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Co-sponsored by the Educational & Memorial
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TSCPA and the Tennessee Federal Tax Institute partner to bring together national and local tax experts to provide an update and analysis of developments and tax saving ideas in this three-day program. This course updates Tennessee CPAs and attorneys on federal and state tax law changes and non-tax related issue changes affecting their professional practices.
Conference Highlights:
- Grantor Trusts
- Circular 230 and 6694 (Federal) - Ethics
- What’s New and What’s Left in Sophisticated Insurance Planning
- Tennessee Tax Update
- Distributions from FLPs/Contributions/Allocations
- 409A
- Legislative Forecast/ What’s To Come
- Tax Planning for Traditional and Roth IRAs
- LLCs: Transition from Employer
- Business Valuation Standards Update
- Estate/Gift Tax Partnership Comp Case Studies
- Basic Estate Planning
- AMT
- Bankruptcy & IRS Collection Actions: The Default Option!
- 990 Disclosure Issues
- Asset Protection
- Real Estate Hot Topics
- FIN 48
- Top 10 Gotchas
- Recent Development in Federal Taxation
Course Level: Update
TSBA Subject Code: T/E
Credit Hours:
24 CPE Credit Hours (Tax/Ethics)
20 CLE Credit Hours (Including three E/P credit hours.)
| Registration Fees: | |
| By Nov. 25 (early bird fee): | $495 |
| After Nov. 25 (conference fee): | $525 |
Note: Continuing Legal Education Processing Fee: $36
Hotel Information: A limited block of rooms has been reserved at the Cool Springs Marriott at a rate of $159. Please indicate that you are with TSCPA and ask for the 2008 Federal Tax Conference group rate when making your reservation by calling 615/261-6100.
Schedule at a Glance
Wednesday, Dec. 10
8:30 - 8:35 a.m. — Opening Remarks/Welcome
8:35 - 10:15 a.m. — 1. Recent Developments in Estate Planning
Turney P. Berry, Tarrant & Wyatt, Combs, LLP, Louisville, Ky.
Including updates on proposed regulations under section 67, 2036, 2039, 2053, as well as interesting case-law developments concerning valuation discount planning, charitable and income tax issues.
10:15 - 10:30 a.m. — Networking Break & Exhibit Viewing
10:30 - 11:20 a.m — 2. Grantor Trusts
C. Fred Daniels, Partner, Cabaniss Johnston Gardner Dumas & O’Neal LLP, Birmingham, Ala.
This presentation focuses on planning with grantor trusts. It begins with an analysis of different uses for grantor trusts, such as leveraged gift trusts, lower brackets trusts, trusts for descendants, sales to intentionally defective grantor trusts, grantor retained annuity trusts, subchapter S trusts and life insurance trusts. The presentation then examines in-depth the rules that result in classification as a grantor trust with a view as to how to use the rules to achieve the intended end result. Also included in the presentation is a review of estate tax rules that are affected by grantor trust classification as well as rules for income tax reporting of grantor trusts.
11:20 - 11:25 a.m — Change Break
11:25 a.m. - 12:15 p.m. — 3. What’s New and What’s Left in Sophisticated Insurance Planning
Lawrence Brody, Partner, Bryan Cave LLP, St. Louis, Mo.
This session will review the life insurance premium leveraging techniques being used in both estate planning and employee benefit planning, including both pre- and post-final regulation split-dollar arrangements (economic benefit and loan regime), and premium financing (by the insured, by related individuals or entities, and by third-party lenders). The economic consequences as well as the income, gift and estate tax issues raised by each of these techniques will be reviewed and analyzed.
It will also review policy valuation transactions, viatical and life settlements, sales of insurability and insurable interest issues.
12:15 - 1 p.m. — Lunch
1- 1:50 p.m. — 4. Formal Opinions - Circular 230, the Preparer Penalty and Ethics: An Overview of the Rules
Christopher S. Rizek, Member, Caplin & Drysdale, Washington, D.C.
1:50- 1:55 p.m. — Change Break
1:55- 2:45 p.m. — 5. IRC 6694 as Revised by the Emergency Economic Stabilization Act
J. Leigh Griffith, JD, LLM, Waller Lansden Dortch & Davis, PLLC, Nashville, Tenn.
2:45 - 3 p.m. — Networking Break & Exhibit Viewing
3 - 4:40 p.m. — Concurrent Sessions (please select one)
6. Standards for Tennessee CPAs: Important Ethical Concepts, Principles and the Rules for CPAs in Tennessee (Tennessee-specific ethics)
Mark H. Crocker, CPA, Executive Director, Tennessee State Board of Accountancy, Nashville, Tenn.
