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BOSTON TAX INSTITUTE, LTD. SEMINAR DESCRIPTIONS
I. FEDERAL INCOME TAXATION OF CORPORATIONS & SHAREHOLDERS
1. STRATEGIC TAX PLANNING
is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., CPA. Topics include a detailed discussion of 75 of our finest strategic tax planning ideas in areas such as S corporations; unreasonable compensation; accumulated earnings; personal service corporations and qualified personal service corporations; methods of accounting; passive activity losses; deductible interest; independent contractors; discounts in valuing closely-held stock; abatement of taxpayer penalties; avoidance of preparer penalties; and much more. (5/30, 6/1, 6/6)2. SPECIAL PROBLEMS OF S CORPORATIONS
is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., CPA. Topics include an analysis of the built-in gains tax including case law developments; a review of final regs on the definition of passive investment income for purposes of SS 1375 and 1362(d)(3); highlights of recent tax legislation regarding S corporations; a reconsideration of C vs. S corporations in light of recent and anticipated tax legislation; a review of issues raised by IRS in the audit of S corporations under the National Research Program; unreasonably low compensation; and much more. (6/5, 6/7, 6/12)3. NO/LOW WAGES FROM S CORPORATIONS
is a ½ day seminar led by Lucien Gauthier, Esq., CPA. Topics include a discussion of the revenue rulings and leading cases involving S corporations that paid no or low wages to their shareholder-employees such as Watson, Radtke, Spicer, Dunn & Clark, and Nu-Look Design; tips/benchmarks for determining levels of compensation; possible preparer penalty/Circular 230 (OPR) issues; and much more. (6/15, 6/26, 08/28 ME)4. INDEBTEDNESS OF THE S CORPORATION TO THE SHAREHOLDER
(referred to in the Calendar as Tax Basis of Debt to S Sh) is a ½ day seminar (4 credits) led by Lucien Gauthier, Esq., CPA. Topics include a detailed analysis of section 1366(d)(1) and decided cases as to when debt will be treated as “indebtedness of the S corporation to the shareholder” including a discussion of the winning cases such as Gilday, Cullen, Yates, Bolding, and Selfe and various losing cases involving back-to-back loans that were not respected for tax purposes; and much more. (6/15, 6/26, 09/19 ME)
5. PURCHASE & SALE OF A CORPORATE BUSINESS
is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., CPA. Topics include factors to consider in the purchase and sale of a business; the principle methods of disposing of a business; dispositions of C/S corporation assets or stock including the sale of S stock to a purchasing corporation which makes a S338(h)(10) election; tax consequences to buyer/seller; allocation of consideration and information reporting on Form 8594 by buyers and sellers under Section 1060; a review of Section 197 on the amortization of intangibles such as goodwill, customer lists, and covenants not to compete; a discussion of the Norwalk, Frontier Chevrolet, Bemidji, Muskat, and Recovery Group, Inc. cases; and much more. (6/28)
6. COMPLETE LIQUIDATIONS
is a ½ day seminar (4 credits) led by Lucien Gauthier, Esq., CPA. Topics include the tax treatment at the corporation and shareholders levels of distributions in complete liquidation of C & S corporations under SS 331, 332, 334, 336, 337, and 338: and much more. (6/8, 6/14)
7. PERSONAL GOODWILL AS A TAX PLANNING TOOL
is a ½ day seminar (4 credits) led by Lucien Gauthier, Esq., CPA. Topics include a discussion of decided tax cases involving personal goodwill and the factual prerequisites necessary for its application; the potential application of the concept in a variety of contexts; applicability of Form 8594; possible disclosure of the issue on Form 8275 at the corporation and/or shareholder levels; and much more. (6/8, 6/14) II. ESTATE, LONG TERM CARE, MEDICAID, BUSINESS SUCCESSION, VALUATION, ERISA, INSURANCE & RETIREMENT PLANNING
8. ESTATE & DISTRIBUTION PLANNING FOR RETIREMENT BENEFITS
is a 1-day seminar (8 credits) led by Natalie Choate, Esq. Topics include a detailed discussion of the factors to consider in deciding whether to convert a traditional IRA into a Roth IRA; the choices for designation of beneficiary for retirement benefits (pros, cons, and pitfalls of naming spouse, issue, credit shelter trust, marital trust, or charity as a beneficiary), the 100 best and worst planning ideas for your clients’ benefits; qualification for marital deduction; taking distributions prior to age 59 ½; extending IRAs to the next generation; Roth IRAs; how to leave benefits to a trust; latest developments; and much more. This seminar is specially priced at $199. (6/1)9. BUSINESS SUCCESSION PLANNING
is a 1-day seminar (8 credits) led by Herbert Daroff, J.D., CFP. More people work for privately-held family-owned businesses than work for publicly traded companies or the government. Less than 1/3 of these businesses survive their founder. Half of those that survive fail within ten years of the founder’s death. Learn how to cure family business mortality. Some businesses have one owner. Others have multiple owners. Some owners have their children actively involved with plans to succeed them. Others do not. Learn how the conventional wisdom frequently is not the most cost effective or tax efficient way to buy, sell, or transfer ownership or management. Every purchase and sale has three parties: a buyer, a seller, and a government. Every family transfer also has three parties: a parent, a child, and a government. Herb will show you how to minimize taxes for buyers and sellers and how to minimize estate taxes on transfers. He also will help you to motivate your business clients to plan. (6/6)10. ESTATE ADMINISTRATION
is a 1-day seminar (8 credits) led by Patricia Annino, Esq. Topics include a discussion of the probate process including an in-depth discussion of the new MA uniform probate code and its impact on the administration of estates; probate vs. non probate assets; initial steps in administering an estate; the role of the executor; collecting assets, paying debts, disputing claims, court documents, how and when distributions are to be made to beneficiaries, tax considerations, and litigation issues (title issues, contested claims, omitted spouse, omitted children, and will contest). (6/08)11. BASIC ESTATE PLANNING FOR ACCOUNTANTS & THEIR CLIENTS
