| Discussion Leader: | Various Distinguished Speakers and Representatives from IRS and MA DOR |
|---|---|
| Date/Time: | Jan 17, 2022 - Jan 20, 2022 8:15 am - 4:30 pm |
| Location: |
Zoom Live Video Conference , |
| Details: | SCHEDULE FOR 7:45 – 8:15 a.m. Registration & Networking – Monday 8:15 – 10:10 PANEL 1: Tax Law Update – INDIVIDUAL TAXATION AND PASS THROUGH UPDATES – Tax Years 2021 and 2022 Tax Year 2021 (CARES Act & American Rescue Plan Act) – Individual Changes – 2021 Tax brackets and rates; Expansion of Child Tax Credit; Temporary relief from retirement fund withdrawals (up to $100,000) without incurring the 10 percent early withdrawal penalty; Return of required minimum distribution (RMD) rules; Above-the-line deduction for cash donations made in 2021 only (up to $300 for individuals, $600 married filing jointly); Removal of income cap for health insurance premium tax credits. Tax Year 2022 (Build Back Better Act) – Pass-Through Changes – Expansion of the base of the 3.8 percent Net Investment Income Tax (NIIT) to include active business income for pass-through firms; Making permanent the active pass-through loss limitation enacted in the 2017 Tax Cuts and Jobs Act (TCJA); Individual Changes – 2022 tax brackets and rates; Significant increase in the cap on state and local tax (SALT) deductions (current proposed increase from $10,000 to $80,000); Extension of ARPA’s temporary expansion of the Earned Income Tax Credit (EITC) eligibility, phase-in rates, and amounts; Tax changes for high income, high net worth individuals; New surcharge on modified adjusted gross income (MAGI) (currently equal to 5 percent on MAGI over $10 million plus 3 percent on MAGI over $25 million); New limitation on IRA contributions when balances reach $10 million and new acceleration of RMDs from these accounts, etc. 10:10 – 12:00 PANEL 2: Tax Law – STATE TAX UPDATE
James A. Erdekian, CPA – Tax Partner, BDO USA, LLP Tax Reporting for international assets and investments – corporations, partnerships, disregarded entities Forms 5471, 8621, 8938, 8865 and 8858. Application of the section 911 Foreign Earned Income Exclusion. Current status of the IRS voluntary disclosure program for failure to file international informational reporting forms, FBAR and form 8938. Reporting of US income for non- residents – rental income, partnership income, basic withholding rules and tax return requirements, etc. Kenneth J. Vacovec, Esq. – Panel Moderator – Vacovec, Mayotte & Singer, LLP 2:40 – 4:30 PANEL 4: Tax – ETHICS INCLUDING CIRCULAR 230 SCHEDULE FOR 7:45 – 8:15 a.m. Registration & Networking – Wednesday 8:15 – 10:10 PANEL 5: Tax Law Update – BUSINESS TAXATION Matthew Brennan, CPA, MST – Panel Moderator – Partner, Marcum LLP 10:10 – 12:00 PANEL 6: Tax Law – INTERRELATED THREATS TARGET AN INTERDEPENDENT WORLD Topics covered:
Michelle Drolet – Founder & CEO, Towerwall 12:30 – 1:00 p.m. Registration & Networking – Thursday 1:00 – 2:40 PANEL 7: Tax Law – ESTATE AND GIFT TAX UPDATE With the high federal estate tax exclusion of recent years, many clients had not considered planning for estate taxes as part of their estate plan. However, 2021’s many tax proposals proved that the high exemption may not be around forever. Even if Congress fails to make any new changes, absent legislative action, the current federal exemption is set to reduce to $5,000,000 in 2026. Further, in Massachusetts, clients also need to contend with state estate tax planning. As a result, many clients engaged in large gifts in 2021 or will and should still consider doing so in 2022 before the window of opportunity closes. In this seminar, Attorneys Luke Bean and Rebecca MacGregor will discuss how the potential changes to estate tax laws may impact many clients, gifting strategies and how to plan accordingly, including:
Luke C. Bean, Esq. – Panel Moderator – Partner, Rico, Murphy, Diamond & Bean LLP 2:40 – 4:30 PANEL 8: Tax Law – DEALING WITH THE IRS AFTER THE CONTINUING IMPACT OF THE PANDEMIC E-File update, electronic tools for practitioners and clients; enhanced security measures and concerns; new POA filing procedures, new information filing requirements; Update on examination, collection, CID and campuses. Improvements and plans for the future, etc. Mary Beth Murphy – Director, North Atlantic Area, Field Collections, SB/SE Workforce Training Express Fund Course #1134741 Apply for a maximum 100% reimbursement: Express Program – Workforce Training Fund Registration Form: 2021 NEI Registration Form |
| CPE Credit Hours: | 16 |