Boston Tax Institute

 
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BOSTON TAX INSTITUTE, LTD. SEMINAR DESCRIPTIONS

 

I. FEDERAL INCOME TAXATION OF CORPORATIONS & SHAREHOLDERS

 1. STRATEGIC TAX PLANNING AFTER TCJA is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., LL.M., CPA. Topics include a detailed discussion of our finest strategic tax planning ideas in areas such as the significant benefits of S corps including Section 199A; taxation of C corps including a 21% tax rate, no AMT, unreasonable compensation, accumulated earnings, personal service corporations/qualified personal service corporations, and the sale of personal goodwill; methods of accounting for entities whose gross receipts do not exceed 25M, and tax year rules; the tax treatment of passive activities for purposes of sections 469 and 1411; grouping; real estate professionals; deductible interest after 12/31/17; independent contractors; discounts in valuing closely-held stock; abatement of taxpayer penalties using First Time Abate Administrative Waiver and U.S. v. Boyle; avoidance of preparer penalties for uncertain tax positions; and much more. (6/5, 6/20, 9/18ME)

2.PURCHASE & SALE OF A CORPORATE BUSINESS AFTER TCJA is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., LL.M., CPA. Topics include factors to consider in the purchase and sale of a corporate business; the principle methods of disposing of a business; disposition of C/S corporation assets or stock including the sale of S stock to a purchasing corporation which makes a section 338(h)(10) election; tax consequences to buyer/seller including 100% bonus depreciation after 09/17 for used property, expanded section 179 expensing, and impact of calculation of gain on qualified businesses income under Section 199A; 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, Muskat, and Recovery Group, Inc. cases; and much more. (6/27) 

3.SPECIAL PROBLEMS OF S CORPORATIONS & NO/LOW WAGES AFTER TCJA is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., LL.M., CPA. Topics include an analysis of the built-in gains tax (at a 21% rate) including case law developments; a review of 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 including a permanent five calendar year waiting period for built-in gains and a possible 20% deduction for qualified business income for S shareholders; no/low wages from S corporations and potential problems under S 199A; reimbursement of office in the home expenses of employee-shareholders; a reconsideration of C vs. S in light of TCJA; a review of issues raised by IRS in recent audits of S corporations by SB/SE and LB&I; and much more. (6/28)

 

 II. ESTATE, MEDICAID, LONG TERM CARE & RETIREMENT PLANNING

 

4.ESTATE & DISTRIBUTION PLANNING FOR RETIREMENT BENEFITS is a 1-day seminar (8 credits) led by Natalie Choate, Esq.  Morning: basics such as minimum distributions, estate planning case studies (minors, special needs, second marriage, “portability”), and naming a trust as beneficiary. Afternoon: special topics such as Roth IRAs, inherited IRAs (including cleanup strategies), charitable giving with benefits, and pre-age 59 1/2 distributions.  Throughout: new developments such as; growing hazard of alternative investments; aging boomers, and much more. This seminar is specially priced at $275.  (6/11)

5.BASIC ESTATE PLANNING FOR ACCOUNTANTS & THEIR CLIENTS is a 1-day seminar (8 credits) led by Steven Cohen, Esq. Topics include the essentials of estate planning for accountants and their clients such as the effect of different forms of property ownership; the probate process and its avoidance; the importance of a proper will; trusts in estate plans, powers of appointment, choice of trustee and the liability which you undertake if you serve as trustee; use of trustee certificates to transfer real estate to a trust; homestead protection; property tax exemptions and trusts; durable powers of attorney; living wills and health care proxies; nominee realty trusts; basic federal and state estate tax planning considerations including the gift tax annual exclusion and marital deduction; changes made by recent tax legislation; and much more. (6/4)

6.CURRENT ESTATE PLANNING TECHNIQUES is a ½ day seminar (4 credits) led by Todd Lutsky, Esq., LL.M. on 6/5 in Waltham. The Tax Cuts and Jobs Act of 2018 increased the federal exemption to $11,400,000 while maintaining portability and the step-up in basis rules drastically changing the estate planning landscape. Instead of removing assets from the estate, the focus shifts to estate inclusion to obtain a step-up in basis and with proper planning obtain a double step-up in basis, as well as opening up generation skipping tax planning opportunities. The Tax Cuts and Jobs Act has greatly expanded the moderate estate world and made understanding how to use a general powers of appointment and drafting the joint revocable trust more important than ever. How does all this planning impact the Massachusetts estate tax whose exemption remains at $1,000,000? Finally, the elderly are concerned about protecting assets from the nursing home but do not want to pay Massachusetts estate taxes as well. Come and learn how Medicaid irrevocable trusts can be drafted to include QTIP trusts and a by-pass trust that will reduce estate taxes while still protecting assets from the nursing home. Come and learn how to skillfully craft an estate plan tailored to your client’s individual situation, while utilizing the latest in tax minimization, step-up in basis, and asset protection strategies. You also get an in-depth look at how to add value and form a relationship with your clients that transcends the “one-off” nature of common approaches to middle class estate planning. You emerge with expert tools and a deep understanding of the key issues facing your clients. (6/5PM)

