AICPA Conference on Tax Strategies for the High-Income Individual

Attend the conference with an all-star cast of prominent tax experts, hand-picked by renowned tax expert Sidney Kess, who will share their insights on and inform you about current tax issues that impact your high-income clients.  You receive the latest information on relevant tax issues; there will be several opportunities to network with your peers.

Prominent speakers include:

• Eric Solomon, J.D., Ernst & Young LLP, Washington, DC (Former Assistant Secretary for Tax Policy, U.S. Treasury)
• Jacqueline Patterson, J.D., MBT, CPA, Haney, Buchanan & Patterson, LLP, Los Angeles, CA
• Charles Rettig, Esq., Hochman, Salkin, Rettig, Tosher & Perez, PC, Beverly Hills, CA
• Martin M. Shenkman, CPA, MBA, PFS, J.D., Martin M. Shenkman, P.C., Tenafly, NJ
• Stephen Siegel, J.D., LL.M. (Taxation), The Siegel Group, Morristown, NJ
• And other notable speakers

WHO SHOULD ATTEND
CPAs, attorneys, financial planners, bank trust officers, insurance agents, family office managers, investment advisors, philanthropy specialists and individuals from firms who are responsible for helping their clients accumulate, retain and transfer wealth

Monday, May 3, 2010    Main Conference - Day One   

6:45 am - 5:15 pm         Registration and Message Center Open

6:45 am - 8:00 am         Continental Breakfast in the Exhibit Area

7:00 am - 7:50 am         Early Riser Breakfast Sessions (Select One)

Additional Early Riser Breakfast Sessions to be Announced

201 TAX RESOURCE PANEL
Ellen Cook, CPA, University of Louisiana at Lafayette, Lafayette, LA
Janet C. Hagy, CPA, Hagy & Associates, PC, Austin, TX
Jonathan Horn, CPA, Jonathan Horn, CPA, New York, NY
Melissa Labant, J.D., CPA, CFP, AICPA, Washington, DC
Darren L. Neuschwander, CPA, Neuschwander, Faircloth & Hardy, P.C., Robertsdale, AL

Don’t lose any more sleep over those tough tax questions. Bring them to the AICPA’s Individual Tax Resource Panel for answers. Top tax CPAs from across the country will be available to help solve your most difficult individual tax questions with the objective of bringing home practical and useful answers. This panel was created by the AICPA Tax Division to serve the AICPA members and be a resource for you.

202 ARE YOU PREPARED TO PREPARE THE COMPLEX GIFT TAX RETURN?
Anthony F. Vitiello, LL.M. (Tax), J.D., Connell Foley LLP, Roseland, NJ

This session will provide an in-depth understanding of the technical and presentation issues in reporting complex estate planning techniques and trusts.

7:50 am - 8:00 am         Change Break

8:00 am - 8:20 am         Welcome and Introductions
Sid Kess, CPA, J.D., LL.M., New York, NY

8:20 am - 9:20 am         General Session

1 ESTATE TAX UPDATE
Stanley M. Johanson, LL.B., LL.M., The University of Texas School of Law, Austin, TX

This session will cover legislative developments relating to the estate & gift tax, and predictions of what’s coming next. In-depth review of recent cases and rulings relating to valuation issues, defined value clauses, family limited partnerships, life insurance, qualified plans and IRAs, marital deduction planning, disclaimers, and other estate planning topics.

9:20 am - 10:10 am       General Session

2 SOPHISTICATED PLANNING IN A LOW INTEREST RATE ENVIRONMENT
Stephen Siegel, J.D., LL.M. (Taxation), The Siegel Group, Morristown, NJ

Changes in the law affecting estate planning are coming. We are in the “perfect storm” for planning. Values of assets and businesses have been reduced. Interest rates remain at or near historic lows. Planning techniques to address these issues and reduce transfer tax burdens remain available. Plan to help your clients use what is available now – while you can.

