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 22CF-TAXC: MNCPA Tax Conference (TAX22) (Hybrid)

November 14-16, 2022  -  Minneapolis, MN and Online

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Agenda

Monday, November 14, 2022

8:00 am - 9:00 am

A1. Now What? Economic Scenarios for 2022 and 2023
Field of study Economics - Technical (1)
Description It has been a volatile period for the economy. One day, experts are predicting a recession and the next, the outlook seems to be optimistic. Those mixed messages make it tough to plan for anything. Take a look at where we are now and where the... Read more »

9:20 am - 10:35 am

B1. Federal Individual Tax Highlights (Repeated in G1)
Field of study Taxes - Technical (1.5)
Description In this high-level overview, learn how federal tax developments over the past year (including changes made by the Inflation Reduction Act of 2022) affect your individual clients. Hear the latest federal tax updates, IRS guidance and recent court... Read more »
B2. Choosing the Right Business Entity
Field of study Taxes - Technical (1.5)
Description The tax universe shifted with the Tax Cuts and Jobs Act of 2017. The tax rate for C Corporations was lowered and the Section199A deduction offered pass-through entities the chance to significantly lower their tax rate. How do all these options work,... Read more »
B3. 2023 and Beyond: Latest Updates to the R&D Tax Credit and 179D Energy Efficiency Deduction
Field of study Taxes - Technical (1.5)
Description With exciting changes on the horizon, there is a lot to learn about what to expect in 2023 and beyond as R&D and energy efficiency tax incentives expand and evolve. Get updated on the Inflation Reduction Act and its impact on Section 179D, the... Read more »

10:55 am - 12:10 pm

C1. Section 754 Step-Up in Basis: Understanding the Tax issues for Partnerships and LLCs
Field of study Taxes - Technical (1.5)
Description A major topic of confusion and importance is the Section 754 election for partnerships and LLCs. Tax implications -- and opportunities -- can look like a complex web of varying scenarios affecting depreciation deductions, basis amounts, gains and... Read more »
C2. Federal Business Tax Highlights (Repeated in I2)
Field of study Taxes - Technical (1.5)
Description Explore new federal tax legislation (including changes made by the Inflation Reduction Act of 2022), IRS guidance and recent court decisions affecting businesses in this high-level overview. Examine accounting method opportunities for small-business... Read more »
C3. How to Keep Your Organization from Drowning in the Turnover Tsunami
Field of study Business Management & Organization - Non-Technical (1.5)
Description “The Great Resignation” swept up many organizations in a turnover tsunami as record numbers of employees quit their jobs. Although the economy has shown signs of softening, the challenges of attracting and retaining talent remain a top concern for... Read more »

1:00 pm - 1:50 pm

D1. What Tax Practitioners Need to Know About Medicare
Field of study Specialized Knowledge - Technical (1)
Description When the first cohort of Baby Boomers turned age 65, tax advisers were bombarded with questions concerning all facets of Medicare. How does Medicare work? How do I apply? How much does it cost? Is it optional or required? This session provides a... Read more »
D2. Minnesota DOR Update
Field of study Taxes - Technical (1)
Description 2022 has been another busy year at the Minnesota Department of Revenue. Hear department leadership discuss the latest happenings, including an update on the new Office of Public Engagement, an overview on federal tax law changes, a preview of how... Read more »
D3. Case Studies in Cybersecurity Incident Response: Lessons Learned the Hard Way
Field of study Specialized Knowledge - Technical (1)
Description The last two years have provided significant learning opportunities in incident response, disaster recovery and business continuity. See why organizations are making the news for all the wrong reasons as we analyze case studies of recent... Read more »

2:10 pm - 3:25 pm

E1. Schedule E Passive and At-Risk Activities
Field of study Taxes - Technical (1.5)
Description Take a close look at Schedule E -- Supplemental Income and Loss. This session will address some common, yet complex, issues and calculations underlying Schedule E reporting, including reporting income or loss from rental real estate, royalties,... Read more »
E2. Remote Seller Sales Tax Update
Field of study Taxes - Technical (1.5)
Description Sales tax is consistently evolving. The need for a basic understanding of sales tax strategy is more important than ever because if you get it wrong, there can be penalties. In this session, learn about economic nexus, physical nexus, what to know... Read more »
E3. Overcoming the Courtesy Disconnect: Resolving Tax Controversies With the IRS
Field of study Specialized Knowledge - Technical (1.5)
Description Negotiating favorable resolutions with the IRS is more difficult than ever. Explore tips and tools for negotiating and resolving cases with the IRS given its current shortage of resources and constantly changing administrative guidance. Learn how to... Read more »