In the past 18 months, there have been some of the greatest (and most controversial) changes ever made to accounting and auditing standards. To say that most practitioners are not well-enough informed about the nature and impact of these changes is an understatement. To believe that the new pronouncements will not impact the “small” practitioner is naïve. In order to aide the practitioner in applying the new standards that have the most relevance and impact in the REAL WORLD, the session will be spent on applying FIN 48, the new Risk Assessment Auditing Suite (including SAS 112) and the new consolidation standards (effective in 2009) to actual and simulated situations. Even if you’re a tax person, you will find this session interesting and informative.
7. Panel Discussion: Review of “Formal Opinion;” Hypotheticals for Ethical Issues
J. Leigh Griffith, JD, LLM, Waller Lansden Dortch & Davis, PLLC, Nashville, Tenn.; Nancy S. Jones, Attorney, Chief Disciplinary Counsel of the Board of Professional Responsibility of the Supreme Court of Tennessee, Nashville, Tenn.; Wm. Robert Pope Jr., Attorney, White & Reasor PLC, Nashville, Tenn.; and Christopher S. Rizek, Member, Caplin & Drysdale, Washington, D.C.
What changes are taking place in state and local taxes that impact my clients and/or company and what actions should I be taking, if any? You will learn of recent legislative changes that will be effective July 1, 2008 and Jan. 1, 2009 including any changes you should be putting in place to ensure you and/or your company are in compliance. The presentation will also cover unclaimed property audits in Tennessee and the state’s filing requirements; recent court cases and their impact; and incentive dollars often overlooked and unclaimed by Tennessee business.
4:35 - 5:35 p.m— Networking Reception
Thursday, Dec. 11
8:30 - 8:35 a.m. — Opening Remarks
8:35 - 10:15 a.m. — 8. Tennessee Tax Update (including NEXUS)
Reagan Farr, Commissioner, Tennessee Department of Revenue, Nashville, Tenn.; G. Michael Yopp, Esq., Waller Lansden Dortch & Davis LLP, Nashville, Tenn.; and Michael D. Sontag, Esq., Bass Berry & Sims PLC, Nashville, Tenn.
This presentation will review the legislative developments, cases and administrative rulings and notices that have occurred over the prior 12 months in Tennessee taxes. The panel will also attempt to highlight pitfalls and planning opportunities that may arise out of these changes.
10:15 - 10:30 a.m. — Networking Break and Exhibit Viewing
10:30 - 11:30 a.m. — 9. Selected Tax Issues in the Life Cycle of an FLP and the Family that Created It: Formation and Initial Contributions to Dissolution
Neill G. McBryde, Esquire, Moore & Van Allen PLLC, Charlotte, N.C.
This presentation will review selected current tax issues and related non-tax issues in the life cycle of an FLP and its founder family, including formation, contributions, operations, allocations, distributions, divisions, liquidation and dissolution. Emphasis will be placed on cutting edge tax and planning techniques, including pre-mortem and post-mortem planning with the decedent’s FLP interest.
11:30 - 11:35 a.m. - 10. THE 409A TWO MINUTE DRILL: What’s Your Compliance Strategy?
James M. McCarten, White & Reasor, PLC, Nashville, Tenn.
As the clock runs down toward the final deadline for 409A plans (Dec. 31, 2008), are you and your clients prepared? Are the client’s deferred compensation plans finally 409A compliant? The IRS has rescued taxpayers not just once, but twice from the disastrous consequences of not getting their deferred compensation plans compliant with 409A’s requirements, and no one expects additional extensions. This program will help you identify those plans and arrangements most at risk and develop strategies for successfully pulling those plans into compliance before the deadline hits.
12:25 p.m. - 12:45 p.m. — Lunch
12:45 - 1:15 p.m. — 11. Luncheon Speaker: The Outlook for Tax Legislation: 2009 and Beyond
Francis Grab, Senior Manager, Washington Council Ernst & Young, Washington, D.C.
1:15 - 1:20 p.m. — Change Break
1:20 - 2:10 p.m. — 12. Tax Planning for Traditional and Roth IRAs
Michel Kaplan, Member, Sherrard & Roe, Nashville, Tenn.
In this session, we will review the basic rules applicable to traditional and Roth IRAs, particularly the minimum distribution rules and conversion requirements for a Roth. We will then review a number of planning ideas for both types of IRAs to minimize both income and estate tax.
