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.
There will be a $25 fee for changing from IN PERSON format to Virtual format after September 5, 2023.
*CFP Credits pending.
AGENDA:
Day 1 - September 19, 2023
7:30 a.m. - 8:00 a.m. - Breakfast and Registration
8:00 am - 10:00 am - Federal Tax Update – September 2022 – August 2023
Speaker: David DeJong, LLM, CPA, Stein Sperling, Bennet, DeJong, Driscoll PC
10:00 pm - 10:15 am - Break
10:15 am - 11:45 am - Business Valuation Considerations for Tax Professionals
Speaker: Robert Carter, MS, CPA/CFF, DVA, DVE, CEPA, Managing Member, Paradigm Forensics, LLC
This session will cover a general overview of how business valuations are prepared and what is expected of the clients and tax professionals. It will also discuss how valuations impact tax planning for estate/gifting and transactions. Additionally, this session will discuss how to review a business valuation, what type of valuation is needed to meet IRS requirements, and how to obtain the valuation deliverable that meets your clients’ various needs.
11:45 am - 12:45 pm Lunch
12:45 pm - 2:00 pm - Estate and Charitable Planning Strategies in Today’s Environment
Speaker: Andrew Bishop, CFA, CEPA, Director, Bernstein Private Wealth Management
The Estate and Charitable Planning Strategies in Today’s Environment presentation will highlight the many ways families can transfer wealth to charity and family, but importantly how these strategies will succeed in times of volatile markets and rising interest rates. More specifically, the presentation will cover the following topics:
2:00 pm - 2:10 pm - Break
2:10 pm - 3:30 pm - An Analysis of Proposal Using Life Insurance, What Works, What May Not Be as Effective as Promoted, What Does Not Work
Speaker: Lawrence J. Macklin, CPA, Esq., AEP(R), Managing Director Wealth Strategist, Bank of America, Private Bank
After reviewing various tax laws and rulings surrounding life insurance, the presentation will focus on various proposals that use life insurance successfully and potential challenges to other proposals. These proposals include using life insurance as an investment, premium financing, life settlements, and private placement life insurance.
Two (2) Learning Objectives:
1. Gain an understanding of various proposals using life insurance
2. Gain an understanding of proposals that use life insurance successfully and potential challenges to other proposals
3:30 pm - 4:30 pm - Crypto & NFTs: Navigating the Compliance Landscape
Speaker: Kirk David Phillips, CPA, CMA, CFE, CPB, Certified Bitcoin Professional, Digital Currency Council Certified, Managing Director, Global Crypto Advisors
The digital asset space is evolving rapidly, but the regulatory lag presents specific challenges for tax practitioners and taxpayers alike, The age of smart contracts, programmable money and decentralized finance creates new types of transactions and events that don't exist in legacy finance. NFTs have created another level of complexity while stakeholders are eagerly waiting for much needed guidance. This talk breaks down recent guidance and the additional challenges ahead.
DAY 2 - SEPTEMBER 20, 2023
8:00 am - 9:15 am - Maryland Tax Modernization
Speaker: Andrew Schaufele, Chief Deputy Comptroller, Comptroller of Maryland’s Office
Modernizing our taxpayer systems to allow for improved constituent service; uplifting transparency and accessibility as foundational principles; recruiting new employees to plan for the future and retaining the institutional knowledge the agency currently possesses; and, expanding public engagement by enhancing the work of the branch offices and building outreach models that take into account the diverse needs of all of Maryland’s residents. Currently, the Comptroller’s Office operates on a mainframe system, so this modernization initiative will allow us to efficiently collect, analyze data, manage risk, administer taxes, process payments, and – perhaps most importantly – make available a secure online portal where taxpayers and tax professionals can self-manage their accounts and deal with exceptions efficiently.
9:15 am - 9:30 am - Break
9:30 am - 10:45 am - Introduction to Cost Segregation and the Impacts of Tax Reform
Speaker: Sumit Sharma, CCSP, ASA, Principal, KBKG
A Cost Segregation Study dissects the construction cost or purchase price of real property that would normally depreciate over a long period and reallocates costs into shorter tax lives of 5, 7, or 15 years. This one-hour introductory course will provide background information, depreciation rules, and how a cost segregation study is performed.
Objectives:
- Explain what cost segregation is, how taxpayers benefit from it, and how it has changed over the years
- Identify tax issues that should be considered in conjunction with a cost segregation study
- Recognize the potential impact of cost segregation on estate planning
- Discuss the impact of tax reform on cost segregation
- Discuss cost segregation opportunities related to the tangible property regulations and disposition regulations
- Identify new opportunities to immediately deduct abandoned building components, avoid recapture tax and expense demolition costs
10:45 am - 12:00 pm - Tax Outlook: New Developments in Legislation and Guidance
Speaker: Dustin Stamper, Managing Director, Grant Thorton
The IRS is still racing to provide Inflation Reduction Act guidance and figure out how to spend $60 billion while Congress is chasing its tail on tax legislative proposals. We'll cover the latest outlook for unfinished tax priorities like relief from Form 1099-K reporting, fixes for recent retirement legislation, and restoring expired business provisions. We'll also discuss what the $60 billion in funding means for the IRS and the impact of recent guidance initiatives, like transferable tax credits.
12:00 pm - 1:00 pm - Lunch
1:00 pm - 2:30 pm - Recent Developments in PTE Tax - IRS Notice 2020-75 and Beyond
Speakers: James Eaton, CPA/PFS, MBA Director, SC&H Group and Zach Landon, CPA, Senior Tax Manager, SC&H Group
With the passing of the Tax Cuts and Jobs Act (TCJA) in late 2017 and the release of IRS Notice 2020-75, tax practitioners have been juggling the benefits and costs of state Pass Through Entity (PTE) tax structures. Differences in state law and the lack of formal Treasury Regulations subsequent to Notice 2020-75 result in a number of unresolved issues. This presentation will aim to address the current state of affairs in the PTE arena and discuss some of the more common planning opportunities and concerns of practitioners.
2:30 pm - 2:45 pm - Break
2:45 pm - 3:45 pm - Jumanji Economy
Speaker: Daraius Irani, Ph.D., Vice President and Applied Research, Chief Economist, RESI, Towson University
An overview of the US economy, some of the national headwinds and tailwinds impacting the national economy and the state’s economy.
3:45 pm Conference Adjourns
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Group discounts are available - please reach out to our Member Services team to take advantage: team@macpa.org, (410) 296-6250 or (800) 782-2036, or use the live chat feature on the bottom right corner of your screen.
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.