7.CURRENT ESTATE PLANNING TECHNIQUES FOR MEDIUM AND LARGE ESTATES is a ½ day seminar (4 credits) led by John Discenza, Esq. on 6/10 in Marlboro and 6/24 in W. Springfield. Topics include maximizing federal and Massachusetts estate tax reduction while minimizing dependence upon complicated trust instruments; use of a “hybrid” marital deduction plan with post-mortem elections by surviving spouse; trustee options for both capable and incapable surviving spouses and descendants; reallocation of assets between spouses to prepare for optimizing estate tax reduction; uses for irrevocable trusts in the estate tax reduction framework; techniques to sever the Massachusetts estate tax nexus of clients moving to estate tax free jurisdictions; and much more. (6/10AM, 6/24AM)

8.CREATIVE RETIREMENT PLANS FOR SMALL BUSINESSES is a ½ day seminar (4 credits) led by Larry Starr, FLMI, CLU, CEBS, ChFC, CPC, EA, ATA, QPFC, MBA, an author of the AICPA text The CPA’s Guide to Retirement Plans for Small Businesses and frequent national lecturer and author of many professional journal articles. This is not your same old basic retirement plans course; this is a selected review and discussion of topics in creative plan design for your clients; how you can differentiate yourselves from the usual stuff that is out there.  We’re going to show the creative things that benefit your clients that you did not think you could do (but are completely acceptable if you know how). We are going to destroy some of the prevailing myths that are out there that artificially restrict what you think you can do for your clients.  This is the true (and often misquoted) “thinking outside the nine dots”.  Come and prepare to be challenged in what you think you already know that just is not so! (6/10PM, 6/24PM)

9.ESTATE PLANNING ESSENTIALS: FEDERAL & MA ISSUES (706, 709, & M-706 WORKSHOP) is a 1-day seminar led by Todd Lutsky, Esq., LL.M. and William Morgan, Esq., LL.M. The Tax Cuts and Jobs Act of 2018 has introduced a variety of new planning opportunities – it is all about the basis. Massachusetts however continues to limit its exemption to $1,000,000. In this program we will guide you through the proper preparation of federal and state estate tax returns as well as any necessary gift tax returns including a discussion of the pros and cons of the portability election and how it works, the QTIP election for the state, and even the potential benefits of a federal QTIP election. Using a hypothetical example we will guide you through schedule by schedule the preparation of a federal and Massachusetts estate tax return along with an explanation of the different estate planning techniques you may encounter when preparing these returns as well as whether they are included in the estate or not, such as revocable trusts, irrevocable life insurance trusts, first and second to die variety, Medicaid income only trusts, limited liability companies, and much more with special attention paid to a joint trust and the application of § 1014(e) to the trust and the possible double step-up in basis. So sharpen your pencil and come to this hypothetical-packed session ready to “do the math”. (6/20)

10.MEDICAID PLANNING FOR CLIENTS AND THEIR ADVISORS is a ½ day seminar (4 credits) led by Steven M. Cohen, Esq. Topics include a detailed analysis of 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 irrevocale; 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. (6/12AM)                                                                                                                                              

11.LONG TERM CARE (LTC) PLANNING FOR CLIENTS AND THEIR ADVISORS is a ½ day seminar (4 credits) led by David Keefe, III. 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 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. (6/12PM)

 

III. OTHER TAX SEMINARS

 

12.SECTION 199A/20% QBI DEDUCTION is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., LL.M., CPA on 74 occasions as of 2/5/19.  Topics include a comprehensive analysis of Section199A (the 20% deduction for qualified business income) including the W-2 wage limitation, the exception for taxable income not in excess of a threshold amount, and phase-in of the limitation; definition of W-2 wages; 2.5% of unadjusted basis of qualified property; definition of qualified business income; treatment of reasonable compensation and guaranteed payments; definition of trade or business and treatment of rental real estate; definition of specified service trade or business and the exception based on taxable income; definitions of taxable income and threshold amount; deduction applied at partner and S shareholder levels; deduction allowed for AMT; possible aggregation of trades or businesses including rental real estate;  effective for tax years beginning after 12/31/17 and how this effective date rule applies in the case of a fiscal year past-through entity; the use of Form 8275 to disclose uncertain tax positions for which there is a reasonable basis; and much more.   (05/14, 05/16, 05/21 (for NHCPA in Manchester, NH), 05/29, 05/30, 05/31, 06/04, 06/06, 06/07, 08/20, 08/21, 08/22, 08/27ME)  Registrants will be emailed and asked to print or bring an electronic version of the materials with them to the seminar.

