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Thursday Friday Download Program

Schedule of Events: Thursday, November 4, 2021

CLE: up to 8.0 hours includes 2.0 hours ethics

8:00 a.m. Registration & Breakfast / Webinar Access

8:20 a.m. WELCOME AND ANNOUNCEMENTS

Institute Chairpersons:

Pat Hoppa
Pat Hoppa
Clifton Larson Allen LLP
Kansas City, Missouri
Rachael Lowrey
Rachael Lowrey
H&R Block
Kansas City, Missouri

 

8:30-10:10 a.m. ETHICAL OBLIGATIONS FOR ATTORNEYS AND TAX PROFESSIONALS – HOT TAX ETHICS ISSUES FOR 2021 AND BEYOND

A summary of what is new and "hot" at the IRS with regard to practice and procedure and ethics issues.  Topics would include Circular 230 update, IRS audit initiative update, and other timely IRS  issues that can lead to ethical concerns.

Michael G. Goller
Michael G. Goller
Reinhart Boerner Van Deuren s.c.,
Milwaukee, Wisconsin

10:10 - 10:25 a.m. BREAK

10:25 - 11:25 a.m. PARTNERSHIP TAX UPDATE

Partnerships must now report tax basis capital accounts to partners. We are told to use “transactional” tax basis capital accounts. In addition, they may also maintain section 704b capital. This session will review a variety of reasons why both sets of capital should be maintained. The main focus will be on a variety of partnership transactions in which it is unclear what is meant by transactional capital accounts.

James R. Hamill
James R. Hamill
Reynolds Hix & Co. CPA,
Albuquerque, New Mexico

11:25 - 12:25 p.m. INDIVIDUAL TAX UPDATE

The individual Tax Update will cover individual tax related developments occurring in and impacting 2021. This will include newly enacted individual tax related legislation or proposed individual tax related developments if they are not yet enacted.

Mike Tucker
Michael J.Tucker
Surgent Accounting & Financial Education,
Radnor, Pennsylvania

12:25 - 1:10 p.m. LUNCH BREAK

1:10 - 2:10 p.m. HOT TOPICS IN STATE & LOCAL TAX

This session will cover recent trends in the state and local tax world, such as novel new state and local indirect taxes and state conformity to federal legislation, and how these trends impact business taxpayers. We’ll also cover the myriad of SALT issues that arise with an increasingly mobile workforce.


Jeff Cook,
KPMG Washington National Tax Group,
Washington, D.C. 
Rachael Lowrey
Sarah McGahan,

KPMG Washington National Tax Group,
Washington, D.C

2:10 - 3:10 p.m. CORPORATE TAX UPDATE– LIFE INSURANCE AND S CORPORATION BUY-SELL ARRANGEMENTS

A discussion of the use of, and potential pitfalls of using, life insurance in succession planning for S corporations and their shareholders.

Ryan Gerads
Ryan C. Gerads
Lathrop GPM,
Minneapolis, Minnesota

William D. Klein
William D. Klein
Lathrop GPM,
Minneapolis, Minnesota

3:10 - 3:25 p.m. BREAK

3:25 - 4:25 p.m. PLANNING FOR INHERITED RETIREMENT ACCOUNTS

This program will explain the various mandatory distribution periods that apply to inherited retirement accounts.  It will offer practical advice on designating individuals or trusts as beneficiaries to get the most favorable outcomes under the new rules.  Finally, it will examine if and when naming a tax-exempt charitable remainder trust as the beneficiary of a retirement account will provide favorable tax outcomes.

Prof. Christopher R. Hoyt
Prof. Christopher R. Hoyt
University of Missouri – Kansas City School of Law
Kansas City, Missouri

4:25 p.m. ADJOURN

4:30 p.m. NETWORKING SOCIAL FOR IN-PERSON ATTENDEES

Schedule of Events: Friday, November 5, 2021

CLE: up to 9.0 hours includes 1.0 hour elimination of bias

7:00 a.m. Registration & Breakfast / WEBINAR ACCESS

7:30 - 8:20 a.m. OPTIONAL LEGAL ETHICS - ELIMINATION OF BIAS Learn Mindfulness to Curtail Implicit Bias and Make Ethical Decisions

Implicit bias is universal—everyone has it! Yet, these biases are uniquely our own as they are shaped by our individual life experiences. Although we all have them, we are generally unaware of their presence and effects, meaning implicit biases can negatively impact our decisions without our knowing.   Research has shown that mindfulness meditation may effectively reduce implicit bias at the individual level.  Certified Meditation Instructor and Attorney Becky Howlett will teach and lead mindfulness practices throughout this session designed to promote awareness of your own biases.

