Year-End Tax Update Series

2020 has been a year of unprecedented change, including new tax rules and regulations for businesses to learn and follow. Our Year-End Tax Update will cover these new tax rules and regulations and will include a comprehensive review of the changes made by the Further Consolidated Appropriations Act, The CARES Act, the SECURE Act and the PPP Flexibility Act. We’ll also discuss guidance promulgated under the Tax Cuts and Jobs Act as well as new case law and other guidance.

We are offering this update as a series of five virtual sessions instead of one 8-hour session. Please join us for any (or all) of the below sessions.

Topic: Paycheck Protection Program (PPP) Update, Limitations on Business Losses and Mandatory Partnership Tax Capital Reporting

Thursday, October 29, 1 – 3 p.m. CDT

Learning Objectives:

• Review current PPP legislation
• Outline current business loss limitation provisions, including the section 461(l) Excess Business Loss provisions and the net operating loss provisions
• Review section 165(i) Disaster Relief Information
• Explore the new Tax Capital Reporting requirement

Presenters: 

Adam Sweet, JD, LLM, Principal in Charge of Passthrough Entity Consulting
Adam has extensive knowledge in the area of partnership tax, including interpreting partnership agreements, allocation and distribution provisions, and issuing profits interests. He is also experienced with both the buying and selling sides of domestic and foreign joint ventures, as well as a variety of IRS controversy matters, including IRS exams and appeals hearings.  Adam is also part of Eide Bailly’s Opportunity Zone and Paycheck Protection Program working groups. 

Carolyn Linkov, JD, Principal in Charge of Mergers and Acquisitions
Carolyn advises buyers and sellers on all aspects of mergers and acquisitions. She has more than 20 years of experience working with both public and private companies on federal income tax implications of various corporate reorganizational issues, including spin-offs, taxable asset sales and tax-free reorganizations. She has worked with clients in transaction structuring; evaluation of tax provisions in purchase & sale agreements; effects on owners; employee compensation issues; tax treatment of transaction costs; purchase price allocations; change in control matters; NOL limitation issues; and the adoption of or change to new accounting methods. 

Andrea Mouw, JD, CPA, Partner in Charge of Accounting Methods and Periods
Andrea has more than 13 years of experience providing tax consulting and advisory services to a wide range of clients.  Her primary area of focus is accounting methods including income and expense recognition, inventory, capitalization and cost recovery.  She also assists clients in filing accounting method change requests (Form 3115) and advises on a number of issues related to the TCJA including section 163(j), section 168(k) and small taxpayer accounting method opportunities as well as issues related to virtual currency and debt instruments and modifications.

Joe Kristan, CPA, Partner 
Joe works primarily with closely held businesses to help clients succeed by finding a tax-friendly path to their goals. In addition to client service, Joe teaches practitioner tax schools and writes tax articles. He is principal contributor to the Eide Bailly Tax News and Views blog, providing daily updates on tax reform and other tax news. Joe is a Certified Public Accountant, as well as a member of the AICPA Tax Section and the Iowa Society of Public Accountants.

Topic: IRS Audit Update and Tax Planning Trends

Thursday, November 12, 1 – 3 p.m. CST

Learning Objectives:

• Review current opportunities surrounding Qualified Opportunity Zones
• Outline IRS Audit Updates including information related to Micro-captives, Penalties and Conservation Easements
• Review the Bipartisan Budget Act and its impact on IRS audits and partnerships
• Identify key international tax considerations including GILTI and FDII
• Explore estate planning opportunities under current environment

Presenters:

Adam Sweet, JD, LLM, Principal in Charge of Passthrough Entity Consulting
Adam has extensive knowledge in the area of partnership tax, including interpreting partnership agreements, allocation and distribution provisions, and issuing profits interests. He is also experienced with both the buying and selling sides of domestic and foreign joint ventures, as well as a variety of IRS controversy matters, including IRS exams and appeals hearings.  Adam is also part of Eide Bailly’s Opportunity Zone and Paycheck Protection Program working groups. 

Benjamin Peeler, JD, CPA, LL.M., Partner in Charge of IRS Tax Controversy Services
Ben joined the firm early in 2014 with many years of tax experience, both as an attorney and an accountant. He specializes in federal tax, controversy and procedure work, assisting with clients in the areas of income tax, estate and gift tax, property tax, sales and use tax, estate planning and many other tax matters. Ben's vast experience includes representing clients before the IRS, as well as representing the IRS before the US Tax Court and during litigation before the federal district courts as a special assistant to the United States Attorney. Today, Ben leads the firm's IRS Practices & Procedures as a federal tax, controversy and procedure specialist and serves on Eide Bailly's National Tax Office team that is committed to helping clients resolve their tax issues.

