2022 TEI New England - Federal Tax Meeting-1/2 day seminar

100 Cabot Street,Needham MA 02494

23 September, 2022

Description

Federal Committee Meeting Date: September 23, 2022 Time: Registration & Breakfast starts at 7:30 AM and Presentations are from 8:30 am to 12:30 pm . CPE: This qualifies for 4 CPE/ CLE hours. Place: Sheraton Needham (100 Cabot Street, Needham, MA 02494) Cancellations must be made thru Eventbrite or email [email protected] by September 22, 2022 Event Details Price: Member- early registration (by 9/15/22): $90 Non-Member- early registration (by 9/15/22): $100 Member registration: $125 Non-Member registration: $135 AGENDA 7:30 - 8:30am – Breakfast and Networking 8:30 - 8:40am – Opening Remarks 8:40 - 09:50am –Tax Legislative Update Dustin Stamper (Managing Director, Washington National Tax Office) will cover some of the questions arising on Inflation Reduction Act tax provisions and the outlook for the priorities left behind. The session will cover the prospects for resurrecting discarded revenue raisers and the likelihood of year-end legislation addressing research expensing, bonus depreciation, and the limit on interest deductions. We will also discuss the outlook for tax legislation in the next Congress. 09:50 - 10:00am – Break 10:00am – 11:10am – Accounting Methods Zara Muradali (Tax Partner, Grant Thornton LLP – Boston, MA) Don Reiris (Managing Director, Grant Thornton LLP – Washington National Practice) & Thomas Hunter (Manager, Grant Thornton LLP – New York, NY) Recent inflation places pressure on companies for immediate cash as the cost of doing business increases. In tandem, the federal government passed the Inflation Reduction Act which places into service additional IRS agents that are intended to scrutinize corporate tax postures/strategies and ensure compliance with Federal tax law. Taxpayers should regularly evaluate their accounting methods in order to identify planning opportunities and exposure items at the earliest possible time and take appropriate action based on their specific needs. There are approximately 200 automatic method changes in addition to other opportunities that can be effectuated through nonautomatic accounting method changes and current year elections. 11:10 - 11:20am – Break 11:20 – 12:30pm – Research or Experimental (R&E) expenditures under Section 174 Keith Nickels (R& D Practice Leader) The Tax Cuts & Jobs Act (TCJA) resulted in significant changes to the treatment of Research or Experimental (R&E) expenditures under Section 174. Specifically, taxpayers no longer have the option of immediately deducting R&E expenditures and instead must begin to capitalize and amortize R&E costs incurred for tax years beginning after December 31, 2021. Although there is bipartisan support for the deferral of this change, to date Congress has been unsuccessful in attaching this deferral to a legislative package signed into law. As a result, taxpayers will need to develop a process for identifying and tracking Section 174 expenditures in order to determine the impact from a financial reporting and estimate tax payment perspective. CPE Credit Information Tax Executives Institute is registered with the National Association of State Boards of Accountancy as a sponsor of “group live” and "group internet based" continuing professional education on the National Registry of CPE Sponsors (registry number 103086). State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Ste. 700, Nashville, TN 37219-2417. Website: www.nasba.org. For more information regarding administrative policies such as complaint and refund, call TEI at (202) 638-5601. Event: Federal Tax Committee Meeting Date: September 23, 2022 Delivery Method: Group Live (in person ) Prerequisites: None Program Level: Overview and Technical update Field of Study: Federal TaxationLearning Objectives: To provide an overview and technical update on recent tax legislation, accounting methods, and R&E/IRC Sec. 174Advanced Preparation: No advanced preparation required. CPE/CLE Credits possible: 4.0 CPE/CLE Credits possible: CPE/CLE requirements vary from jurisdiction to jurisdiction. TEI’s education programs are designed to meet NASBA standards and are generally accepted by CPE/CLE agencies across the United States. Registrants should check the rules in their own jurisdictions to ensure eligibility. Thanks to Gary Chedekel for putting this program together. SAVE THE DATES – 2022-2023 TEI New England Chapter Meetings at the Sheraton Needham 11/18/22 – 4 hours CPE – Tax Accounting 12/16/22 – 4 hours CPE – Corporate Tax Management/IRS Administration 2/10/22 – 4 hours CPE – SALT 3/17/23- 4 hours CPE- International 4/14/23- 4 hours CPE- Ethics 05/12/23 – 7 hours CPE – All Day Meeting 2022-2023 Officers President - Brendan Roche Vice President - Anissa Owen Secretary - David Norman Treasurer - Patrick Davis Asst. Sec/Treas. - Quinton Cutler 2022 - 2023 Board of Directors 2021-2023 Term: Julia Owen, Anthony Paolillo, and Debbie Gangi 2022-2025 Term: Forrest Tiedeman and Alan Wolpert Chapter Representative - Maryanne Knott* Region III Vice President – Timothy Wigon* * Past President