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Live Webcast

ACPEN Signature: 2016 Annual Tax Update


Total Credits: 8 including 8 Taxes - Technical

Average Rating:
   179
Categories:
ACPEN Signature |  IRS Approved |  Tax
Faculty:
Linda Bradley McKee, CPA, PhD |  Bruce McGovern, JD, LLM |  C. Clinton Davis, CPA, JD |  Roger Lusby, CPA |  James A. Smith, CPA, CGMA |  David R. Stubblefield, EA
Course Levels:
Update
Duration:
8 Hours
License:
Product Setting: Expires 40 day(s) after program date.

Dates


Description

This year’s ACPEN Annual Tax Update will provide experienced tax practitioners and advisors in public accounting and private industry with an update on current federal tax developments occurring within the past 12 to 18 months. 

 

In addition, the panel will look forward, in light of the results of the recent 2016 elections, to consider the possible impact of a new, Republican President, Donald Trump, and Republican control of both houses of Congress. While legislation won’t begin until after the inauguration, it is clear that Republicans and the President are working fast on Tax Reform, the fate of the Affordable Care Act, corporate tax rates, and funding of infrastructure repairs.

 

For the 2016 tax season, the panel will provide valuable insights relative to working with the Internal Revenue Service. Insider tips and guidelines for dealing with the collection process, including for Trust Fund Recovery Penalties will be discussed. The process for Federal Tax Liens and Levies, Offers in Compromise, and Installment Agreement Options will also be examined.  There will be a special focus on the taxpayer’s collection appeal rights. 

Important tax legislation was enacted during this period, including the Protecting Americans from Tax Hikes (PATH) Act of 2015, signed by President Obama on December 18, 2015, the Fixing America’s Surface Transportation (FAST) Act, signed by President Obama on December 4, 2015, the Bipartisan Budget Act of 2015, signed by President Obama on November 2, 2015, the Protecting Affordable Coverage for Employees (PACE) Act, signed by President Obama on October 7, 2015 and the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, signed by President Obama on July 31, 2015. The PATH Act differs from most recent year-end legislation because it not only extends expiring provisions, but makes many of those provisions permanent and makes significant changes to those provisions. The Bipartisan Budget Act, among other changes, repeals the current TEFRA partnership audit rules and Electing Large Partnership rules and replaces them with an entirely new entity-level audit process that allows the IRS to assess and collect the taxes against the partnership unless the partnership properly elects out. Although the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 was primarily designed as a 3-month stopgap extension of the Highway Trust Fund and related measures, it includes a number of important tax provisions, including revised due dates for partnership and C corporation returns and revised extended due dates for some returns.  We will provide an overview of these provisions, which may have a significant impact on you, your clients, or your business.

 

The IRS and Congress are constantly changing the tax law whether by new regulations or allowing tax code provisions to expire.  It’s a challenge to stay current.  This ACPEN course will include a panel of national tax practitioners and experts reviewing the latest legislative and regulatory developments affecting individuals, corporations and other business entities.  

 

All significant developments occurring within the past 12 to 18 months will be considered, including those for C & S corporations, partnerships, LLCs and LLPs.  Also included will be a thorough analysis of recent Tax Court and Circuit Court cases, IRS regulations, revenue rulings and revenue procedures.  

 

For example, continuing issues with the net investment income tax promise to make tax planning and filing more challenging in coming years.  

In the area of partnership taxation, new final and proposed regulations under § 707(a) and 752 were issued regarding disguised sales and allocation of partnership liabilities. This complex area is of particular interest to your clients (including LLC’s) filing as a partnership.

 

Critical issues include the one-time regrouping election under the passive activity loss rules and the net investment income tax and the elections available to traders who are also investors.  Get those wrong (and it’s easy to do) and your clients will pay the price.  And the new forms are not easy to complete correctly.

 

Many taxpayer friendly provisions of the tax code have changed significantly.  What will you tell your clients about these changes and the benefits they might provide? 

 

You should also expect that the IRS will continue to provide new guidance on the Patient Protection and Affordable Care Act and its application to both individuals and businesses.  The mandate for businesses to provide health insurance coverage or pay penalties begins in 2015 and you should expect developments in that area to affect your clients.   The panel includes experts in this area, who will carefully outline the rules and the exceptions.