• Consider estate reduction techniques
• Consider estate freezing techniques
• Address increasing and (possibly) changing exemption amounts
• Understand how GRATs, “defective” grantor trusts and SCINs make sense in the current planning environment

10:10 am - 10:40 am      Networking Break in the Exhibit Area

10:40 am - 11:40 am      General Session

3 BEST TAX IDEA PANEL
Moderator: Julie Welch, CPA, Meara Welch Browne, Kansas City, MO
Panelists: Carol Cantrell, CPA, J.D., CFP, Briggs & Veselka Co., Bellaire, TX
Michael Jones, CPA, Thompson Jones LLP, Monterey, CA
Charles Rettig, Esq., Hochman, Salkin, Rettig, Tosher & Perez, PC, Beverly Hills, CA
Carolyn Turnbull, CPA, MST, Moore Stephens Tiller LLC, Atlanta, GA

This fast-paced panel discussion with tax experts will focus on the best and most current tax planning ideas for high-income individuals. The goal is to provide strategies you can take away and implement immediately with your clients.

11:40 am - 12:30 pm     General Session

4 ROTH CONVERSION: NO MORE LIMITS
Michael Jones, CPA, Thompson Jones LLP, Monterey, CA

This session will cover:

• Impact of 2010 changes
• Planning opportunities
• Deciding: Do or Don’t Convert?
• Which year to have income taxable

12:30 pm - 1:30 pm       Lunch

1:30 pm - 1:40 pm         Change Break

1:40 pm - 2:40 pm         General Session

5 INDIVIDUAL INCOME TAX UPDATE
Vern Hoven, CPA, EA, CSPS, MT, Vern Hoven Tax Seminars, Gig Harbor, WA
Sharon Kreider, CPA, EA, Sharon Kreider, CPA, Sunnyvale, CA

A popular session that focuses on recent legislation, cases and rulings that affect your high income client. The session will cover:

• Review of tax law changes for 2010
• Highlight recent tax court cases and IRS rulings affecting high-income taxpayer issues
• Discuss tax planning ideas for high-income clients, including charitable giving, capital gains and losses, home mortgage interest and AMT
• Worker Homeownership and Business Assistance Act of 2009
• Extender Legislation

2:40 pm - 3:10 pm         Networking Break in the Exhibit Area

3:10 pm - 4:10 pm         Concurrent Sessions (Select One)

6 FIDUCIARY ACCOUNTING
Jacqueline Patterson, J.D., MBT, CPA, Haney, Buchanan & Patterson, LLP, Los Angeles, CA

The AICPA has been actively involved in providing guidance to practitioners in the proper accounting for fiduciary assets. This presentation reviews the progress made, the changes that have occurred and the challenges that continue to exist.

• AICPA fiduciary accounting toolkit
• 2008 updates to the Uniform Principal & Income Act
• Fiduciary accounting for partnerships
• Fiduciary accounting engagement issues

7 AMT & NOL - WHAT’S NEW AND “THE CONNECTION”
Joseph Walloch, CPA, MBA, MBT, Walloch Accountancy Group, Redlands, CA

In this session you will learn how to minimize or eliminate AMT!

• Maximize your client’s NOL tax refunds
• Cash in on unused AMT and research credits
• Learn about maximizing NOL carry backs up to 10 years

8 UPDATE ON S CORPORATIONS
Sydney S. Traum, BBA, J.D., LL.M. (Tax), CPA, Sydney S. Traum, P.A., Miami Beach, FL

A discussion of recent developments involving S corporations, including:

• Latest legislation
• Recent court decisions and rulings
• New IRS regulations
• Inadvertent termination
• Late filing of Form 2553
• Reclassification of distributions as salaries
• Creating basis for the pass through of losses and deductions

9 AVOIDING THE 100% LITIGATION TAX: OFFSHORE AND DOMESTIC STRATEGIES
FOR ASSET PROTECTION
Barry S. Engel, J.D., Engel & Reiman PC, Denver, CO

This session will include:

• The asset protection component of integrated estate planning
• Proper timing and proper planning vs. fraudulent transfers
• Overview of available planning techniques
• Domestic-based trusts in asset protection planning
• Foreign-based trusts in asset protection planning
• Going offshore in today’s political environment
• Overview of Asset Protection Planning Model
• Areas of liability exposure of which all planners should be aware

10 BENEFICIARY DEFECTIVE INHERITOR’S TRUST (BDIT): THE QUINTESSENTIAL WEALTH PLANNING STRATEGY – CASE STUDIES AND PRACTICAL APPLICATIONS
Richard A. Oshins, J.D., LL.M. (Taxation), AEP® (Distinguished), Oshins & Associates, LLC,
Las Vegas, NV

The BDIT might be the most powerful estate planning technique available to planners.  It produces transfer tax savings and creditor protection even though the client has managerial control as well as the use and enjoyment of the assets.