is a 1-day seminar (8 credits) led by Steven Cohen, Esq. Topics include the essentials of estate planning for accountants and their clients such as the effect of different forms of property ownership; the probate process and its avoidance; the importance of a proper will; trusts in estate plans, powers of appointment, choice of trustee, general tax impact, and the liability which you undertake if you serve as trustee; use of trustee certificates to transfer real estate to a trust; homestead protection, property tax exemptions and trusts; durable powers of attorney; living wills and health care proxies; nominee realty trusts; basic federal and state estate tax planning considerations including the gift tax annual exclusion and marital deduction; changes made by recent tax legislation; and much more. (6/11)12. CURRENT ESTATE PLANNING TECHNIQUES
is a 1-day seminar (8 credits) led by Robert Stewart, Esq. on 6/22 in Peabody and Patricia Annino, Esq. on 6/29 in Waltham. Topics include planning for clients with moderate and large estates after 2010 legislation including the use of the gift and estate tax marital deductions and two death planning, federal and state; forms of marital deduction including the QTIP trust; life insurance planning including irrevocable insurance trusts; other irrevocable trusts for estate tax savings; gifting techniques including the use of family limited partnerships and nominee trusts for real estate; estate freezing including business freezes, GRITS, GRATS, GRUTS, and personal residence trusts; problems with closely-held businesses, including S corporation stock and QSSTs; disclaimers; planning for the non-citizen spouse; highlights of the new MA Uniform Probate Code; and much more. (6/19, 6/29)
13. ASSET PROTECTION STRATEGIES – THE MYTHS AND THE METHODS – DOMESTIC AND OFFSHORE
is a ½ day seminar (4 credits) led by Melissa Langa, Esq. of Bove & Langa, Boston. Topics include the concepts, risks, and the tax and legal effects of the methods used in planning to protect assets from creditors from simple changes in title to the sophisticated use of entities. The prevailing myths and common misunderstandings of asset protection will be dispelled, and the latest cases and practice methods will be highlighted. Discussion of the pros and cons of specific entities will include corporations, partnerships, domestic and offshore LLCs, domestic and offshore irrevocable trusts, specific types of asset protection trusts, purpose trusts, and offshore foundations. Attention will be given to specific types of assets such as local and foreign (non-MA) real estate, liquid investments, retirement plans, business interests, and the use of domestic and foreign insurance products. In addition, observations will be made on the elements and importance of fraudulent transfers, the 2005 Bankruptcy Act, the advisor’s liability in planning, and the coordination of the asset protection plan with the individual’s tax and estate plan. The seminar will provide a basic understanding of the tools and concepts of sound asset protection planning and familiarize you with the latest practical methods and with some of the more sophisticated strategies used today. (6/21)14. RHODE ISLAND ASSET PROTECTION TRUSTS
is a ½ day seminar (4 credits) led by Michael Marino, Esq. Topics include the role of asset protection planning in estate planning; a discussion of the various forms of non-trust planning from basic titling of assets through the use of limited liability entities; the use of trusts to protect assets for clients with emphasis on domestic asset protection trusts in RI; tax issues and strategies; current challenges in asset protection planning; and much more. (6/14)15. FAMILY LIMITED PARTNERSHIP INCOME TAX & ACCOUNTING ISSUES
is a ½ day seminar (4 credits) led by Peter Reilly, CPA. Topics include a brief overview of the estate planning issues involving FLPs in order to provide context; is it really a partnership; contributions and nonrecognition of gain; contributions and capital account maintenance; allocations of income and examples of typical partnership agreements; S 704(b) capital account maintenance and relationship to the partnership agreement; minimum gain; inside vs. outside basis and section 704 (c) transfers by gift; transfers from decedents - should a S 754 election be made; distributions; liquidations; several illustrative computations will be used including where the numbers go on the tax returns; and much more. (6/14)16. LONG TERM CARE (LTC) PLANNING FOR ACCOUNTANTS AND THEIR CLIENTS
is a 1-day seminar (8 credits) led by Marilee Driscoll, CLU, CSA, and author. Twenty-three percent of LTC is paid for out of pocket at typical costs of $90,000+ per year in MA. The objectives of this seminar are to obtain a thorough understanding of the topic relative to personal finances and retirement planning decisions – what long term care is, how long it lasts, how much it costs, when government programs (Medicare, Medicaid, VA) pay, and how long term care insurance works; proper LTC insurance policy design, and how policies that look the same may differ; how to review a policy; how to protect against premium rate increases, and what to do if this happens; pension protection provisions regarding LTCi; personal and business deductibility; state incentives to purchase LTC insurance; and much more. (6/5)17. MEDICAID PLANNING FOR CLIENTS & THEIR ADVISORS
is a 1-day seminar (8 credits) led by Steven Cohen, Esq. Topics include a detailed analysis of the Medicaid transfer rules; the Division of Medical Assistance’s newest regulations and decisions; how to preserve assets; the risk to the primary residence; the use of trusts – revocable and irrevocable; liens and estate recovery; the basic rules of Medicaid eligibility; strategies for protecting the spouse of a nursing home resident; and trusts for the benefit of disabled children. The seminar also includes a discussion of Medicare benefits; durable powers of attorney; health care proxies; guardianship; and much more. This seminar is approved for 6.5 credits for Nursing Home Administrators and 6.5 credits for Social Workers. (6/25)
18. BUSINESS VALUATION ISSUES