2:10 - 2:15 p.m. — Change Break
2:15 - 3:05 p.m — 13. Social Security and Medicare Tax Issues for LLCs, Partnerships and S Corporations
Ronald A. Levitt, Attorney, Shareholder, Sirote & Permutt, P.C., Birmingham, Ala., and Donald E. Johnson, Esq., Shareholder, Sirote & Permutt, P.C., Birmingham, Ala.
This will be a discussion of the rules related to Social Security and Medicare Tax compliance with respect to S Corporations and with respect to LLCs and other entities classified as partnerships. In addition, recent developments in this area will be addressed.
3:05 - 3:20 p.m. — Networking Break & Exhibit Viewing
3:20 - 4:20 p.m. — Concurrent Sessions (please select one)
14. The New AICPA Business Valuation Standard – IRS and Beyond
Edward J. Dupke, CPA/ABV, Senior Consultant, Clifton Gunderson LLP, Phoenix, Ariz.
This presentation will cover the new AICPA Statement on Standards for Valuation Services No. 1 – valuation of a business, business interest, security or intangible asset. The standard and the related issues will be presented from the perspective of the tax practitioner. There will be an opportunity to discuss implementation issues and the practical application of this standard.
15. Basic Estate Planning
Jeffrey Mobley, Attorney,
Howard Mobley & Havens, PLLC, Nashville, Tenn.
Practical advice from an estate planning attorney about wills, living trusts, testamentary trusts, powers of attorney and living wills. Everything you need to know but were afraid to ask. Emphasis on specific case study scenarios: married with children; unmarried; and second marriages/blended families. You will learn what questions to ask, what dispositive and administrative provisions to look for in reviewing the documents, and some helpful hints about working with estate planning attorneys. Sample forms will be included.
16. Alternative Minimum Tax Planning
Andrea Comeau-Shirley, CPA, Namaste Consulting, LLC, Mableton, Ga.
This session is designed as an advanced tax discussion which assumes the participants have a basic understanding of the preferences and adjustments under the Alternative Minimum Tax system. The discussion will include planning ideas for high-income individuals, foreign investors and start up enterprises as well as the new law related to the refundable AMT credit for individuals.
17. Pass-Through Entities Update
Ronald A. Levitt, Attorney, Shareholder, Sirote & Permutt, P.C., Birmingham, Ala., and Donald E. Johnson, Esq., Shareholder, Sirote & Permutt, P.C., Birmingham, Ala.
This will be a discussion of recent developments related to S Corporations and entities classified as partnerships for tax purposes.
4:20 - 4:25 p.m.— Change Break
4:25 - 5:25 p.m. — Concurrent Sessions (please select one)
18. Bankruptcy & IRS Collection Actions: The Default Option!
Wm. Robert Pope Jr., White & Reasor PLC, Nashville, Tenn.
Unpaid taxes and bankruptcy: two items that CPAs do not want to see in their client mix. In the next two to three years, unpaid taxes and bankruptcy will become a part of every CPA’s practice. Taxes can be resolved in bankruptcy, with no other debt at issue. Some income taxes can be discharged or paid out over extended periods, without IRS approval.
The IRS offers a variety of administrative options to resolve unpaid taxes. This program has been presented at ABA Tax Section meetings and the IRS National Forums.
19. The New Form 990 and Other Fiduciary Issues: What Practitioners Need to Know Before 2009
Richard A. Johnson, Attorney-at-Law, Waller, Lansden, Dortch & Davis, LLP, Nashville, Tenn.
The old Form 990 was primarily a financial information return, but the new draft Form 990 is now more of an annual report that provides a wealth of information to stakeholders of a tax exempt entity (i.e. its members, the public and the regulatory authorities). The new form asks for substantially more detail regarding governance and compensation matters. Preparers may be surprised as to the amount of disclosure required which will necessitate significant amount of additional information from the entity and the governing body.
20. Tennessee Asset Protection Trusts
Bryan Howard, JD, LLM, Howard Mobley & Havens, PLLC, Nashville, Tenn.
It is now possible for a Tennessee resident to protect his or her assets from future creditors with a new type of trust that was authorized by the Tennessee Investment Services Trust Act of 2007. Attendees will learn the ideal circumstances for utilizing these trusts. We will also discuss methods for using traditional third-party created trusts to enhance creditor protection and to provide tax benefits.
21. Alternative Minimum Tax Planning (repeat session)
Andrea Comeau-Shirley, CPA, Namaste Consulting, LLC, Mableton, Ga.
This session is designed as an advanced tax discussion which assumes the participants have a basic understanding of the preferences and adjustments under the Alternative Minimum Tax system. The discussion will include planning ideas for high-income individuals, foreign investors and start up enterprises as well as the new law related to the refundable AMT credit for individuals.
