Agenda – MTF

Maine Tax Forum

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Keynote Speaker: 

Stephen A. Whitlock is the IRS Director of the Office of Professional Responsibility.

Steve previously served as the Director, Whistleblower Office where, as the first to hold this role, he oversaw development of the program, set policy and provided oversight for Service action on information provided by whistleblowers.

Prior to that, Steve held the position of Deputy Director, Office of Professional Responsibility where he oversaw the conduct of attorneys, CPAs, enrolled agents, enrolled retirement plan agents, actuaries and appraisers who practice before the IRS under Treasury Circular 230.  Steve also served as the Director, Commissioner’s Complaint Processing and Analysis Group, which designed and implemented a plan for the new organization to receive, monitor and resolve complaints and other correspondence from or about IRS employees.   Prior to joining the IRS, Steve held numerous leadership positions within the Office of the Inspector General and the Department of Defense.

Steve holds a Bachelor of Arts degree in Political Science from Auburn University, a Juris Doctor degree from Catholic University, and a Masters in Business Administration degree from George Mason University.

MTF-Maurice-testimonial

Day One–Wednesday, November 7

  • 7:45 AM - 8:00 AM

    Opening Remarks

    Rick Nadeau
    SCORE
  • 8:00 AM - 8:50 AM

    TCJA – General Provisions for Individuals

    This session will address provisions of the Tax Cuts and Jobs Act affecting individuals, such as changes in tax rates, deductions, credits, and tax calculations.  General impacts and planning ramifications as a result of the changes will be discussed, including the new “postcard” sized Form 1040 for 2018.

    Daniel Doiron, Principal
    Albin, Randall & Bennett
  • 8:55 AM - 9:45 AM

    TCJA – Corporations, Businesses & Tax Accounting

    This presentation will cover how the TCJA effects businesses in 2018 onward. We will review interest expense limitation, changes to accounting methods, as well as touch upon briefly topics like the new 199A deduction and changes to depreciation and 179 expensing.

     

    Michael Santo, Manager
    MacPage
  • 9:55 AM - 10:45 AM

    Current Issues in Tax Ethics and Professional Responsibility (Keynote)

    Treasury Department Circular 230 describes the standards and obligations applicable to those engaged in practice before the IRS, and their rights when there is an alleged violation of the Circular.  This discussion of current developments will address common problems and misunderstandings about Circular 230 and its enforcement, priorities of the Office of Professional Responsibility, and examples from cases to illustrate application and interpretation of the Circular.

    Stephen Whitlock, Director - Office of Professional Responsibility
    IRS
  • 10:50 AM - 11:40 AM

    Breakout Session 1
    A: Small Not-for-Profit Entities – Keeping out of Trouble
    B: The Changing Shape of Accounting & How to Remain Relevant

    Session A

    We will discuss common 990 mistakes, UBIT/UBTI, and also touch upon the new GAAP updates and how they will affect taxes.

    Session B

    The traditional Accounting ‘Practice’ model has become outdated. Today clients want a firm that helps them plan for the future, and provide timely advice on what they should be doing now in order to grow their business.  This workshop will teach you how to move your firm from compliance to advisory services. By doing this, you will have earned the right to be called a “Trusted Advisor” in the eyes of your clients.

    Tabitha Swanson, CPA, CFA, CPM
    The Swanson Group
    Mike Lawsure, CPA, MST
    The Swanson Group
    Ellie Marshall, Executive Business Advisor
    Intrepid Business Advisors
  • 12:45 PM - 1:35 PM

    Breakout Session 2
    A: Where are you Exposed? Mitigating your Firm’s Risk of Litigation

    B: U. S. International Tax Provisions of TCJA

     

    Session A

    In this session, we will explore the specific risks facing tax and accounting firms and what insurance coverage options may be best for your practice. We will discuss where there may be gaps in your coverage and where your firm may be over-insured. We will also we will take a look at the following types of policies to help you determine if the insurance coverage would be beneficial to your firm.

    Professional Liability Insurance, Commercial Crime Coverage, Cyber Liability and Data Breach Response Insurance , Commercial vs Personal Umbrella, Commercial General Liability,  Employment Practices Liability and a Business Owners Policy.

    Session B
    to be added

    Session A: Rob Ferrini
    McGowanPRO
    Session B: Stuart Lyons, CPA, MST, MBA
    Baker Newman Noyes
  • 1:40 PM - 2:30 PM

    Navigating the New Partnership Audit Rules

    In this presentation, we’ll provide an overview of the partnership audit rules applying to most partnerships for tax years beginning after December 31, 2017. We will cover the new rules, how they differ from TEFRA rules, elections allowed under the new rules, and items that will need to be addressed in tax planning and in drafting partnership agreements.

    Chris McLoon, Attorney
    Drummond Woodsum
    Nelson Toner, Shareholder
    Bernstein Shur
  • 2:40 PM - 3:30 PM

    Corporate Tax Case Updates

    This presentation summarizes several court cases and IRS rulings concerning pertinent corporate tax matters that have been issued in the past twelve months.  The cases and rulings discussed focus on topics that are common and timely for the attendees of the seminar.  Nelson will provide a detailed review of the facts of each case and ruling, an explanation of the applicable tax law and the holding of each case and ruling, and an analysis of how each case and ruling might affect future tax analysis for our clients.