is a 1-day seminar (8 credits) led by Stephen Bravo, ASA, CBA, CPA/ABV/PFS, CFP, MST. Topics include developmental and reporting standards; the importance of knowing the standard of value and the purpose of the valuation; appraiser penalties; an actual case study using the asset, income, and market approaches to valuation; comparing and contrasting Morningstar’s SBBI with the Duff & Phelps rates of return; how to address the cost of capital in times of economic distress; the Butler-Pinkerton model that quantifies the company-specific risk premium; marketability discount models by Longstaff, Finley, and others; the MA Supreme Judicial Court’s decisions in the Bernier case (and its reference to the Kessler case in Delaware) and in Adams v. Adams involving valuing Wellington; Rev. Rul. 59-60; and much more. Our guest speaker is Michael Mattson, former managing director of Ibbotson Associates. (6/15)
18.1 RETIREMENT PLANS FOR SMALL BUSINESS
is a ½ day seminar (from 1:30 pm to 5:00 pm on 06/04, 4 credits) led by Stephen Cunha, CFP®, CLU, CLTC, and Senior Vice President of Retirement Plan Services at Baystate Financial Services. Topics include an overview of the most popular small business retirement plan solutions together with practical real world case studies to help accountants gain a better understanding of which plans are appropriate based on the small business owner's financial objectives. Plans to be discussed include SEPs, SIMPLE, Solo K as well as various versions of 401(k), 403(b), Profit Sharing, and Defined Benefit combo plans. We also will provide a brief overview of some of the new DOL fee disclosure requirements imposed on your clients who sponsor a qualified retirement plan and some best practices for better plan management. You will also learn about some of the latest investment trends now available in the marketplace; and much more. (06/04)
19. TAX PLANNING STRATEGIES FOR RETIREMENT
is a 1-day seminar (8 credits) led by Jeffrey West, CFP, MBA. Topics include how plans work and what best fits employer profiles. Having the right plan design is key to creating a successful qualified retirement plan. Plan design strategies to maximize employer contributions while minimizing employee contributions will be explored as well as integrating retirement planning with business continuation and estate planning. Topics also include qualified plan choices including the latest defined contribution plan changes including cross-tested and hybrid 401(k) plans. Defined benefit plan designs including the new cash balance defined benefit plans which generally require much smaller contributions for the employees. Also covered will be S 412(e)(3) defined benefit plans for the successful business owner interested in contributing amounts much larger than traditional defined benefit plan limits. We also will explore eligibility, participation, vesting, and how to exclude many employees. Distribution planning will be addressed including investment alternatives which guarantee lifetime retirement income. 401(k) Planning – the list of alternatives available in administration and funding continues to grow, from the basic safe harbor plan to all of the bells and whistles. See how corporate and non-profit clients can have a S 79 tax deductible life insurance plan to generate tax-free retirement income. (6/13)
20. WHAT YOU NEED TO KNOW ABOUT LIFE INSURANCE COMPANY PRODUCTS
is a ½ day seminar (4 credits) led by Jeffrey West, CFP, MBA. These are not the products your parents bought. There are term policies with a dizzying array of new features, benefits and riders. We will explore traditional, indexed, and variable universal life insurance policies from many companies - and for whom they are appropriate. Features and riders include No Lapse Guarantees, Convertibility, Market Stabilization, Disability Waiver of Premium, and Lifetime Income. Annual to 30 year term policies will be explained and compared. Learn how to get the best rates and what “preferred” underwriting classifications really mean. Deferred fixed, indexed and variable annuities will be explained. Many offer guaranteed or potentially high accumulation and guaranteed lifetime income or withdrawals. Lean the differences between these riders. (6/15)
21. PLANNING WITH LIFE INSURANCE
is a ½ day seminar (4 credits) led by Jeffrey West, CFP, MBA. Topics include what every practitioner needs to know when planning with business owners and high net worth clients including various business, succession, personal, and estate planning strategies utilizing life insurance. We will explore how to efficiently structure life insurance for buy-sell funding even with multiple owners; key person insurance; non-qualified deferred compensation; S 79 tax deductible insurance; S 303 redemptions; business loan collateral; life insurance inside defined benefit and 401(k) retirement plans; tax free retirement income strategies; college funding; special needs trusts; irrevocable life insurance trusts; estate equalization; and much more. (6/15)
22. ERISA BOOT CAMP FOR ACCOUNTANTS
is a ½ day seminar (4 credits) led by Marcia Wagner, Esq. Topics include an overview of qualified plans and what type of plan may be best for your client; an overview of fiduciary rules including liability mitigation techniques and evolving best practices; an overview of executive compensation matters; Annual Due Diligence Checklist; Q and A; and much more. (6/21)
III. OTHER TAX SEMINARS
23. CURRENT TAX DEVELOPMENTS/2012 TAX LEGISLATION
is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., CPA. Topics include a discussion of tax legislation enacted in 2012; recent Supreme Court and other important judicial decisions and administrative pronouncements on issues such as the permitted use of the cash method; customer deposits; deferral of income; one year spread for taxpayer favorable adjustments; tax year rules for S corporations and PSCs; unreasonable compensation; accumulated earnings; passive activity losses; qualified residence interest; built-in gains; recharacterization of distributions by S corporations as wages for employment tax purposes; personal goodwill; allocation to and amortization of covenants not to compete; AMT; section 530 relief; taxpayer penalty relief; preparer penalties; and much more. ((6/19, 6/21, 6/22, 6/29, 08/21, 08/29 ME)
24. SECTION 199 – DOMESTIC PRODUCTION ACTIVITY DEDUCTION
is a ½ day seminar (4 credits) led by Lucien Gauthier, Esq., CPA. For tax years beginning in 2010, this deduction is 9% of the lesser of QPAI or taxable income! Topics include a detailed discussion of section 199 as technically corrected and final regulations regarding the 50% of “W-2 wages” limitation; qualified production activities income (QPAI) and the Gibson case; domestic production gross receipts (DPGR); cost allocation rules (section 861 method, simplified deduction method, and small business simplified overall method); application to pass-thru entities; special rules applicable to individuals; treatment for purposes of AMT, self-employment tax, and in MA; and much more. (6/20)
