P Sessions
Wednesday, November 16,
1 p.m. - 2:15 p.m.
P1. Minnesota Income Tax Update
Speaker(s): Dan Kidney
NASBA field of study: Taxes - Technical (1.5)
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 well as for prior years (2017-2020), with an emphasis on enacted PTE tax implications for tax year 2021. Walk through a summary of the key pieces of the proposed (not enacted) 2022 Minnesota Omnibus Tax Bill and get helpful perspective on what may be enacted next year, including federal conformity topics. Plus, see what’s new and different on Minnesota’s draft tax return forms and instructions for the 2022 tax year.
P2. Cases to Understand Key Areas of Our Income Tax
Speaker(s): Annette Nellen
NASBA field of study: Taxes - Technical (1.5)
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 examples that shed light on how certain tax situations were addressed by the IRS or by the courts, clarifying murky tax situations you may encounter with clients. Review a set of rules and case studies to help resolve all kinds of tax issues and leave knowing the significant cases you may need to apply regularly in your federal tax practice.
P3. False Tax Returns Are a Crime: Why CPAs and Their Clients Go to Prison
Speaker(s): Robert Nordlander
NASBA field of study: Specialized Knowledge - Technical (1.5)
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 can lose your CPA license and potentially go to prison. Examine the ways that the IRS investigates bad return preparers. Clarify the difference between a simple mistake versus a criminal act. Plus, learn what to do if you are being investigated for a false tax return, including if your client is under criminal investigation.