13.SECTION 199A & RENTAL REAL ESTATE is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., LL.M., CPA.  Topics include a detailed discussion of whether residential rental property (rented pursuant to a gross lease) such as a single family home and non-residential real property (rented pursuant to a triple net lease) rise to the level of a section 162 trade or business for purposes of Section 199A, the preamble/-1(b)(13) of the proposed regulations and/or the preamble/-1(b)(14) of the final regulations, and the case law such as Higgins, Groetzinger, Fackler, Hazard, Grier, Lagreide, Gilford, The Union National Bank of Troy, and Curphey; the treatment of self-rented property rented to a commonly controlled S corporation or C corporation business; the rental of property to a 50% or more commonly owned SSTB;  Notice 2019-7 and the proposed revenue procedure which contains a 250 or more hour safe harbor for a “rental real estate enterprise” involving residential and non-residential rental property beginning in 2018, the prohibition against combining both types of property together, and the consequences of not meeting the requirements of this safe harbor; the possibility of aggregating residential rental property and aggregating non-residential rental property, and the prohibition against aggregating both types of property together; the use of Form 8275 to disclose uncertain tax positions for which there is a reasonable basis; and much more. (06/10, 06/11, 06/12, 06/13, 06/14, 06/17 (for NHCPA in Manchester, NH), 06/18, 06/19, 08/28ME)   

14.SECTION 199A & SSTBs & AGGREGATION is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., LL.M., CPA.  Topics in the morning include a detailed discussion of the statute, regulations, and case law (under S 448) regarding what constitutes a “specified service trade or business” for purposes of section 199A including the performance of services in the fields of health, law (not engineering or architecture), accounting, ctuarial science, performing arts, consulting, atrhletics, financial services, brokerage services, or any trade or business where the principal asset of such trade or business is the reputation or skill of its employees or owners or which involves the performance of services that consist of investing and investment management, trading, or dealing in securities, partnership interests, or commodities; and the exception for SSTBs based on a taxpayer’s taxable income.  Topics in the afternoon include a detailed discussion of Reg. 1.199A-4 on aggregation; who may need to aggregate and why; the five requirements to aggregate including the 2 out of 3 factor test and how the factors apply to both businesses and rental real estate; the 18 examples in the final regulations; the ability to aggregate on an amended return but only in 2018; the use of Form 8275 to disclose uncertain tax positions for which there is a reasonable basis; and much more.  (6/24, 6/25, 6/26, 8/29ME)

15. GROUPING FOR PURPOSES OF SECTIONS 469 & 1411 is a ½ day seminar (4 credits) led by Lucien Gauthier, Esq., LL.M., CPA. The proper grouping of activities can be extremely important for purposes of both sections 469 and 1411 (the 3.8 tax on NII). Topics include a detailed analysis of the rules for grouping that are contained in Reg. 1.469-4 and all of the judicial decisions and administrative pronouncements involving grouping including: Eugene B. Glick, Stephen A. Gregg, Sidney C. Shaw, Vincent S. Sciabica, Eugene J. Schumacher, Tony R. Carlos, Leroy Candelaria, TAM 200747018, Carlos A. Senra, CCA 201411025, Scott Wesley Williams, Jose A. Lamas, Roy E. Stanley, TAM 201634022, and Stephen P. Hardy; the application of grouping for purposes of sections 469, 1411 and 1.1411-4(g)(6) including the “fresh start” Reg. 1.469-11(b)(3)(iv); Rev. Proc. 2010-13 regarding the requirement to report new groupings and additions to existing groupings for tax years beginning on or after 1/25/2010; the difference between grouping under Reg. 1.469-4 and aggregation under Reg. 1.469-9 and a special chart depicting these differences; the use of Form 8275 to disclose issues involving grouping; and much more. (6/21AM)

16.TAX TREATMENT OF REAL ESTATE PROFESSIONALS FOR PURPOSES OF SECTIONS 469 & 1411 is a ½ day seminar (4 credits) led by Lucien Gauthier, Esq., LL.M., CPA. Topics include an analysis of S 469©(7), Reg. 1.469-9, and cases involving the requirements which must be met in order to qualify as a real estate professional including a discussion of the election under Reg. 1.469-9(g) to aggregate rental real estate activities and Rev. Proc. 2011-34 that allows this election to be made on an amended return for a prior taxable year and its effect on PAL carryovers and subsequent dispositions of property; the consequences of REP status for purposes of section 1411 and Reg. 1.469-4(g)(7); and much more. (6/21PM) 