Shannon Lemmon, CPA, Partner in Charge of International Tax
Shannon leads the firm’s International Tax team with more than 20 years of public accounting experience and a diverse background in both the consultative and compliance service areas of international tax. She is experienced in the areas of inbound and outbound international tax planning and compliance issues for both companies and their shareholders. Shannon works closely with HLB International member firms to assist clients with international structuring and identifying tax efficient entry into new markets and is a member of HLBI’s International Tax Committee.  She is responsible for assisting clients, educating staff and providing thought leadership on a variety of international tax matters.

Ava Archibald, EA, Principal in Charge of Wealth Transition Services
Ava specializes in helping clients plan for the future success and prosperity of their businesses and families. Since 2006, she has provided Eide Bailly clients with her expertise in transition and estate planning, as well as gift and fiduciary compliance and overall financial planning. Ava provides estate, gift and fiduciary compliance, and tax planning services with a special emphasis in wealth transfer and estate planning. She assisted clients with the development and execution of their estate plan and advised clients on establishing lifetime gifting strategies such as the use of GRATs, IDGTs, charitable trusts, family partnership and sales to grantor trusts. Ava also presents in educational workshops and seminars on estate, gift and fiduciary tax and wealth transition opportunities.

Topic: Legislative Update: Review the “Acts”

Tuesday, December 8, 11 a.m. – 1 p.m. CST

Learning Objectives:

• Review legislation enacted in 2020, including the Families First Coronavirus Response Act, CARES Act, and the PPP Flexibility Act, as well as the SECURE Act from 2019
• Discuss legislation under consideration during any lame duck session
• Outline key considerations related to the Employee Retention Credit
• Identify the appropriate steps to request advance payment of the tax credits for qualified sick and qualified family leave wages and the employee retention credit

Presenters:

Mel Schwarz, JD, CPA, Director of Legislative Affairs
Mel has over 37 years of experience specializing in legislative affairs, including development and implementation of tax legislation at the national level. He spent 6 years on the staff of the Joint Committee on Taxation and has served as the chairman of the Tax Legislation Committee of the AICPA. He spends his time at the capitol meeting with legislators, listening in on updates impacting tax processes and procedures and providing timely updates and education on issues and opportunities impacting clients. He is a sought-after speaker for many AICPA, TEI and FEI conferences.

Jim Donovan, CPA, Partner 
Jim has 20 years of tax consulting experience primarily focused on tax credits for a variety of industries. He helps clients benefit from federal and state R&D tax incentives, which can include additional deductions and credits for activities many businesses simply consider a necessity to remain competitive in today's marketplace. He also provides assistance with IRS and state taxing authorities to support R&D credit claims and has written articles on tax incentives.

Angie Ziegler, CPP, National BOS Senior Manager
Angie has 17 years of accounting experience for large and small businesses in a variety of industries. Angie provides accounting services to all types of business owners. Whether it's detailed technical accounting work or payroll demands, she and her team serve as the outsourced accounting department.

She provides payroll processing and compliance reporting services, prepares financial statements and files sales and use tax returns, prepares and files payroll tax returns in almost all 50 states, and provides guidance for businesses on day-to-day payroll activities, federal and state notices, garnishments and tax updates. Angie also frequently presents on employment-related accounting topics.

Ava Archibald, EA, Principal in Charge of Wealth Transition Services
Ava specializes in helping clients plan for the future success and prosperity of their businesses and families. Since 2006, she has provided Eide Bailly clients with her expertise in transition and estate planning, as well as gift and fiduciary compliance and overall financial planning. Ava provides estate, gift and fiduciary compliance, and tax planning services with a special emphasis in wealth transfer and estate planning. She assisted clients with the development and execution of their estate plan and advised clients on establishing lifetime gifting strategies such as the use of GRATs, IDGTs, charitable trusts, family partnership and sales to grantor trusts. Ava also presents in educational workshops and seminars on estate, gift and fiduciary tax and wealth transition opportunities.