 

Do you know what to tell them about the mandate or paying the penalty?  Do you understand the monetary penalties to the business owner when the employee has to get his own insurance? It may not be as simple as you think.  This topic will be covered in significant detail.

 

The Small Employer (less than 50 employees) will also need to be aware of the provisions arising from healthcare reform.   Health Care Reimbursement plans and similar measures for small employers pose a special risk.   You will be informed of the emerging issues in this area.

 

In the area of estate planning, new basis consistency rules apply that limit an heir’s basis in inherited property. Executors are also subject to a new reporting requirements. The IRS issued proposed regulations on this topic in 2016. The panel will discuss the new rules and the many issues that they raise.

 

The panel also includes experts in estate planning.  You will learn about the important developments in estate planning, and discover that estate planning remains a vital service, notwithstanding the portability provisions and the increased exemption equivalent.

 

The issue of identity theft continues to be a worrisome aspect of tax practice and the filing of tax returns.   Our experts will focus on the best practices in this area and how to work with the IRS when this happens.

 

The panel will focus on providing practical advice useful to practitioners during the upcoming tax season, beginning in January 2017, as well as December 2016 year-end planning and getting prepared for the upcoming changes.

 

Our experts will focus on the most important tax developments that will be in place by December, 2016. We can't tell you right now what all the changes will be but we can give you the best information anywhere on current tax issues…current to the day of the broadcast!

 

Explore in detail the latest statutory, regulatory and judicial developments impacting tax issues. Get the latest details and all the developments in this up-to-the minute tax program that you won't want to miss. 

Basic Course Information

Learning Objectives *Attendees will receive a manual (electronic or printed) detailing the latest changes impacting the current filing season. In addition the panelists will discuss possible planning strategies that will be of tremendous value to practitioners, and their clients.
Major Subjects *IRS “ Future State Plan “ – Dealing With An Ever-changing IRS *New IRS Private Debt Collection Program *Dealing With IRS Appeals in the Future *Key Updates – IRS Collection *IRS FOIA Requests – Practitioners’ Concerns *Strategy In Handling IRS Notices and Correspondence *Strategy In Handling Different Types of IRS Audits *Current federal tax developments occurring within the past 12 to 18 months. *Protecting Affordable Coverage for Employees (PACE) Act. *Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. *Analysis of recent Tax Court and Circuit Court cases, IRS regulations, revenue rulings and revenue procedures. *Partnership taxation; new and proposed regulations under § 706(d), 707(a) and 752. *One-time regrouping election under the passive activity loss rules and the net investment income tax. *What to tell your clients regarding the expired provisions. *Guidance on the Patient Protection and Affordable Care Act and its current application to both individuals and businesses. *Important developments in estate planning. *Identity theft best practices, Tax Scams and how to work with the IRS when this happens. *December 2016 year-end planning and getting prepared for the upcoming changes in the due dates of returns. *A first look at the tax world following the 2016 elections and the possible impact of a new President, and a Republican Congress as well. *Current federal tax developments occurring within the past 12 to 18 months. *Protecting Americans from Tax Hikes (PATH) Act of 2015 *Fixing America’s Surface Transportation (FAST) Act *Bipartisan Budget Act of 2015. *Analysis of recent Tax Court and Circuit Court cases, IRS regulations, revenue rulings and revenue procedures. *What to tell your clients regarding the many new or revised provisions. *Developments impacting estate planning. *December 2016 year-end planning and getting prepared for the upcoming filing season.

Course Materials

Faculty

Linda Bradley McKee, CPA, PhD Related Seminars and Products


Linda Bradley McKee, PhD, CPA is an Associate Professor Emeritus in the Accounting and Legal Studies department at the College of Charleston and has more than fourteen years’ experience in public accounting with local and national CPA firms. She brings a unique background of years teaching and real-life experiences in public accounting to the classroom. Linda has published numerous articles and is a past member of the American Accounting Association, the American Taxation Association, the Charleston (SC) Tax Roundtable (formerly Program Director) and the Charleston (SC) Estate Planning Council (formerly President). She has taught graduate tax courses in the taxation of pass-through entities, tax research, corporate tax, estate tax, and the taxation of business entities. She earned a Master of Science in Accounting from Texas Tech University in 1977 and a Ph.D. in Accounting from the University of North Texas in 1993. Linda has been a frequent part of ACPEN’s Annual Tax Updates.


