8:30 - 8:45 Registration and Continental Breakfast
8:45 - 10:45 PANEL 1: Tax Law - IDENTITY THEFT GETS MORE COMPLEX – WHAT TO LOOK OUT FOR. BE AWARE OF FOR YOU AND YOUR CLIENTS, NOW AND IN THE FUTURE.
DATA BREACH TARGETS ARE INCREASING – You and your firm may already have a bullseye painted on your system and you don’t know it. Learn what to look for, how to safeguard your data. When remote access is a danger, what to do if you are breached. Learn what cyber insurance is about and how it can protect you from financial ruin. Learn how to tie the privacy laws and rules into your safeguard monitoring plans, etc.
William E. Philbrick, CPA/ABV, MST, CVA, CFF, CGMA - Panel Moderator - Greenberg, Rosenblatt, Kull & Bitsoli, PC - Worcester
Panelist – To be announced
10:45 - 12:25 PANEL 2: Tax Law – TAX PRACTICE AND PROCEDURE
(1) THE IMPACT OF SIX MAJOR CHANGES TO IRS COLLECTION POLICIES – Designed to motivation delinquent taxpayers to settle ASAP: (a) Private debt collection – The IRS has enlisted the help of private debt collection agencies to assist in pursuing old tax debts; IRS letters to be sent stating when the debt collector will call; (b) Passport Restriction – The Department of State restricting passports for taxpayers that owe tax bill excess of $50,000 without a payment plan (special arrangements for emergency travel); (c) Offer In Compromise – delinquent returns must be filed prior to application; possible loss of down payment; (d) Personal Budget Increases – amounts have been increased to allow additional flexibility for the taxpayer; (e) Faster Processing Time for Agreements – if between $50,000 and $100,000 installment agreements OK without detailed financial statements; (f) IRS Website Upgrades – IRS will allow licensed professionals to look up outstanding balances and installment agreement submitted online.
(2) IRS REISSUES PARTNERSHIP AUDIT REGS: On June 13, 2017, IRS reissued the controversial regulations for auditing partnerships after they were withdrawn in January following an Executive Order halting new rulemaking activities. Their 277 pages, interpret the new partnership audit scheme passed by Congress under the November 2015 Budget Act.
(3) APPLYING THE COHAN RULE TO PRUDENTLY ESTIMATE EXPENSES: In an IRS audit, the burden of proof falls on the taxpayer. Taxpayers must keep contemporaneous’ records, but what if something happens so they can’t produce such records? In Cohan v. Commissioner, a 1930 decision involved a famous entertainer; and it allowed estimates to be employed; learn how to do it on a Tax Return using Form 8275, Disclosure Statement; learn how to build a foundation by oral or written statement showing a reasonable approximation.
(4) ABATING TAX PENALTIES & INTEREST: Penalties covered include accuracy-related penalties, fraud penalties, understatement of valuations, reporting requirement penalties, failure to file, failure to pay, and failure to deposit. Review of forms and procedures for requesting relief; special procedures for First Time Abatement; List the IRS factors for Reasonable Cause abatement, and refund of paid penalties, etc.
William E. Philbrick, CPA/ABV, MST, CVA, CFF, CGMA - Panel Moderator - Greenberg, Rosenblatt, Kull & Bitsoli, PC - Worcester
James A. Erdekian, CPA - BDO - Boston
Richard Sweeney, EA, JD - Sweeney Tax Consulting - Boston
12:25 – 1:40 Luncheon Address – William Philbrick, CPA/ABV, MST, CVA, CFF, CGMA, Institute Co-Chair, Greenberg, Rosenblatt, Kull & Bitsoli, Worcester
1:40 - 3:20 PANEL 3: Tax Law – COMPLYING WITH 2017 NEWEST FATCA RULES
THE FOREIGN ACCOUNTS TAX COMPLIANCE ACT: FATCA attempts to restore tax fairness by focusing on foreign financial assets of US Citizens that are not being properly reported and taxed. The Department of the Treasury and the IRS have put into place updated forms, and instructions to force US citizens and foreign financial institutions into FATCA compliance. Join us for a panel explaining the FATCA rules and how to comply with your withholding and reporting obligations. We will discuss the basic principles of FATCA, the affected businesses and individuals, and the forms required for compliance. Topics include the impact of FATCA on forms 1099, 1042-S, 8938, and FBAR-Fin CEN 114 (fka TD F 90-22.1 (FBAR), exceptions to reporting, penalty risks for noncompliance, including the extended statute of limitations. The panel will also be discussing further aspects of Form 8938 and FBAR reporting related to taxpayer’s ownership in foreign entities, including Foreign Corporations (Form 5471, Form 5472), Foreign Partnerships (Form 8865), Foreign Disregarded Entities (Form 8858) and Entity Election (Form etc.
Kenneth J. Vacovec, Esq. - Panel Moderator - Vacovec, Mayotte &
Singer, LLP
Tonya S. James, Esq. - Partner, Vacovec, Mayotte & Singer, LLP
Michelle Fraioli, Esq. - & Singer, LLP
3:20 - 5:00 PANEL 4: Tax Law Update - A STATE MEALS, SALES AND USE TAXATION REVIEW
Listen to a DOR update and Tax Auditor from Sales/Use; administrative update to assist tax professions in preparation for filing season; review of Sales vs. Use tax; Regulations (new and proposed); Audit Compliance; Review of Meals tax, what is a restaurant, local option tax on meals; Filing and payment requirements, common taxpayer mistakes; etc.
Brian Lynch - Panel Moderator, Deputy Director of Communications, DOR
Christine Keane - Tax Auditor (Sales/Use), DOR