• “Freeze,” “squeeze” and “burn” the client’s estate
• Why the “tax burn” can shift more wealth than estate “freezes” and valuation discounts combined
• Protect the client’s business from the IRS transfer tax and predators
• Use of the BDIT has widespread application, including:

- as a retirement planning vehicle - an ILIT
- for buy-sell planning - to enhance asset protection trusts

4:10 pm - 4:20 pm         Change Break

4:20 pm - 5:20 pm         Concurrent Sessions (Select One)

11 IMPLEMENTING YOUR PLAN
Lyle Benson Jr., CPA, PFS, CFP, L.K. Benson & Company, Baltimore, MD
Jerry Love, CPA, PFS, CFP, Davis, Kinard & Co., P.C., Abilene, TX

This session will address both planning for retirement needs and the planning needed during retirement. Will there be enough to support their lifestyle? This session will also address the planning stage and consideration of how to project the retirement needs.

• How much can they distribute per year?
• How do you structure the payout?
• Do they risk outliving their retirement funds?
• What changes in the portfolio need to be made?
• Monitoring plan against expectations and goals

12 A VISIT TO STANLEY’S ESTATE PLANNING TOOLBOX
Stanley M. Johanson, LL.B., LL.M., The University of Texas School of Law, Austin, TX

A review of basic planning techniques that should be used more often by clients (a) in good health or (b) in rapidly declining health – techniques that are (i) inexpensive to implement and (ii) easy for the client to understand:

• Gifts that move from “control” to “minority”
• Fractional interest deeds
• Deathbed gifts of life insurance policies
• Prepaying grandchildren’s tuition
• Rev. Rul. 93-12 and why lifetime gifts are cheaper than testamentary gifts
• Valuation traps in funding marital and charitable gifts – of control premiums and minority discounts
• Using certified checks for annual exclusion gifts
• Why you shouldn’t have deleted your Grantor Retained Income Trust forms
• All of this and a bunch of other good stuff from the toolbox

13 CHARITABLE PLANNING
Lawrence P. Katzenstein, J.D., Thompson Coburn LLP, St. Louis, MO

This session will cover: sophisticated charitable planning strategies and new developments, including planning techniques for a low interest rate environment, the importance of post-mortem charitable planning and rescuing failed charitable plans.

14 PASSIVE ACTIVITY RULES
Carolyn Turnbull, CPA, MST, Moore Stephens Tiller LLC, Atlanta, GA

With the economic downturn, many more taxpayers are wrestling with the complexity of the passive loss rules than in recent years. This timely session will include:

• An overview of the statute and regulations, including activity aggregation and segregation, and triggering suspended passive losses
• Discussion of recent cases and rulings
• Discussion of planning opportunities and pitfalls

15 EFFECTIVELY ACCESSING CREDIT MARKETS
Marcus Mitchell, Managing Director, Head of Banking and Structured Lending,
Deutsche Bank Wealth Management, New York, NY

The session will explore how affluent clients can access the credit markets, including:

• Utilizing credit to enhance planning
• Effectively managing floating interest rates
• Unlocking asset value with credit solutions

5:20 pm - 6:20 pm         Networking Reception in the Exhibit Area

7:00 pm    Special Event: Viva Elvis (Cirque du Soleil) – Additional Fee

Tuesday, May 4, 2010  Main Conference - Day Two   

6:45 am - 5:30 pm         Registration and Message Center Open

6:45 am - 8:00 am         Continental Breakfast in the Exhibit Area

7:00 am - 7:50 am         Early Riser Breakfast Sessions (Select One)