25. HOW TO HANDLE AN IRS AUDIT / APPEALS CONFERENCE
is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., CPA. Topics include the technical and practical aspects of representing a client on audit including audits under the Service’s MSSP Program; the taxpayer’s objectives in the audit process, tactics in dealing with an agent, and strategies for closing the case; technical considerations in handling a case including burden of proof, applicable statute of limitations, and statutory interest; penalties to avoid in the audit process including the 20% taxpayer accuracy-related penalty, preparer penalties, and violations of Circular 230; how to negotiate a settlement at the agent level; minimizing the risk of audit in filing claims for refund; and techniques for managing tax risk in the planning process. Topics in the pm include factors in determining whether to appeal; how to write a “Protest”; conference procedure in docketed and nondocketed cases; and settlement practice and procedure including the types of settlements and the hazards-of-litigation standard. Various cases will be discussed. (5/31)
26. PREPARER PENALTIES / CIRCULAR 230
is a ½ day seminar (4 credits on Ethics) led by Lucien Gauthier, Esq., CPA on 06/13 in Peabody and by Edward DeFranceschi, Esq. on 06/21 in Randolph and on 06/28 in Waltham. Topics include a detailed discussion of federal preparer penalties (section 6694(a) and (b) and Final Regs. Sec. 1.6694-1 to 1.6694-4); Disclosure Statement (Form 8275) and Regulation Disclosure Statement (Form 8275-R); rules applicable to practitioner conduct under Circular 230 as promulgated by the Office of Professional Responsibility; new MA preparer penalties (Section 35C); ethics rules promulgated by the MA Board of Public Accountancy governing accounting and tax practice which incorporate the AICPA Rules of Professional Conduct including SSTSs; and much more. This seminar is a must for anybody preparing and signing federal income tax returns! (6/13, 6/21, 6/28)
27. TAXPAYER PENALTY RELIEF
is a ½ day seminar (4 credits) led by Lucien Gauthier, Esq., CPA. Topics include a detailed discussion of how to obtain penalty relief for taxpayers using the “advice” exception or the “disability” exception in U.S. v. Robert W. Boyle (Sup. Ct. 01/09/85) as applied in subsequent court decisions such as William O. Harrison, Jr., Estate of Kwang Lee, and Recovery Group, Inc. in the context of the 20% taxpayer accuracy-related penalty under S 6662, the late filing penalty under S 6651(a)(1), and other penalties. The hierarchy of preparation and advice standards and the use of Form 8275 to avoid taxpayer penalties and taxpayer penalty relief as described in the IRS Penalty Handbook also will be discussed. (6/13, 06/20)
28. OFFERS IN COMPROMISE, COLLECTION STRATEGIES & INNOCENT SPOUSE
is a ½ day seminar (4 credits) led by Edward DeFranceschi, Esq. and James Everett, Esq., LLM. Topics include the IRC provisions dealing with tax collection activities and the Collection Division’s procedures; the Service’s Offer and Compromise Handbook; preparation and processing of offers in compromise; installment agreements, innocent spouse provisions including pre-assessment and post-assessment strategies; bankruptcy as a tax planning device; discussion of an actual case through the collection process; and much more. (6/21)
29. CIVIL AND CRIMINAL TAX FRAUD; FBAR PROCEDURES
is a ½ day seminar (4 credits) led by Edward DeFranceschi, Esq. Topics include an overview of the criminal sections of the IRC; the three IRS FRAB “amnesty” programs and current international reporting requirements; IRC sections 6663 and 6664 involving civil fraud; a detailed discussion of the IRS criminal enforcement process and the return preparer’s role in that process; grand jury and administrative summonses; how to tell when to treat a situation as a criminal problem as opposed to civil fraud and how to deal with a civil fraud penalty. The seminar will include a discussion of actual cases involving FBAR audits. (6/28)
30. IRS PRACTICE AND PROCEDURE
is a ½ day seminar (4 credits) led by Michael Marino, Esq. Topics include a review of pre-assessment, as well as post-assessment procedural options available to taxpayers when IRS action, assessment, or enforced collection is contested. Fast Track Mediation, the Collection Appeals Program, Group Manager meetings, Appeal hearings, and Collection Due Process hearings will all be discussed. Discussion will be heavily focused on meeting the requirements of Circular 230, utilizing the IRM, as well as case law, to support a taxpayer’s position. The seminar will end with an in depth discussion on each available Collection Alternative, as well as how the IRS Financial Handbook must be utilized to benefit a taxpayer with an unresolved tax liability. (6/14)
31. TAX & FINANCIAL ASPECTS OF DIVORCE
is a 1-day seminar (8 credits) led by Peter Birkholz, MST. Topics include an overview of services to provide to the divorcing community as well as an analysis of the statutory provisions and case law with respect to alimony, child support, transfers of property incident to divorce, filing status, dependency exemptions, itemized/standard deduction, earned income credit, child tax credit, education credits, treatment of the principle residence under S 121, home mortgage interest deduction, phantom income from divorce settlements, QDRO’s in qualified plans, and rules on “innocent spouse” relief in section 6015. Worksheets for the financial aspects of divorce and helpful hints in serving divorcing clients will be discussed. (6/1, 6/8)
32. NON-QUALIFIED & INCENTIVE STOCK OPTIONS
is a 1-day seminar (8 credits) led by Peter Birkholz, MST. Topics include a detailed discussion of the treatment of non-qualified stock options, incentive stock options, stock purchase plans, and stock awards for both regular tax and AMT; section 83(b) elections and the substantial risk of forfeiture rules; income and payroll tax reporting requirements; an analysis of several examples illustrating the tax planning aspects of compensatory stock arrangements; the refundable AMT credit beginning in 2007; and much more. (6/25)33. NEW REPAIR/CAPITALIZATION/DEPRECIATION REGULATIONS
