Every year, the Chesapeake Tax Conference offers tax CPAs a robust look at the new changes and issues affecting tax accounting. The event features topics related to federal and state taxation, as well as specialty topics.
7:30 am – 8:00 am – Registration and Continental Breakfast
8:00 am – 10:00 am
Federal Tax Update – September 2021 – August 2022
David DeJong, LLM, CPA, Stein Sperling, Bennet, DeJong, Driscoll PC
This session will review the major federal tax developments of the last 12 months affecting individual taxation, retirement and estate planning, business taxation and tax procedure. Besides looking at new laws and regulations, new court cases and rulings will be reviewed. The objective is to allow attendees to be up to date on developments which may affect tax planning and/or preparation.
10:00 am – 10:15 am – Break
10:15 am – 11:45 am
Treatment of Split Use Property – Acquisition, Operation and Disposition
Matthew Radford, CPA, Partner, National Tax, and Shayna Byrne, JD, Senior Associate, National Tax, CohnReznick, LLP
This session will review the treatment of split use property throughout an asset’s lifecycle (i.e., acquisition, operation, disposition). The session will provide relevant citations to the Code and Regulations, and it will also include examples of common situations that taxpayer’s face when homes, boats, and other assets are used for both business and personal use. At the conclusion of the session, participants should be able to apply their clients’ facts to the relevant authorities and identify planning suggestions.
11:45 am – 12:45 pm – Lunch
12:45 pm – 2:00 pm
Capital Hill Tax Legislative Update: What’s new and what’s next?
Dustin Stamper, Managing Director, Tax Legislative Affairs Practice Leader, Grant Thornton
Democrats finally managed to push a major tax reconciliation bill across the finish line. It is important both for what it does include and what it doesn’t. While it makes a handful of significant tax changes, many important priorities remain unfinished. This session will cover the important new tax provisions enacted under the bill, and the outlook for the rest of the agenda, including restoring research expensing, extending bonus depreciation, implementing the global minimum tax, and enacting retirement tax incentives.
2:00 pm – 2:10 pm – Break
2:10 pm – 3:30 pm
State Tax Treatment of Telecommuting – An Update
Steve Bell, CPA, Managing Director, and Matthew Libeg, CPA, State & Local Tax Manager, Grant Thornton, LLP
3:30 pm – 4:30 pm
2022 Maryland Tax Law Update – Income
Krista Sermon, Esq., Manager, Office of Law and Policy, Comptroller of Maryland
This session will cover various policies and procedures the Comptroller’s Office will be implementing for the coming tax season based on recent legislative changes.
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Day Two Agenda
7:30 am – 8:00 am – Registration and Continental Breakfast
8:00 am – 9:15 am
Social Security Benefits and Medicare – The Basics
Richard P. Neuworth, Esq., Lebau and Neuworth, LLC
This session will educate members on the importance of both Social Security regular and disability benefits as part of tax planning and financial planning including retirement. The program will show how these flexible benefits can be used to handle a variety of financial issues. In addition, a discussion of eligibility for various health insurance plans as well.
9:15 am – 9:30 am – Break
9:30 am – 10:45 am
Dealing with the IRS in the Post COVID environment
Stuart Schabes, Shareholder, Baker Donelson
This session will include an extensive discussion on dealing with the IRS in the Post COVID environment including important updates on IRS processing of returns, enforcement efforts ( both from a civil and criminal perspective) and those applicable to the COVID programs including Employee Retention Credit related matters as well as what the new significant increase in funding for the IRS may mean for taxpayers and accountants.
10:45 am – 12:00 pm
Special Needs Planning Overview and Update
Mary O’Byrne, J.D., M.B.A., O’Byrne Law LLC
Approximately 20% of the U.S. population identifies as having a disability. This session will present an overview of different estate planning tools that can be helpful for people with disabilities and their families. With a particular focus on eligibility for important government benefits that are financially tested, we will discuss different types of special needs trusts; when and how they can be best used; funding special needs trusts with retirement accounts; the use of ABLE Accounts; and the impact of the SECURE Act in special needs planning.
12:00 pm – 1:00 pm – Lunch
1:00 pm – 2:30 pm
Section 754
Richard Chisolm, CPA, JD, Shareholder, WardChisholm, LLP
This session will provide a brief overview of the consequences of making an election under Code section 754 to adjust the income tax basis of a partnership’s assets with respect to the transfer of a partnership interest under Code section 743 or a distribution of partnership property under Code section 734. Attendees will learn when and how to make the election, the income tax effects of making the election on the partnership and the affected partners, and the consequences of failing to make a timely election. A summary discussion of calculation of the basis adjustment under Code section 755 will also be provided if time permits.
2:30 pm – 2:45 pm – Break
2:45 pm – 3:45 pm
The Jumanji Economy
Daraius Irani, Ph.D., Chief Economist, RESI, Towson University
A look at the global and national forces impacting MD’s economy.
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Please note – materials for this event will be provided electronically ONLY. Please feel free to bring your own device to view the materials. We recommend that you download them prior to the event date rather than onsite.
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