Additional Early Riser Breakfast Sessions to be Announced

206 NEW CLOUD-BASED TECHNOLOGIES IN TAX DOCUMENT AUTOMATION
Edward V. Jennings, President and CEO, Copanion, Andover, MA

Learn how to reduce tax preparation time and increase productivity with a revolutionary new web-based application – that takes the grunt work out of paperwork, and frees tax professionals to focus on high-value activities and high-quality customer service. This web - or cloud-based application makes it easy for firms of all sizes to use scanned tax documents to prepare returns. Staff can scan a client’s “shoebox” of tax documents, and the online application then automatically identifies, organizes and labels the scanned tax documents into a PDF file, with the document issuer’s name on each bookmark. The labeled bookmarks allow you to quickly find and review any tax document in even the most complex returns. CPA firms can standardize their workflow with consistently organized tax workpapers that allow staff to quickly find and enter tax data. Cloud-based technology can now also automatically convert trade details on scanned 1099 Consolidated Brokerage Statements into a standard Microsoft Excel spreadsheet file for easy manipulation and import of trade details.

207 EFFECTIVE RETIREMENT STRATEGIES AND THE AICPA FIRM-BASED MEMBER RETIREMENT PROGRAM
Ken Burtnick, Senior Product Manager, Paychex, Inc., Rochester, NY

In today’s economic climate, clients have never more needed their CPA’s proactive review of their retirement positions to help ensure their long-term financial well-being. In addition, this is an opportune time for CPAs to step back and consider their own retirement strategy. The AICPA Member Retirement Program - constructed by CPA members – is an excellent retirement solution to help firms and individuals achieve their retirement goals with ease and affordability. This session includes:

• Information on effective retirement plan strategies
• Discussion on Simple IRA vs. 401(k)
• Review of the unique benefits your firm can enjoy through the AICPA Member Retirement Program.

Join this session to explore current retirement advances and evaluate your own present retirement strategy.

208 TAX AND ESTATE PLANNING FOR ART AND COLLECTIBLES
Jeremiah W. Doyle, Managing Director, BNY Mellon Private Wealth Management, Boston, MA

Many wealthy individuals have accumulated art, sports memorabilia or other collectibles. The session will begin with a discussion of the income taxation of gains, the deductibility of expenses and losses and the tax-free exchange of art and collectibles.  The discussion will then focus on how to structure a charitable gift of art and collectibles including fractional gifts of artwork, the related use rule and gifts of partial and future interests of art and collectibles.  The discussion will conclude with an overview of the various estate planning techniques that can be used to retain art and collectibles in the family including the use of a private operating foundation as the owner's private museum.

Additional Early Riser Breakfast Sessions to be Announced

7:50 am - 8:00 am         Change Break

8:00 am - 8:10 am         Morning Announcements

8:10 am - 9:10 am         General Session

209 Roth Conversion Q&A
Robert S. Keebler, Baker Tilly Virchow Krause, LLP, Appleton, WI

16 HOT TOPICS IN PARTNERSHIP AND LLC TAX PLANNING
Charles R. Levun, J.D., Levun, Goodman & Cohen, LLP, Northbrook, IL

This session will analyze several transactions involving mandatory partnership/LLC tax distribution provisions and their integration with IRC Section 704(c) and tax-deferred debt financed partnership/LLC distributions and their correlation with IRC Sections 704(b) and 752.

9:10 am - 10:00 am       General Session

17 THE BIG PICTURE: OUR VIEWS ON THE GLOBAL ECONOMY
Benjamin A. Pace III, Chief Investment Officer, Head of Global Investment Solutions, Deutsche Bank Private Wealth Management, New York, NY

This session will discuss:

• Asset class views
• Equities
• Real estate
• Hedge funds
• Fixed Income
• Commodities
• Private equity investment strategy portfolio positioning

10:00 am - 10:30 am      Networking Break in the Exhibit Area

10:30 am - 11:20 am      General Session

18 PLANNING FOR DISTRESSED REAL ESTATE
Louis S. Weller, J.D., MPP, Principal, Deloitte Tax LLP, San Francisco, CA

This presentation will cover creative planning in connection with distressed real estate and entities owning distressed real estate, ranging from offsets to discharge of indebtedness income, to like-kind exchanges, to bringing in new equity, to converting debt to equity, and to the UPREIT concept.

