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.
Learning Objectives
Updates on local tax issues.
Provider
Maryland Association of CPAs
Course Level
Basic
Professional Area of Focus
Legislative & Regulatory
Tax
Personal Financial Planning
Practitioners
CPE Field of Study
Taxes
16
Who Should Attend
All CPAs with an interest in taxes and tax planning
Speaker: David DeJong, CPA, LL.M, ABV, CVA, Stein, Sperling, Bennett De Jong, Driscoll & Greenfeig, P.C.
The presentation will highlight the most important provisions of the Tax Cuts and Jobs Act with a focus on those provisions where there remains a lack of clarity. It will also look at the most important and most interesting federal tax cases and rulings in the previous 12 months that affect individuals and businesses as well as significant procedural changes in dealing with the IRS.
9:50 am
Break
10:00 am
Tax Considerations for Short Term Rentals
Speaker: Thomas Nice, CPA, MBA, MST, CohnReznick, Daniel King, CPA, CohnReznick
With the increasing popularity of Airbnb, short term rental properties are becoming more common. Whether renting a portion of their primary residence, or renting a vacation house, there are tax implications that must be considered. We will discuss short term rental tax topics CPAs and their clients should be aware of.
11:30 am
Lunch
12:30 pm
Form 990 Series – Pitfalls to Avoid and Non-Profit Tax Update
The series Form 990 provides vital financial, operational, governance information about a tax-exempt organization. This session will discuss errors often made by tax-exempt taxpayers on Forms 990, 990-T, and 990-PF. This session will also provide an update on recent tax developments impacting the non-profit sector.
1:45 pm
Common Tax Errors in Employee Compensation and Benefits
Speaker: Eddie Adkins, Grant Thornton
This session will feature a speaker who has specialized in the taxation of employee compensation and benefits for over 30 years. During this session, he will share the most common mistakes he has seen over the years in correctly applying rules that govern the taxation of compensation and benefits. The session will also include a discussion of how to correct errors when they are discovered.
3:15 pm
Break
3:30 pm
The United States Tax Court: A View From the Bench
Speaker: Judge Paige Marvel, US Tax Court
Judge Marvel will review the state of the court and discuss current developments of interest to practitioners. Judge Marvel will also discuss future developments that will likely affect Tax Court operations and the litigation experience of practitioners.
The session will focus on the information that a sole proprietor small business owner will use to report business income, expenses, and tax credits on his or her individual income tax return. It will also provide an update on recent tax developments impacting the sole proprietor small business owner particularly the Qualified Business Income (QBI) Deduction. We will also examine best practice tax administration rules for the sole proprietor such as making estimated tax payments, keeping adequate records, mileage log, and home office deduction guidance.
9:30 am
Break
9:45 am
New IRS Partnership Audit Rules
Speaker: Nicholas Preusch, JD, LL.M – PBMares
Starting tax years 2018, the IRS has changed the way they will audit partnership tax returns and increase the amount of partnership tax returns they audit. In our discussion, we will go over these new rules and how to properly safe guard your practice from any malpractice issues that can arise from these new audit rules. In addition, we will go over what you should be telling your partnership clients about these rules and whether they will need to amend their partnership agreements.
11:00 am
Planning to Maximize the Code Section 199A Passthrough Deduction
Speaker: Richard Chisholm, JD, CPA – Ward Chisholm
After a brief overview of Code Section 199A, including the recently released Treasury Regulations, the session will review several typical client scenarios. These scenarios will address planning for clients eligible to receive the full 199A deduction, clients who are in the phase-out, and clients to whom the W-2 wage limitations apply. The session will also review of the rules relating to specified services trades or businesses and planning opportunities for those clients.
12:00 pm
Lunch
1:00 pm
Legislative Update: Untangling the Aftermath of Tax Reform
Speaker: Dustin Stamper, Grant Thornton
The ink was barely dry on the Tax Cuts and Jobs Act before taxpayers began uncovering the technical glitches, ambiguous areas, and unintended consequences. This presentation will identify some of the stickiest issues and the outlook for their resolution through guidance and legislation. We’ll cover the possibility of technical corrections, whether there’s any hope for bipartisan tax measures this year, and what tax reform 2.0 efforts mean for the long-term future of TCJA.
2:30 pm
Break
2:40 pm
Economic Update
Speaker: Dr. Darius Irani, Towson University
The presentation will explore the national, regional and state economic trends impacting Maryland’s economy. From these trends, an economic forecast for the state of Maryland will be presented.
