Total Credits: 8 including 8 Taxes - Technical
No, tax reform was not the end of tax planning. While some ideas no longer work, tax reform has created or changed a number of ideas. Our panel of national experts will discuss whether tax deferral makes sense in the current political climate with a view of what to expect from the next Congress. The SECURE Act was passed in 2020 and it will almost certainly affect most retirement savers; some need to take action now. A major expansion of the cash method of accounting and expanding bonus depreciation have taxpayers trying to balance their decisions with new limits on business losses and net operating losses. Oil and gas tax benefits continue to be potential targets and the restrictions on business losses are already affecting some. Tried and true tax saving devices such as like kind exchanges still exist for real property but the inability to do like kind exchanges for appreciated personal property has taxpayers looking at alternative tax deferral devices like charitable remainder trusts. Qualified opportunity zones are the hot new tax planning idea for real estate investment and capital gain deferral, but implementation can be difficult although the rewards are significant. The use of S corporation ESOPs continues to grow in order to move all of a business entity’s income outside the tax system, but those are complex vehicles that require detailed planning and reporting. Our panel will cover all of these topics and more.
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C. Clinton Davis, JR. practices law in the Dallas, Texas law firm of Krage & Janvey, L.L.P. He was licensed in Texas in 1982, has been Board Certified in Tax Law by the Texas Board of Legal Specialization since 1988 and is a member of the College of the State Bar of Texas. He has also been licensed as a Certified Public Accountant in Texas since 1980 and as an attorney in Florida since 1980. Mr. Davis attended law school at Southern Methodist University and received his Juris Doctor degree, cum laude, in 1980. At SMU, Mr. Davis was selected to membership in the Order of the Coif, an honor society limited to graduates in the top 10% of the graduating class. Mr. Davis received his bachelor of science degree in accounting from Northwestern State University of Louisiana where he graduated first in his class. Mr. Davis is a frequent speaker at CPE programs and conferences. He is the author of the TSCPA programs Principles of LLC and Partnership Taxation: An Introduction to Subchapter K, Navigating the LLC and Partnership Allocation and Basis Minefield, and LLC and Partnership Taxation for the Sophisticated Practitioner.
JAMES A. SMITH, CPA, CGMA, serves as Managing Director of Smith, Jackson, Boyer & Bovard, PLLC, a Dallas based, full service Certified Public Accounting firm. In his forty-seven years of professional experience, he has performed audit engagements in real estate development and construction, investment partnerships, manufacturing, utilities, retail, transportation, and health care. He has worked with companies ranging in size from large, multinational corporations to small, closely held businesses. He has also been engaged extensively in tax and financial planning consultations for closely held businesses and their owners; tax compliance and tax controversy representation.
Mr. Smith has appeared as a featured commentator on all four Dallas/Ft. Worth network news stations, including three and one-half years as a featured business commentator on KXAS, TV5; on the TSCPA “CPAs on Call” state-wide tax television program; and on various radio news programs. He has conducted seminars on tax and financial planning for the Dallas Chapter of the TSCPA, stock brokerage firms and life insurance companies, and on marketing and practice management for the TSCPA, the North Carolina Association of CPAs, the Arkansas Society of CPAs, the Pennsylvania Institute of CPAs, and the American Institute of CPAs. He has made presentations on analyzing financial statements for the reporting staffs of the Dallas Morning News, Dallas Business Journal, Wall Street Journal, and San Antonio Express. He has also made CPE presentations on SSARS standards for the Illinois Society of CPAs, the Texas Society of CPAs, the Dallas Chapter of TSCPA, the Southeast Texas Chapter of TSCPA, and others.
Mr. Smith served as Chair of the Texas Society of CPAs (TSCPA) for the 2007-2008 year, as an elected member of its Executive Board and its Board of Directors, and as Treasurer and Treasurer-Elect. He served as an elected member of the AICPA Council 2007 through 2011 and 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, 2008 through 2011 and the Tax Practice Responsibilities Committee, 2014 to 2018. He has served as Chair of the Dallas Chapter of TSCPA (DCTSCPA) for the 2002-2003 year and a member of its Board of Directors. He has served the TSCPA as Communications Subcommittee Chair of the Federal Tax Policy Committee, Attestation Subcommittee Chair of the Professional Standards Committee, Chair of the External Relations Steering Committee, Chair of the Strategic Planning Committee, Chair of the MAP Future Issues Committee, Sub-Committee Chair of the Quality Review Committee, and Chair of the Public Practice Association. In recognition of his service, Mr. Smith has been named an Honorary Fellow of the TSCPA in 2017, presented with its Meritorious Service to the Accounting Profession in Texas Award in 2013, and had been named Outstanding Steering Committee Chairman for the year 1999-2000, Outstanding Committee Chairman for the year 1995-1996, and Outstanding Committee Member for the Years 1992-1993 and 1995-96. The DCTSCPA also named him CPA of the Year for 1999-2000.