is a 1-day seminar (8 credits) led by Peter Birkholz, MST. The temporary regulations which were promulgated on 12/27/11 and effective for expenditures made after 12/31/11 regarding amounts paid to acquire, produce, or improve tangible assets will be examined in detail. Time permitting, topics also include the 100%/50% bonus depreciation rules after TRUIRJCA of 2010; applicable depreciation methods, recovery periods, and conventions; classification of property based on class lives; and much more. (08/30 ME)34. SECTION 409A NONQUALIFIED DEFERRED COMPENSATION
is a 1-day seminar (8 credits) led by Patricia Ann Metzer, Attorney. Topics include how to determine whether a taxpayer’s arrangement is subject to S 409A; how to make the arrangement 409A compliant from the outset if 409A applies; and the extent to which funding is possible. The IRS’s current information reporting (Form W-2 and Form 1099) and withholding requirements under 409A will be discussed, including what should be reported as currently taxable income if an arrangement fails the qualification rules. The 20% excise tax on deferrals and the interest charge applicable to arrangements that do not satisfy the 409A requirements also will be discussed; other topics include: how to fix a non-compliant arrangement today; other Code provisions that still may apply to deferred compensation (e.g. S 457(f)); and the obligation of recipients of currently taxable deferred compensation to report properly even if the payor fails to withhold or report the payments; and much more. (6/22)
35. CASH METHOD / TAX ACCOUNTING STRATEGIES & CHANGES IN METHODS OF ACCOUNTING
is a ½ day seminar (4 credits) led by David Klemm, Esq., CPA. Topics include a discussion of Regs. Sec. 1.471-1 regarding “merchandise”, Rev. Proc. 2001-10 ($1M safe harbor), Rev. Proc 2002-28 ($10m safe harbor), and S448; a review of the “all events test”, the economic performance requirement, and the recurring item exception; treatment of contested liabilities under S 461(f); changes in method of accounting under Rev. Procs. 97-27 or 2011-14, S 481 adjustments, and Rev. Proc 2002-19 (1 year spread of taxpayer favorable adjustments); treatment of deposits and advance payments under Indianapolis Power & Light and Perry Funeral Home; Rev. Proc. 2004-34 and Regs. 1.451-5; Final Regs. under 263(a) regarding amounts paid to acquire, create, or enhance intangible assets and the U.S. Freightways and Zaninovich cases; treatment of accruals to related parties under S267; the 2½ month rule in S 404(b); and much more. (6/7)36. CANCELLATION OF INDEBTEDNESS INCOME
is a ½ day seminar (4 credits) led by David Klemm, Esq., CPA. Topics include whether the realization event consists of COD income or section 1001 gain; the time when COD income is recognized and related party rules; exceptions to recognizing COD income such as Title 11 cases, insolvency, qualified real property business, qualified principal residence, lost deductions, purchase-money price reduction, and indebtedness contributed to capital. Other topics include basis and tax attribute reduction and elections; reporting COD for partnerships, S and C corporations, disregarded entities, bankruptcy estates, joint debt obligations, and guarantees; reviewing the relationship between debtors and their bankruptcy estates; planning for COD; debt modifications; recourse and nonrecourse debt; modifications to executory contracts; and tax reporting obligations. (6/7)
37. DISREGARDED ENTITIES
is a 1-day seminar (8 credits) led by Paul Plourde, Esq., CPA. Topics include current developments regarding entities (single-member LLCs and QSubs) treated as disregarded entities; check-the-box regulations; self-employment tax imposed upon a single member of an LLC treated as a disregarded entity; employment tax relating to employees of disregarded entities; state taxation of LLCs treated as disregarded entities; automatic classification change to a disregarded entity; elective (Form 8832) classification change to a disregarded entity; IRS regulations on treatment of changes in elective entity; allocation of partnership liabilities where a partner’s interest is held through a disregarded entity; QSub status; Form 8869, state taxation of QSubs; tax-free reorganizations involving a disregarded entity; single member disregarded entities regarded for employment tax purposes effective 1/1/09; and much more. We recommend taking this seminar before taking LLC–Current Developments or Partnerships and Partners. (6/13)
38. LLC–CURRENT DEVELOPMENTS
is a 1-day seminar (8 credits) led by Paul Plourde, Esq., CPA. Topics include current developments regarding LLCs treated as partnerships; check-the-box regulations; self-employment tax imposed upon members of an LLC treated as a partnership; state taxation of multi-member LLCs (including withholding by partnership); automatic classification change to partnership; tax consequences under Rev. Rul. 99-5 if the status of an LLC changes to partnership; elective (Form 8832) classification change to partnership; IRS regulations on treatment of changes in elective entity; mergers of LLC with another LLC or other entities (corporation, limited partnership and general partnership); conversion (by statute) of LLC into other entities or vice versa; recalculation of values under S 704(c) if an LLC merges into another partnership; pitfalls if an LLC is treated as an S corporation; and much more. We recommend taking this seminar before taking Partnerships and Partners. (6/6, 6/20)
39. PARTNERSHIPS & PARTNERS
is a 1-day seminar (8 credits) led by Paul Plourde, Esq., CPA. Topics include current developments under Subchapter K; allocation of partnership liabilities under S 752; formation of partnerships under S 721; allocation of profits and losses under S 704 (including allocations under S 704(c) attributable to assets whose values have increased or decreased prior to contribution); taxation under S 707 attributable to partnership payments to partners (including guaranteed payments under S 707(c)); taxation under S 731 attributable to liquidating and non-liquidating distributions by partnerships; taxation under S 736 attributable to partnership distributions to retiring partners or deceased partners; taxation under S 741 attributable to sale of partner’s equity interest in a partnership (including installment sales or situations where the underlying partnership holds hot assets under S 751); positive adjustments (if S 754 election in effect) and negative adjustments (mandatory or if S 754 election is in effect) to inside basis attributable to partnership assets; and much more. We recommend taking this seminar after taking Disregarded Entities and LLC-Current Developments. (6/27)
