Agenda – MTF

Maine Tax Forum

Keynote Speaker: IRS Commissioner Charles P. Rettig

MTF-Maurice-testimonial

  • 7:45 AM - 8:00 AM

    Announcements & Opening Remarks

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

    Maine Tax Developments

    This presentation will cover recent developments in Maine tax law, including judicial decisions, legislative developments, Maine’s response to COVID-19 and conformity to federal income tax changes.  Attendees will learn about the latest Maine state tax compliance issues.

    Jonathan Block
    Pierce Atwood
    Olga Goldberg
    Pierce Atwood
  • 8:55 AM - 9:45 AM

    Cannabis / Section 280E

    The presentation will briefly outline the background of 280E and the importance of understanding, documenting and consistently applying cost of goods as described in code section 471.

    Ted Kelleher
    Drummond Woodsum
    Karla Brannen
    Albin Randall & Bennett
    Jamie Boulette
    One River CPA's
  • 9:55 AM - 10:45 AM

    Keynote

    Charles Rettig, Commissioner
    IRS
  • 10:50 AM - 11:40 AM

    990 updates (non-profits)

    Margaret Von Lienen
    IRS
  • 12:40 PM - 1:30 PM

    Real EstateTax Issues

    The CARES Act and other recent tax legislation have created many opportunities for real estate owners, including the Qualified Improvement Property (QIP) technical correction many were waiting for. Jeff and Dave will discuss strategies and opportunities as provided by the reintroduction of NOL carrybacks, as well as the temporary elimination of the 80% NOL carryforward, favorable adjustments to Section 163(j), new abilities to amend tax returns, and of course QIP.  The presenters will also discuss the post CARES Act Rev. Procs. and other updates, explaining ways to maximize the tax tools available for real estate owners.

    Jeff Hiatt
    MS Consultants
    Dave Fabian
    MS Consultants
  • 1:35 PM - 2:25 PM

    State Income Taxation of Trusts

    This program discusses the nexus requirements required by the various states in order to be able to tax trust income, how to plan to minimize or avoid the state tax on accumulated income and capital gains and the lack of symmetry in state taxation statutes. The Maine statute on the taxation of trust will be reviewed.

    Jere Doyle
    BNY Mellon
  • 2:35 PM - 3:25 PM

    Changes to the Income Taxation of Estates and Trusts Under the TCJA of 2017

    This Program discusses the changes made to the income taxation of estates and trusts as a result of the Tax Cuts and Jobs Act of 2017. Among the topics discussed are new Section 67(g) and its effect on deduction of estate administration expenses, the SALT limitation, new rules for Electing Small Business Trusts, the repeal of Section 682 alimony trusts, Notice 2018-61, excess deductions, and the effect of the Section 199A deduction on grantor and non-grantor trusts and charitable remainder trusts.

    Jere Doyle
    BNY Mellon
  • 3:30 PM - 4:30 PM

    Ethics

    Sharyn Fisk
    IRS - Office of Professional Responsibility

Day Two–Thursday, November 5

  • 7:45 AM - 8:00 AM

    Announcements & Opening Remarks

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

    Tax Aspects to COVID-19 Relief

    This presentation will provide a timely overview of the Paycheck Protection Program (“PPP”) and other payroll-tax related relief contained in the CARES Act and subsequent COVID-19 legislation. Among other things, the presentation will raise important questions that remain, as of November 2020, regarding state and federal tax consequences to COVID-19 relief and other, top-of-mind questions that remaining regarding various aspects to PPP loan forgiveness and other payroll-tax related relief.

    Nelson Toner
    Bernstein Shur
    Matthew Saldaña
    Bernstein Shur
    Joshua Robinson
    Checkmate HCM
  • 8:55 AM - 9:45 AM

    Partnership / LLC Capital Account Issues

    Over the past year the IRS has promulgated a slew of new partnership K1 disclosures, and proposed changes to partner capital account reporting requirements. While 2020 computational requirements are still somewhat unknown, we will look at what we might expect in light of Notice 2019-66 and Notice 2020-43, as well as some examples of commonly encountered issues.

    Jim Cardosi
    Wipfli
  • 9:55 AM - 10:45 AM

    Non-residents Subject to Tax: Citizenship, Permanent Residence, and Permanent Establishment

    This presentation focuses on how a non-resident of the US becomes subject to US tax. It provides an overview of issues related to acquiring US citizenship and permanent residence and creating a permanent establishment.

    Bryce Morrison
    Bernstein Shur
  • 10:50 AM - 11:40 AM

    Tax Security 2.0: A Tax Pro’s Security Checklist

    Learn about the steps you can take to protect yourself from falling victim to criminals who want to steal your clients’ information as well as new trends and schemes that the IRS has seen during the 2020 filing season.

    Maggie Romaniello
    IRS
  • 12:40 PM - 1:30 PM

    The SECURE Act: Changes & Impact

    With the intent to help Americans better save for retirement, the SECURE Act ushered in important changes with particular impact on retirement plan distributions, contributions, and administration. This presentation will outline the technical changes of the law along with planning opportunities and red flags to be aware of when working with clients.

    Rick Abbondanza
    Hopkinson & Abbondanza
    Lauren Brady
    Wipfli
  • 1:35 PM - 2:25 PM

    Washington Tax Developments for 2020 and Beyond

    The presentation will cover federal tax developments in 2020 related to the 2017 Tax Cuts and Jobs Act (TCJA) and tax issues included in a lame-duck session. The speakers will cover the prospects for tax legislation in 2021 and beyond with consideration of the impact of the 2020 Presidential and Congressional elections and the future of key expiring provisions of the TCJA between now and 2026. The session will include a discussion of the impact of potential changes to the 2017 tax reform law on businesses, both corporate and pass-throughs, with respect to tax planning decisions for the future.

    Susan Rogers
    Potomac Law
    Rick Abbondanza
    Hopkinson & Abbondanza
  • 2:35 PM - 3:25 PM

    IRS Collections from Practitioners’ Perspective

    COVID-19 has had a negative impact on our client’s personal and financial lives, leaving many owing substantial IRS tax debts and no ability to pay. In this presentation, Enrolled Agent Jerrod Oltmann and Attorney James Wade will give you, the practitioner, a nuts and bolts explanation of what you can do to protect your clients’ rights and resolve their unpaid IRS tax liabilities.

    Jim Wade
    James Wade Law
    Jerrod Oltmann
    J P Oltmann
  • 3:30 PM - 4:30 PM

    Ethics / Professional Conduct Scenarios

    In this session, Tim Woodhouse and Justin Coffin will review situations that raise ethical issues and increase the risk of mistakes and potential liability. The presentation will draw from common experiences that tax practitioners face during their career.

    Justin Coffin
    UBS - Rockland Financial Group
    Timothy Woodhouse
    Aries Wealth Management

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.

Larry Campbell, CPA
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
Annette Lease – Machias Savings Bank
Heather Popadak, Director of Income & Estate Tax Division – Maine Revenue Services
Susan Rogers, Esq., – Potomac Law Group
Michael Santo, CPA, MBA, MST – Wipfli Macpage
Shawn Savage, Senior Stakeholder Liaison, IRS
Christopher Stevenson, Esq. – Drummond Woodsum
Nelson Toner, Esq., Shareholder – Bernstein Shur Sawyer & Nelson
Timothy Woodhouse, JD, CPA – Aries Wealth Management

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