17.SECTION 163(j)-BUSINESS INTEREST DEDUCTION LIMITATION is a ½ day seminar led by David Casten, Esq., LL.M., CPA. Topics include consideration of the application of Section 163(j) with emphasis on the requirements for the  exception for certain “small businesses” that are not “tax shelters” and that satisfy the $25 million average annual gross receipts test, including the definition of “receipts” and the rules for aggregation of businesses under common control including the constructive ownership rules; definitions of specific terms: “interest”, “business interest”, “investment interest”, and “adjusted taxable income”; general mechanics of the calculation of the limitation;  applicability to partnerships,  S Corporations, and C Corporations; election out  for  real property trades or  businesses; interplay with other interest deduction rules and carry forward rules; Form 8990; effective dates; electing application of the proposed regulations; and much more. (06/13AM)

18.CASH METHOD & TAX ACCOUNTING STRATEGIES AFTER TCJA is a 1-day seminar (8 credits) led by David Klemm, Esq., CPA.  Topics include a discussion of the changes made by the Tax Cuts and Jobs Act such as the use of the cash method of accounting, the exemption from the requirement to use UNICAP, and the simplified treatment of inventory by taxpayers whose average annual gross receipts do not exceed $25M and their impact on Regs. Sec. 1.471-1 regarding “merchandise”; the demise of Rev. Proc. 2001-10 ($1M safe harbor) and Rev. Proc 2002-28 ($10m safe harbor); a review of the “all events test”, the economic performance requirement, and the recurring item exception; treatment of contested liabilities under S 461(f); a brief discussion of changes in methods of accounting and S 481 adjustments; the codification of the treatment of deposits and advance payments under Indianapolis Power & Light, Perry Funeral Home, Rev. Proc. 2004-34, and Regs. 1.451-5; Final Regs. Under 263(a) regarding amounts paid to acquire, create, or enhance intangible assets and the U.S. Freightways and Zaninovich cases; treatment of accruals to related parties under S267; the 2½ month rule in S 404(b); and much more. (6/14)

19.PREPARER PENALTIES / CIRCULAR 230 / FORM 8275 is a ½ day seminar (4 credits on Ethics) led by David Klemm, Esq., CPA. Topics include a detailed discussion of federal preparer penalties in 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 (OPR); MA preparer penalties (Section 35C); ethics rules promulgated by the MA Board of Public Accountancy governing accounting and tax practice which incorporate the AICPA Rules of Professional Conduct including SSTSs; and much more. This seminar is a must for anybody preparing and signing federal income tax returns! (6/18AM)

20.OFFERS IN COMPROMISE is a ½ day seminar (4 credits) led by David Klemm, Esq., CPA. Topics include the IRC provisions dealing with tax collection activities and the Collection division’s procedures; the Service’s Offer and Compromise Handbook; preparation and processing of offers in compromise; installment agreements; innocent spouse provisions including pre-assessment and post-assessment strategies; bankruptcy as a tax planning device; discussion of an actual case through the collection process; and much more.   (6/18PM)

21.FEDERAL INCOME TAXATION OF REAL ESTATE is a 1-day seminar (8 credits) led by Cory Bilodeau, Esq. Topics include a discussion regarding the importance of basis and adjusted basis, holding period, and classification of real estate;  choice of entity for real estate owners, investors, and developers and the tax implications of owning real estate in various entity types including LLCs and corporations; special tax issues for real estate including an update on 1031 exchanges and the current trends in exchanging; tax planning for real estate developers in order to achieve long-term capital gain, cancellation of indebtedness, installment sales, and involuntary conversions; investing in real estate through self-directed IRAs; a discussion of the most recent court decisions affecting real estate owners; other tax topics and planning strategies that are relevant to real estate owners; and much more. (6/5, 8/22ME)

22.CHOICE OF ENTITY AFTER TCJA is a ½ day seminar (4 credits) led by Cory Bilodeau, Esq., LL.M. Business entities can be formed with relative ease, and many times clients and their professional advisors opt for the tried and true when there could be a better option available.  This session will discuss how to select the best form of entity for your clients’ business ventures, with a particular focus on the effect of the Tax Cuts and Jobs Act on the choice of entity decision.  The C-corporation tax rate has been reduced, and there is a new deduction of up to 20% for Qualified Business Income.  Has Congress plunged practitioners back to the days of C-corporation pervasiveness or do pass-through entities still reign supreme?  This session will include coverage of common business organizations such as the limited partnership, limited liability company, S-corporation and C-corporation.  Tax issues covered will include federal income tax and employment tax considerations as well as local tax considerations for MA businesses.  This discussion of tax issues will track the lifecycle of the business venture, with a particular focus on changes effected by the Tax Cuts and Jobs Act, illustrating how the choice of entity problem governs the growth, operation, and ultimate disposition of each form of business organization. (6/6AM, 8/21AM ME)

