E Sessions
Monday, November 13,
2:10 p.m. - 3:25 p.m.
E1. Being Ethical Is Harder Than You Think
Speaker(s): Bret Hood
NASBA field of study: Behavioral Ethics - Non-Technical (1.5)
In this completely interactive exercise, learn how your mind will betray your ethical baselines to achieve personal desires over organizational goals. Understand how you can easily fall victim to the slippery slope of unethical behavior. Assess how perspective, life experiences and culture can change ethical perceptions. Examine the psychological need to look at our actions favorably. Learn how to avoid and mitigate these traps as well as how to spot them in other people. Create triggers that will help you stay true to your ethical beliefs and avoid those fatal decision-making errors.
E2. Calculating the Proper Outside Basis for S Corporation and Partnership Interest Owners
Speaker(s): Edward Zollars
NASBA field of study: Taxes - Technical (1.5)
In recent years, there's been a shift in the IRS's approach toward gathering comprehensive basis information for partnerships and S Corporation shareholders. Demystify the intricacies of basis calculation and shed light on viable strategies if you inherit clients lacking a historical basis record. Get insights to manage and advise on these evolving compliance demands. Learn to properly calculate basis in a partnership interest for the partner, compute stock and debt basis for an S Corporation shareholder and prepare a reasonably defensive beginning basis for new clients that have not previously maintained proper basis calculations.
E3. Inflation Reduction Act: Transforming 179D and 45L
Speaker(s): Todd French
NASBA field of study: Taxes - Technical (1.5)
The passage of the Inflation Reduction Act of 2022 (IRA) has altered and amplified energy-efficient tax incentives for commercial real estate, the 179D deduction and the Section 45L tax credit. Compare the current version of each incentive to the “IRA version” and address changes to reference standards, calculation of incentives, documentation procedures and more. IRA provisions are already in effect and have brought sweeping changes. Plus, the IRS continues to roll out clarifying guidance. Hear an up-to-date digest of what you must know about energy-efficient tax incentives. Review real-life case studies and receive a variety of reference tables.
Sponsored by Capstan Tax Strategies.
E4. Young Professionals 1065 Case Study
Speaker(s): J. Patrick Garverick
NASBA field of study: Taxes - Technical (1.5)
Examine the basics of partnership/LLC taxation, including formation, distributions, fringe benefits and guaranteed payments. Look at a trial balance, including the income statement and balance sheet, while reviewing a completed Form 1065 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.