Day 1 - Session 1: Monday, May 4, 2020
Faculty: Arthur Werner
The ABCs of Tax Advisory and Wealth Management Services
Over the next decade, the area of “Advisory Services” has the greatest potential for growth in your practice. Complexities within your clients’ financial, estate, and asset protection plans coupled with the ever-changing Internal Revenue Code has created an opportunity for the CPA, the EA, and other advisors to expand their client offerings.
To provide an understanding of issues and techniques in all areas of planning that will allow the practitioner to expand their tax advisory and wealth management services practice.
- Understanding the concept of “Integrated Planning” (financial, estate, asset protection, and tax planning)
- Understanding what a client fears (and how to help a client allay these fears)
- Practical steps in establishing a tax advisory and wealth management services practice
- Common client mistakes in planning (and how to assist a client in avoiding these mistakes)
Session 2 – Monday, May 4, 2020
Faculty: Joe Walloch
Itemized Deductions – Powerful Planning Opportunities
The perception of many tax advisors is that the Tax Cuts and Jobs Act essentially decimated Schedule A (Itemized Deductions). In reality, there are still many opportunities regarding planning around itemized deductions. This course provides the practitioner with an update on itemized deductions and with ideas as to how to maximize their effect on a client. This session will provide an understanding of issues and techniques in planning with itemized deductions
- Overview of changes made by the Tax Cuts and Jobs Act as well as other legislation that will be in effect at the time of the conference
- Standard deduction planning
- Medical deduction planning
- State and local tax deduction planning
- Charitable deduction planning
- Miscellaneous deduction planning
- Maximizing total deduction planning for your client
Day 2 – Session 1: Tuesday, May 5, 2020
Faculty: Anthony Rocca
Planning with IRAs and Qualified Retirement Plans
More and more practitioners are expanding their practices by offering retirement planning advisory services. This course focuses on a variety of issues dealing with IRAs and qualified retirement plans. When practitioners understand the advantages and disadvantages of IRAs and qualified retirement plans, as well as the tax implications and designs of these plans, they are better equipped to meet their clients’ needs.
To focus on a variety of issues related to IRAs and qualified retirement plans to enable practitioners to better meet each client’s needs.
- Regular IRAs
- Roth IRAs
- SIMPLE IRAs
- Basics of qualified plans
- Defined benefit pension plans
- Defined contribution plans
- 401(k) plans, including Roth 401(k)s
- Choosing the best plan for each client
- Minimum distribution rules
Day 2 – Session 2: Tuesday, May 5, 2020
Faculty: Anthony Rocca
Planning with Trusts
This course provides in-depth information to enable the practitioner to make a well-informed decision as to whether or not a trust is the appropriate vehicle for a client’s financial, estate, and/or asset protection plan, and, if so, how the trust can best be implemented and operated. Participants will learn about the many different types of trusts that can be harnessed to save clients income, estate, generation-skipping, and other taxes, at both the federal and state level.
To provide a practical understanding of when and how to implement and operate a trust in a client’s financial, estate, and/or asset protection plan.
- The role of the trustee and how to avoid problems
- Proper uses for a revocable living trust
- How an irrevocable trust can be the center of an estate plan
- Advantages of an irrevocable life insurance trust
- How to create a dynasty trust
- Why a GRIT, GRAT, GRUT, or QPRT can be a good planning tool
- Trust options to provide security for older clients
- Charitable trust issues
- How trusts can serve as asset protection devices
Day 3 – Session 1: Wednesday, May 6, 2020
Faculty: Art Werner
The Essentials of Preparing Form 1041
Tax compliance issues for fiduciary entities are sometimes confusing to practitioners due to the fact that many lack experience in this area. This course provides the practitioner with a practical understanding of the issues involved in preparing the U.S. Income Tax Return for Estates and Trusts (Form 1041).
To provide an overview and guide to preparing the U.S. Income Tax Return for Estates and Trusts (Form 1041).
- How to prepare a Form 1041
- Specific issues regarding a decedent’s estate
- Specific issues regarding a trust
- Understanding the basics of Subchapter J of the Internal Revenue Code
- Understanding of distributable net income (DNI)
- Understanding of income in respect of a decedent (IRD)
- Line-by-line instruction
Day 3 – Session 2: Wednesday, May 6, 2020
Faculty: Art Werner
Planning with Pass-Through Entities (IRC §199A)
Internal Revenue Code §199A (introduced by the Tax Cuts and Jobs Act of 2017) significantly changed the rules regarding pass-through entities. Many practitioners do not feel comfortable with their understanding of these changes. This course will thoroughly discuss everything that you need to know about IRC §199A as well as show the practitioner how to give planning ideas for your clients who own pass-through entity businesses.
To teach the practitioner how to help pass-through entity clients how to navigate Internal Revenue Code §199A.
- Definition of a Pass-Through Entity
- The “20% Deduction” Computation
- Eligible (Qualified) Business Income Limitation
- Taxable Income Limitation
- Excess Income Limitation
- Specified Service Trade or Business (“SSTB”) issues
- Regulation issues
- Planning opportunities
Day 4 – Session 1: Thursday, May 7, 2020
Faculty: Art Werner and Anthony Rocca
Planning with Fringe Benefits
Due to changes in both the economy and the Internal Revenue Code, fringe benefit planning has become one of the most important areas of planning for your client’s business and personal needs. There are a variety of tools and techniques to meet a client’s fringe benefit planning objectives. This course takes a look at those various tools and techniques and provides the practitioner with a basic understanding of how to use each one.
To review a variety of planning tools and techniques to meet a fringe benefit planning objectives.
- An overview of the fringe benefit planning process
- Understanding the needs of the business owner
- Understanding the needs of the employees
- Options under IRC §132 fringe benefit plans
- When to use a cafeteria plan
- Overview of discrimination rules
Day 4 – Session 2: Thursday, May 7, 2020
What’s Hot in the Tax World – A Panel Discussion
This is a great way to end the CPE portion of your Israel trip! This course allows you to hear from the entire team of Discussion Leaders and further gives you the opportunity to ask the team questions. The format of this course will be structured in various topic areas that will be of interest at the time of the Israel program. Specific suggested topics are listed below. However, we will be soliciting topic requests from everyone participant who signs up for this program. This is your opportunity to ask us questions and hear from the entire expert panel!
To discuss “hot topic areas” of 2020 and to allow the participant to ask the entire Discussion Leader panel questions in any area of taxation and planning.
- Where Congress is heading in tax legislation
- Independent Contractor / Employee issues
- Business structure / formation planning issues
- IRS audit risks
- Future practice development issues
- Technology issues