    Nelson Toner, Shareholder
    Bernstein Shur
  • 3:35 PM - 4:25 PM

    Ethics in the Workplace

    This program explores the complexities of ethical decision-making in today’s world where businesses are often confronted with enormous pressure by multiple stakeholders to deliver results. Legal, ethical, social issues, and cultural challenges are simply part of the business landscape and how leaders react to these factors is often influenced by the culture of their companies. This course uses several case studies to engage dialog about ethical viewpoints and principles.

    Kristen Kellner, Chief Learning Officer
    KMA Human Resources Consulting

Day Two–Thursday, November 8

  • 7:45 AM - 8:00 AM

    Opening Remarks

    Rick Nadeau
    SCORE
  • 8:00 AM - 8:50 AM

    TCJA – Qualified Business Income Deductions (199A) – Part 1

    Under the TCJA, individuals may be able to deduct up to 20% of qualifying business income from partnerships, S corporations and sole proprietorships.  The deduction is subject to various limitations and exclusions as well as highly complex calculations.  In some cases, the ability, or inability, to claim the deduction may cause an existing business to consider changing its form of entity classification to obtain more favorable tax rates (such as converting to a C corporation).  It may also impact decisions on entity selection upon formation.  We will explore the mechanics of these provisions and the impact that may have on entity selection.

    Kris Eimicke, Partner
    Pierce Atwood
    Rob Ravenelle, Partner
    Pierce Atwood
  • 8:55 AM - 9:45 AM

    TCJA – Qualified Business Income Deductions (199A) – Part 2

    Under the TCJA, individuals may be able to deduct up to 20% of qualifying business income from partnerships, S corporations and sole proprietorships.  The deduction is subject to various limitations and exclusions as well as highly complex calculations.  In some cases, the ability, or inability, to claim the deduction may cause an existing business to consider changing its form of entity classification to obtain more favorable tax rates (such as converting to a C corporation).  It may also impact decisions on entity selection upon formation.  We will explore the mechanics of these provisions and the impact that may have on entity selection.

    Kris Eimicke, Partner
    Pierce Atwood
    Rob Ravenelle, Partner
    Pierce Atwood
  • 9:55 AM - 10:45 AM

    Choice of Entity in the TCJA Tax Landscape

    Chris Stevenson, Attorney
    Drummond Woodsum
    Dan Gayer, JD, CPA
    Baker Newman Noyes
  • 10:50 AM - 11:40 AM

    Depreciation & Asset Expensing under TCJA

    Jeff Hiatt, Director of New Business Development
    MS Consultants
  • 12:45 PM - 1:35 PM

    401(k) and Individual Retirement Account Issues

    Tim and Rene will focus on tax law changes affecting employer provided retirement plans and individual retirement arrangements, as well as recent trends in this area

    Tim Woodhouse, Director, Private Client Services
    Cribstone Capital Management
    Rene Morin, President
    Downeast Pension Services, Inc.
  • 1:40 PM - 2:30 PM

    The Impact of Wayfair and the TCJA on Maine Taxpayers

    The speakers will discuss how the US Supreme Court’s decision in the Wayfair case and Maine’s (non) conformity with the TCJA may impact Maine taxpayers.  Topics covered will include practical considerations, such as the issues faced by taxpayers in complying with the Wayfair decision, and some of the complexities taxpayers will need to address related to the TCJA changes.

    Merrill Barter, CPA, Director
    Baker Newman Noyes
    Jon Block, Partner
    Pierce Atwood
  • 2:40 PM - 3:30 PM

    Estate Planning after the Tax Cuts and Jobs Act

    The Tax Cuts and Jobs Act increased substantially the Federal estate tax exemption for the next eight years, but that does not mean that estate planning in Maine is no longer driven, at least in part, by tax considerations.  This presentation will discuss the changes the TCJA makes to federal gift, estate and generation-skipping transfer tax laws and how estate planning is effected by these changes.  It will also address the current state of the Maine estate tax laws, and planning under the two (potentially) different tax regimes.

    Kenleigh Nicoletta, Attorney
    Brann & Isaacson
  • 3:35 PM - 4:25 PM

    Data Protection, Compromises and Identity Theft

    This session will focus on identity theft and data theft which are critical issues affecting all of us. Our objective is to demonstrate that this threat is real for the tax professional community and that everyone must take the necessary steps to secure their digital network and client data.  We will review the common tactics we’ve seen used by cybercriminals to attack tax professionals. And, we will provide information about first steps and best practices. We also want to ensure that if you do suffer a data loss, you know what steps to take.

    Shawn Savage, Senior Stakeholder Liaison
    IRS
    Margaret Romaniello
    IRS

Online registration is encouraged.

Register now

If you plan to pay by check, please download the Registration Form and mail back with your check.

Maine Tax Workshops Advisory Team

We greatly appreciate the assistance of the Maine Tax Workshops Advisory Team in planning this agenda.  Their experience with the chosen topics was a great resource for the SCORE planning team.

Justin Coffin, Financial Advisor – UBS Rockland Financial Group
Daniel Doiron, CPA,CVA, Principal – Albin Randall & Bennett
Jeff Hiatt, Director of New Business Development, MS Consultants
Stuart Lyons, CPA, MST, MBA – Baker Newman Noyes
Shawn Savage, Senior Stakeholder Liaison, IRS
Christopher Stevenson, Esq. – Drummond Woodsum
Nelson Toner, Esq., Shareholder – Bernstein Shur Sawyer & Nelson
Jim Wade, Attorney, The Law Office of J. Wade
Timothy Woodhouse, CPA, Attorney – Cribstone Capital Management

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