73rd Annual Virginia Conference on Federal Taxation 2022 (USB Seminar)

The federal estate tax can create a significant liquidity challenge for the estate of the closely held business owner. Internal Revenue Code Section 6166 and Section 303 offer the estate of a closely held business owner a runway to meet that challenge but require the business owner and advisor to plan accordingly. They are not the only solutions, either. This session reviews the challenges and opportunities from the estate tax deferral regime and practical considerations and alternatives for dealing with closely held business interests in an estate.

This presentation will address how the recent shift to working from home makes it more important to understand your tax obligations—whether as an employee or as an employer.

A lively discussion of Virginia tax legislation, recent court decisions, rulings of the Tax Commissioner, and opinions of the Virginia Attorney General on matters of Virginia taxation designed to keep the audience apprised of the current issues most typically being faced by taxpayers in Virginia, areas of concern by state and local tax officials, and trends observed in Virginia taxation by those who focus their practices in the area.

A review of the planning opportunities and the rules for Required Minimum Distributions from IRA Retirement accounts after the SECURES Act of 2019 and review of the recently released IRS regulations interpreting the rules in the SECURES Act.  Also will include a review of possible future legislation related to retirement accounts and RMDs; SECURES Act 2.0.

This session provides a closer look at the most prominent issues taxpayers are facing in the implementation of the final regulations for revenue recognition under section 451(b) and (c), including the enforceable right exception, treatment of contra-revenue adjustments, and the newly introduced “cost of goods in process offset method” for inventory sales. The session also provides the highlights of other recent judicial, regulatory, and legislative developments involving accounting methods, including the first year of transition from expensing to the mandatory amortization of research and experimental expenses, recent guidance on accounting method changes, timing considerations for the deductibility of the new pass-through entity income tax regimes, and planning with accounting methods to mitigate the limitation on deductible business interest expense.

This session discusses strategies on charitable giving after the 2017 Tax Act and charitable tax incentives enacted by the COVID relief legislation.