NSA 72nd Annual Meeting

• Individuals
• Gift and Estate Taxation
• Choice of Business Entity
• Retirement Planning
• Flow-Through Entities
• Corporate and Business Taxation

A brief review of the tax basics for each topic will be covered firs followed by a discussion of common and not-so-common planning strategies.  These discussions will be supplemented with case studies and planning spreadsheets.

One of the major objectives of the two-day course is to expose participants to as many tips and planning strategies as possible related to the major topics.  In that regard, the presentation will focus less on details that can lead to being lost in the weeds; rather, the focus is on recognition of possible planning opportunities that may be of benefit to clients.

Among the strategies discussed under each topic will the following (* denotes the use of an EXCEL spreadsheet).  

Day One

I.          Individual Taxation (3 hours)

• AMT – Evaluating private activity bonds in an AMT environment
• AMT - Should income be accelerated into an AMT Year?
• AMT – Deferring expenses in an AMT year and the effects of the AMT credit 
• Investment interest deductions – evaluating the capital gains/dividend election
• Passive activity rules – Grouping undertakings for maximum tax benefit
• Passive activity rules – Planning with the $25,000 exception
• Passive activity rules -  Evaluating disposition possibilities
• Capital transactions – Maximizing the gain/loss netting rules
• Capital transactions – How much loss can be absorbed to gain long-term status?
• Capital transactions – Possible benefits of wash sales
• Vacation rentals – Working with the de minimis rules
• Vacation homes – The false choice of the IRS vs. Bolton allocation methods
• Vacation homes – Can a case be made for increasing personal days? * 
• Vacation homes – Evaluating pooling arrangements in light of the Razavi decision *
• Investments – Planning for the net investment income tax
• Alimony – Structuring win-win agreements when tax rates of spouses vary
• Fringe benefits – Measuring the true value of fringe benefit exclusions
• Charitable contributions – Evaluating choices with contributions of property

II.         Choice of Business Entity (2 hours)

• Entities – Comparing the tax regimes
• Entities – Evaluating the key tax and non-tax factors in entity choice
• Entities – The special case of limited liability entities
• Entities – Incorporating liquidation issues in choice of entity decisions *

III.        C Corporation and Business Planning (3 hours)

• Business in General – Adoption of an accounting method
• Business in General – Changing “changes of methods” to “changes of facts”
• Business in General – The advantages of HRAs, HSAs, and FSAs *
• Business in General – Tax saving possibilities with the rehabilitation tax credit
• Business in General – Investments in low-income housing tax credit properties
• MACRS Deductions – Maximizing the use of the Sec. 179 deduction
• MACRS Deductions – Planning asset acquisitions within the MACRS framework
• MACRS Deductions – Maximizing deductions with cost segregation elections
• Sales of Business Property – Mapping the interacting Code sections *
• Sales of Business Property – When abandonment may be preferred to a sale
• UNICAP Rules – Minimizing the impact of capitalization
• LIFO Inventories – Maximizing the use of pools to minimize drops in inventory
• Corporations – Avoiding tax on Sec. 351 contributions of property at formation
• Corporations – Planning for the dividends received deduction ahead of time
• Corporations – Minimizing the effects of the alternative minimum tax
• Corporations – Planning decisions when NOLs are present
• Corporations – Working with the distribution rules

DAY 2

 IV.        Flow-Thru Entities Planning (2 Hours)

• Partnerships – Avoiding tax on formation
• Partnerships – Planning possibilities with profit & loss sharing agreements
• Partnerships – Evaluating optional basis adjustments
• Partnerships – Planning cash and property distributions
• Partnerships – Retirement payments and Sec. 336(a) and Sec. 336(b)
• Partnerships – Awareness of the reportable entity rules
• S Corporations – Employment taxes and the Watson decision
• S Corporations – Considering the E&P tier election for distributions
• S Corporations – Tax consequences of converting from a C to an S corporation
• Limited Liability Companies – Special tax issues and update

V.         Gift and Estate Tax Planning (2 hours)

• Gift Planning – Sometimes the simplest plan is the best plan
• Gift Planning – Advantages of trusts incorporating a Crummy power
• Estate Planning – Comparing the AB Trust arrangement with the portability option *
• Advanced Planning – Advantages of Installment sales of potential estate properties
• Advanced Planning – Advantages of a Personal Residence trust
• Advanced Planning – Evaluating the Economics of a Grantor Retained Annuity Trust*
• Advanced Planning – Family Partnerships with minority/marketability discounts
• Advanced Planning – Evaluating high-risk Intentionally Defective Trust arrangements

VI.        Retirement Planning (2 hours)

• Retirement – Basic defined benefit and defined contribution choices
• Retirement – Estimating the benefits and costs of supplemental plans *
• Retirement – Evaluating possible switches: defined benefit to defined contribution *
• Retirement – Critically evaluating a “pension-max” strategy *
• Retirement – Considerations in choosing between traditional IRAs and Roth IRAs
• Retirement – Estimating breakeven investment periods for non-deductible IRAs *
• Retirement – Incorporating the effects of Medicare costs in retirement planning
• Retirement – Evaluating direct contributions of IRAs to charity
• Options – Incentive Stock options, Non-qualified options, and Sec. 83(b) elections