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; and much more. (6/12, 6/20, 6/21, 9/19ME)

2. 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 the Tax Cuts & Jobs Act; a review of issues raised by IRS in recent audits of S corporations by SB/SE and LB&I; and much more. (6/29, 8/29ME)

3. PURCHASE & SALE OF A CORPORATE BUSINESS 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 and for used property and expanded section 179 expensing; 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. (6/28)

 

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 proposals to kill the stretch; growing hazard of alternative investments; aging boomers, and much more. This seminar is specially priced at $260.  (6/1)

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. (5/31, 6/5)

6. CURRENT ESTATE PLANNING TECHNIQUES is a 1-day seminar (8 credits) led by John Discenza, Esq. Topics include planning for clients with moderate and large estates after the Tax Cuts and Jobs Act 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; requirement to file new Form 8971; and much more. (6/14)

7. FORM 706, M-706, & 709 PREPARATION WORKSHOP is a 1-day seminar (8 credits) led by John Discenza, Esq. Preparation of Form 706 includes filing requirements; definition of gross estate; valuation; alternate valuation; property in which the decedent had an interest; transfers with retained life estate; annuities; joint interests; proceeds of life insurance; definition of taxable estate; deductions for expenses, debts, and taxes; marital deduction; and unified credit. Preparation of Form M-706 includes the basic form and the interrelationship with the federal estate tax return; the use of the 1999 Form 706 in determining the MA estate tax; differences between current and 1999 laws which impact M-706 preparation; uses of certain deductions and elections for MA purposes, such as expense deductions and alternate valuation, when no federal return is required, and lien releases. Preparation of Form 709 includes filing requirements; the recently revised format of the return; transfers subject to gift tax and the impact of generation skipping taxes; definition of taxable gifts; exclusion; requirement to file new Form 8971; and much more. (6/21)

8. CURRENT ESTATE PLANNING TECHNIQUES FOR THE MEDIUM AND LARGE ESTATE is a ½ day seminar (4 credits) led by John Discenza, Esq. 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. (6/25AM)

9. 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! (6/25PM)

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. (6/13AM)

11. LONG TERM CARE (LTC) PLANNING FOR ACCOUNTANTS AND THEIR CLIENTS 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. (6/13PM)

12. TAX PLANNING STRATEGIES FOR RETIREMENT is a ½ day seminar (4 credits) led by Jeffrey West, CFP, MBA. Topics include how plans work and what best fits employer profiles. Having the right plan design is key to creating a successful qualified retirement plan. Plan design strategies to maximize employer contributions while minimizing employee contributions will be explored as well as integrating retirement planning with business continuation and estate planning. Topics also include qualified plan choices including the latest defined contribution plan changes including cross-tested and hybrid 401(k) plans. Defined benefit plan designs including the new cash balance defined benefit plans which generally require much smaller contributions for the employees. Also covered will be S 412I(3) defined benefit plans for the successful business owner interested in contributing amounts much larger than traditional defined benefit plan limits. We also will explore eligibility, participation, vesting, and how to exclude many employees. Distribution planning will be addressed including investment alternatives which guarantee lifetime retirement income. 401(k) Planning – the list of alternatives available in administration and funding continues to grow, from the basic safe harbor plan to all of the bells and whistles. (6/12AM)

 

III. OTHER TAX SEMINARS

13. SECTION 199A/20% QBI DEDUCTION/TCJA is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., LL.M., CPA on 11 occasions as of 2/2/18. Topics include an extensive, detailed analysis of S 199A (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; placement of QBI deduction on page 2 of Form 1040; deduction applied at partner and S shareholder levels; deduction allowed for AMT; effective for tax years beginning after 12/31/17; a detailed analysis of the modification of home mortgage interest and the deduction for real estate taxes and state income taxes; reduction in C corporation tax rate; 100% bonus depreciation and expansion of S 179 expensing; small business accounting reform and simplification; other provisions of TCJA; and much more. (5/2, 5/3, 5/4, 5/8, 5/9, 5/10, 5/11, 5/14ME, 5/15ME, 5/16 NHCPA, 5/17NH, 5/18, 5/22 in house, 5/31, 6/1, 6/5, 6/6, 6/7, 6/8, 6/13, 6/15, 6/19, 6/25, 6/26, 6/27, 8/21, 8/22, 8/23, 8/28ME, 9/18ME) Registrants will be emailed and asked to print or bring an electronic version of the materials with them to the seminar.