3:45 pm - 5:00 pm

F1. Minnesota Residency Update: What is the DOR Looking for in Residency Audits?
Field of study Taxes - Technical (1.5)
Description As Minnesotans continue trying to establish residency in another state or country, the Minnesota Department of Revenue is ramping up its audit efforts. Learn to navigate this ongoing issue and prepare for the prospect of a difficult and intrusive... Read more »
F2. Panel Discussion: Is an ESOP Right for Your Client?
Field of study Taxes - Technical (1.5)
Description More than 52,000 retiring baby boomers own half of all small businesses in Minnesota. With so many business owners nearing retirement and finding it increasingly hard to identify a buyer when they are ready to sell, succession planning is more... Read more »
F3. Ethics and the Character of a Professional
Field of study Behavioral Ethics - Non-Technical (1.5)
Description Too often, we think of ethics only in terms of upholding professional standards or basic norms. In this session, consider how you can embrace ethical practices that promote sound decision-making, excellent client service and trust-based... Read more »

12:10 pm - 1:00 pm

X1. GR Luncheon: 2023 Tax Policy Forecast Impact of Politics and Fiscal Conditions
Description Fresh off the November elections, where a significant number of legislative and executive branch changes are anticipated, this lunch-and-learn session outlines the role elections, change of control of political parties, economic conditions and... Read more »

5:00 pm - 6:00 pm

X2. Happy Hour
Description Cheers to TAX22! Join us as we toast being back in person with drinks, snacks and prizes galore!

Tuesday, November 15, 2022

8:00 am - 9:25 am

G1. Federal Individual Tax Highlights (Repeat of B1)
Field of study Taxes - Technical (1.5)
Description In this high-level overview, learn how federal tax developments over the past year (including changes made by the Inflation Reduction Act of 2022) affect your individual clients. Hear the latest federal tax updates, IRS guidance and recent court... Read more »
G2. Partnership Hot Topics
Field of study Taxes - Technical (1.5)
Description If you’re a tax professional working for a partnership or you have partnership clients, don’t miss this on-target session. Review relevant partnership tax topics, including new legislation, regulatory guidance and court cases affecting your planning... Read more »
G3. Tax Season Preparation: It’s Not Too Late!
Speaker Will Hill
Field of study Personal Development - Non-Technical (1.5)
Description The last couple of tax seasons were chaotic to say the least. While we may not know what will happen this year, good planning and preparedness will help your team move forward with confidence -- no matter the surprises that may be in store. In this... Read more »

9:45 am - 10:35 am

H1. IRS Approach to 3rd Party Studies and Reports
Field of study Taxes - Technical (1)
Description Some CPAs take numbers from third-party studies and reports and drop them into a client's tax return without consideration or review. However, being a little more skeptical is called for because the IRS will be – and the IRS is bolstering its audit... Read more »
H2. Minnesota’s Economy: Navigating a Mountain of Challenges
Speaker Ronald Wirtz
Field of study Economics - Technical (1)
Description Take an up-to-date look at how Minnesota’s economy is performing in today’s challenging environment. Get a better understanding of how the economy is working for both businesses and workers, and the critical role that labor force will have on future... Read more »
H3. Be Ethical and Stay Ethical
Field of study Regulatory Ethics - Technical (1)
Description Ethics is a happening place for positive reasons -- and because unethical behavior is becoming more common. Hear what’s happening with the AICPA Code of Professional Conduct, the Minnesota Board of Accountancy and in the marketplace from an ethics... Read more »

10:55 am - 12:10 pm

I1. Cryptocurrency: Discover Three Ways to Add Value for Your Clients
Speaker Adam Blumberg
Field of study Specialized Knowledge - Technical (1.5)
Description Cryptocurrency is on everyone's mind, and in a growing number of portfolios. Your clients likely have it or are thinking about it. Whether they are individuals, businesses or non-profits, cryptocurrency will touch many of your clients. Explore ways... Read more »
I2. Federal Business Tax Highlights (Repeat of C2)
Field of study Taxes - Technical (1.5)
Description Explore new federal tax legislation (including changes made by the Inflation Reduction Act of 2022), IRS guidance and recent court decisions affecting businesses in this high-level overview. Examine accounting method opportunities for small-business... Read more »
I3. 2023 & Beyond: Sections 1245, 1250 & 1231: Gains, Property Sales/Dispositions & Planning
Field of study Taxes - Technical (1.5)
Description Gain a clear understanding of Sections 1231, 1245 and 1250, and the role each provision plays in determining the nature of gain from the sale of assets. Get clarity on the tax rules and how to plan for partial dispositions, full demolitions and... Read more »