Topics: Ongoing Impacts of the TCJA and CARES Act; Payroll Tax Update

Wednesday, December 16, 1 – 3 p.m. CST

Learning Objectives:

• Review the Section 199A deduction for Qualified Business Income
• Analyze impacts on choice-of-entity decisions
• Outline key depreciation and amortization considerations including bonus depreciation, QIP and other opportunities
• Discuss the section 163(j) interest deduction limitations
• Outline accounting methods available for small taxpayers and the impact of the new revenue recognition rules
• Explore key payroll considerations related to COVID

Presenters:

Adam Sweet, JD, LLM, Principal in Charge of Passthrough Entity Consulting
Adam has extensive knowledge in the area of partnership tax, including interpreting partnership agreements, allocation and distribution provisions, and issuing profits interests. He is also experienced with both the buying and selling sides of domestic and foreign joint ventures, as well as a variety of IRS controversy matters, including IRS exams and appeals hearings.  Adam is also part of Eide Bailly’s Opportunity Zone and Paycheck Protection Program working groups. 

Andrea Mouw, JD, CPA, Partner in Charge of Accounting Methods and Periods
Andrea has more than 13 years of experience providing tax consulting and advisory services to a wide range of clients.  Her primary area of focus is accounting methods including income and expense recognition, inventory, capitalization and cost recovery.  She also assists clients in filing accounting method change requests (Form 3115) and advises on a number of issues related to the TCJA including section 163(j), section 168(k) and small taxpayer accounting method opportunities as well as issues related to virtual currency and debt instruments and modifications.

Mark Rogers, Principal in Charge of Fixed Asset Services
Mark has over 16 years of experience helping taxpayers identify and implement tax-saving strategies made available through building, acquiring, renovating and designing property. As the leader of the Fixed Asset Services (FAS) group, Mark oversees a national team of CPAs, Professional Engineers, energy modelers, LEED professionals, architects and construction specialists.  The FAS group is over 20 strong with wide industry experience performing Fixed Asset Planning, 179D Energy Deduction, Cost Segregation, 45L Energy Credit, Tangible Property Regulations and Construction Tax Planning studies.

Angie Ziegler, CPP, National BOS Senior Manager
Angie has 17 years of accounting experience for large and small businesses in a variety of industries. Angie provides accounting services to all types of business owners. Whether it's detailed technical accounting work or payroll demands, she and her team serve as the outsourced accounting department.

She provides payroll processing and compliance reporting services, prepares financial statements and files sales and use tax returns, prepares and files payroll tax returns in almost all 50 states, and provides guidance for businesses on day-to-day payroll activities, federal and state notices, garnishments and tax updates. Angie also frequently presents on employment-related accounting topics.

BONUS SESSION
Topic: Post-election Hot Topics and Tax Issues Related to Debt Workouts & Bankruptcy During the COVID-19 Outbreak

Thursday, January 14, 11 a.m. – 1 p.m. CST

Learning Objectives:

• Review key tax considerations related to bankruptcy and debt modifications
• Outline state and local tax changes
• Identify the direction of future tax legislation in light of the 2020 election
• Discuss virtual currencies and related tax consequences

Presenters:

John Gupta, Principal in Charge of State and Local Tax
John has 24 years of experience working in state and local taxation matters. He specializes in multi-state tax advisory, planning, controversy and compliance services. He is also a sought after thought leader and speaker related to state and local taxes.

Mel Schwarz, JD, CPA, Director of Legislative Affairs
Mel has over 37 years of experience specializing in legislative affairs, including development and implementation of tax legislation at the national level. He spent 6 years on the staff of the Joint Committee on Taxation and has served as the chairman of the Tax Legislation Committee of the AICPA. He spends his time at the capitol meeting with legislators, listening in on updates impacting tax processes and procedures and providing timely updates and education on issues and opportunities impacting clients. He is a sought-after speaker for many AICPA, TEI and FEI conferences.

Andrea Mouw, JD, CPA, Partner in Charge of Accounting Methods and Periods
Andrea has more than 13 years of experience providing tax consulting and advisory services to a wide range of clients.  Her primary area of focus is accounting methods including income and expense recognition, inventory, capitalization and cost recovery.  She also assists clients in filing accounting method change requests (Form 3115) and advises on a number of issues related to the TCJA including section 163(j), section 168(k) and small taxpayer accounting method opportunities as well as issues related to virtual currency and debt instruments and modifications.

Year-End Audit Update Series
Click here to learn about our upcoming Year-End Audit Update Series.

Additional Information:
This is a Group-Internet Based Webinar. No prerequisites or advanced preparation required.

For information regarding refund, complaint and program cancellation policies, please contact Amy DeGeorge.