Becky Howlett, J.D., C.P.T.,
The Legal Burnout Solution LLC,
Kansas City, KS

8:20 a.m. Welcome and Announcements

Institute Chairpersons:
Pat Hoppa
Pat Hoppa
Clifton Larson Allen LLP
Kansas City, Missouri
Rachael Lowrey
Rachael Lowrey
H&R Block
Kansas City, Missouri

8:30 - 9:40 a.m. PROPERTY TAX UPDATE

Reuben Talaiver
Reuben Talaiver

KPMG LLP,
Dallas, Texas

9:40 - 9:55 a.m. BREAK

9:55 - 11:05 a.m. IRS GLOBAL HIGH WEALTH OPERATION INITIATIVE

President Biden’s proposed American Families Plan provides for an overhaul of IRS tax administration with special ten-year funding of nearly $80 billion to hire new specialized enforcement staff, modernize information technology and provide taxpayer service with an expectation of raising an additional $700 billion (net of increased IRS funding) in tax revenue over such period. It is anticipated that much of this proposal will be included in the legislation to “pay for” the $3.5 trillion budget resolution passed in August by the House of Representatives.  It is likely there will be explicit or implicit instructions to audit high net worth and high-income individual taxpayers and make periodic progress reports to Congress.   This program will touch on the additional proposed funding and the Global High Wealth Group’s approach to such audits, elements of which will pour over to the audits of the merely wealthy and raise the specter of a government agency funded as a bounty hunter.

J. Leigh Griffith
J. Leigh Griffith

Waller Lansden Dortch & Davis, LLP,
Nashville, Tennessee

11:05 - 12:15 a.m. INTERNATIONAL TAX UPDATE: The Basic International Tax Planning Tools That Every Tax Practitioner Must Know

Whether it is Canada, Europe, or Asia, most businesses have some international activity.  This program will teach you the basic tools you need to help your client achieve tax savings and be bulletproof from a compliance perspective.

Robert J. Misey, Jr.,
Robert J. Misey, Jr.,
Reinhart Boerner Van Deuren s.c,,
Milwaukee, Wisconsin

12:15 a.m. - 1:00 p.m. LUNCH BREAK

1:00 - 2:00 p.m. NAVIGATING THE UNKNOWN TO SAFEGUARD WEALTH:  THE MOST MEANINGFUL ESTATE TAX DEVELOPMENTS AND PLANNING TECHNIQUES TODAY

Now is the time to revisit estate and wealth plans to prepare for an uncertain future. This presentation will begin with a discussion of the Wealth Planning Trifecta — the confluence of record-low interest rates, high exemption amounts, and an uncertain future for tax policy. The presentation will also explore stress-testing an estate plan for unintended consequences, wealth planning strategies for a changing tax landscape, and how to evaluate whether to move a trust for tax purposes.  

Devin W. Blackburn
Devin W. Blackburn Northern Trust Wealth Management,
Chicago, Illinois

 2:00 - 2:15 p.m. BREAK

 2:15 - 3:15 p.m. NAVIGATING THE UNKNOWN TO SAFEGUARD WEALTH: THE MOST MEANINGFUL ESTATE TAX DEVELOPMENTS AND PLANING TECHNIQUES TODAY (CONTINUED)

Devin W. Blackburn 
Northern Trust Wealth Management,
Chicago, Illinois

3:15 - 4:20 p.m. TAX CONTROVERSIES: IRS (RE-RE) ORGANIZATION AND OTHER ADMINISTRATIVE UPDATES

Twenty-five years after the IRS reorganized its structure, the agency is again going through an organizational change.  It is also in the process of incorporating new policies and procedures in response to the Taxpayer First Act.  The presentation will review the IRS’s reorganization plans and provide an update on some of the more important changes the IRS has implemented in recent years.   

Dean Stephen W. Mazza
Dean Stephen W. Mazza
University of Kansas School of Law,
Lawrence, Kansas

4:20 p.m. ADJOURN

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