14. 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. (6/22AM)

15. 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(c)(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. (6/22PM)

16. HOW TO HANDLE AN IRS AUDIT / APPEALS OFFICE CONFERENCE is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., LL.M., CPA. Topics in the morning include the technical and practical aspects of representing a client on examination including audits under the Service’s MSSP Program and by LB&I; the taxpayer’s objectives in the audit process, tactics in dealing with an examining 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; settlement practice and procedure including the types of settlements and the hazards-of-litigation standard. Various cases will be discussed. (6/14)

17. 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. (6/19AM)

18. 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! (6/19PM)

19. 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”, Rev. Proc. 2001-10 ($1M safe harbor), 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. (6/15, 8/30ME)

20. TAX & FINANCIAL ASPECTS OF DIVORCE is a 1-day seminar (8 credits) led by Peter Birkholz, MST. Topics include an overview of services to provide to the divorcing community as well as an analysis of the statutory provisions and case law with respect to alimony, child support, transfers of property incident to divorce, filing status, dependency exemptions, itemized/standard deduction, earned income credit, child tax credit, education credits, treatment of the principle residence under S 121, home mortgage interest deduction, phantom income from divorce settlements, QDRO’s in qualified plans, and rules on “innocent spouse” relief in section 6015. Worksheets for the financial aspects of divorce and helpful hints in serving divorcing clients will be discussed. The changes made by the Tax Cuts & Jobs Act which are effective after 12/31/18 also will be discussed in detail. (6/12)

21. SECTION 179 EXPENSING, BONUS DEPRECIATION, RECOVERY PERIODS, CHANGES IN METHODS OF ACCOUNTING, AND EXPENSING VS. CAPITALIZATION is a 1-day seminar led by Peter Birkholz, EA, MST. Topics include the interaction of Section 179 (Election to Expense Certain Depreciable Business Assets), Section 168(e) (MACRS Recovery Lives), Section 168(k) (Bonus Depreciation), and Section 280F (Limitation on Depreciation for Luxury Automobiles), with particular emphasis on the new TCJA changes. Additional topics will include a general discussion regarding Changes in Methods of Accounting and special problems with correctly handling the issue o capitalization under Reg. 1.263(a) versus expensing under section 162. Asset purchases and leasehold improvements will be discussed as well as the partial liquidation election under Reg. 1.168(i)-8(d)(2); and much more. (8/29ME)

22. CHOICE OF ENTITY AFTER THE TAX CUTS AND JOBS ACT is a ½ day seminar (4 credits) led by Cory Bilodeau, Esq. 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 Massachusetts 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. (6/7AM)

23. 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(c) 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(c)); 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(c) if an LLC merges into another partnership; pitfalls if an LLC is treated as an S corporation; and more. (6/20)

24. PARTNERSHIPS, PARTNERS & LLCs is a 1-day seminar (8 credits) led by Cory Bilodeau, Esq. Topics include an overview of partnership taxation beginning first with choice of entity considerations and then following a partnership through its lifecycle as a business venture. This seminar will cover the formation of a partnership, contributions of money and property, structural considerations affecting partnership allocations, distributions, sales and exchanges of partnership interests, and winding up of the partnership as a business entity. The coverage of each topic will address fundamental concepts, practical application, and seminal/recent case law affecting “hot” areas of partnership taxation. (8/21ME)

25. 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. (6/18, 8/22ME)

