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2012 WICPA Tax Conference
Federal & Wisconsin Tax Let’s Get Connected!
2012 Tax Conference
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Accountants, Lawyers & Business Professionals Interested in tax topics & networking Italian Conference Center, Milwaukee Held on Nov. 1 & 2, 2012 Rick Taylor (Keynote)
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2012 Tax Conference Dates & Times > Thursday, Nov. 1 Registration & Networking: 7 – 8 a.m. Sessions: 8 a.m. – 4:30 p.m.
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Friday, Nov. 2 Registration & Networking: 7 – 8 a.m. Sessions: 8 a.m. – 3:30 p.m.
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One day: $269 members, $319 nonmembers Both days: $369 members, $419 nonmembers
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The Riverwood Group is a four-person holistic wealth management team that combines comprehensive financial planning techniques with fee-based, discretionary portfolio management to help our clients secure their long-term financial goals.
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Conference Location
Italian Conference Center 631 E. Chicago St., Milwaukee, WI 53202 414-223-2800
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Educational Credits
CPE: 8 Thursday, 7 Friday CLE: Application submitted CFP: Application submitted
Everyone
Federal & Wisconsin tax topics you’re sure to “Like” • 2012 Federal Tax Update: We’re Going Over the Cliff! • Impact of the New Health Care Legislation on Closely Held Business • 2012 Wisconsin Tax & Department of Revenue Update • Developments of the Tangible Property Repair Regulations • Tax Traps & Opportunities in Buying & Selling a Business • Estate Planning for the Nontraditional Family • Planning for the Uncertain Future of the Estate Tax • International Tax Implications of the 15 Percent Dividend Rate • Succession Planning Options & Strategies • FATCA, FBAR, Foreign Bank Accounts, Foreign Financial Assets, & Other Fun Tax Practice & Procedure Issues • Department of Revenue Statistical Sampling Basics • Hot IRS Practice & Procedure Issues & IRS Update
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Don’t miss your chance to win up to $250!
As a thank you for supporting our affinity partners, sponsors and exhibitors, each attendee who visits every exhibit and turns in his or her tour card by 10am on Friday will be entered in a drawing at the end of the conference for a $250, $100 and $50 VISA Gift Card! Like · Comment · Share
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Thursday, Nov. 1, 4:30-6:30 p.m. Sponsored by The Riverwood Group at Morgan Stanley Smith Barney
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Who Should Attend
Green Event
Accountants, attorneys and business professionals who want to remain current and broaden their knowledge in Wisconsin and federal tax laws and hot issues. This conference offers concurrent sessions designed to appeal to CPAs in industry and public practice, as well as practicing attorneys, financial managers, and corporate counsel and business.
Manuals
GreenSession
As part of our initiative of going green, all attendees will receive a comprehensive electronic manual containing outlines and handouts with their paid registration via email approximately one week prior to the conference. Printed manuals will be available for purchase prior to the conference for an additional $25.
Cancellation Policy
In order to receive a full refund, the WICPA CPE Department must receive notification of cancellation at least 14 days prior to the program presentation date. Cancellations received less than 14 days before the presentation date will be subject to a cancellation fee of 50 percent of the full registration fee rounded up to the next dollar amount, not to exceed $100 per person, per program. No refund will be granted for cancellations on the day of or subsequent to the day of the program presentation. No refund will be granted if you have downloaded any electronic materials provided for the program from which you are cancelling.
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Agenda for Thursday, Nov. 1
Registration & Networking Breakfast
7 – 8 a.m.
8 – 8:05 a.m. Welcome Danica E. Olson, CPA, CGMA, WICPA Board Chair & Accounting Manager, Milwaukee Bucks, Inc. 8:05 – 8:15 a.m. Opening Remarks Mark A. Brzycki, CPA, WICPA Conference Planning Task Force Chair & Director, PwC
General Session 2012 Federal Tax Update: We’re Going Over the Cliff! 8:15 – 9:55 a.m.