11:20 am - 12:10 pm     General Session

19 TAX PLANNING UPDATE FOR CLOSELY-HELD BUSINESSES
John Connors, J.D., CPA, LL.M., Tax Educators’ Network (TEN), Inc., Mequon, WI

This session will cover business planning topics such as:

• President Obama’s proposed tax reforms
• Will C corps re-emerge as an entity of choice?
• Expanded definition of qualified leasehold improvements
• With dramatic rate changes, should Section 179 still be elected?
• Cancellation of indebtedness exceptions expanded for businesses
• Telecommuting - tax issues impacting both employees and employers
• IRS guidance on S corp issues involving compensation, medical insurance and stock basis
• C corp electing S status: allowed built-In loss for bonuses pegged against cash basis receivables
• Taking advantage of the special 5-year NOL carryback rules

12:10 pm - 1:10 pm       Lunch

1:10 pm - 1:40 pm         General Session

20 OUTLOOK FOR TAX LEGISLATION AND TREASURY/IRS ADMINISTRATIVE ACTION
Eric Solomon, J.D., Ernst & Young LLP, Washington, DC (Former Assistant Secretary for
Tax Policy, U.S. Treasury)

This session will discuss current tax legislative developments. It will also highlight recent and anticipated regulatory and other tax guidance issued by the Treasury Department, as well as IRS administrative activity.

• Legislative developments: Administration budget proposals and tax reform
• Regulatory and other tax guidance: current areas of focus for guidance
• IRS administrative activity: trends in IRS enforcement

1:40 pm - 2:30 pm         General Session

21 PLANNING FOR CLIENTS WITH CHRONIC ILLNESS
Martin M. Shenkman, CPA, MBA, PFS, J.D., Martin M. Shenkman, P.C., Tenafly, NJ

For tens of millions of clients, chronic illness affects every aspect of planning: their income tax issues, financial and investment planning, insurance, charitable giving, estate planning and business succession. This session will provide a practical understanding of the special planning considerations for clients living with chronic illness. Specific tax and planning strategies you can use to help them and their families/loved ones will be presented, including:

• Broaching the subject with clients
• Income tax issues:

- Disability planning
- Charitable planning

• Business succession planning
• Estate planning

2:30 pm - 3:00 pm         Networking Break in the Exhibit Area

3:00 pm - 4:00 pm         Concurrent Sessions (Select One)

22 USING TRUSTS TO HELP YOUR CLIENTS IMPLEMENT THEIR LEGACY
Jeff Saccacio, Managing Director, Head of Wealth Planning - Western Region,
Deutsche Bank Private Wealth Management, Costa Mesa, CA

As wealth moves inter-generationally, planning solutions must remain relevant and flexible to adapt to the ever-changing landscape. With over 200 years of history behind them, trusts will remain a significant planning solution for implementing client legacies. The session will focus on key issues and methods for integrating trusts into your planning, including:

• Enhancing impact of trust solutions
• Situs selection
• Key document provisions

23 COMMON ESTATE AND FINANCIAL PLANNING MISTAKES
Martin Finn, CPA, J.D., LL.M., Lavelle & Finn, LLP, Latham, NY

This session will review the ten most common estate, tax and financial blunders made by clients and, more importantly, the immediate solutions that we can provide. Some of the issues covered include:

• The need for basic estate planning documents, including a last will & testament, a power of attorney and a healthcare proxy
• Why an annual review of insurance coverage (e.g., property, life, and health) is essential
• The potential disasters of failing to review and update beneficiary designations
• Planning for disabled or special need family members

24 INTERNATIONAL TAX PLANNING
Carolyn Turnbull, CPA, MST, Moore Stephens Tiller LLC, Atlanta, GA

Globalization is no longer just for big business. Smaller companies are increasingly considering offshore business opportunities. This session will discuss many of the common tax issues companies face as they expand their businesses beyond the U.S.

• Choice of entity
• Tax filing and withholding requirements
• Treaty implications
• Use of the foreign tax credit to mitigate double taxation
• Tax considerations for the owner of the company

25 WANTED! FAMILY LIMITED PARTNERSHIPS DEAD OR ALIVE?
Stephanie Loomis-Price, B.A., M.S., J.D., Baker Botts LLP, Houston, TX

This session will provide practical tips with some discussion on recent developments in audits and case law related to family limited partnerships. Topics addressed will include:

• Determine when it is feasible to create a partnership
• Optimize partnership formation to avoid IRS attack
• Advise clients on proper partnership operation
• Counsel clients during IRS examination of partnerships
• Respond to IRS requests to protect clients’ interests

26 PLANNING SOFTWARE
Mark Plostock, CPA.CITP, IT Dept. Ltd., Syosset, NY

After learning an extraordinary amount of information at this conference, find the latest in technology to put these ideas into action and make your practice state of the art.