23.OPPORTUNITY ZONES: HOW TO REDUCE TAXES AND INVEST LOCALLY is a ½ day seminar (4 credits) led by Cory Bilodeau, Esq., LL.M. The landmark tax reform efforts of 2017 ushered in new Internal Revenue Code Sections 1400Z-1 and 1400Z-2.  These late additions to the tax reform effort create a powerful tax saving tool designed to redirect investor capital into low income communities.  We will discuss the Opportunity Zone program, the tax benefits it offers, and the various requirements necessary to invest.  This seminar will provide practical guidance to implement Opportunity Zone planning in 2019 and beyond including: a detailed analysis of the Opportunity Zone Proposed Regulations; a discussion of the tax benefits offered by the Opportunity Zone legislation including both income tax deferrals and exclusions; guidance to identify what taxable gains can be deferred through Opportunity Zone investments and how to achieve deferral; strategies for structuring Opportunity Funds – Proposed Treasury Regulations extend this exciting opportunity to a wide class of taxpayers; strategies for identifying and structuring real estate investments in Opportunity Zones – including compliance with the new Proposed Regulations’ working capital rules; who can and how to establish an Opportunity Fund; and much more. (6/6PM, 8/21PM ME)

24.BASIC/INTERMEDIATE PARTNERSHIPS, PARTNERS & LLCs is a 1-day seminar (8 credits) led by Prof. Joseph Newpol, Esq. Topics include current developments under Subchapter K; formation of partnerships under S 721; allocation of partnership liabilities under S 752; allocation of profits and losses under S 704 (including allocations under S 704© attributable to assets whose values have increased or decreased prior to contribution); taxation under S 707 attributable to partnership payments to partners (including guaranteed payments under S 707©); taxation under S 731 attributable to liquidating and non-liquidating distributions by partnerships; taxation under S 736 attributable to partnership distributions to retiring partners or deceased partners; taxation under S 741 attributable to sale of partner’s equity interest in a partnership (including installment sales or situations where the underlying partnership holds hot assets under S 751); and positive adjustments (if S 754 election is in effect) and negative adjustments (mandatory or if S 754 election is in effect) to inside basis attributable to partnership assets. Also covered will be 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; 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 partnership); 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 an S corporation; and more. (6/19

25.SECTION 183 HOBBY LOSSES is a ½ day seminar (4 credits) led by Peter Reilly, CPA. Section 183 “Activities not engaged for profit”, often referred to as the hobby loss rule will be celebrating its 50th anniversary this year. Over that half century, it has produced some fascinating case law which continues to be relevant. We will discuss the nine factors that are used to assess the taxpayer’s intent and how the courts have evolved in the view of what satisfies the factors. We will discuss how to be alert to hobby loss exposure, how to be prepared for an audit, and how to fight an audit when it happens. From horse breeding to Amway to playing the slots using the principles of Feng Shui, we will look at who wins, who loses and why, and how you can help your clients be winners with their losses. After a forty-year career in public accounting focused on tax, Peter now writes for Forbes.com and has covered hobby loss cases extensively. (06/05AM)

26.THE IC-DISC AND HOW IT APPLIES TO MANY OF YOUR CLIENTS is a ½ day seminar (4 credits) led by Paul Ferreira, CPA who manages 100+ IC-DISCs. Topics include the impact of the Section 199A deduction on the IC-DISC; IRS requirements to be treated as an IC-DISC; the implementation and corporate structuring of the IC-DISC; calculation of the lucrative federal income tax savings; methods available to calculate the federal income tax savings including marginal costing and the special no-loss rules; filing requirements; sales and services that qualify for the IC-DISC that many practitioners overlook; time to ask questions about how the IC-DISC can apply to your specific clients; and much more. (6/17AM)

27.FEDERAL & STATE R & D CREDITS is a ½ day seminar (4 credits) led by Otto Kunz, CPA, EA, MBA and founder of Tax Credit Advisors, LLC. The seminar will explore the current rules for these important incentive programs which are aimed at keeping engineering and manufacturing jobs in the United States. Many taxpayers are unaware that both the federal and MA credits have been significantly enhanced in recent years and now are more important than ever to the bottom lines of manufacturers, software companies, and other firms. Topics include the significant changes that were made to the Federal Research Credit along with changes to project eligibility requirements. Several important changes to the MA state credit for years 2018 and beyond also will be presented. The Federal changes include making the credit a permanent part of the tax code, a permanent offset to alternative minimum tax for certain taxpayers, and enactment of a brand-new payroll tax offset for certain taxpayers. The qualification requirements for these new provisions will be discussed, as well the mechanics of applying them to taxpayer returns. This seminar pays special attention to small and mid-size companies across a wide range of qualifying industries, examining how and why these companies now can qualify. Also presented are the various alternative credit calculations, typical credit results, the Research Credit study process, and also the most current audit issues and areas of IRS focus in Research Credit examinations. This fun and interactive session will include real-life examples.   (6/17PM)

