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Agenda

Date: Nov. 29, 2018

8:30-9:30 A.M. General Session

The Dust Has Settled - Now What?

Richard Kaplan, CPA, JD, University of Illinois

The Tax Cuts and Jobs Act is now a done deal, but what exactly got done? This session will focus on the major enacted provisions affecting individuals that take effect this year and next year, including home mortgage interest, state and local taxes, business entertainment and other fringe benefits, divorce transfers, itemized deductions, and depreciation. Also addressed will be corporate income tax rates and limits on executive compensation, as well as prospects for tax law stability going forward. 

9:30-9:40 A.M. Networking Break

It's time to network with colleagues and visit sponsor tables.

9:40-10:50 A.M. Breakout Sessions
  1. The New Pass-Through Deduction

    Robert Jamison, CPA, Ph.D, Tax Scopes, LLC and Richard Kaplan, CPA, JD, University of Illinois

    One of the most significant changes enacted in last year's tax reform legislation is a 20% deduction on income from “pass-through” entities. This session will explore the requirements and limitations of this new deduction with particular attention to small and medium-sized accounting and law firms and their clients.

  2. General Federal Enforcement Update

    Josh Wu, JD, LLM, Clark Hill Strasburger

    After years of cuts, the IRS received additional funding for operations and enforcement. With increased enforcement it is incumbent on all tax practitioners to understand how the IRS is pursuing taxpayers and where they may see increased scrutiny. The presenter will discuss the areas where taxpayers will see increased IRS enforcement, including partnership audits, employment tax audits, criminal enforcement, civil tax penalties, the sharing economy, and offshore tax enforcement. In addition, the presenter will cover the best practices to reduce the impact of an IRS audit or criminal investigation.


  3. The Past, Present and the Future of Indiana Tax Administration

    Commissioner Adam Krupp, Indiana Department of Revenue

    Since Commissioner Krupp’s arrival in January 2017, Indiana’s Department of Revenue has undergone a major transformation. In addition to reorganizing key business units, developing a culture of continuous improvement, and preparing the agency for the modernization of its system of record, Commissioner Krupp has re-branded DOR into a customer service agency that prioritizes serving the citizens of Indiana above all else. In the summer of 2018, two major events occurred in tax administration that will re-shape DOR’s day-to-day operations for the foreseeable future. First, the US Supreme Court issued its landmark ruling in South Dakota v. Wayfair, Inc., eviscerating the long-standing requirement that a business have a physical presence in a state to be bound by sales tax laws of that state. Second, DOR hired FAST Enterprises to deliver a fully integrated tax system over the next 4 years to replace its 25-year-old legacy system responsible for all transactional and accounting functions of the agency. Implementation of both in parallel creates a uniquely challenging and exciting time for DOR. Commissioner Krupp will address how DOR is handling both, along with various updates elsewhere throughout the agency as DOR strives to deliver great government service.


10:50-11:05 A.M. Networking Break

It's time to network with colleagues and visit sponsor tables.

11:05-12:05 P.M. General Session

Gorillas and Elephants: Selected Aspects of the Tax Cuts and Job Act of 2017

Robert Jamison, CPA, Ph.D, Tax Scopes, LLC

If the Section 199A deduction (qualified business income) is the 800 lb. gorilla in the room, what are the 2,000 lb. elephants waiting outside to trample you to death?

This presentation will cover some important changes enacted by the TCJA, including:

  • The $25,000,000 threshold
  • Aggregation of gross receipts
  • Business interest limit
  • Excess business losses
  • NOL limits

Don’t let these provisions surprise you when you prepare your clients’ 2018 tax returns. Be prepared for some surprises, not all of which will be pleasant.



12:05-12:45 P.M. Lunch
It's time to have lunch with colleagues and visit sponsor tables.



12:45-1:55 P.M. Breakout Sessions
  1. Exclusive First Look: Research Expense Credit (REC) in Indiana

    Amie Durfee, Indiana Department of Revenue, Bruce Kolb, Indiana Department of Revenue and Brandon Matchett, Indiana Department of Revenue

    This session will cover the basics of REC, the redesigned appeals process and settlement considerations, as well as launch the newest materials. Attendees of this session will be the first in the state to receive the REC handbook, eligibility information and sampling guidelines in collaboration with INCPAS.

    

  2. How to Fight Penalties

    Josh Wu, JD, LLM, Clark Hill Strasburger

    When the IRS determines a tax deficiency, or finds a filing error, penalties often follow. From failure to file or pay to fraud to trust fund recovery penalties, the IRS asserts billions in penalties each year. The presenter will cover the most common tax penalties, how to protect a client from such penalties in advance, and how to defend your client after penalties have been imposed.

    

  3. Multi State Update/Hot Topics

    Ellen McCabe, CPA, CLA LLP

    This session will provide an update on the State’s reaction to Wayfair and practical approaches to economic nexus. Review state considerations related to federal tax reform. It will also outline legislative trends and recently enacted legislation that will impact your business and examine judicial findings that merit consideration.

    

1:55-2:05 P.M. Networking Break

It's time to network with colleagues and visit sponsor tables.

2:05-3:15 P.M. Breakout Sessions
  1. Buying, Owning and Selling Business Property after the TCJA: New Opportunities and Old Traps

    Robert Jamison, CPA, Ph.D, Tax Scopes, LLC

    New cost recovery rules:
    • Bonus depreciation
    • Section 179
    • Qualified improvement property
    • How and why to elect out
    New like-kind exchange rules:
    • Limit to real property
    • Interaction with bonus depreciation and Section 179
    • Problems for intangibles and some personal property
    • Related party traps
    Capital and non-capital assets:
    • Intangibles are out
    • Patents are out
    • Oh, no, they’re not
    • 

    

  2. 8 Late-Stage College Planning Strategies You Don’t Know About But Should

    Chris Wills, College Inside Track, LLC

    There is no purchase as significant as college that families - and their financial professionals - comparatively know as little about. The significant increase in cost and complexity has families desperate for answers and offers advisors a tremendous opportunity to provide value. College planning is much more than 529 plans and understanding this hot topic better can elevate you and your practice. You will not want to miss hearing a national expert share specific strategies every financial professional should know about to help families navigate the complicated college process and save tens of thousands of dollars.


  3. Estate Planning

    Kevin Alerding, CEPA, Indie Asset Partners, LLC

    Rules under the Tax Cuts and Jobs Act:
    • Federal gift and estate tax exemption
    • Section 179
    • Generation-skipping transfer tax exemption
    • Annual exclusion gifts
    • Sunset

    Step up in basis

    Income tax deferral on retirement plan accounts

    What to do with this old trust

    • Decant
    • Terminate
    • Reform
    • Retain

    Wandry and other formula clauses

    State tax considerations

    Asset protection trusts

    

3:15-3:30 P.M. Networking Break

It's time to network with colleagues and visit sponsor tables.

3:30-4:45 P.M. Closing General Session

Indiana Tax Update

Benjamin Blair, JD, Faegre Baker Daniels, LLP and Daniel Roy, JD, Faegre Baker Daniels, LLP

An overview of recent key developments impacting Indiana tax law, including:

  • Conformity legislation passed by the General Assembly
  • U.S. Supreme Court’s decision in South Dakota v. Wayfair, Inc.
  • Significant opinions from the Indiana Tax Court and Supreme Court
  • Guidance from the Indiana Department of Revenue
  • Trends from around the country





4:40 P.M. Adjourn

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