Tax Intensive

Wednesday, October 12, 2022

8:20 a.m. - 8:30 a.m.

Welcome and Announcements

8:30 a.m. - 9:30 a.m.

Different Types of Income

Donna Jackson and Dennis Sandoval

Income is income. Or is it? Join Donna and Dennis for a discussion of what is income for fiduciary accounting purposes, what is income for tax purposes, and what is income for Social Security and other government assistance purposes. Knowing the difference is critical in dealing with these various government agencies as well as properly administering the trust.

9:30 a.m. - 10:20 a.m.

2022 Tax Update

Shannon Laymon-Pecoraro

A reflection on tax law updates and changes since the 2021 conference.

10:20 a.m. - 10:40 a.m.

Break and Visit with Sponsors and Exhibitors

10:40 a.m. - 11:30 a.m.

A Whole New World - Taxation of Cryptocurrency and Other Digital Assets

Deirdre Wheatley-Liss

The cryptocurrency market cap is estimated at $1 trillion. Cryptocurrency and other digital assets will become more common in a client’s asset mix. Crypto currency and digital assets have unique and rapidly changing tax implications, including investors unfounded belief that “anonymous” equates to “tax free”. Starting in 2021, Form 1040 contains a specific line item question about cryptocurrency ownership and the IRS had identified this as a key area of abuse. Attendees will learn: Types of cryptocurrency and digital assets; Federal income tax consequences of investing and trading; novel tax issues; and reporting requirements.

11:30 a.m. - 12:20 p.m.

Welcome to the New SECURE World

Robert Fleming and Dennis Sandoval

This session will begin with an in-depth discussion of the new SECURE Rules and Regulations (SECURE 2.0). Additionally, the session will take up drafting and administration suggestions to accommodate this new and more SECURE world.

12:20 p.m. - 1:40 p.m.


1:45 p.m. - 2:35 p.m.

Breakout Session 1

  • A Dime A Million: Special Needs Planning for the High-Net-Worth Family

    Mark D. Munson

    Not every client we deal with is a high-net-worth family, but when lawyers encounter these types of cases, they need to understand the unique planning issues and considerations that come with this type of family. This session will identify and discuss the wealth transfer tax and planning issues involved in working with high net-worth clients and their families. This session will allow practitioners to be aware of and recognize legal issues that are distinct to high-net worth families and will identify and discuss some of the planning techniques that may be applicable and appropriate.

  • A Roadmap to Preparing a 1041 for a Special Needs Trust

    Hyman G. Darling

    This session will originate with the introduction of the tax return, and travel through income, gains, and other income. There may be a pit stop along the way with expenses and fees and then visit DNI along the route. The final stop will be the destination of how much tax is due and attempting to minimize the net due.

2:40 p.m. - 3:30 p.m.

Breakout Session 2

  • Demystifying DNI

    Letha McDowell

    DNI (“Distributable Net Income”) and its corresponding deduction is what sets trust taxation apart from all other types of tax. It is a topic that is often confusing and baffles CPAs and attorneys alike. This session will focus on DNI, how it is calculated, as well as how the deduction is calculated. Understanding DNI will help you advise clients on making appropriate distributions from trusts and estates to minimize tax liability as well as to ensure that you don’t advise a client to over distribute leaving them (and you) in a tax lurch.

  • General Taxations of SNTs

    Crystal West Edwards

    Special Needs Trusts are a powerful planning tool for clients. In this session, Crystal West Edwards will discuss the income, gift and estate tax treatment of special needs trusts, using relevant and timely case examples.

3:30 p.m. - 3:45 p.m.

Break and Visit with Sponsors and Exhibitors

3:50 p.m. - 4:40 p.m.

Breakout Session 3

  • No Kidding - The "Kiddie Tax" Bites

    Deirdre Wheatley-Liss

    The “Kiddie Tax” taxes unearned income of minors at the parent’s highest marginal rate. For clients, this is often an unwelcome and unexpected tax bite to otherwise sound wealth planning. In the Inflation Reduction Act Congress invested $80 billion to the IRS for increased enforcement, including hiring 87,000 new agents, which will lead to increased enforcement. Attendees will learn: When the “Kiddie Tax” applies; Calculating the Kiddie Tax on earned and unearned income; Kiddie Tax implications of trusts, inheritances, and custodial accounts; Kiddie Tax exemption for Qualified Disability Trusts.

  • Mediation and Tax Cases: A Match Made in Heaven?

    Michael A. Kirtland

    This session will discuss the mediation process as it applies to cases before the IRS, including IRS requirements, process and procedure.