26. TAX ASPECTS OF ACQUIRING, OPERATING, AND DISPOSING OF A REAL ESTATE INVESTMENT is a ½ day seminar (4 credits) led by Philip Mann, CPA. The overall tax impact of a real estate investment is determined based on the structure of the transaction when the investment is acquired, the utilization of various depreciation methods employed, the amount of expenditures capitalized and expensed over the life of the investment, and finally the strategies used to dispose of an investment. Tax planning on the initial acquisition of a real estate investment often takes a back seat to financing the transaction but can play as an important a role in the overall economic success of the investment. This seminar will provide an overview to help taxpayers minimize land values and maximize depreciable asset values, analyze what types of deprecation methods can be utilized to minimize income taxes and how to structure the transaction to maximize the current and future tax benefits. The Jobs Act has created a myriad of choices for taxpayers to make relating to deprecation including qualified improvement property (QIP), expanded use of code section 179 relating to real property, and bonus depreciation among others. The seminar will sort through the complexities of the Jobs Act and provide tax saving strategies for the taxpayer. The final Tangible Property Regulations have and will 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 the seminar will be devoted to the types of expenditures that can be expensed in the year they are incurred and those that need to be capitalized and depreciated. The new de minimis amount of $2,500 provides substantial on-going and future tax benefits, and examples will be provided to help taxpayers maximize the benefits. The seminar also will provide examples of how to properly identify and write-off disposed and replaced assets. Finally the seminar will provide various tax strategies to be employed when contemplating the disposal of a real estate investment. Some of the strategies to be discussed will include Section 1031 exchanges, the write-off of disposed assets to avoid depreciation recapture, and planning for stepped-up assets in an estate. (6/15PM)

27. BUSINESS VALUATION ISSUES is a ½ day seminar (4 credits) led by Stephen Bravo, ASA, CBA, CPA/ABV/PFS, CFP, MST. This course has been updated to consider Tax Reform and its implications on value. A full spectrum of issues will be covered, including but not limited to: foundational underpinnings of business valuation, how courts interpret and apply standard of value issues to specific fact patterns, proper use of the single year capitalization of cash flows method, proper use of the multi-year discounted cash flows method, understand the equity discount rate – there are currently 20+ ways to compute it – where the data comes from – what it means – how to use it in equity cash flows – how to use it in invested capital cash flows, understand long term growth – how its derived – how it impacts value, learn how future cash flows are present valued, understand the Gordon growth model, learn when and how to use market transactions, learn how publicly traded company market data should be used, when the net asset value method should and should not be used, compute excess working capital and non-operating assets – that increase values derived from income and market methods, discuss Kessler v. MRI, analyze the Kessler tax metric – learn how some try to circumvent its use, discuss Bernier v. Bernier, discuss other Massachusetts cases, learn more about valuing S corporations – taxable income versus S corporation distributions – how S corporation distributions affect value depending on if a minority interest or control interest is being valued, discuss Massachusetts double dip cases – and their implications in settlement discussions, interactive Q&A, and lots of take-home material for future use. (6/7AM)

28. ACCOUNTING AND TAX ASPECTS OF CONDOMINIUMS is a ½ day seminar (4 credits) led by Thomas Foley II, CPA, MBA. Topics include a general overview of current financial statement presentation and form including required reporting for major repairs and replacements together with Massachusetts General Law section 183A reporting requirements for condominiums organized in Massachusetts; and a general discussion of income taxation of condominiums which will include a comparison of using Form 1120 versus Form 1120-H. (6/7PM)

29. 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 legislative history of 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. (6/4AM)

30. 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.  Topics include the significant changes to the Federal R&D program enacted into law in December, 2015 and earlier in the year.  An important 2016 change to the MA state credit 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 taxpayers’ returns.  Dozens of industries which previously did not qualify for R&D credits can now file for these tax benefits, and 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, as well as the credit calculation, typical credit results, the R&D tax credit study process, and also the most current audit issues and areas of IRS focus in R&D examinations.  (6/4 PM)

