72nd Annual Virginia Conference on Federal Taxation 2021 (Day Two) (On Demand Seminar)

The SECURE Act eliminated the “stretch-IRA” for all but “eligible designated beneficiaries.”  This presentation will discuss estate and tax planning for retirement accounts to handle post-death income tax implications. In addition, it will address the CARES Act coronavirus relief for withdrawals from retirement accounts.

The changes arising from COVID-19 restrictions affected all sorts of companies.  These changes prompted IRS, Congress, and even the states to add or change rules to try to help companies deal with the effects.   This session will discuss changes in laws to provide a multitude of payroll tax credits, changes in rules to help restaurants (and companies that use restaurants), broad use of “disaster” payments to employees, and companies and states wrestling with the dispersal of employees while they work remotely and how companies can deal with and support employees while they work remotely.

This presentation will outline and analyze themes and trend lines in the areas (within the estate planning world) where the IRS is most intensely focused.  The areas of focus, and the leniency or aggressiveness of the IRS within each, may surprise you.

Qualified Small Business Stock (QSBS) under Section 1202 is not just for tech companies anymore.  It’s time to reconsider QSBS because the new tax act has paved the way for closely held companies to benefit “bigly.”  QSBS provides an exciting array of benefits (and a surprising alternative) for owners of new and pre-existing business (large and small): (i) 100% gain exclusion on sale; (ii) tax-free rollover of gains; and (iii) a chance to “stack” (multiply) and “pack” the exclusion by 10 times (maybe more).  While the benefits of QSBS are straightforward, the qualifications and questions surrounding QSBS planning are far from it.  This presentation will discuss planning opportunities and other issues, including how QSBS can be combined with QOZ Investments, complications with SPAC mergers, unanswered questions, potential pitfalls, and best practices in the quest for quantum QSBS exclusions.