Rick J. Taylor, CPA, MST, Partner, Wipfli LLP
Get a wide-angle view of the most important judicial, legislative and regulatory developments for late 2011 and 2012 from the practitioner’s perspective. Special emphasis will be placed on: • Identifying critical issues and key planning opportunities for your closely held business and individual client • IRS audit activity and hot-button issues • Practical tax-saving moves 9:55 – 10:10 a.m.
Networking Break
10:10 – 11:45 a.m.
Session Continues
11:45 a.m. – 12:45 p.m.
Lunch in the Festa Hall
12:45 – 1:45 p.m. General Session
Impact of the New Health Care Legislation on Closely Held Business Thomas J. Nichols, J.D., Shareholder, Meissner Tierney Fisher & Nichols S.C.
The 2010 health care legislation would affect individuals and entities throughout the American economy. The focus of this presentation will be how it impacts tax and other planning for closely held businesses. The increased self-employment/FICA tax on upper income individuals, as well as the new Medicare tax on unearned income, will obviously affect choice of entity and other tax planning. However, the complex new rules intended to drastically increase the number of individuals covered by health insurance will also have an impact on the design and implementation of virtually all employer fringe benefit programs.
Networking Break
1:45 – 2 p.m.
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2 – 3:15 p.m.
Concurrent Sessions
Concurrent A: Developments of the Tangible Property Repair Regulations Susan E. Frey, CPA, Manager, PwC
In December 2010 the IRS and Treasury Department issued the long-awaited proposed and temporary regulations regarding the deduction and capitalization of expenditures related to tangible property. This presentation will discuss the developments since then and their impact on companies in various industries. Included in the discussion will be: • Technical developments on certain aspects of the regulations • Challenges related to complying with the regulations • Practical solutions for assessing the impact of these regulations • Strategies on how to implement the repair regulations
Concurrent B: Tax Traps & Opportunities in Buying & Selling a Business Douglas J. Patch, J.D., Shareholder, Godfrey & Kahn S.C. Jed A. Roher, J.D., Associate, Godfrey & Kahn S.C. Mark Witt, J.D., Shareholder, Godfrey & Kahn S.C.
Experienced tax and corporate merger and acquisition attorneys will discuss common issues and opportunities arising in the sale of a business. Specific topics include the forms of acquisition, tax aspects of capital contributions, employment issues, purchase price allocation considerations, due diligence, and drafting and post-closing matters.
3:15 – 3:30 p.m.
Networking Break
3:30 – 4:30 p.m.
Concurrent Sessions
Concurrent C: Solid Estate Planning for the Nontraditional Family
Bradley J. Kalscheur, J.D., CPA, Partner, Michael Best & Friedrich LLP
From “Ozzie and Harriet” to “The Brady Bunch,” to “Modern Family,” families have changed over the years. Those family changes present particular challenges in estate planning. We will discuss the issues associated with second marriages and circumstances in which a couple is not married, either by choice or because of legal impediments, including the impact of Wisconsin’s Domestic Partnership law on estate planning. Finally, if the president and Congress act on estate tax related issues prior to the election, we will address those changes.
Concurrent D: International Tax Implications of the 15 Percent Dividend Rate Robert J. Misey Jr., Shareholder, Reinhart Boerner Van Deuren s.c.
The 15 percent capital gains rate on dividends will expire on Monday, Dec. 31, 2012 and the November elections further cloud its future. This program will explore international tax planning options to consider if Washington, D.C. extends the 15 percent rate, lets it actually expire, or reaches a compromise.
One day: $269 members, $319 nonmembers Both days: $369 members, $419 nonmembers
After Thursday, Oct. 18
One day: $299 members, $349 nonmembers Both days: $399 members, $449 nonmembers
4:30 – 6:30 p.m.
Evening Social Sponsored by The Riverwood Group at Morgan Stanley Smith Barney
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Agenda for Friday, Nov. 2
7 – 8 a.m.
Registration & Networking Breakfast
1:20 – 1:35 p.m.
Networking Break
8 – 8:05 a.m.
Welcome
1:35 – 2:25 p.m.
Concurrent Sessions
Opening Remarks
Concurrent G: FATCA, FBAR, Foreign Bank Accounts, Foreign Financial Assets, & Other Fun Tax Practice & Procedure Issues
Danica E. Olson, CPA, CGMA, WICPA Board Chair & Accounting Manager, Milwaukee Bucks, Inc.
