C Sessions
Monday, November 13,
10:55 a.m. - 12:10 p.m.
C1. Top Ten Residency Myths and Frequently Asked Questions
Speaker(s): Masha Yevzelman
NASBA field of study: Specialized Knowledge - Technical (1.5)
Misconceptions about Minnesota's residency rules continue to circulate throughout snowbird communities, and residency audits continue to rise. Address the top 10 residency myths and answer frequently asked questions about how to change residency. Understand what it actually takes to change residency from Minnesota to another state. Come away with tips on how to approach residency change conversations, including when preparing returns for new nonresidents of Minnesota.
C2. Partnership Hot Topics and Current Developments
Speaker(s): Adam Sweet
NASBA field of study: Taxes - Technical (1.5)
Discuss pertinent topics affecting partnerships, including recent court cases, regulatory guidance and IRS activity focusing on partnerships. Review what you should know to prepare for the 2023 tax filing season, including new Form 1065 and Schedule K-1 reporting items.
C3. SEC. 1031 Under the Final Regulations: Opportunities and Potholes
Speaker(s): Chris Amico, Roger Upton
NASBA field of study: Taxes - Technical (1.5)
Section 1031 exchanges have undergone major changes under the Tax Cuts and Jobs Act. With the changes in the final regulations, the rules are complex. Gain a big-picture overview of Section 1031 considerations, with real-life examples. Learn how to plan for potholes and take advantage of opportunities, including: real versus personal property, how Section 1245 recapture can affect a 1031 exchange, what parts of an exchange bonus depreciation applies to and how taxpayers depreciate the property they relinquished in their exchange.
Sponsored by MS Consultants.
C4. Young Professionals 1120S Case Study
Speaker(s): J. Patrick Garverick
NASBA field of study: Taxes - Technical (1.5)
Discuss the basics of S Corporation taxation, including formation, distributions, shareholder requirements, fringe benefits and compensation. Examine a trial balance, including the income statement and balance sheet, while reviewing a completed Form 1120S and Schedule K-1. This is an interactive session with open discussion and answers to your questions. This session is part of the TAX23 Young Professionals Track.