Upstate New York Federal & State Tax Update
This one-day seminar for tax professionals, presented by The Bonadio Group CPA firm, will help you understand and apply the new federal and state tax legislation. We will be at the RIT Inn & Conference Center in Henrietta, N.Y.
We will start in the morning with breakfast and general sessions, including a presentation by Lekecia Foster, director of Congressional and Political Affairs for the American Institute of Certified Public Accountants, who will provide timely insights on tax reform in Washington, D.C., and Michael Schmidt, senior economic advisor to New York Gov. Andrew Cuomo, who provide highlights on the Governor’s tax agenda.
Our luncheon session will feature a panel discussion led by Tom Bonadio, CEO of The Bonadio Group, on Doing Business in New York State, and we are offering two afternoon breakout sessions with a selection of six topics:
How to analyze the most tax-efficient entity structure
Application of the interest expense limitation rules and the qualified business income deduction (199A) for pass-through entities
Maximizing cost recovery
International application of the transition tax and GILTI
An overview of state responses to federal tax reform
Tax and estate planning for high-net-worth individuals
To wind things up, we invite you to enjoy beverages and hors d’oeuvres with your colleagues and new friends.
Seating is limited. Please register as soon as possible to reserve your space.
Discounted hotel rooms are available for conference registrants. To book a room, please contact the RIT Inn and Conference Center directly at 585.359.1800.
8 Continuing Professional Education (CPE) credits will be granted for attendance (7 in taxes and 1 in specialized knowledge)
Program Level: Intermediate
Instructional Delivery Method: Group live
Prerequisites: At least two years experience in financial or tax accounting experience.
After this course you will have a basic understanding of:
Plenary Session I: After this session, participants will be able to better understand:
- How the AICPA works with businesses and lobbies on their behalf with the federal government
- Identification of topics Congress is focusing on for technical corrections and clarification regarding the tax reform bill
- How the political climate, including mid-term election results, may affect the tax legislation going forward
Plenary Session II: After this session, participants will be able to better understand:
- Participants will have a better understanding of the current update NY market
Lunch Session: After this session, participants will be able to better understand:
- The investment climate in Upstate New York
- The obstacles that businesses are facing in Upstate New York
Maximizing Cost Recovery: After this session, participants will be able to better understand:
- How to apply the new depreciation rules in 2018 and future purchases
- Understanding the difference between bonus and 179 application rules
- How the new depreciation rules may affect future acquisitions
Application of Pass-Through Deduction and the Interest Expense Limitation Rules: After this session, participants will be able to better understand:
- Basic calculation of 199A and the wage and qualified property limitations
- How losses from a flow-through entity will affect the 199A deduction at the individual level
- Discussion areas surrounding 199A, including specified service trade or businesses and the definition of wages
- Basic calculation of 163(j) and the exceptions for a real property trade or business and certain small businesses
- How the tax shelter rules may disallow entities from the use of the small business exception
- Discussion surrounding double counting and the use of excess taxable income limitation under 163(j)
How to Analyze the Tax Efficiency of Your Entity Structure (C Corporation, S Corporation, Partnership, etc.): After this session, participants will be able to better understand:
- The major factors that will impact a decision for changing from a flow-through entity structure to a C Corporation, including the need for regular and consistent distributions and state income tax
- The impact of entity structure changes and an exit strategy, including the potential use of a IRC 1202 company and changes to the use of AAA accounts after a voluntary termination
- Examples of high-level analysis for measuring the tax impact of changing entity structures
Overview of State Responses to Federal Tax Reform, an Update regarding the E-commerce Debate, and Other State Topics: After this session, participants will be able to better understand:
- How California, Texas, and various New England States are addressing the federal tax reform bill at the local level
- Be provided an update regarding the South Dakota vs. Wayfair case that may determine the future of the Quill physical presence nexus requirement for sales and use tax collection purposes
Understanding the International Tax Implications of Federal Tax Reform (focusing on the Transition Tax and GILTI) and the Financial Reporting Implications.: After this session, participants will be able to better understand:
- Discussion regarding the transition to a territorial taxation system
- Basic calculation of the Transition Tax, with examples
- The proper reporting of the transition tax on the 2017 tax forms, including individuals, S corporation, Partnerships, and C Corporations
- Basic calculation of the global intangible low-taxed income (“GILTI”) with examples
High Net Worth Individual Tax and Estate Planning: After this session, participants will be able to better understand:
- How changes in the income tax law affect high net worth individuals, including significant changes to itemized deductions and elimination of the phase-out, increased AMT threshold and exemption amounts, as well as business loss limitation rules
- Estate planning under the new gift and estate tax framework with particular focus on NYS residents
- Charitable planning options
Complaint Policy— For each program, Bonadio & Co., LLP will provide the contact information for the presenters and reviewers and communicate all questions, concerns, or complaints be directed here. Bonadio & Co., LLP will reply to all such communications in a timely fashion. For more information regarding administrative policies such as complaints, please contact our Professional Excellence Division at (585) 249-2762.
Refund/ Cancelation Policy— If a program must be canceled, Bonadio will notify all registered participants as soon as cancellation is known by emailing the address registered. Bonadio will also put a notice of cancellation on its website for courses offered to outside participants. If the program is canceled, a full refund will be issued. If a participant cancels within a reasonable amount of time before a program (more than 24 hours) prior to the published registration deadline for the event, a full refund will be issued.
NASBA Statement— Bonadio & Co., LLP is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:
Bonadio & Co., LLP – NASBA Sponsor # 112853
RIT Inn & Conference Center
5257 West Henrietta Road, Henrietta, 14467, NY, United States