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Tax Institute Topics
Thursday, November 1, 2012
8 - 8:30 a.m. Registration
8:30 - 8:35 a.m. Welcome
8:35 - 10:15 a.m. (2 concurrent sessions)
- Session B - Cross-Border Update
• IRS/Treasury Disclosure Update: FBARs, Information Returns, and the New IRS “Streamlined” Procedure for U.S. Taxpayers Residing Outside the U.S.
• Expatriation: Tax Consequences to Renouncing U.S. Citizenship and Terminating “Green Card” Status
• FIRPTA: What Non-U.S. Persons Should Know About Owning and Selling U.S. Real Property
• U.S. Federal Tax Rate Changes in 2013: Analyzing Income Tax Rates and the Estate Tax Exemption, and How They Impact Non-U.S. Persons
Joseph Falbo, CPA Tronconi, Segarra & Associates
Marla Waiss, Esq., Hodgson Russ
10:30 a.m. - 12:10 p.m. (2 concurrent sessions)
- Session A - Handling the Egg Shell Audit - Representation strategies and pitfalls.
Deborah Muhlbauer Weber, Esq., AndreozziBluestein LLP
Gary Bluestein, Esq., AndreozziBluestein LLP
- Session B - Repair Regulations & Economic Substance
On December 23, 2011, the IRS issued the long-awaited Repair vs. Capitalization regulations that will have significant impact on a wide range of industries. The new rules, effective for tax years beginning in 2012, are far-reaching and will affect almost taxpayers who own businesses or real estate. The complex new temporary regulations are intended to clarify if an expenditure under Code sections 162 and 263 is currently deductible or is required to be capitalized. The new regulations also provide guidance on the write-off of structural building components and also contain a number of provisions relating to materials and supplies, safe harbors for routine maintenance, de minimis rules for certain taxpayers and a number of other provisions.
In March 2012 the IRS issued Revenue Procedures 2012-19 and 2012-20 that explains the methods in which taxpayers can obtain the IRS's automatic consent to change the accounting methods provided for in the new regulations.
The seminar will provide a detailed overview of the new regulations and revenue procedures and examples of how taxpayers can benefit from the new rules. It will also explain how the new rules will require additional record keeping and reporting on the part of many taxpayers and practitioners.
Philip A. Mann, CPA, Bonadio Group
David A. Fabian, CPA, Bonadio Group
Lunch 12:10 - 1 p.m.
1 - 2:40 p.m.
- S & C Corporation
A survey of recent cases, rulings and regulations affecting C & S corporations. Selected planning ideas may also be addressed.
Paul A. Battaglia, CPA
David Barrett, CPA, Freed, Maxick & Battaglia CPAs, P.C.
2:50 - 4:30 p.m.
- Health Care Reform
The United States Supreme Court has cleared the way for full implementation of health care reform. What should your clients be doing now to prepare for implementation of the Affordable Care Act? This session will describe how the IRS plans to administer employer mandated coverage and the individual mandate. It will also address who will be eligible to receive health insurance premium credits and how the credits will be calculated. The session will also discuss a number of provisions of the Affordable Care Act that require action this year and next.
Raymond N. McCabe, Esq., Partner, Hiscock & Barclay, LLP
Samuel DiSalvo CPA, Freed, Maxick & Battaglia, CPAs, P.C.
Cash Bar cocktail hour
Friday, November 2, 2012
8:45 - 9:45 a.m.
- Federal Tax Update
A review of the latest developments in Federal taxes for the year 2012; including cases, regulations, laws and administrative materials; with a special emphasis on highlights of the tax implications of Obamacare, the Three Percent Withholding Repeal and Job Creation Act and the Middle Class Tax Relief and Job Creation Act of 2012 and their resulting effects on tax planning for the years 2012 and 2013. Also including a discussion of the implications of the non-passage of Extenders, AMT patch, etc., if no action is taken by Congress by the date of the Tax Institute.
Peter X. Bellanti, CPA, Senior Tax Manager, Amato, Fox & Company, P.C.
Gary D. Borek, Esq., Gary D. Borek, LLC
10 - 11:15 a.m.
- Professional Standards for New York Tax Preparers
New York tax preparers are not currently subject to professional standards or credentials. A task force of broad stakeholders has recommended minimum qualifications and comprehensive standards. Commissioner Mattox will engage practitioners regarding the recommendations while gathering input for upcoming draft regulations.
Thomas H. Mattox, New York State Commissioner of Taxation and Finance
11:30 a.m. - 1:00 p.m.
- New York State Tax Update
Enjoy a fast-paced discussion of "hot" New York State tax developments, including the new Budget Bill. In addition to a review of new cases, legislation and administrative rulings, this presentation will also discuss the State's extremely successful residency audit program, the new criminal tax initiatives and new developments in sales and use tax cases.
Mark Klein, Esq., Hodgson Russ LLP