelists. The tentative agenda for this seminar appears on page 6 and will include a review of new tax legislation enacted in 2009 and other current tax developments. The price for this 2-day seminar is $319 in West Springfield and $334 in Waltham (which includes lunch on each day) and is not eligible for the special pricing which applies only to our 1-day seminars (Thursday/Friday 1/7 and 1/8 in W. Springfield and 1/14 & 1/15 in Waltham).15. HOW TO HANDLE AN IRS AUDIT / APPEALS CONFERENCE
is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., CPA. Topics include the technical and practical aspects of representing a client on audit including audits under the Service’s Market Segment Specialization Program; the taxpayer’s objectives in the audit process, tactics in dealing with an agent, and strategies for closing the case; technical considerations in handling a case including the burden of proof, applicable statute of limitations, and statutory interest; penalties to avoid in the audit process including the 20% taxpayer accuracy-related penalty, preparer penalties, and violations of Circular 230; how to negotiate a settlement at the agent level; minimizing the risk of audit in filing claims for refund; and techniques for managing tax risk in the planning process. Topics in the afternoon include factors in determining whether to appeal; how to write a “Protest”; conference procedure in docketed and nondocketed cases; and settlement practice and procedure including the types of settlements and the hazards-of-litigation standard. Numerous cases will be discussed. (11/17, 11/18)16. PREPARER PENALTIES/ CIRCULAR 230
is a 1-day seminar (8 credits including at least 4 credit hours on Ethics) led by Lucien Gauthier on 11/24 in Marlboro and by Edward DeFranceschi, Esq.on 12/4 in Waltham. Topics include a detailed discussion of federal preparer penalties (Section 6694(a) and (b) and Final Regs. Sec. 1.6694-1 to 1.6694-4); Disclosure Statement (Form 8275) and Regulation Disclosure Statement (Form 8275-R); rules applicable to practitioner conduct under Circular 230 as promulgated by the Office of Professional Responsibility; new MA preparer penalties (Section 35C); ethics rules promulgated by the MA Board of Public Accountancy governing accounting and tax practice, which incorporate by reference the AICPA Rules of Professional Conduct including the Statements on Standards for Tax Services (SSTSs); and much more. As you may know, MA now requires 4 hours of instruction on professional ethics for licenses expiring on or after 06/30/07. (11/24, 12/4)17. SECTION 179 / DEPRECIATION / AUTOS
is a 1-day seminar (8 credits) led by Peter Birkholz, MST. Topics include increased expensing of depreciable assets under S 179 and the new 50% bonus depreciation rules enacted by the Economic Stimulus Act of 2008 and extended by the American Recovery and Reinvestment Tax Act of 2009; applicable depreciation methods, recovery periods, and conventions; classification of property based on class lives; ADS; treatment of leased cars for purposes of S 280F; and adjustments for depreciation in computing AMTI. Topics also include the S 280F limitation on depreciation of luxury autos, additional limitations on personal use property; substantiation rules under S274; exclusion for business use of employer provided autos as a working condition fringe benefit; valuing personal use of autos by one of four special valuation rules; reporting and disclosure requirements for employer-provided autos; proper reporting of informal reimbursement arrangements for employee-owned vehicles; and much more. (11/24)18. 1040 WORKSHOP FOR MORE EXPERIENCED PREPARERS
is a 1-day seminar (8 credits) led by Peter Birkholz, MST. Topics include a forms oriented review (with annotations) of recent federal tax law changes in areas such as the new making work pay credit, the new $250 credit for certain government retirees, and the interrelationship of the two credits with the one-time $250 payment to social security recipients; the new American Opportunity Tax Credit; extension and increase in the first-time homebuyer credit; the new additional deduction for state sales and excise taxes on the purchase of certain new motor vehicles; extension of AMT relief for nonrefundable personal credits; extension and increase of the AMT exemption amount; extension and modification of certain energy credits; extension of 50% bonus depreciation and increased S179 expensing; decreased required estimated tax payments for certain small businesses; other new tax developments and year-end tax planning considerations; MA individual income tax changes; electronic filing, and much more. (12/8, 12/10, 12/11 ME, 12/15, 12/16, 12/18, 12/22, 01/05, 01/29)19. 1040 WORKSHOP FOR NEW & LESS EXPERIENCED PREPARERS