5:25 - 6:25 p.m. — Networking Reception
Friday, Dec. 12
8:30 - 8:35 a.m. — Opening Remarks
8:35 - 9:25 a.m. — 22. Fixing Mistakes
Jasper L. (Jack) Cummings Jr., Counsel, Alston & Bird, LLP, Raleigh, N.C.
What do you do when you or your client has missed a tax deadline, missed an election, done a transaction that jeopardizes a tax position or otherwise made a federal income tax mistake? This program examines various self-help and IRS-help alternatives.
9:25 - 9:30 a.m. — Change Break
9:30 - 10:20 a.m. — 23. Recent Developments Affecting Real Estate and Pass-Through Entities
Stefan F. Tucker, Esquire, Partner, Venable LLP, Washington, D.C.
This session will include an in-depth discussion of recent legislation, cases and rulings as they affect real estate transactions, as well as partnerships and limited liability companies and their members.
10:20 - 10:35 a.m. — Networking Break & Exhibit Viewing
10:35 - 11:50 a.m. — 24. The Very Latest on FIN 48
Angela L. Evans and Mark S. Mesler, Ernst & Young LLP, Atlanta, Ga.
This session will be a discussion of the current issues raised by the FASB’s pronouncement on accounting for uncertain tax positions, including: analysis of financial statement FIN 48 disclosures, application of “effectively settled”, emerging statutes of limitations issues, IRS revisits its policy of restraint on requesting accrual workpapers, status of the work-product doctrine in light of textron and regions financial, considering the application of penalties and disclosure standards and interplay of FIN 48 and IRC sec. 6694.
11:50 - 12:50 p.m. — Lunch
12:50 - 2:05 p.m. — 25. Top 10 Gotchas for Tennessee Tax Practitioners
Joseph W. Gibbs, Member, Boult Cummings Conners & Berry, PLC, Nashville, Tenn., and James C. Gooch, Member, Bass, Berry & Sims, PLC, Nashville, Tenn.
There are many areas of tax practice that are common to most practitioners in Tennessee, and it’s important to be aware of details in those areas that need careful attention. This presentation will discuss 10 areas of tax practice in Tennessee where practitioners need to be particularly on their toes.
2:05 - 2:20 p.m. — Networking Break and Exhibit Viewing
2:20 - 4 p.m. — 26. Recent Developments in Federal Income Taxation
Ira B. Shepard, Esq., Professor of Law, University of Houston Law Center, Houston, Texas
This presentation will cover recent cases, legislation and regulatory and administrative developments over the past 12 months.
4 p.m. — Conference Adjourns
Place credit forms and evaluations at registration desk as you leave.
Registration Information
Enroll soon because space is limited. Register by Nov. 25 to pay the discounted registration fee. Registrations must be received seven days prior to the event in order to guarantee a seat and course materials. Allow approximately one week for receipt of confirmation.
Cancellations and Substitutions: Cancellations received by Dec. 2 will be assessed a $30 administrative fee. Cancellations received between Dec. 3 and Dec. 9 will be subject to a cancellation fee of 50 percent of the program fee. No refunds are given on or after the date of the program. A $30 administrative fee will be assessed for all substitutions and transfers. Registrants may substitute another individual up to the day before the conference. TSCPA must be notified in advance to ensure proper CPE credit.
Conference Fee Includes: sessions, conference materials, continental breakfast, lunch, evening receptions and refreshment breaks.
CLE (Continuing Legal Education) Credit: The Tennessee Society of CPAs has been granted accredited sponsor status for continuing legal education (CLE) in Tennessee. If you would like to receive CLE credit for approved courses, you must advise TSCPA in advance and provide your board of professional
responsibility (BPR) number so that the proper paperwork can be completed, and you must remit $36 in addition to the regular course fee to cover administrative costs.
Suggested Dress: business casual.
TSCPA provides you with a Proof of Attendance that serves as your permanent record of participation. The Proof of Attendance, noting the credits earned, will be e-mailed within two weeks of the program.
If you have special needs under the Americans with Disabilities Act, please attach a written description or call the society office at 615/377-3825 or 1-800/762-0272.
4 Easy Ways to Register
By Internet
By Fax
615/309-8054 or 615/377-3904
By Mail
Mail completed registration form and payment to:
Educational & Memorial Foundation of TSCPA
201 Powell Place, Brentwood, TN 37027
By Phone
1-800/762-0272 or 615/377-3825
The Tennessee Society of CPAs is partnering with the Tennessee Federal Tax Institute to offer this joint conference.
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© Tennessee Society of Certified Public Accountants |
