THURSDAY, AUGUST 3, 2023
8:55 Welcome and Introductions
9:00 The Passthrough Entity Tax: How Is It Working, Rules and Planning Ideas
R. Milton Howell III, DMJPS PLLC, Greensboro
Tax year 2022 brought the first year of the NC passthrough entity tax. Practitioners found evolving rules, developing planning opportunities, and dizzying conflicts in multi-state situations. What lessons were learned? What is the current state of thought about where this works well and where it does not?
10:03 Global Mobility and Compensation Reporting
Ronii Rizzo, BDO United States, Charlotte
This session provides an overview of the traditional versus future state of mobility, challenges brought on by remote work, and understanding your client's payroll reporting obligations for its mobile workforce.
11:12 Getting By With a Little Help From Our Friends†
Robynn E. Moraites, North Carolina Lawyer Assistance Program (NCLAP), Charlotte
The ABA and Hazelden Foundation recently conducted a nationwide study confirming that lawyers struggle with depression, anxiety and alcoholism at rates that far exceed rates found in the general population and other professions. We all know the risks. We often see colleagues in trouble but are unsure exactly what to do about it. This presentation highlights real-world strategies that lawyers and law firms can use to 1) identify colleagues at risk, 2) create a culture of safety that reduces barriers for those in need to asking for and receiving help, and 3) intervene when it is clear a colleague needs assistance.
Session from Back to the Future: In-house Practice in a Post-pandemic World (2022 Corporate Counsel Section Program), January 25–26, 2022
12:10 Lunch Break
12:40 AI, Predictive Analytics and the Tax Code
Kathleen D. Thomas, University of North Carolina, Chapel Hill
With artificial intelligence (AI) now gaining preeminence and its accuracy constantly improving, particularly when paired with predictive analytics, it is time for Congress to weave these technological innovations into the fabric of the Internal Revenue Code and take advantage of AI to address asset-valuation concerns. Involving AI in the tax penalty regime and asset valuations would enhance taxpayer compliance, augment transparency, and simultaneously ease many administrative burdens commonplace under the Internal Revenue Code.
1:28 Corporate Tax Updates
Reginald Mombrun, North Carolina Central University School of Law, Durham
Last year was an eventful year for corporate taxation. It ended with a bang when Congress passed the Inflation Reduction Act of 2022, which now requires a 15% AMT tax on certain large corporations. The bill also imposed, among other things, an excise tax on stock repurchases. Of note, the IRS also published Notice 2022-10, which fast-tracks certain private letter rulings. This is good news for practitioners in the corporate tax area because this allows them to receive guidance for their clients in a timely manner. The IRS generally provides such rulings within a 12-week period (or less if requested by the taxpayer and granted by the IRS). It is interesting to note that due to the tax rate cuts imposed to the corporation, it may now be attractive to do business as a C corporation notwithstanding the double tax regime. We discuss these issues and more during this presentation.
2:24 Opportunity Zones, Tax Benefits, Early Criticisms, and IRS Attacks on Funds and Investors
Hale E. Sheppard, Chamberlain Hrdlicka White Williams & Aughtry, Atlanta, GA
Opportunity Zones began attracting thousands of investors in 2018, and now they are attracting Congress and the IRS, too. This presentation explains the purpose of Opportunity Zones, how properties were selected, three main tax benefits for investors, penalties for violations, relevant filing requirements, administrative guidance issued thus far, special anti-abuse mechanisms, initial criticism by various organizations, and burgeoning enforcement efforts, including congressional investigations and IRS audits.
3:11 Planning With SLATS – A Useful and Flexible Planning Tool (If Properly Implemented)
Christopher J. Denicolo, Gassman Crotty & Denicolo PA, Clearwater, FL
With the approximately $13,000,000 per-person lifetime gifting exclusion amount (and the strong possibility of it being reduced in 2026), many wealthy taxpayers would be well-served to take advantage of this wonderful opportunity by making lifetime gifts. A popular mechanism available to married clients for lifetime gifting is the use of a Spousal Lifetime Access Trust (a "SLAT" for short), where an irrevocable trust is established for the benefit of the donor's spouse and other desired beneficiaries. The SLAT can provide immense flexibility and benefits, although the design and implementation of a SLAT requires careful consideration of a variety of factors in order to help assure that the SLAT achieves its desired objectives. This presentation discusses the purposes for which a SLAT is used, design elements that may be incorporated into a SLAT, and tricks and traps associated with implementing a SLAT structure.
3:57 Adjourn for the Day
FRIDAY, AUGUST 4, 2023
8:55 Welcome and Introductions
9:00 It's a Pass-Through! It's a Corporation! It's an "S" Corporation! But Is It Always "Super"? – Real-World Implications, Complications and Stories of Donning the "S"
Kristin King, Schell Bray PLLC, Greensboro
Hear a discussion of how certain rules applicable to S corporations can play out in unwanted and/or unanticipated ways through an exploration of real-life adventures of S corporations and their owners.
10:03 Why Cybersecurity Programs Fail*‡
Mark Burnette, LBMC Advisory Services, Nashville, TN
Whether we want to admit it or not, many organizations' cybersecurity programs are failing, leading to damaging and costly data breaches. This session provides candid insight on why so many programs are unsuccessful and provides a checklist of activities so you can ensure that your firm's and your clients' security programs are successful and effective. Attendees leave this session with a clear action plan for implementing a successful cybersecurity program, protecting sensitive data in their purview, and avoiding the pitfalls that have hampered many organizations. Particularly in light of IRS requirements on protecting taxpayer data, an understanding of cybersecurity issues, challenges, and strategies is critical for tax professionals.
11:17 The Client-Centered Firm‡
Catherine Sanders Reach, North Carolina Bar Association, Cary
Has your firm recently thought about how to improve the client experience? Many times, firms are focused on internal processes and procedures, without consideration for where the client fits in. Today's clients want ease of use, empowerment, information, transparency and excellent communication. In this session we discuss some tools, tips and technologies that can help improve your relationships with your clients, reduce administrative burden, and resolve friction in the working relationship. We also discuss the steps of design thinking so that your firm can continue to develop and iterate on the client experience.
* Indicates portion providing Ethics/Professional Responsibility credit
† Indicates portion providing Substance Abuse/Mental Health credit
‡ Indicates portion providing Technology Training credit
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