40. PASSIVE ACTIVITY LOSSES
is a 1-day seminar (8 credits) led by Lucien Gauthier, Esq., CPA. Passive activity loss issues are being raised much more frequently today in examinations by IRS, and we understand that many of these cases are awaiting resolution at the Appeals Office level. Topics include a detailed analysis of the statute, regulations, decided tax cases, and administrative pronouncements involving passive activity losses, including cases involving real estate professionals. The tax treatment of income from passive activities will become even more important on 01/01/2013 when the 3.8% tax on net investment income begins to apply! (6/27)41. 3.8% TAX ON NET INVESTMENT INCOME
is a ½ day seminar (4 credits) led by Lucien Gauthier, Esq., CPA. Topics include a detailed analysis of section 1411 and proposed regulations regarding the 3.8% tax on “net investment income” over a “threshold amount” for tax years beginning after 12/31/12 including a detailed analysis of what constitutes “net investment income” and how rents and income from passive activities are treated for this purpose. (09/19 ME)42. FEDERAL INCOME TAXATION OF REAL ESTATE
is a ½ day seminar (4 credits) led by Moore McLaughlin, Esq., CPA. Topics include discharge of indebtedness income and exclusions in connection with residential and commercial properties; an overview and update on 1031 exchanges and the current trends in exchanging; self-employment tax issues for real estate owners; passive loss rules as they apply to real estate investors and professionals; and much more. (6/5)43. SELF-DIRECTED IRAs
is a ½ day seminar (4 credits) led by Moore McLaughlin, Esq., CPA. Topics include investing in real estate and other alternative investments through self-directed IRAs; a discussion of prohibited transactions and how to avoid them; an update of recent laws, rulings, and cases affecting self-directed IRAs; unrelated business income tax as it relates to self-directed IRAs; borrowing by self-directed IRAs and the use of LLCs to hold self-directed IRA investments; the role of self-directed IRAs in Roth conversions; and much more. (6/5)
44. COST SEGREGATION STUDIES AND ENERGY INCENTIVES
is a 1-day seminar (8 credits) led by Philip Mann, CPA. Topics include an in-depth analysis of how cost segregation studies are completed along with an analysis of the applicable tax laws, court cases, and IRS rulings that impact the depreciable lives of the vast majority of assets. The seminar also includes a review of the most common energy tax incentives such as the S 179D Commercial Building Deduction (for both commercial building owners and designers of government owned buildings) and the 45L Energy Efficient Home Credit (apartment building owners also are eligible) plus some often overlooked ones. In addition, the seminar will include various tax planning techniques to maximize the above with the current depreciation, bonus depreciation, and S 179 expense rules enacted by Congress with the last four tax acts. The last four tax acts have created some great planning opportunities and some potential pitfalls for a great many taxpayers, and this seminar will help attendees to sort through the maze. (6/4)45. THE IC-DISC AND HOW IT APPLIES TO MANY OF YOUR CLIENTS
is a ½ day seminar (4 credits) led by Paul Ferreira, CPA who manages 40+ IC-DISCs. Topics include the legislative history of the IC-DISC; IRS requirements to be treated as an IC-DISC; the implementation and corporate structuring of the IC-DISC; calculation of the lucrative federal income tax savings; methods available to calculate the federal income tax savings including marginal costing and the special no-loss rules; filing requirements; sales and services that qualify for the IC-DISC that many practitioners overlook; time to ask questions about how the IC-DISC can apply to your specific clients; and much more (6/11)
46. FEDERAL & STATE R & D CREDITS
is a ½ day seminar (4 credits) led by Jeffrey Feingold. Topics include recent changes to the Federal R&D tax credit including the alternative simplified credit, as well as changes in state R&D credits, particularly in New England and NY. The federal review encompasses 2010-2011 changes to the qualification, quantification, and utilization of R&D credits. Dozens of industries which previously did not qualify for R&D credits can now file for these tax benefits, and the seminar pays special attention to small and mid-size companies across the wide range of industries verticals and examines how and why these companies can now qualify, as well as the credit calculation, typical credit results, the R&D tax credit study process, and also the most current audit preparation issues and areas of IRS focus in R&D examinations. (6/11)47. FBAR (Form TD F 90.22.1) & FATCA (Form 8938)
is a ½ day seminar (4 credits) led by Kenneth Vacovec, Esq. Topics include a detailed discussion of the requirements to file Form TD F 90.22.1 with respect to certain foreign financial accounts and the harsh penalties for failing to do so, including a discussion of recent cases; the new requirements to report specified foreign financial assets on Form 8938 as required by section 6038D and the new temporary regulations dated 12/14/11 including a discussion of penalties and interpretive issues such as whether real estate which is located in a foreign country is a specified foreign financial asset; and much more. (6/4, 08/22)48. INTERNATIONAL TAXATION OF CORPORATIONS
is a 1-day seminar (8 credits) led by Kenneth Vacovec, Esq. Topics include a discussion of tax issues related to corporations operating internationally including sources of income, residence of the business entity, and foreign tax credits; review of controlled foreign corporations and subpart F income including contract manufacturing and related topics; passive foreign investment companies; foreign corporations operating in the United States; tax treaty issues; withholding, reporting, and filing requirements for businesses operating internationally including Forms 1120F, 5471, 5472, and 8865; and much more. (6/12)49. MASSACHUSETTS TAXES IN REVIEW
is a 1-day seminar (8 credits) led by Philip Dardeno, CPA, MST. Topics include a review of newly enacted tax legislation (corporate tax reform provisions including unitary combined reporting for multistate corporations and changes to the business entity classification rules); recent judicial decisions; recent administrative pronouncements including DOR's non-resident income tax regulation; a thorough review of Massachusetts tax practice and procedure including audit, assessment, abatement and appeal (including dispute resolution) and collection (liens, levies, seizures, and offers in compromise); removing domicile from Massachusetts; and much more. (6/8, 6/11, 6/18)