1:00 pm - 1:50 pm

J1. Understanding Your Social Security Benefit Options
Field of study Specialized Knowledge - Technical (1)
Description One of the most important decisions to make before retiring is when and how to claim Social Security benefits. Many retirees apply for Social Security before their full retirement age (FRA), which significantly and permanently impacts their income... Read more »
J2. Income Tax Nexus After Wayfair
Field of study Taxes - Technical (1)
Description Gain clarity on navigating nexus after Wayfair as it relates to state income taxes. Examine economic nexus for income tax purposes generally, factor presence and whether Public Law 86-272 still has any relevancy (especially considering the... Read more »
J3. Options to Automate Your Tax Preparation Workflow
Field of study Information Technology - Technical (1)
Description Tax season is less daunting with the help of tax automation software tools and other innovations. Get an overview of the latest technologies and tools that can help make the entire tax return preparation process smoother and more efficient. From... Read more »

2:10 pm - 3:25 pm

K1. Multistate Pass-Through Entity Tax (PTE) Updates
Field of study Taxes - Technical (1.5)
Description The pass-through entity (PTE) tax rules and regulations are new to the multistate tax world in 2021 and 2022. The federal cap on state and local taxes (SALT) will be around for the foreseeable future, and PTE requirements vary from state to state.... Read more »
K2. Inflation Reduction Act
Field of study Taxes - Technical (1.5)
Description Take a deep dive into the many tax provisions of the Inflation Reduction Act. Identify new tax planning opportunities for both individual and business clients, including numerous tax incentives related to energy efficiency. Make sure you are ready... Read more »
K3. Tech Update
Field of study Information Technology - Technical (1.5)
Description The speed of technology change is accelerating and it’s almost impossible to keep up. How do you decide which technologies to adopt and which ones to skip? Get visionary insights, choices and recommendations to help you decide how rapidly to move.... Read more »

3:45 pm - 5:00 pm

L1. MN Legislative and Professional Update
Field of study Business Management & Organization - Non-Technical (1.5)
Description Considering there was no tax bill in 2022, a growing surplus and an election in November, take this opportunity to learn about the MNCPA’s efforts at the Minnesota Capitol and the legislative issues likely to impact you or your clients. Also, review... Read more »
L2. Selling, Restructuring or Spinning Off an S Corporation
Field of study Taxes - Technical (1.5)
Description CPAs add the most value to transactions when you understand how the legal documents both define and reflect the related tax consequences. This how-to session covers value-added S Corporation transactions for your clients. Explore the tax... Read more »
L3. 10 Simple Steps to Stay Ahead of Today’s Technology Security Threats
Speaker Daniel Moshe
Field of study Specialized Knowledge - Technical (1.5)
Description We’ve all seen the headlines – one critical business after another being attacked and breached by cybercriminals or becoming a victim of internal fraud. Learn simple steps you can take to make your firm more resilient to cyberattacks and fraud in... Read more »

Wednesday, November 16, 2022

8:00 am - 9:25 am

M1. General Estate Planning
Field of study Specialized Knowledge - Technical (1.5)
Description Estate planning for those who definitely will or won’t be subject to the federal estate is relatively straightforward. However, planning for those in the middle is extremely difficult. Planning for these clients involves complicated tradeoffs and is... Read more »
M2. Basic International Tax
Field of study Taxes - Technical (1.5)
Description Learn how ownership in foreign corporations will impact U.S. taxpayers and gain the skills to conquer any foreign corporate U.S. tax issues that clients bring to you. Discuss U.S. tax implications of ownership in foreign corporations. Review... Read more »
M3. Retaining Top Talent During the Labor Crunch
Speaker Richard Lavina
Field of study Business Management & Organization - Non-Technical (1.5)
Description Firms have been faced with an unprecedented challenge in attracting and retaining talent. Explore ways your firm can keep your top people and prevent them from burning out. Gain ideas on how your firm can scout and retain top talent from a... Read more »