is a 1-day seminar (8 credits) led by Peter Birkholz, MST. Topics include those covered in our 1-day 1040 Workshop for More Experienced Preparers, but they are presented in a less technical manner. Several problems will be discussed. (01/04)20. DISREGARDED ENTITIES
is a 1-day seminar (8 credits) led by Paul Plourde, Esq., CPA. Topics include current developments regarding entities (single-member LLCs and Qsubs) treated as disregarded entities; check-the-box regulations; self-employment tax imposed upon a single member of an LLC treated as a disregarded entity; employment tax relating to employees of disregarded entities; state taxation of LLCs treated as disregarded entities; automatic classification change to a disregarded entity; elective (Form 8832) classification change to a disregarded entity; IRS regulations on treatment of changes in elective entity; allocation of partnership liabilities where a partner’s interest is held through a disregarded entity; Qsub status; Form 8869, state taxation of Qsubs; tax-free reorganizations involving a disregarded entity; single member disregarded entities regarded for employment tax purposes effective 1/1/09; and much more. We recommend taking this seminar before taking LLC – Current Developments or Partnerships and Partners. (11/11)21. LLC – CURRENT DEVELOPMENTS
is a 1-day seminar (8 credits) led by Paul Plourde, Esq., CPA. Topics include current developments regarding LLCs treated as partnerships; check-the-box regulations; self-employment tax imposed upon members of an LLC treated as a partnership; state taxation of multi-member LLCs (including withholding by partnership); automatic classification change to partnership; tax consequences under Rev. Rul. 99-5 if the status of an LLC changes to partnership; elective (Form 8832) classification change to partnership; IRS regulations on treatment of changes in elective entity; mergers of LLC with another LLC or other entities (corporation, limited partnership and general partnerships); conversion (by statute) of LLC into other entities or vice versa; recalculation of values under S 704© if an LLC merges into another partnership; pitfalls if an LLC is treated as S Corporation; and much more. We recommend taking this seminar after taking Disregarded Entities and before taking Partnerships and Partners. (11/18)22. PARTNERSHIPS & PARTNERS
is a 1-day seminar (8 credits) led by Paul Plourde, Esq., CPA. Topics include current developments under Subchapter K; allocation of partnership liabilities under S752; formation of partnerships under S721; allocation of profits and losses under S704 (including allocations under S704© attributable to assets whose values have increased or decreased prior to contribution); taxation under S707 attributable to partnership payments to partners (including guaranteed payments under S707©); taxation under S731 attributable to liquidating and non-liquidating distributions by partnerships; taxation under S736 attributable to partnership distributions to retiring partners or deceased partners; taxation under S741 attributable to sale of partner’s equity interest in a partnership (including installment sales or situations where the underlying partnership holds hot assets under S751); positive adjustments (if S754 election in effect) and negative adjustments (mandatory or if S754 election is in effect) to inside basis attributable to partnership assets; and much more. We recommend taking this seminar after taking Disregarded Entities and LLC – Current Developments. (12/2)23. INTERNATIONAL TAXATION OF INDIVIDUALS
is a 1-day seminar (8 credits) led by Kenneth Vacovec, Esq. Topics include the U.S. tax treatment of citizens and resident aliens located outside of the U.S.; return preparation techniques for individuals located overseas including Forms 2555, 1116, and 3903F; tax return preparation for resident and non-resident aliens including Form 1040NR and part-year resident alien tax reporting; planning for foreign tax credits; qualification for the S911 earned income and housing exclusions after the 2006 tax law changes; tax rules related to an individual's expatriation from the United States for U.S. citizens and long-term residents; the MA tax aspects of international relocations; taxation of non-U.S. citizens; a review of the S7701(b) definition of resident alien; an analysis of various U.S. tax treaties relating to individuals; a discussion of numerous case studies; a review of IRS reporting forms necessary for international tax reporting; and much more. (01/06)24. MASSACHUSETTS TAXES IN REVIEW