50. MASSACHUSETTS SALES & USE TAXATION
is a ½ day seminar (4 credits) led by Philip Dardeno, CPA, MST. Topics include an in-depth analysis of the MA sales/use tax including the concepts of sale, sale at retail, sale price, tangible personal property, telecommunication services, purchaser, vendor, and engaged in business in MA; applicable exemptions including non-profits, sales for resale, manufacturing, R & D, and casual sales and other exemptions; sales/use taxation of E-Commerce; out-of-state contractor rules; responsible person rules; revised small business sales tax exemption for energy purchases; downloaded software rules; incentives for the motion picture industry; MA adoption of the Sales and Use Tax Administration Act; and much more. (6/22)
51. MULTISTATE TAXATION - A MASSACHUSETTS PERSPECTIVE
is a ½ day seminar (4 credits) led by Philip Dardeno, CPA, MST. Topics include jurisdiction and nexus to tax for corporate, personal income, and estate tax purposes; a detailed review of the MA Nexus Regulation; the duty of out-of-state vendors to collect and remit use taxes; allocation and apportionment of income for corporate income tax purposes including a detailed review of the MA apportionment regulation; state income taxation of the internet; a discussion of apportionment for personal income tax purposes; recent MA tax legislation and much more. (6/22)
52. MASSACHUSETTS COMBINED REPORTING
is a 1-day seminar (8 credits) led by Philip Dardeno, CPA, MST. Topics include a detailed analysis of the Regulations on Combined Reporting which were promulgated by MA DOR on 5/29/09 and which apply to tax years beginning on or after 1/1/09 including filling of Form 355U and related schedules. This seminar is specially priced at $249. (6/26)53. NEW HAMPSHIRE TAXATION OF BUSINESSES & THEIR OWNERS
is a 1-day seminar (8 credits) led by Jon Sparkman, Esq. CPA and Maurice Gilbert, CPA, MST. Topics include the four major taxes affecting businesses and their owners in NH: the Business Enterprise Tax (BET), the Business Profits Tax (BPT), the Interest & Dividends Tax (I&D), and the Real Estate Transfer Tax (RETT). Topics involving the BET will include an overview of the components of the enterprise value tax base and the apportionment provisions for the BET. With respect to the BPT, topics include the nexus standard, definitions of business organization and business activity, the additions and deductions to federal taxable income including a brief overview of the combined reporting requirements for unitary businesses. The I&D segment of the seminar will include a review of the provisions relating to distributions from partnerships and limited liability companies and the importance of the definition of “transferrable interests”. The RETT discussion includes an overview of the provisions focusing on NH real estate companies. Our instructors provide a separate seminar which examines in detail the NH Compensation Deduction and NH Combined Reporting. If you register for this seminar, please add $17 for the required lunch at the Chateau Restaurant in Andover. (6/4, 09/20 ME)54. NEW HAMPSHIRE’S REASONABLE COMPENSATION DEDUCTION & NEW HAMPSHIRE’S COMBINED REPORTING FOR UNITARY BUSINESSES
is a 1-day seminar (8 credits) led by Jon Sparkman, Esq., CPA and Maurice Gilbert, CPA, MST. Topics in the AM include NH’s hottest audit topic - reasonable compensation for owners of corporations, LLCs, partnerships, and proprietorships. The NH General Court has changed NH’s reasonable compensation deduction for owners of corporations, LLCs, partnerships, and proprietorships again for tax years beginning in 2011. We will examine the provisions of the new law, the Administrative Rule for reasonable compensation adopted by the DRA, the appeal process, and the new burden of proof in detail. Other issues will include a comparison of the new and old compensation provisions under the Business Profits Tax for 2009, 2010 and subsequent years; the use of IRC Sec. 162, Treasury Regulations, and Federal Court precedent to determine reasonable compensation and planning opportunities that are available. Combined reporting for unitary businesses is the topic in the PM. NH’s combined reporting for unitary businesses is mandatory for purposes of the Business Profits Tax and applies to proprietorships, partnerships, single-member and multi-member LLCs, trusts, and corporations. Issues to be addressed include NH’s unique application to incorporated and unincorporated businesses; the multi-state nexus requirement; the composition of the water’s edge group; the ownership, unity of use, and unity of operation requirements; and potential planning opportunities. If you register for this seminar, please add $17 for the required lunch at The Chateau Restaurant in Andover. (6/18)IV. ACCOUNTING AND AUDITING SEMINARS
55. 2012 FASB / SSARS & SAS UPDATE & REVIEW
is a 1-day seminar (8 credits including 2 credits on Ethics) led by Prof. John Armstrong, CPA on 06/04 in Randolph, on 06/05 in W. Springfield, 06/12 in Marlboro, and 08/23 in Waltham, and by Steven Fustolo, CPA on 06/14 in Peabody and on 06/19 in Waltham. Topics include new compilation and review changes with SSARS Nos. 19 and 20; practical issues involving compilation and review engagements; changes in goodwill and intangible asset impairment testing; fair value disclosure changes; the AICPA compilation and audit risk alerts; new ethics and independence rulings; proposed changes in financial statement presentation, revenue, and leases; OCBOA issues; fraud update; simplifying reporting and engagement work; auditing standards clarify project; and much more. If you register for this seminar, please add $29 to your registration fee to cover the extra cost of the extensive FASB manual. Qualifies for Yellow Book. (6/4, 6/5, 6/12, 6/14, 6/19, 08/23)
56. ADVANCED ISSUES - COMPILATION & REVIEW
