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
Tax professionals who interact with the IRS including CPAs, attorneys, financial planners and Enrolled Agents.
Select sessions for each time slot and then select Add to Cart
A UIA & State of Michigan Individual/Business Tax UpdateAccording 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, LansingJulie Jensen – Administrative Law Specialist, State of Michigan Department of Treasury, Lansing
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
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
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
e-Services and Uploading Form 2848/8821Whether 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 Choose one
Michigan Sales and Use Taxes for Small Start-UpsDig 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, SouthfieldArthur 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 Choose one
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:
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 Choose one
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