28.SECTIONS 338(h)(10), 336(e), & S CORPORATIONS is a ½ day seminar (4 credits) led by Damien Falato, CPA, MST focusing on IRC 338(h)(10) elections, with an emphasis on S corporations.  Topics include a basic overview of the election, reasons to and not to elect, what transactions qualify for the election, treatment of specific asset types and liabilities, treatment of built-in-gain, installment sales, and non-participating owners, compliance requirements, when to utilize the parallel IRC section 336 rules, and state specific issues for multi-state filings. (6/14AM)

29.SECTIONS 1202 & 1244: PLANNING FOR SUCCESS is a ½ day seminar (4 credits) led by Damien Falato, CPA, MST. Topics include an in-depth analysis of the 100/75/50% exclusion of gain under section 1202 for qualified small business stock, and the ordinary loss provision for section 1244 stock. The seminar will explore when and how these sections apply, and the planning considerations needed to utilize them effectively prior to the year of sale. (6/14PM)                                                                                                                                                                   

30. TCJA TAX BENEFITS OF OWNING REAL ESTATE is a ½ day seminar (4 credits) led by Phil Mann, CPA.  The Tax Cuts and Jobs Act has created substantial additional complexities as it relates to owning real estate.  A vast majority of the new tax law changes will prove beneficial to real estate owners, though some changes will create some challenges.  Topics include maximizing the use of the expanded §179 expensing election, appropriate situations to apply the §179 expensing election for real property, the pros and cons of claiming 100% bonus depreciation, and an update on Qualified Improvement Property (maybe).  In addition, the seminar will provide an update on the Tangible Property Regulations and why they continue to have a significant tax impact on how taxpayers account for on-going expenditures over the life of the real estate investment.  A substantial amount of time will be devoted to the types of expenditures that can be expensed in the year that they are incurred and those that need to be capitalized and depreciated.  Finally, the seminar will provide an overview on how the §199A qualified business income deduction and §163(j) business interest expense limitation are impacted by and impact the foregoing.  Practical examples of how taxpayers can use the new tax laws to their advantage will be discussed in detail.  (06/13PM)

31.INTERNATIONAL CORPORATE TAXATION AND THE NEW INTERNATIONAL TAX LAW FOR CORPORATIONS AND INDIVIDUAL SHAREHOLDERS is a 1-day seminar (8 credits) led by Kenneth Vacovec, Esq. and Rita Ryan, Esq. Topics include a discussion of tax issues related to corporations operating internationally including sources of income, residence of the business entity, and foreign tax credits; review of controlled foreign corporations and subpart F income and related topics; PFICs; foreign corporations operating in the United States; tax treaty issues; and the Tax Cuts and Jobs Act –which includes some of the most significant changes in over 30 years in the U.S. tax laws affecting businesses (both owned by corporations and those owned by individuals) with international operations and revised controlled foreign corporation rules which will review the elimination of income deferral, the participation exemption, new foreign income classes including the GILTI income and deductions, the FIDD deductions available to exporters and base erosion provisions plus the retroactive 2017 repatriation tax which affects many U.S. shareholders of foreign corporations; and much more. (06/12)

32.INTERNATIONAL TAX FORMS COMPLIANCE is a 1-day seminar (8 credits) led by Kenneth Vacovec, Esq. and Rita Ryan, Esq. Topics include the proper preparation of Forms 926-transfers to foreign corporations, 1118-foreign tax credit, 1120F-foreign corporation income tax return,  5471-US owned foreign corporation, 5472-foreign owned US corporation, 8621-passive foreign investment company (PFIC), 8802-residency certificate, 8832-entity classification, 8865-US owned foreign partnership, 8938-specified foreign asset entity reporting, 1042/1042S-US tax withholding, W-8BEN-treaty benefit claim, W-8IMY-flow-through/branch withholding, W-8ECI-effectively connected income, Foreign Bank Account Reporting (FBAR); and more. The seminar also will include a discussion of tax issues related to corporations operating internationally: source of income, residence of the business entity, foreign tax credits; controlled foreign corporations and subpart F income, tax treaties, and related topics. (6/21)

