- American Rescue Plan Act of 2021
- Tax practitioner data loss & safeguarding taxpayer data
- Choosing a business entity
Last year claimed a tax season like no other and 2021 is set up to provide just as unique an experience for us as practitioners, clients and citizens. Join the IRS virtually to discuss the season’s challenges and what developments are appearing on the landscape moving forward.
AGENDA
- 08:30 AM – Program Begins with Keynote Presentation – A UIA & State of Michigan Individual/Business Tax Update
- 09:30 AM – Keynote Presentation – Pensions & Annuities
- 10:30 AM – Keynote Presentation – Inside the IRS Return Preparer Office
- 11:30 AM – Keynote Presentation – American Rescue Plan of 2021
- 12:20 PM – Break for Lunch
- 01:10 PM – After-Luncheon Keynote Presentation – e-Services and Uploading Form 2848/8821
- 02:10 PM – Breakout Sessions
- 03:10 PM – Breakout Sessions
- 04:10 PM – Breakout Sessions
- 05:00 PM – Program Adjourns
Tax professionals who interact with the IRS including CPAs, attorneys, financial planners and Enrolled Agents.
- Taxes
After registering for this event, you can customize your sessions via 'My Registrations'
KEYNOTE PRESENTATION: A UIA & State of Michigan Individual/Business Tax Update 1.0 OT Details
A UIA & State of Michigan Individual/Business
Tax Update
According to the Detroit Free Press, Michigan
reported 100,000 fraudulent unemployment claims from April 2- 7 sourcing the
Michigan Unemployment Insurance Agency (UIA). Dig into updates from UI including
benefit claims, appeals and more. Then receive an update from Michigan’s business
and individual tax including the impact of federal COVID-related legislation
from the Paycheck Protection Program to income tax impact of unemployment
benefit income exemption- bring your questions.
Carrie Dillon – Unemployment Insurance Analyst, State of Michigan
Department of Treasury, Lansing
Julie Jensen – Administrative
Law Specialist, State of Michigan Department of Treasury,
Lansing
KEYNOTE PRESENTATION: Pensions & Annuities (CFP Credit) 1.0 OT Details
Pensions & Annuities
Bring your pension and annuity questions for a dialogue on the
opportunities that exist with each instrument, tax savings with charitable
contributions, correcting distribution codes as well as pension plans with basis
and inherited IRAs.
Marilyn J. Meredith, EA – Owner, Meredith Tax
Service, Port Huron
KEYNOTE PRESENTATION: Inside the IRS Return Preparer Office (CFP & EA Credit) 1.0 OT Details
Inside the IRS Return Preparer Office
Tasked with improving taxpayer
compliance and providing oversight and support for tax professionals, the IRS
Return Preparer Office oversees PTINs, enrollment programs, the Annual Filing
Season Program (AFSP) and so much more. Receive insight into the workings of the
office including their data security responsibilities, PTIN, EA and AFSP
requirements and the compliant referral process.
Carol A. Campbell – Director, Return Preparers Office,
IRS
KEYNOTE PRESENTATION: American Rescue Plan of 2021 (CFP & EA Credit) 1.0 OT Details
American Rescue Plan of 2021
On March 11,
2021 President Biden signed the American Rescue Plan Act of 2021 (ARPA), in an
effort to address employment issues relating to the COVID-19 pandemic. Let’s
unpack which provisions of previously enacted tax legislation were extended by
the ARPA, which credits and funding mechanisms were expanded by it as well as
the impacts on small business owners and individual
taxpayers..
Daniel S. Hoops, CEPA– Vice President, Senior Wealth
Strategist, PNC Wealth Management, Troy
KEYNOTE PRESENTATION: e-Services and Uploading Form 2848/8821 (EA Credit) 1.0 OT Details
e-Services and Uploading Form 2848/8821
Whether you’re new to e-Services
or want a refresher on the suite of options and applications offered for
preparers, this is where you can bring your questions regarding the IRS’s online
tools. From uploading Forms 2848 and 8821 with electronic signatures to
registering for secure access and more here’s your electronic one-stop
shop.
John Linstead – Senior Stakeholder Liaison, Internal Revenue
Service, Office of Stakeholder Liaison Field, Cincinnati,
OH
02:10 PM - 03:00 PM
Michigan Sales and Use Taxes for Small Start-Ups
Dig into
the taxation and classification questions for small Michigan start-ups. From
classification of distributor, business-retailer, service provider, taxation of
inputs and exemptions/ exclusions- we tackle the high level and finer points
including filing status.
Terry Conley, CPA – Partner, Grant Thornton,
Southfield
Arthur Orzame, CPA – Experienced Manager, Grant
Thornton, Southfield
Protect & Defend: Data Edition (Tax
Practitioner Data Loss including Safeguarding Taxpayer Data: Publication
4557)
Federal law protects
taxpayer data and, moreover, there are other costs to a breach that hurt more
than your own or your organization’s reputation. Ensure you’re up-to-date on the
latest from the National Institute of Standard Technology Cybersecurity
Framework, review the IRS’s Publication 4557, and additional steps you should
take to assist your clients in protecting themselves from identity
theft.
LaTanya J. Bacon –Tax Specialist, Stakeholder Liaison Field,
Internal Revenue Service, Cleveland,
OH
03:10 PM - 04:00 PM
Bonus Depreciation Update
The Bonus Depreciation Update presentation will provide
information on bonus depreciation and other stimulus related depreciation
issues. Our presenter will clarify when these topics are applicable and provide
guidance on how to tax plan accordingly. The topics covered will include:
- New bonus depreciation timeline and applicable periods and requirements
- The definition of Qualified Improvement Property new category
- Tax reform changes
- Self-constructed property rules
- Acquired property requirements
- How it interacts with cost segregation
Lester Cook, CCSP, ASA– Director, Cost Segregation, KBKG, Chicago, IL
Our First Act: Tax Law
Changes
Maybe it wasn’t the
first act, or second, or even the third- tax law has had more than one encore in
the last few years and we take stock of the changes from understanding how
retirement planning has evolved under the Setting Every Community Up for
Retirement Enhancement (SECURE) Act of 2019 to navigating tax extenders approved
by the Consolidated Appropriations Act of 2020.
Daniel S. Hoops,
CEPA– Vice President, Senior Wealth Strategist, PNC Wealth
Management, Troy
04:10 PM - 05:00 PM
An ERC Evolution (Employers’
Retention Credit and Forms 941 versus Form 7200)
Since the pandemic first began adversely affecting our
economy and Congress created a novel tax break through the Employee Retention
Credit (ERC) to incentivize employers to retain employees- 3 separate laws
created or altered the credit. Track the evolution of the ERC, issues, how to
claim it and important documentation.
David Swatosh, CPA – Managing
Director – Business Incentives & Tax Credits, BDO,
Troy
Choice of Entity in a New World
It is not unusual for
a client to ask a tax professional how should I structure my new business? Most
often the choice is tax driven. With the tax law changes of the past 5 years,
this decision has become much more difficult. The three most common entities are
the S corporation, C corporation and LLC. Each has its own advantages and
disadvantages. Focus on this choice and the important tax implications of the
business entity selection process. What if the entity anticipates losses in the
initial years? Will the S corporation qualification requirements be met in the
future? What if the client desires to save Social Security taxes?
Gary Schwarcz,
Esq., JD, LLM – Attorney, Couzens,
Lansky, Fealk, Ellis, Reoder & Lazar, PC, Farmington
Hills
Member
Non-Member