CPE Course 36th Annual NHSCPA/NH Bar Assn. Tax Forum
November 28, 2018
8:00am — 4:15pm
Morning Plenary Sessions Concurrent Sessions
John E. Rich, Jr., Esq., Moderator
McLane Middleton Professional Association
8:00 – 10:00 a.m.
Recent Guidance on the 2017 Tax Cuts and Jobs Act and Impact on Choice of Entity
The Tax Cuts and Jobs Act (TCJA) was passed and signed into law in December of 2017 and is generally effective as of January 1, 2018. The TCJA resulted in sweeping changes, particularly to corporations and pass through entities that has left many practitioners and clients with more questions than answers. This panel will review these changes as they apply to business entities including discussion and analysis of new guidance that has been issued over the last several months. In addition, the panel will discuss how the TCJA and related guidance has impacted “choice of entity” for tax reporting purposes and will provide concepts and examples that advisors can share with their clients on these important changes.
Karl A. Heafield, CPA, MST, Baker Newman Noyes, LLC
Paul A. Burkett, Esq., Rath, Young & Pignatelli, PC
Kevin C. Kennedy, CPA, Maloney & Kennedy, PLLC
Jon B. Sparkman, Devine, Millimet & Branch, PA
Update on Domestic and International Privacy and Information Security Laws and their Impact on Tax Professionals
Information security represents one of the biggest vulnerabilities and legal liabilities for tax professionals. In recent years, there has been a proliferation of international as well as domestic federal and state laws that impose obligations regarding the collection, storage, handling, and transmission of personal information about employees, customers, website visitors, and the public generally. Whether a business is subject to the SEC’s privacy rule called Regulation S-P, the IRS’s data security Publication 4557, state data privacy and security law, the European and Canadian privacy laws called GDPR and PIPEDA, or all of them, the business needs to be proactive about compliance. This presentation will cover the process that tax professionals need to undertake to become compliant through risk assessment, remediating vulnerabilities, adopting appropriate policies, and training their workforces.
Ryan Barton, CEO, Mainstay Technologies
Cameron G. Shilling, Esq., McLane Middleton Professional Association
1:00 – 2:00 p.m.
How Does Federal Tax Reform Affect New Hampshire Taxes?
In this session, the Commissioner and Assistant Commissioner of the Department of Revenue Administration will discuss how the recent federal tax reform could affect New Hampshire’s tax system. The discussion will include information provided to the New Hampshire Legislature as part of the Department’s annual report on the impact of federal tax law changes.
Beth L. Fowler, Esq., Moderator, McLane Middleton Professional Association
Lindsey M. Stepp, Commissioner, NH Department of Revenue Administration
Carollynn J. Lear, Esq., LL.M., Assistant Commissioner,
NH Department of Revenue Administration
2:05 - 3:05 p.m.
The New Partnership Audit Rules. Again? Really? Yes, Now It Really Matters!
Since their original enactment in 2015, the now effective centralized partnership audit rules have been updated by hundreds of pages of regulations and technical corrections, including providing for a new “pull-in” procedure. This session provides an overview of the updated rules, discusses the tax reporting implications for the upcoming tax filing season, and offers drafting considerations with respect to partnership, LLC, and partnership interest purchase and sale agreements, for the new rules.
Peter T. Beach, Esq., Sheehan Phinney Bass & Green, PA
James Usseglio, CPA/PFS, MST, CFP, Baker Newman Noyes, LLC
3:15 – 4:15 p.m.
Wayfair and Beyond: The Impact of Multistate SALT Developments on New Hampshire Businesses
Issued June 21, 2018, the Wayfair Supreme Court decision overturned the decades-old bright-line physical presence rule established by Quill and Bellas Hess. This presentation will cover the road to Wayfair, and will then focus on the decision’s impact on New Hampshire businesses. Post-Wayfair, a seller with “substantial nexus” with a state must collect use tax from its customers in that state, and businesses will be expected to comply with myriad state collection and reporting laws. After this presentation, participants will be able to identify potential traps for their New Hampshire clients doing business across state lines, including past and future exposure, to better advise their clients on multistate sales and use tax compliance.
Olga J. Goldberg, Esq., LL.M., Rath, Young & Pignatelli, PC
Merrill E. Barter, CPA, Baker Newman Noyes, LLC
1:00 – 2:00 p.m.
Practical Tax and Estate Planning Following the Tax Reform Act
The session will discuss tax and estate planning considerations in light of the 2017 Tax Act. The speakers expect to cover what practitioners should be discussing with and doing for their clients as avoiding or minimizing federal transfer taxes continues to become less relevant, but as we approach yet another tax cliff.
Michelle M. Arruda, Esq., Devine, Millimet & Branch, PA, Concord
Joyce M. Hillis, Esq., Devine, Millimet & Branch, PA, Manchester
2:05 - 3:05 p.m.
Trustee Discretion: The Better Part of Valor or Vulnerability?
Discretionary powers place a heavy burden on the trustee, who is both the ultimate decision maker and steward of the trust property. This session will provide practical advice on how discretionary trusts work, the impact of imposing a standard on the trustee’s discretion, fiduciary duties and tax consequences, as well as provide tools for administering these trusts.
Amy K. Kanyuk, Esq., McDonald & Kanyuk, PLLC
3:15 – 4:15 p.m.
The Latest on Trust Decanting and Pretermitted Heirs in New Hampshire
This session will address Trust Decanting in New Hampshire following the Hodges case as well as look at issues relating to Pretermitted Heirs in light of recent legislation and litigation.
Alyssa Graham Garrigan, Esq., Ansell & Anderson, PA
Ralph F. Holmes, Esq., McLane Middleton Professional Association
Mr. James Usseglio, CPA, PFS, CFP · Mr. John E. Rich Jr, Esq. · Ms Michelle M. Arruda, Esq. · Cameron Shilling Esq. · Peter Beach Esq · Ms Beth L. Fowler, Esq. · Mr Kevin C. Kennedy, CPA · Mr Karl A. Heafield, CPA · Mr Paul A. Burkett Esq · Ms Amy Kanyuk, Esq · Carollynn J. Lear, Esq. · Olga J. Goldberg, Esq. · Ralph F. Holmes, Esq. · Ryan Barton, CEO · Ms Joyce M. Hillis Esq. · Merrill E. Barter CPA · Alyssa Graham-Garrigan, Esq. · Lindsey Stepp
New Hampshire Society of CPAs