33.MULTI-STATE TAXATION is a 1-day seminar (8 credits) led by Inez Mello, CPA, MBA. Topics include PART 1a: The Changing Face of Nexus: Public Law 86-272 determines when a multi-state business is subject to state income taxes. When the law does not apply, states have taken various actions to fill the void such as: adopt a “doing business” standard for determining whether in-state activities create nexus for income tax purposes (regardless of a physical presence): adopt an “economic nexus” standard based on the amount of income or sales derived from sources within the state (regardless of a physical presence); adopt a “factor presence” nexus standard under which income tax nexus exists if in-state sales exceed a specified threshold. There will be an in-depth discussion of those taxes not protected under Public Law 86-272 (non-net income based taxes) such as: franchise taxes, net worth taxes, gross receipt taxes, and sales taxes. PART 1b: Multi-state tax apportionment: Attendees will gain an understanding of how sales must be apportioned to the states: market-based sourcing rules vs. cost-of-performance based sourcing rules. PART 2a: Sales & Use Taxes: The Marketplace Fairness Act (formerly known as the Streamlined Sales Tax Project(SSTP): There will be an in-depth discussion on the components that make up the SSTP. Part 2b.: What can you do to stay in compliance? There will be an in-depth discussion on what a business can do to stay in compliance in today’s multi-state tax environment. (5/31, 6/7, 6/14, 6/17, 9/17ME)

34.MASSACHUSETTS SALES & USE TAXES is a ½ day seminar (4 credits) led by Philip Dardeno, CPA, MST. Topics include an in-depth analysis of the MA sales/use tax including the concepts of sale, sale at retail, sale price, tangible personal property, telecommunication services, purchaser, vendor, and engaged in business in MA; applicable exemptions including non-profits, sales for resale, manufacturing, R & D, and casual sales and other exemptions; sales/use taxation of E-Commerce; out-of-state contractor rules; responsible person rules; revised small business sales tax exemption for energy purchases; downloaded software rules; incentives for the motion picture industry; MA adoption of the Sales and Use Tax Administration Act; and much more. (6/10AM)                                

35.CHANGING DOMICILE FOR MA INCOME & ESTATE TAX PURPOSES is a ½ day seminar (4 credits) led by Philip Dardeno, CPA, MST. Topics include a discussion of the law of Domicile and the state tax benefits and risks associated with changing domicile; the indicia of domicile; the difference between domicile and residence; the 183 day rule in MA; a discussion of recent domicile cases; the audit process involving domicile; appealing an adverse domicile determination; and much more. (6/10PM)                                                                                                                                              

36.FEDERAL/MA TAX DIFFERENCES is a ½ day seminar (4 credits) led by Philip Dardeno, CPA, MST. In the Massachusetts definition of income, the MA statute references the Internal Revenue Code (IRC). In some cases, the MA statute ties to the IRC of 01/01/2005, while in other cases it ties to the current IRC. This bifurcated code reference is one of the complexities inherent in dealing with MA tax law. We will examine the different tax treatment that occurs between MA tax law and the federal IRC with special attention to the changes made by the Tax Cuts and Jobs Act; and much more. (6/11AM) 

37.MA DOR AUDITS & 1099-K MATCHING is a ½ day seminar (4 credits) led by Philip Dardeno, CPA, MST. A MA audit has many unique aspects and certainly is unlike the methodologies utilized by the IRS. Topics include a discussion of the MA DOR approach in conducting audits, how audits are generated, and how they should be handled. In particular, we will discuss MA DOR’s 1099-K Matching Program including its Preparer Notice-Taxpayers with Potential Underreporting of gross receipts resulting in a potential underreporting of sales tax, sales tax on meals, or income tax and how to respond to such a Notice (if at all), bracing for a possible MA DOR audit if the Notice is or is not responded to, a discussion of actual cases which were initiated as a result of MA DOR’s Matching Program, and much more. (6/11PM)                                                                                                     

38.MASSACHUSETTS TAXES IN REVIEW is a 1-day seminar (8 credits) led by Philip 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); and much more. (6/18)

39.NEW HAMPSHIRE TAXATION OF BUSINESSES & THEIR OWNERS is a 1-day seminar (8 credits) led by Maurice Gilbert, CPA, MST. Topics include the three major taxes affecting businesses and their owners in NH: the Business Enterprise Tax (BET), the Business Profits Tax (BPT), and the Interest & Dividends Tax (I&D). Topics involving the BET include an overview of the components of the enterprise value tax base and the apportionment provisions for the BET including the Department’s Administrative Rules. With respect to the BPT, topics include the nexus standard, definitions of business organization and business activity, the additions and deductions to federal taxable income including a brief overview of reasonable compensation and the combined reporting requirements for unitary businesses (our instructors offer two separate ½ day seminars which examine in detail the NH Compensation Deduction and the combined reporting requirements). The I & D segment of the seminar will include a review of the provisions relating to distributions from partnerships and limited liability companies and the importance of the definition of “transferrable interests” in determining the taxability of distributions. Statutory conversions of corporations to limited liability companies and changes to the statute regarding the elimination of trusts as taxpayers and trust distributions from the definition of dividend provide planning opportunities. The seminar also will review the status of proposed statutory changes including any State changes to the Tax Cuts & Jobs Act, any pending Administrative Rule proposals as well as administrative items of interest. (6/26)        

 