9:45 am - 11:00 am

N1. New Taxpayer Adverse Clawback Regulations
Field of study Taxes - Technical (1.5)
Description In April 2022 the U.S. Treasury issued new clawback regulations addressing the recapture of many common client transfers. If you have clients with potentially taxable estates, you need to address how these proposed regulations apply to standard... Read more »
N2. Impact of Remote Workforce on Taxes
Field of study Taxes - Technical (1.5)
Description Remote work is here to stay. While technology may make it easy to have an employee working in a remote location, state and local tax (SALT) issues can surprise you with unexpected consequences if you don’t plan accordingly. Examine the potential tax... Read more »
N3. Tales from the Darkside: IRS Enforcement of Cryptocurrency
Field of study Specialized Knowledge - Technical (1.5)
Description Bitcoin and other cryptocurrencies have created a new generation of millionaires, with the benefit of anonymity. The IRS is spending substantial resources in finding those who possess, purchase and sell cryptocurrencies to ensure that the tax,... Read more »

11:20 am - 12:10 pm

O1. Wisconsin DOR Update
Speaker Nate Weber, CPA
Field of study Taxes - Technical (1)
Description Hear about Wisconsin tax updates and get ready to prepare 2022 Wisconsin tax returns. Review updates in income and franchise tax, sales and use tax and unclaimed property. Check out a summary of public statistics, such as e-file and ID verification... Read more »
O2. Income Taxation of Trusts and Estates
Field of study Taxes - Technical (1)
Description Most CPAs with a tax practice will deal with trust and estate income tax returns. The unique rules make it easy to run into issues created by this specialized tax entity. This session will highlight key issues you want to be sure not to overlook.... Read more »
O3. Changing World, Consistent Ethics
Field of study Behavioral Ethics - Non-Technical (1)
Description The CPA has been a constant in an ever-changing business world. Review the principles of CPA ethics and discuss strategies for maintaining the integrity of the CPA credential. You will be challenged with examples of ethical dilemmas and apply the... Read more »

1:00 pm - 2:15 pm

P1. Minnesota Income Tax Update
Field of study Taxes - Technical (1.5)
Description The 2021 Minnesota legislative session not only delivered another round of retroactive federal conformity, it also created a new pass-through entity (PTE) tax, effective for the 2021 tax year. Examine the newly enacted federal conformity changes as... Read more »
P2. Cases to Understand Key Areas of Our Income Tax
Field of study Taxes - Technical (1.5)
Description When there are tax issues without guidance, such as in the digital asset area, cases can help us understand the tax law. From identifying the taxpayer to the components of taxable income, substance, authority and procedure, look at real-life... Read more »
P3. False Tax Returns Are a Crime: Why CPAs and Their Clients Go to Prison
Field of study Specialized Knowledge - Technical (1.5)
Description You know that it is a crime to knowingly prepare a false tax return. But you might not be aware of the severity of civil and criminal penalties for a false tax return. Not only can you lose the ability to represent your client to the IRS, but you... Read more »

2:35 pm - 3:50 pm

Q1. Gaining Momentum for Your Future From the Great Resignation
Field of study Specialized Knowledge - Technical (1.5)
Description Explore powerful strategies to grow your firm and develop services that are highly profitable by taking advantage of the Great Resignation. Gain guidance and inspiration to help you create new business strategies to achieve goals and plan for a... Read more »
Q2. K2/K3 Reporting: The Second Year
Field of study Taxes - Technical (1.5)
Description The K-2 and K-3 forms burst onto the tax scene early in 2022 and many CPAs scrambled to deal with them for 2021 returns. Now you need to consider how to approach them for 2022 returns. Just determining if a partnership or S Corporation needs to file... Read more »
Q3. Cultivate Your Own Dream Team: Unlock the Hidden Potential in Others
Speaker Sarah Elliott
Field of study Personnel/Human Resources - Non-Technical (1.5)
Description Do you ever wonder what the difference is between coaching, mentoring and sponsoring? Ever feel like there's no time for your own work because everyone is always coming to you for answers? In this engaging, interactive session, discover a simple,... Read more »

4:10 pm - 5:00 pm

R1. Service Is a Superpower
Speaker Louie Gravance
Field of study Personal Development - Non-Technical (1)
Description What would a “Disney moment” feel like for your firm? What would a “magical moment” look like, sound like, smell like and feel like for you? Post-pandemic, bad service is everywhere. There has never been a better or easier time to differentiate your... Read more »
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Lynn Kletscher
Director of Education
952-885-5513

Deb Griffith
Conference Coordinator
952-885-5509

Leslie Mueller
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