2021 New England Institute on Taxation

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

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Details:

SCHEDULE FOR
FIRST DAY:                           MONDAY, January 17, 2022
                                               TUESDAY, January 18, 2022

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
 
Join us for a discussion of the latest individual and pass through entity changes for 2021 and upcoming changes for 2022 set forth in the Build Back Better Act. Our panel will discuss the following topics:

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.
 
Craig A. Eaton, CPA, MST – Partner, Abbott Pratt & Associates
Matthew A. Morris, Esq. – Partner, Sherin and Lodgen LLP

10:10 – 12:00   PANEL 2: Tax Law – STATE TAX UPDATE
 
The Panel will discuss the following developments:

  • Mass DOR Administrative update
  • Summary of 2021 Mass TIRs & Regs
  • Review of Mass Non-Resident/Part Year tax issues
  • Mass Pass-Through Entity Tax Election
  • Review/Update Wayfair Ruling on sales tax & income tax
  • Review of Mass Most Often Missed Tax Issues, etc.

James A. Erdekian, CPA – Tax Partner, BDO USA, LLP
Brian Lynch – Employee Training, DOR
 
12:30 – 1:00 p.m.  Registration & Networking – Tuesday
 
1:00 – 2:40   PANEL 3: Tax Law – INTERNATIONAL TAXATION AND REPORTING REQUIREMENTS

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
Tonya James, Esq. – Partner, Vacovec, Mayotte & Singer, LLP
Yao Tang, Esq. – Partner, Vacovec, Mayotte & Singer, LLP

2:40 – 4:30   PANEL 4:  Tax – ETHICS INCLUDING CIRCULAR 230
 
This panel covers how to not to practice. Discussion will include tax engagement letters, ethics issues in criminal representations; and, provide a discussion on issues which arise and how to avoid them. Speakers will discuss trust fund taxes and fiduciary duties; aggressive tax return positions; Circular 230 mandates; and, the quantum of necessary support to avoid penalties.
Timothy Burke, Esq. – Burke & Associates

SCHEDULE FOR
SECOND DAY:                       WEDNESDAY, January 19, 2022
                                                THURSDAY, January 20, 2022

7:45 – 8:15 a.m.    Registration & Networking – Wednesday

8:15 – 10:10   PANEL 5: Tax Law Update – BUSINESS TAXATION
(S Corps, Partnerships & LLC’s)
 
Join us for a discussion of the Federal Tax treatment for State pass-through entity tax; recent IRS Payroll Protection Program; employee retention credit developments; New Legislation; etc.

Matthew Brennan, CPA, MST – Panel Moderator – Partner, Marcum LLP
Brittany M. Besler, CPA, MBA Esq. – Tax Consulting Attorney, AAFCPAs

10:10 – 12:00   PANEL 6: Tax Law – INTERRELATED THREATS TARGET AN INTERDEPENDENT WORLD

Topics covered:

  • Key trends in cyberthreats to accounting firms in 2022 and how to not only protect your customers data but your organization as well.
  • The evolution of ransomware in 2022
  • Attack tools and targets (you) in 2022
  • Mobile threats in 2022 and how you are now being held accountable
  • Artificial intelligence and cyberthreats moving forward in 2022
  • Cyberthreat and protection advice for your accounting firm and customers

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:

  • Marital deduction planning;
  • Portability planning;
  • Various gifting strategies, including utilizing irrevocable trusts;
  • Basis considerations in gifting;
  • Income tax considerations/compliance

Luke C. Bean, Esq. – Panel Moderator – Partner, Rico, Murphy, Diamond & Bean LLP
Rebecca MacGregor, Esq. – Partner, Bowditch & Dewey, 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
William E. Philbrick, CPA/ABV, MST, CVA, CFF, CGMA – Vice President, Greenberg, Rosenblatt, Kull & Bitsoli, PC

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