is a 1-day seminar (8 credits) led by Prof. John Armstrong, CPA. This seminar focuses on when to issue a compilation or review report. Topics include differentiating between a trial balance and a financial statement, reporting on tax returns used as financial statements, reporting on financial statements generated as a result of write-up work, “plain” paper financial statements, and recent developments in compilation and review including the recent Compilation and Review Alerts; the discussion also will include modifications to the standard report because of departures from GAAP, accounting changes, and going concern and scope limitations; reporting on OCBOA and personal financial statements will be reviewed; and much more. If you register for this seminar, please add $29 to your registration fee to cover the extra cost of the extensive manual. Qualifies for Yellow Book. (6/25)
57. GAAP AND DISCLOSURE FOR SMALL BUSINESSES
is a ½ day seminar (4 credits) led by Prof. John Armstrong, CPA. Topics include GAAP and disclosure issues frequently encountered in small business engagements such as prior period adjustments, accounting for income taxes, extraordinary items, contingencies, disclosure of significant risks and uncertainties, related party disclosures, subsequent events disclosure, and many more GAAP issues. Cash basis and Income Tax Basis financial statements also will be discussed. (6/14)
58. ACCOUNTING ETHICS
is a ½ day seminar (4 credits on Ethics) led by Michael Pakaluk, Ph.D., author of Understanding Accounting Ethics and Senior Research Consultant for Audit Analytics. The seminar begins with a case study – allegations of accounting fraud in the Lehman Brothers Repo 105 case – and considers generally the role that a failure of accounting ethics played in the financial crisis. The case raises the question of what professionalism means, and so we next look at the earliest Code of Professional Conduct for accountants and consider the concept of a profession which accountants originally accepted. Then we consider the question of whether accounting has become transformed from a profession to a business, the reasons for this, and what should be done in response. Other issues considered include: substance over form; rules in relation to principles; and whether following GAAP is enough. This seminar received rave reviews in 2011! (6/15, 6/18, 6/19, 6/20, 6/21, 6/22)
V. OTHER SEMINAR OFFERINGS
59. SOCIAL SECURITY
is a ½ day seminar (4 credits) led by Kurt Czarnowski, former Regional Communications Director for the Social Security Administration in N.E. Topics include a detailed explanation of Social Security’s retirement, survivor, and disability programs; how benefits are computed; when someone can begin to collect; the impact of work in retirement; the components of Medicare; how the receipt of a public pension from MA will impact one’s eligibility for benefits; and three strategies for maximizing’s one’s Social Security benefits. This seminar received rave reviews in 2011! (6/15, 6/18, 6/19, 6/20, 6/21, 6/22, 08/22, 08/28 ME)
60. NEW MA HOMESTEAD EXEMPTION
is a ½ day seminar (4 credits) led by Lisa Delaney, Esq., one of the principal drafters of the new MA homestead statute. Do you and your clients have a homestead? Effective 3/16/11, the new MA homestead statute changes the former law in numerous respects, including retaining the declared exemption (now $500,000) while also creating an automatic $125,000 exemption, new requirements for the homestead declaration form, homestead protection for insurance and sale proceeds, availability of homestead protection for trust beneficiaries, multiple owner situations, and much more. (6/8)
61. REAL ESTATE PUCHASE & SALE AGREEMENTS & SETTLEMENT STATEMENTS
is a ½ day seminar (4 credits) led by Lisa J. Delaney, Esq., a real estate conveyancing attorney for 25 years. Both documents are written in “lawyer-speak” and contain numerous issues for you and your client’s financial future. When can a contract be canceled, and what is specific performance? Tracking deposits, adjustments for taxes, paying liens, prepaid interest, realtor commissions, etc. are seldom explained until the day of the closing. Come to this detailed seminar that fully reviews both legal documents and will help you to understand this valuable information. Pair this seminar with Homestead for a full legal day! (6/8)
62. STRATEGIES FOR COLLEGE
is a 1-day seminar (8 credits) led by Todd Fothergill, Managing Director of Strategies For College, Inc. Topics include the workings of the college financial aid eligibility formulas, how to determine eligibility for both federal and institutional financial aid, and how to strategize with clients about college costs and planning. Special attention will be devoted to qualifying for non-need based aid (merit scholarships). The seminar also is suitable for those who will have children of their own entering college within the next five years. The seminar utilizes multiple case studies that model a range of incomes and net worth and how these are interpreted by the financial aid system. Each participant will receive complimentary software for personal use. (6/7)
63. STRUCTURING, TITLING, AND UNDERSTANDING ANNUITIES
is a ½ day seminar (4 credits) led by Mark McManus, Senior Vice President of the Annuity and Long-Term Care Department of Baystate Financial Services, Boston. Topics include a discussion of the proper way to structure, title, and design an annuity contract; the different types of annuities: immediate and deferred; an overview of annuity product design available in the marketplace (fixed, fixed indexed, and variable); as well as an in depth look at the different features and benefits offered by annuities, with an overall objective of developing a better understanding of the role that annuities should have in your clients’ portfolios. Baystate Financial Services is a general agency of New England Life Insurance Company (NELICO). Securities offered through New England Securities Corp. (NES) (member FINRA/SIPC). Baystate Financial Services is not affiliated with New England Securities. NELICO and NES are affiliates. (06/18)
64. FEDERAL & MA HEALTH CARE REFORM – A PRACTICAL APPROACH
is a ½ day seminar (4 credits) led by Edwin Bleiler, Senior VP of Employee Group Benefits at Baystate Financial Services, Boston. Topics include a discussion of the MA health care reform rules which have served as a model for the federal Patient Protection and Affordable Care Act. We will provide a basic awareness of the many key employer obligations. We also will explore what has worked in MA such as access to insurance; what has not worked in MA such as the increasing cost of health insurance; the role of the MA Health Connector/Exchange; the timeline for implementation of federal health care reform; the likely impact it will have on successful business clients and their employees; and much more. (6/18)