53rd CHESAPEAKE TAX CONFERENCE (Day Two)

Description

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.

 

Provider
Maryland Association of CPAs
Course Level
Overview
Professional Area of Focus
Tax
CPE Field of Study
Taxes
8
Prerequisites

None

Advanced Preparation

None

Location
LIVE- ONLINE WEBCAST
Event Information
When
Sep 30, 2022
8:00 am - 4:30 pm EDT
Location
LIVE- ONLINE WEBCAST
Total CPE Credits
8
Format
Live Webcast

Agenda

Day 1

09/30/2022
8:00 am
Social Security Benefits and Medicare – The Basics

Speaker:  Richard P. Neuworth, Esq., Lebau and Neuworth, LLC

This session will educate members on the importance of both Social Security regular and disability benefits as part of tax planning and financial planning including retirement. The program will show how these flexible benefits can be used to handle a variety of financial issues. In addition, a discussion of eligibility for various health insurance plans as well.

9:15 am
Dealing with the IRS in the Post COVID environment

Speaker:  Stuart Schabes, Shareholder, Baker Donelson

This session will include an extensive discussion on dealing with the IRS in the Post COVID environment including important updates on IRS processing of returns, enforcement efforts ( both from a civil and criminal perspective) and those applicable to the COVID programs including Employee Retention Credit related matters as well as what the new significant increase in funding for the IRS may mean for taxpayers and accountants.

10:45 am
Special Needs Planning Overview and Update

Speaker:  Mary O’Byrne, J.D., M.B.A., O’Byrne Law LLC

Approximately 20% of the U.S. population identifies as having a disability. This session will present an overview of different estate planning tools that can be helpful for people with disabilities and their families. With a particular focus on eligibility for important government benefits that are financially tested, we will discuss different types of special needs trusts; when and how they can be best used; funding special needs trusts with retirement accounts; the use of ABLE Accounts; and the impact of the SECURE Act in special needs planning.

12:00 pm
Lunch Break
1:00 pm
Section 754

Speaker:  Richard Chisolm, CPA, JD, Shareholder, WardChisholm, LLP

This session will provide a brief overview of the consequences of making an election under Code section 754 to adjust the income tax basis of a partnership’s assets with respect to the transfer of a partnership interest under Code section 743 or a distribution of partnership property under Code section 734. Attendees will learn when and how to make the election, the income tax effects of making the election on the partnership and the affected partners, and the consequences of failing to make a timely election. A summary discussion of calculation of the basis adjustment under Code section 755 will also be provided if time permits.

2:30 pm
Break
2:45 pm
The Jumanji Economy

Speaker: Dr. Daraius Irani, Towson University

A look at the global and national forces impacting MD’s economy.

3:45 pm
Conference Adjourns

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53rd CHESAPEAKE TAX CONFERENCE (Day Two)


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