Mr. Smith is a graduate of Southern Methodist University with a BBA in Accounting and Economics. He is a Certified Public Accountant in the state of Texas and is a licensed Registered Investment Advisor.
Mr. Smith resides in Dallas with Charlie, his wife of 49 years. They have three grown daughters, all of whom are married, a grandson and three granddaughters.
Mary Cunningham, President and Chief Executive Officer of Chicago Deferred Exchange Company (CDEC), is responsible for a staff dedicated to providing trust and consulting services to attorneys, accountants, real estate and tax professionals nationwide. Ms. Cunningham brings more than 25 years of exchange expertise in the field of LKE services. Her experience comes from direct involvement with thousands of tax-deferred exchanges of diverse assets, including FCC Licenses, Trademarks, Commercial Aircraft, Pipelines, Automobile Fleets and every type of real property. Ms. Cunningham is a frequent lecturer at real estate and tax forums across the country on the topic of tax-deferred exchange strategies and has represented her industry on various legislative issues with the IRS National Office, members of the House of Representatives and the United States Senate. Ms. Cunningham earned her B.S. in Finance from Miami University in Oxford, Ohio and is a 1996 graduate of the American Bankers Association National Graduate Trust School and holds the Certified Exchange Specialist® designation. Ms. Cunningham is also past President of the Federation of Exchange Accommodators (FEA), and currently serves as co-chair of the Government Affairs Committee. Ms. Cunningham meets frequently with members of the U.S. Congress and Senate to discuss the importance of IRC Section 1031.
Since 1989, CDEC has been the nation’s premier provider of IRC Section 1031 Like-Kind Exchange services, with offices in Chicago, New York, San Diego and San Francisco. CDEC acts as Qualified Intermediary in forward LKEs, commonly referred to as “Starker” exchanges, and as Exchange Accommodation Titleholder (EAT) in reverse exchanges under Revenue Procedure 2000-37. CDEC facilitates exchanges throughout the US, and has the highest reputation for safety of funds, expertise and service.
Jeffrey Myers is a shareholder of the firm and engages in a broad range of estate planning, charitable gift and wealth transfer planning for individuals and families, including partnership and business succession planning. He has practiced law since 1992 and has been a part of the firm since 1996. Jeffrey Myers has developed an expertise in sophisticated estate, charitable gift and wealth transfer planning through his speaking and writing at numerous State Bar seminars as well as serving as the Course Director for the Advanced Estate Planning, Advanced Drafting and Advanced Strategies courses. He represents numerous professionals, family and closely held businesses within his and the firm’s areas of expertise including gift and estate planning, charitable gift planning, personal and business planning for family businesses and professions, with an emphasis on tax law.
Alan K. Davis, JD, CPA, is a partner in the Dallas law firm of Meadows, Collier, Reed Cousins, Crouch & Ungerman, LLP. He is Board Certified in Estate Planning and Probate Law and is an American College of Trust and Estates Counsel Fellow. He maintains his CPA License. He represents clients in all phases of business planning, estate planning, and probate. Alan’s expertise is focused on designing and implementing plans to accomplish his clients’ objectives regarding the disposition of their estate, as well as taking maximum advantage of the credits and exemptions provided under the Internal Revenue Code for federal estate and gift taxes. His estate planning practice is devoted to creatively reducing the extent to which an estate is subject to estate taxes. His business planning practice includes counseling clients with respect to establishment, operation and tax reporting requirements of their business transactions. Primary emphasis is placed on the most tax efficient manner of transferring business interests to family members while also providing second (and third) generations with the best chance of family business continuance. Alan also counsels clients in all aspects of their charitable planning and charitable entities as to their formation and operation.
Michael Fitzpatrick is a partner with Baker Tilly and executive vice president and principal of Baker Tilly Capital, LLC, the wholly-owned FINRA broker-dealer subsidiary of the firm. Michael has been with Baker Tilly since 2000 and is a current member of the firm’s board of partners. Michael chiefly works within the Opportunity Zones and New Markets Tax Credit (NMTC) practice areas to provide flexible and affordable capital to qualifying projects and businesses. Michael consults with community development clients in the areas of applying for NMTC from the US Treasury and monetizing NMTC into qualified low income community investments.
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