31. SECTION 338(h)(10) & 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. (6/15AM)

32. FBAR (FINCEN 114) & FATCA (FORM 8938) is a ½ day seminar (4 credits) led by Kenneth Vacovec, Esq. Topics include a detailed discussion of the requirements to file FinCen 114 with respect to certain foreign financial accounts and the harsh penalties for failing to do so, including a discussion of recent cases; the requirements to report specified foreign financial assets on Form 8938 as required by section 6038D and applicable regulations including a discussion of penalties and interpretive issues such as whether real estate which is located in a foreign country is a specified foreign financial asset; reporting retirement plans that are located outside of the U.S.; and much more. (6/6AM)

33. SECTION 409A NONQUALIFIED DEFERRED COMPENSATION is a ½ day seminar (4 credits) led by Patricia Ann Metzer, Attorney.  409A has been in effect for a number of years, but interpretive questions remain. The meaning and impact of this provision will be addressed. There are special information reporting and withholding requirements under 409A, although it is not always clear what should be reported as currently taxable income if an arrangement fails the qualification rules.  A recipient of currently taxable deferred compensation must report it properly even if the payor fails to withhold or report the payments on a Form W-2 or 1099.  There also is a special 20% excise tax and interest charge applicable to arrangements that do not satisfy the 409A requirements, which will be discussed. Other topics include how to spot when there is 409A deferred compensation; what you can tell a client about how to fix a noncompliant arrangement today once you determine that the arrangement is subject to 409A; and much more. (6/6PM)

34. 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. 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. (06/13)

35. 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. (6/22)

36. TAX CUTS AND JOBS ACT & TAX EXEMPT ORGANIZATIONS/FORM 990 is a 1-day seminar (8 credits) led by Nancy Kelly, CPA, MST. Topics include the changes made by the Tax Cuts and Jobs Act to the tax treatment of tax exempt organizations; an overview of Form 990 and the rules and regulations governing tax exempt organizations; a discussion of Form 990 and its 16 individual schedules as well as its 11 core forms; a discussion of executive compensation, unrelated business taxable income, compliance requirements, and other rules and regulations that can trip up even the best organizations and the most seasoned tax practitioners. (6/25)

37. 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. (6/1, 6/8, 6/15, 6/18)

38. 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. (6/11AM)

39. 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. (6/11PM)

40. 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. (6/12PM)

41. 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 multi-state 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. (6/19)

42. NEXUS, MARKET-BASED SOURCING & COMBINED REPORTING is a 1-day seminar (8 credits) led by Maurice Gilbert, CPA, MST. The morning session addresses Nexus and Market-Based Sourcing for Sales Apportionment. Approximately 40 states have moved from the physical presence standard that they previously applied to determine income tax nexus creating a need to re-examine a business’ filing requirements in any state where the business has some activity. These states have adopted some form of an economic presence standard in the income tax area while maintaining a physical presence standard for purposes of sales and use taxes; however, a number of these states have begun implementing economic nexus even in the sales and use tax area. To add to the complexity for filing state income taxes, approximately 30 states changed their apportionment sourcing rules in the area of sales, other than the sale of tangible personal property – a trend that likely will continue. The requirements in both the nexus standard and the sourcing rules are not consistent among the states thus creating planning opportunities and pitfalls for taxpayers. Our seminar will address these trends and analyze where the requirements fall within the New England States. Combined reporting for unitary businesses is the topic during the afternoon session. New Hampshire’s combined reporting for unitary businesses is mandatory for purposes of the Business Profits Tax and applies to proprietorships, partnerships, single-member and multi-member limited liability companies, trusts and corporations conducting business activity within New Hampshire. Issues to be addressed include New Hampshire’s unique application of the concept to incorporated and unincorporated businesses; the multi-state nexus requirement; the composition of the water’s edge group; the ownership, unity of use and unity of operation requirements; a review of the required tax form and potential planning opportunities. (6/13)