Bruce McGovern, JD, LLM's Profile

Bruce McGovern, JD, LLM Related Seminars and Products

Professor

South Texas College of Law


Bruce McGovern, JD is a member of the faculty at South Texas College of Law Houston, where he also serves as Director of the school’s Low Income Taxpayer Clinic.  Previously, he served for many years as the school’s Vice President and Associate Dean for Academic Administration.  He received his undergraduate degree from Columbia University and his law degree from Fordham University School of Law.  After law school, he served as a judicial clerk for Judge Thomas Meskill on the U.S. Court of Appeals for the Second Circuit in New York.  He then practiced law with the law firm of Covington & Burling in Washington, D.C.  He subsequently earned an LL.M. in Taxation from the University of Florida Levin College of Law, where he taught as a visiting faculty member before joining the faculty at South Texas College of Law Houston. Professor McGovern teaches and writes in the areas of business organizations and taxation.  His courses include Federal Income Taxation, U.S. Taxation of International Transactions, Partnership and Subchapter S Taxation, and Federal Tax Procedure.  He frequently speaks on recent developments in federal income taxation.  Professor McGovern is a member of the Council of the State Bar of Texas Tax Section, a former Chair of the Houston Bar Association Section of Taxation, and a Fellow of the American College of Tax Counsel.

 


C. Clinton Davis, CPA, JD's Profile

C. Clinton Davis, CPA, JD Related Seminars and Products

Krage & Janvey, L.L.P.


C. Clinton Davis JR, is with the law firm of Krage & Janvey, LLP in downtown Dallas.  He graduated cum laude from the SMU Dedman School of Law in 1980 and first in his graduating class from Northwestern State University of Louisiana in 1977 with a Bachelor of Science in Accounting.  He was first licensed in Florida as an attorney in 1980 and then in Texas in 1982.  He has been a licensed CPA in Texas since 1980.  He has been Board Certified in Tax Law by the Texas Board of Legal Specialization since 1988.  He has been named as a Super Lawyer, a Top Attorney in Texas by Texas Monthly, one of the Best Lawyers in Dallas by D Magazine and a Top Rated Lawyer by the Dallas Morning News, all in the tax area. 

Clint has in the past been an author and discussion leader for numerous CPE courses for the Texas Society of CPAs. Clint also speaks before various bar associations and accounting conferences. and is a frequent presenter and moderator on the Accountants’ Continuing Professional Education Network.

Clint primarily represents high net worth individuals and closely held businesses with much of his time devoted to real estate tax planning, implementation of S corporation ESOPs, mergers and acquisitions and private foundations.

 


Roger Lusby, CPA Related Seminars and Products


Roger W. Lusby, III CPA, CMA, AEP, is in charge of coordinating tax services for Frazier & Deeter, LLC clientele in Atlanta, Georgia. His responsibilities include a review of a variety of individual, estate and corporate tax returns and assisting clients in tax planning, financial planning, executive compensation and stock option planning, estate and succession planning, and international tax planning for the Firm?s clients primarily in the real estate, hospitality and service industries. Prior to joining the Firm, Roger was a tax supervisor with an international accounting firm. He has served in numerous leadership positions for many professional organizations including the Georgia Society of Certified Public Accountants, American Institute of Certified Public Accountants, Institute of Certified Management Accountants, American Association of Individual Investors, International Association of Financial Planners, Atlanta Tax Forum, and the Atlanta Estate Planning Council. Roger has presented numerous highly-rated training courses and seminars as an adjunct faculty member and CPE Speaker on a variety of topics including estate, stock option, and S corporation planning and has published many articles on these and other topics. He earned his Bachelor of Science degree, cum laude, from Berry College, Mt. Berry, Georgia in 1979, his Master of Taxation degree from Georgia State University in 1983, and has earned the Accredited Estate Planner Designation


James A. Smith, CPA, CGMA's Profile

James A. Smith, CPA, CGMA Related Seminars and Products

Managing Director

Smith, Jackson, Boyer & Bovard, PLLC


James A. (Jim) Smith, CPA, CGMA, serves as Managing Director of Smith, Jackson, Boyer & Bovard, PLLC, a Dallas Certified Public Accounting firm.  He practices extensively in tax compliance, planning and controversy representation for individuals and entrepreneurial businesses. He also is engaged in the preparation, compilation and review of financial statements; exit strategy planning for entrepreneurs; merger and acquisition planning and transactions; and forensic accounting and litigation services. 

