H Sessions
Tuesday, November 17,
9:35 - 10:25 a.m.
H1. A Fireside Chat with Department of Revenue Commissioner Marquart
Speaker(s): Geno Fragnito, Paul Marquart
NASBA field of study: Specialized Knowledge - Technical (1)
Gain a unique perspective of the Minnesota tax administration through an engaging conversation with Commissioner Paul Marquart. Explore recent tax law changes and the Department of Revenue’s current initiatives, including electronic filing modernization, advance payment programs and efforts to strengthen fraud prevention and taxpayer services. Drawing on his experience as both a former legislator and current commissioner, Commissioner Marquart will share his perspective on how tax professionals can effectively engage with policymakers, influence tax policy discussions and navigate the department’s approach to interpreting and administering the law.
H2. New and Expanded Tax Benefits Associated with Section 1202 - Qualified Small Business Stock
Speaker(s): Susan Smith
NASBA field of study: Taxes - Technical (1)
Recent changes to Qualified Small Business Stock (QSBS) under Section 1202 have created significant planning opportunities for business owners and entrepreneurs. Explore the enhanced provisions introduced by the One Big Beautiful Bill Act (OBBBA) for stock issued after July 4, 2025, and learn how these changes may increase the potential capital gain exclusion available to qualifying taxpayers. Examine the requirements, compliance considerations and planning strategies necessary to take advantage of these benefits. Gain a clearer understanding of when a C corporation structure may provide substantial tax advantages for startups and growing businesses.
H3. Helping Clients Navigate Buyers in Today's Market
Speaker(s): Chris Jones
NASBA field of study: Specialized Knowledge - Technical (1)
Business owners considering a sale face an increasingly diverse buyer landscape. Strategic acquirers, private equity groups, independent sponsors, family offices, search funds, management teams and individual buyers each bring different objectives, deal structures, risk profiles and post-closing expectations. As one of the most trusted advisers to business owners, CPAs are uniquely positioned to help clients understand these buyer categories and evaluate which type of buyer best aligns with their goals. Gain practical insights into how different buyers evaluate businesses, what each buyer values most, common deal structures in today's market and the factors that can impact transaction certainty. Through real-world examples and current market observations, learn how to guide clients through critical decisions before and during a sale process.
Session presented and sponsored by Sunbelt Business Advisor/TNMA
H4. Partner Basis Issues Part 2
Speaker(s): Pat Garverick
NASBA field of study: Taxes - Technical (1)
Gain a practical overview of a partner’s outside basis and its role in determining the tax consequences of partnership transactions. Learn how basis is established and adjusted, including the effects of contributions, allocated income and losses, distributions and changes in a partner’s share of partnership liabilities. Also, learn to distinguish outside basis from capital accounts and introduce the at-risk rules, including how those rules may further limit loss deductions even when sufficient basis exists.