43. 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. (6/27, 8/23ME)

IV. ACCOUNTING AND AUDITING SEMINARS

44. 2018 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 SSARS Nos. 23 and newly issued SSARS No. 24, a review of implementation issues relating to SSARS No. 21 standard, accounting and reporting issues related to the Tax Cuts and Jobs Act, ASU 2016-02 – new lease standard, ASU 2016-01 – new financial instruments standards, new credit losses standard,  GAAP changes to inventory valuation, presentation of deferred income taxes, review of new SAS No. 132 going concern standard, fraud update, private company changes, auditing standards update, and much more. If you register for this seminar, please add $36 to your registration fee to cover the extra cost of the FASB materials.  Qualifies for the 80 hour requirement for Yellow Book. (5/31, 6/7, 6/14, 6/21, 6/28, 9/20ME)

45. ADVANCED ISSUES – COMPILATION & REVIEW is a 1-day seminar (8 credits) led by Prof. John Armstrong, CPA. This seminar focuses on when to issue a compilation or review report. 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, “plain” paper financial statements, and recent developments in compilation and review including the recent Compilation and Review Alerts; the discussion also will include modifications to the standard report because of departures from GAAP, accounting changes, and going concern and scope limitations; reporting on OCBOA and personal financial statements will be reviewed; 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. (6/26)

46. 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!  (6/4AM, 6/5AM, 6/6AM, 6/7AM, 6/8AM)

47. IMPLEMENTATION OF THE NEW FEDERAL UNIFORM GUIDANCE FOR NFPs (Financial Reporting for Not for Profits in Accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance)) is a 1-day seminar (8 credits) led by Nancy E. Kelly, CPA, MST who specializes in the NFP area. Topics include an overview of the compliance requirements and an analysis of all of the changes so that by the end of the day you will be able to efficiently implement these changes and understand the challenges and reporting required by these new standards. Case studies and examples of updated audit reports will be provided. This seminar qualifies for 8 credit hours of instruction for yellow book. (6/18)

 

V. OTHER SEMINAR OFFERINGS

48. SOCIAL SECURITY is a ½ day seminar (4 credits) led by Robert Clark (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! (6/4PM, 6/5PM, 6/6PM, 6/7PM, 6/8PM)

49. FEDERAL & MA EMPLOYMENT RULES FOR SMALL BUSINESSES is a ½ day seminar (4 credits) led by Julie Carroll, HR Director at Total HR Solutions. Don’t miss out!! Topics include FMLA, Small Necessity Leave, and Earned Sick time. Does your business need to comply? This ½ day workshop includes an overview of what rules a Small Business in Massachusetts (under 50) needs to comply with. A Review of Federal and State Wage laws, Leave laws, Accommodations, and ADA are just a few of the topics to be discussed. The Workshop will include a complete guide of regulations as well. (6/6AM)

50. SEC. 105 HRAs, QSEHRAs, SEC. 125 FSAs & ERISA, HIPAA & ACA COMPLIANCE is a ½ day seminar (4 credits) led by Eugene Hamilton and Jeffrey Bastien of TASC (Total Administrative Services Corporation). Topics include a history and overview of Section 105 and how reimbursement programs work for small businesses; how the ACA has changed the way HRAs can be utilized and the current conditions and requirements for their compliant use; and the effect of recent tax changes on Section 105. Topics also include a history and overview of Section 125 and how Flexible Spending Accounts or Cafeteria Plans work for businesses of any size, and a discussion of ERISA, HIPAA, and ACA Notice requirements. When paired together, the tax advantages of FSAs can help fund mandatory, yet often overlooked, ERISA/HIPAA requirements for Health & Welfare benefits. Not only can employers round out/enhance their benefits package with an FSA, they also can check off two of the major compliance requirements that many employers fall short on due to a lack of knowledge/information/solutions in the marketplace. (6/6PM)

51. STRATEGIES FOR COLLEGE is 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. (6/7PM)

 

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