Mr. Smith served as Chair of the Texas Society of CPAs (TSCPA) for the 2007-2008 year, and as a member of its Professional Standards and Federal Tax Policy Committees since their inception.  He served as a member of the AICPA Council 2007 through 2011 and from 2012 through 2015.  He also served as an appointed member of two of the AICPA’s key standard setting committees:  the Accounting and Review Services Committee from 2008 through 2011 and the Tax Practice Responsibilities Committee, 2014 to 2017.


David R. Stubblefield, EA Related Seminars and Products


David R. Stubblefield, EA, is the Tax Manager at the Dallas, Texas firm, Smith, Jackson, Boyer & Bovard, PLLC. He brings to the firm’s taxation department 38 years of diverse domestic and international federal taxation experience within the Internal Revenue Service. In addition to senior technical work, other positions held during his career with the IRS include; Chief, Examination Branch, Large Case Manager and Senior Regional Analyst. As a regional analyst he provided oversight and direction throughout an eight-state region over key programs that included; Coordinated Large Case Examinations, International, Insurance and the Industry Specialization Program. Dave served on two IRS Commissioner’s National Redesign Teams involved in the reorganization and modernization of the IRS. He was project manager on two national IRS initiatives relating to foreign owned businesses, the Maquiladora Industry Specialization Program and training for Large Case examination personnel. As the Dean of the IRS School of Taxation he led a group to modernize and upgrade the curriculum and methods of teaching and developing IRS Compliance personnel. Working with IRS Counsel and Examination personnel, Dave organized and directed a multitude of litigation strategies and initiatives involving various industries. These efforts resulted in key court decisions and identification of coordinated issues, having nationwide impact. Dave was active in the Service’s Taxpayer Education and outreach activities throughout his career. He developed new IRS training programs and made tax-related presentations to IRS personnel, major universities, foreign trade zones, State of Texas Department of Insurance and tax administrators from foreign countries. Dave joined the private CPA firm sector in December 2000 and is an Enrolled Agent certified to practice before the IRS in tax matters. He is active in tax planning and tax return preparation for individuals, corporations, partnerships and trusts that involve domestic and international clients. In addition he coordinates a substantial volume of IRS Issue Resolution cases, representing clients before the IRS involving audits, collection issues, offers-in-compromise and installment agreements. Since joining the private sector Dave has made presentations to various accounting and professional groups around the country and colleges and universities in the Dallas-Ft. Worth area. He has written published articles for the Journal of Accounting, Journal of Taxation, Tax Practice and The Tax Lawyer. Dave is a graduate of The University of Texas at Austin with a Bachelor of Business Administration in Accounting.


Additional Info

Basic Course Information

Prerequisites None
Designed For Industry/Public
Original Recording Date 12/07/2016
Yellow Book No
Course Developer Business Professionals' Network, Inc.
Date Added to Catalog 02/08/2016

Additional Information

Complaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement

Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org


Instructional Delivery Method Group Internet Based
Refund/Cancellation Policy

Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer. 


Course Registration Requirements

Online Registration


Reviews

5
4
3
2
1

Overall:      4.4

Total Reviews: 179

Comments

Christopher D - NA

"Very informative course."

Kent J

"Great Job...great panel of experts and interesting discussion"

Sue B

"Very informative!!"

Edward B

"C. Davis was very good. Excellent job."

Peter F - Myrtle Beach, South Carolina

"Very good and convenient"

Michele M

"Good panel of speakers. Loved the elf!"

Jacob K - Fairbanks, Alaska

"overall worth the money"

Jessi W - xxx, Washington

"I enjoyed the discussion about Trump tax reform "

David H - MIDLAND, Texas

"VERY GOOD PRESENTATION"

Grant M - Austin, Texas

"I thought the tacky ties were a nice touch."