Agenda – TPI
- 7:30 AM - 7:45 AM
VIRTUAL SESSION SIGN-IN
- 7:45 AM - 8:00 AM
Opening Announcements & Remarks
Rick NadeauSCORE Maine - 8:00 AM - 8:50 AM
Tax Cuts and Jobs Act Due Diligence Updates
Overview of the expanded Internal Revenue Code Section 6695(g) due diligence requirements for paid tax return preparers, and a recap of the Tax Cuts & Jobs Act as it relates to: The Child Tax Credit/Additional Child Tax Credit, or CTC/ACTC; Credit for Other Dependents, known as ODC and Head of Household, filing status. Shawn will also discuss with you the social security number and citizenship requirements for each credit—as well as the rules for head of household filing status. In addition, he will share with you one of the best resources IRS offers to assist tax professionals… the Tax Preparer Toolkit!
Shawn SavageIRS - 8:55 AM - 9:45 AM
TCJA & Section 199A Refresher and Updates under the CARES Act
The presentation will have a brief overview of the changes made under the TCJA passed in 2018. We’ll cover Section 199A and in particular its relevance in the real estate industry. Finally, we’ll cover how the CARES act has made changes to the TCJA and what to look for in 2021 when preparing returns.
Justin FreemanBBSC - 9:45 AM - 9:55 AM
Break
- 9:55 AM - 10:45 AM
MRS 2020 Income Tax Updates
MRS will provide and overview of legislative updates to Maine tax law.
Jeffrey BragdonMaine Revenue ServiceBryan LumbraMaine Revenue Service - 10:50 AM - 11:40 AM
Entity Selection
Katelynn RonanRudman WinchellJustin FreemanBBSC - 11:40 AM - 12:40 PM
Lunch Break
- 12:40 PM - 1:40 PM
Tax Preparer Ethics 2020
An update on tax preparer ethics for 2020, including a review of IRS areas of special interest and an analysis of practical ethical dilemmas.
D. Kelley YoungTroubh Heisler - 1:45 PM - 2:35 PM
COVID-19 and Related 2020 Tax Legislation
Sarah NewellEaton PeabodyJustin FreemanBBSC - 2:35 PM - 2:45 PM
Break
- 2:45 PM - 3:35 PM
Estate Planning Under the SECURE Act
Parke BurmeisterDrummond Woodsum - 3:40 PM - 4:30 PM
Tax Research
Justin CoffinUBS - Rockland Financial Group - 4:30 PM
Adjourn
CE certificates will be mailed
VIRTUAL SESSION SIGN-IN
Opening Announcements & Remarks
Tax Cuts and Jobs Act Due Diligence Updates
Overview of the expanded Internal Revenue Code Section 6695(g) due diligence requirements for paid tax return preparers, and a recap of the Tax Cuts & Jobs Act as it relates to: The Child Tax Credit/Additional Child Tax Credit, or CTC/ACTC; Credit for Other Dependents, known as ODC and Head of Household, filing status. Shawn will also discuss with you the social security number and citizenship requirements for each credit—as well as the rules for head of household filing status. In addition, he will share with you one of the best resources IRS offers to assist tax professionals… the Tax Preparer Toolkit!
TCJA & Section 199A Refresher and Updates under the CARES Act
The presentation will have a brief overview of the changes made under the TCJA passed in 2018. We’ll cover Section 199A and in particular its relevance in the real estate industry. Finally, we’ll cover how the CARES act has made changes to the TCJA and what to look for in 2021 when preparing returns.
Break
MRS 2020 Income Tax Updates
MRS will provide and overview of legislative updates to Maine tax law.
Entity Selection
Lunch Break
Tax Preparer Ethics 2020
An update on tax preparer ethics for 2020, including a review of IRS areas of special interest and an analysis of practical ethical dilemmas.
COVID-19 and Related 2020 Tax Legislation
Break
Estate Planning Under the SECURE Act
Tax Research
Adjourn
CE certificates will be mailed
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.
Daniel Doiron, CPA,CVA, Principal – Albin Randall & Bennett
Heather Popadak, Director of Income & Estate Tax Division – Maine Revenue Services
Christopher Stevenson, Esq. – Drummond Woodsum
Nelson Toner, Esq., Shareholder – Bernstein Shur Sawyer & Nelson