• Estate planning software
• Financial planning software
• Privacy software

4:00 pm - 4:10 pm Change Break

4:10 pm - 5:10 pm         Concurrent Sessions (Select One)

27 EXIT STRATEGIES IN FLOW THROUGH ENTITIES
Carol Cantrell, CPA, J.D., CFP, Briggs & Veselka Co., Bellaire, TX

This discussion is a must for those who want an orderly, tax-efficient, and surprise-free partnership or S corporation dissolution. Session topics will include:

• Disproportionate distributions
• Taxation of marketable securities
• Taxation of “hot assets”
• How the 754 election impacts the decision
• Property distributions
• Merging or dividing the entity
• Mandatory basis adjustments for substantial built-in loss property
• Differences between unwinding partnerships and S corporations

28 THE PET, THE ESTATE: 70+ MILLION POTENTIAL NEW CLIENTS
Rachel Hirschfeld, J.D., New York, NY

Pet owner’s efforts to provide for their pets’ ongoing care is gaining acceptance. Did you know that by law, pets are property and treated as such? How does this relate to estate planning? Is the Will enough? What is the difference between a Pet Trust and a Pet Protection Agreement? This session will review:

• Infamous cases such as Leona Helmsley and Oprah Winfrey – celebrities who provided millions for their pet’s continued care
• The silent explosion of interest among pet owners who would provide continuing care for their beloved pets, if they were aware it was an option
• When something happens to the pet owner – such as an accident, illness or death – a Pet Trust or a Pet Protection Agreement becomes critical

An educated advisor knows the right question to ask – simply, “What about the pets?” and where to find the answers.

29 STATE TAX PLANNING: NEXUS
Mark S. Klein, Esq., Hodgson Russ LLP, New York, NY

Faced with growing deficits, states are aggressively targeting out-of-state businesses and individuals who might be liable for taxes. This program will discuss the rules that allow states to tax nonresidents, and provide guidance on how to reduce those taxes, protect assets and avoid pitfalls when working in or moving between multiple states.

• Changing residency
• Filing obligations in other states
• Overview of tax rules and compliance initiatives
• Planning opportunities and traps for the unwary

30 HOW CPAs GET IN TROUBLE
William R. Cousins III, CPA, J.D., LL.M. (Tax), Meadows Collier Reed Cousins & Blau, LLP,
Dallas, TX

As CPAs expand their practices into new arenas, they assume additional risks. This presentation will discuss some of those issues so that risks can be intelligently managed, including:

• The CPA as investment advisor
• Serving as a valuation advisor
• Safeguarding client identity and information under Section 7216
• Taking on additional fiduciary roles, like trusteeships and executorships

31 EDUCATION PLANNING
Rick Darvis, CPA, CCPS, National Institute of Certified College Planners, Plentywood, MT

Most college grants and scholarships are based on the income of the parents, not the student’s academic excellence. Therefore, income reduction strategies during college years can give clients a double benefit of tax reduction and increased financial aid for a student. Also, colleges will award scholarships to students from affluent families by creating competition among the colleges for students.

• Learn how high-income families can obtain “tax scholarships”
• Learn how families with any income level can qualify for grants and scholarships
• Learn how to maximize the education tax incentives
• Get insider tips on how to negotiate for scholarships

5:10 pm            Conference Adjourns

Bellagio
3600 Las Vegas Blvd. South.
Las Vegas, NV 89109

Hotel Phone: (702) 693-7111
Hotel Online Reservation: Click here
Hotel Reservations: (888) 987-6667
Hotel Room Rate: $189 single/double
Hotel Reservation Cutoff Date: March 31, 2010*

* Please note that this conference is expected to sell out, and that the hotel room block may be sold out prior to the reservation cutoff date.