is a 1-day seminar (8 credits) led by Philip R. Dardeno; CPA, MST. Topics include a review of newly enacted tax legislation (corporate tax reform provisions including unitary combined reporting for multistate corporations and changes to the business entity classification rules); recent judicial decisions; recent administrative pronouncements including DOR's non-resident income tax regulation; a thorough review of Massachusetts tax practice and procedure including audit, assessment, abatement and appeal (including dispute resolution) and collection (liens, levies, seizures, and offers in compromise); removing domicile from Massachusetts; and much more. (12/18, 01/07)IV. ACCOUNTING & AUDITING SEMINARS
25. ACCOUNTING AND FINANCIAL REPORTING (GAAP) FOR NOT-FOR-PROFIT ORGANIZATIONS
is a 1-day seminar (8 credits) led by Frank Monti, CPA. This seminar will discuss the practical implementation of FAS 116, 117, 124, and 136 as they impact your work for not-for-profit organizations. The seminar assumes that you have read these pronouncements and want to participate in a discussion of implementation problems and issues. This seminar is in the form of case studies of real world situations aimed at sparking class discussion and qualifies toward the 24 hour requirement for Yellow Book. (12/15)26. 2009 FASB / SSARS & SAS UPDATE & REVIEW
is a 1-day seminar (8 credits) led by Prof. Richard Delgaudio, CPA on 11/05 in Marlboro and on 11/12 in Waltham and by Professor John Armstrong, CPA on 11/05 in Seekonk and on 11/12 in Braintree. Topics include FASB Nos. 157-163, new SSARS Nos. 16-18 and related interpretations, GAAP changes to going concern and subsequent events; the AICPA compilation and review and audit risk alerts; new ethics and independence rulings; proposed changes in financial statement presentation; fair value issues; impact of the Sarbanes-Oxley Act on auditors of closely-held businesses; OCBOA issues; fraud update; and much more. If you register for this seminar, please add $29 to your registration fee to cover the extra cost of the extensive FASB manual. (11/5 Marlboro, 11/5 Seekonk, 11/12 Waltham, 11/12 Braintree)27. ACCOUNTING ETHICS
is a one-half day seminar (4 credit hours on Ethics) led by Michael Pakaluk, Ph.D., author of Understanding Accounting Ethics. The seminar considers the theoretical basis of accounting ethics with application to high-profile case studies (Enron, WorldCom) as well as recent cases and practical dilemmas taken from daily practice. Topics include whether it is sufficient to follow GAAP and GAAS; why accounting is a profession rather than merely a business and what that really means; why accounting is inherently ethical; what it means to have high altruistic demands placed upon accountants; why accounting principles cannot be exhaustively captured in explicit rules; the interplay of rules and principles, and how IFRSs differ from GAAP in this regard; the ineliminability of good judgment in accounting; the uses and abuses of “bright line” criteria; the theory of the 'virtues' and its application to accounting; how ethics can really be taught within a firm; why, objectivity, public trust, and due diligence are important as ethical ideals; and the direction of recent accounting reform. This one-half day seminar is priced at $99, and this special pricing CANNOT be combined with the special pricing that applies to our 1-day and 2-day seminars. (11/20, 11/23)V. OTHER SEMINAR OFFERINGS
28. FINANCIAL AID TACTICS
is a 1-day seminar (8 credits) led by Todd Fothergill , Managing Director of Strategies For College, Inc. This seminar, appropriate for both practitioners and/or selected clients who will be filing financial aid applications for current high school seniors, will focus on (1) how to complete the online FAFSA, online CSS Profile, and supplemental applications for business owners and supplemental applications for divorced/separated parents in a timely fashion; and (2) how to accurately forecast the outcome of the FAFSA and CSS Profile in terms of potential grants, scholarships, and interest-free student loans. A detailed analysis of the new rules governing both student and parent loans also will be presented. This course provides a personalized, step-by-step walk through of the financial aid process with an experienced professional. When participants leave this seminar, they will be able to file required financial aid applications within 24 - 72 hours. Participants should bring their most recent federal income tax return, a financial statement (income statement and balance sheet if business owner), and a calculator. Tylenol is provided. NOTE: A completed 2008 FORM 1040 is NOT required to attend this seminar. Clients can be included in the 3 for $420 and 5 for $660 pricing. (12/3)