 IV ACCOUNTING AND AUDITING SEMINARS

40.2019 FASB / SSARS & SAS UPDATE & REVIEW is a 1-day seminar (8 credits including 2 credits on Ethics) led by Prof. John Armstrong, CPA in all locations. Topics include newly issued SSARS No. 24, new private company exemption for variable interest entities in related party leasing arrangements, accounting and reporting issues related to the Tax Cuts and Jobs Act, implementing the new revenue standard in 2019, ASU 2016-02 – new lease standard, ASU 2016-01 – new financial instruments standard, new credit losses standard, the hazards of having a GAAP audit under the TCJA applicable financial statement (AFS) rules, fraud study, private company changes, auditing standards update, and much more. Qualifies for the 80 hour requirement for Yellow Book. If you register for this seminar, please add $36 to your registration fee to cover the extra cost of the FASB materials.  (6/5NH for NHCPA in Manchester, NH, 6/6, 6/12, 6/20, 6/27, 8/20ME)

41.ADVANCED ISSUES – COMPILATION & REVIEW is a 1-day seminar (8 credits) led by Prof. John Armstrong, CPA. This seminar focuses on compilation and review engagements. Topics include differentiating between a trial balance and a financial statement, reporting on tax returns used as financial statements, reporting on financial statements generated as a result of write-up work, preparation of financial statement engagements and recent developments in compilation and review; the discussion also will include modifications to the standard report because of departures from GAAP, accounting changes; new changes to going concern in review engagements (SSARS No. 24); reporting on tax-basis and personal financial statements; ASU 2016-02 – new lease standard; and much more. If you register for this seminar, please add $36 to your registration fee to cover the extra cost of the extensive materials. Qualifies for the 80 hour requirement for Yellow Book. (6/25)

42.ACCOUNTING ETHICS is a ½ day seminar (4 credits on Ethics) led by Michael Pakaluk, Ph.D., author of the widely-used textbook Accounting Ethics, Senior Research Consultant for Audit Analytics, and Professor of Ethics at the Busch School of Business and Economics at The Catholic University of America in Washington, DC.  What are most important considerations of accounting ethics, especially for someone in private practice, practicing in a small firm or as a sole proprietor?  After reviewing the AICPA Code of Professional Conduct, and some basic ideas of accounting professionalism, we will look at some recent high-profile scandals, including Colonial-FDIC (PwC), Carillion (KPMG) and the KPMG partners “stealing the exam” from the PCAOB.  If time permits, trends in CSR (corporate social responsibility) disclosure and auditing will be covered. The seminar is a good mix of the conceptual and the concrete.  Vigorous discussion is encouraged and fostered.  This seminar received rave reviews in 2017!  (6/3AM, 6/4AM, 6/5AM, 6/6AM, 6/7AM)

 

V. OTHER SEMINAR OFFERINGS

 

43.SOCIAL SECURITY is a ½ day seminar (4 credits) led by Daniel Morasky in all five locations who formerly was with the Social Security Administration in N.E.   Topics include a detailed explanation of Social Security’s retirement, survivor, and disability programs; how benefits are computed; when someone can begin to collect; the impact of work in retirement; the components of Medicare; how the receipt of a public pension from MA will impact one’s eligibility for benefits; strategies for maximizing’s one’s Social Security benefits; and much more.   This seminar received rave reviews in 2017! (6/3PM, 6/4PM, 6/5PM, 6/6PM, 6/7PM)

44.MA PAID FAMILY & MEDICAL LEAVE ACT & FEDERAL & MA EMPLOYMENT RULES FOR SMALL BUSINESS is a ½ day seminar (4 credits) led by Caroline Catlender, Director of Training at Total HR Solutions in Acton. Topics include MA Paid Family & Medical Leave Act: overview of regulations, timeline, employer responsibilities, who pays; Pay Equity: overview of regulations, how to conduct a pay equity audit (and why); Minimum Wage: hourly and tipped workers, timeline of increases (and reduction of Sunday pay); Updated Ban the Box: change in timeline for misdemeanor convictions, how to insure compliance; Non-Compete Agreements: timeline for entering into agreement, garden leave clause; Legalization of recreation marijuana laws: impact on your workplace, your rights as an employer, drug free workplace policy; and much more. (06/4AM)

45.STRATEGIES FOR COLLEGEis a ½ day seminar (4 credits) led by Todd Weaver of Strategies for College, Inc.  Topics include the college financial aid eligibility formulas, how to determine eligibility for both federal and institutional financial aid, and how to strategize with clients about college costs and planning.  Special attention will be devoted to qualifying for non-need based aid (merit scholarships).  The seminar also is suitable for those practitioners who will have children of their own entering college within the next five years.  The seminar utilizes multiple case studies that model a range of incomes and net worth and how they are interpreted by the financial aid system. Each participant will receive one month’s access to cloud-based software and other proprietary content for personal use. (6/4PM)

 

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