8:05 – 8:10 a.m.
Mark A. Brzycki, CPA, WICPA Conference Planning Task Force Chair & Director, PwC
8:10 – 9:40 a.m.
General Session
Wisconsin Tax Update
Kristina E. Somers, J.D., Shareholder, Reinhart Boerner Van Deuren s.c.
This presentation will provide an update of the past year’s Wisconsin tax developments, including cases decided by the Wisconsin courts and legislative and administrative updates.
9:40 – 10 a.m.
Networking Break
10 – 11:30 a.m. General Session Wisconsin Department of Revenue Update Marilyn B. Getlinger, CPA, Corporation Tax Auditor, Vicki L. Gibbons, CPA, Deputy Administrator, Wisconsin Department of Revenue
Michael G. Goller, J.D., Shareholder, Reinhart Boerner Van Deuren s.c. In recent years, the IRS has increased its enforcement efforts on U.S. taxpayers who have foreign assets and/or foreign bank accounts. As a result, CPAs needs to understand a new set of complex rules as well has how to address situations where clients have assets outside the U.S. This session will discuss how these complex and often-burdensome rules impact the CPA, along with other hot IRS practice and procedure issues.
Concurrent H: ESOPs: Not Fables – Real Options in
Succession Planning
Timothy L. Stewart, J.D., Attorney, Dewitt Ross & Stevens
Business owners looking to transition into the next generation may be overlooking what could be the best option for them: using an employee stock ownership plan (ESOP). We will discuss the benefits of using an ESOP in succession planning and attempt to debunk the most common misperceptions (ESOP fables) relating to ESOPs.
Concurrent I: Responsibilities in Tax Practice
Deborah K. Rood, CPA, MST, Risk Control Consulting Director, Continental Casualty Company, a CNA company
This session will provide a summary of results from the most
This session will provide a general understanding of a tax preparer’s
recent tax return processing season and discuss the highlights of recent administrative and procedural changes affecting tax practitioners. Also covered will be the issues arising in individual income, corporation franchise income, and sales and use tax audits, including a more in-depth analysis of corporation franchise income tax and pass-through entity issues.
responsibilities under the Internal Revenue Code and professional standards. Attendees will also learn how to identify malpractice risks and limit exposure to claims from tax engagements.
11:30 a.m. – 12:20 p.m.
Lunch in the Festa Hall
12:20 – 1:20 p.m. Concurrent Sessions
Concurrent E: Succession Planning for Accounting Firms: Options & Strategies for a Successful Transition Steven A. Brezinski, J.D., Partner, Axley Brynelson, LLP
Find out what options, strategies and techniques for succession planning sole practitioners and small accounting firms have, with an emphasis on strategies for a smooth transition by departing owners and the admission of new owners. The purchase and sale of practices, the use of life insurance and disability insurance and the protection of business value will all be discussed.
Concurrent F: Planning for the Uncertain Future of the Estate Tax: Year-End Opportunities for Using the $5,120,000 Gift & Estate Tax Exemption
John A. Herbers, J.D., Shareholder, Reinhart Boerner Van Deuren s.c. With the presidential election less than a week away and the fiscal cliff less than two months away, the future of the gift, estate and generation-skipping tax exemptions and structures is extremely fluid. Helping clients navigate through their options for year-end gifts, and longer-term planning strategies takes on a higher priority as the future tax law remains uncertain. This program will offer concrete suggestions for counseling clients in this incredibly unstable tax environment and suggest alternative solutions for clients regardless of their personal net worth.
2:25 – 2:40 p.m.
Networking Break
2:40 – 3:30 p.m.
Concurrent Sessions
Concurrent J: Hot IRS Practice & Procedure Issues & IRS
Update: Views From the Perspective of the Taxpayer & the IRS
Michael G. Goller, J.D., Shareholder, Reinhart Boerner Van Deuren, s.c Mark J. Miller, J.D., SBSE Associate Area Counsel, Internal Revenue Service This session will cover a number of timely topics and initiatives from the perspective of the taxpayer and the IRS.
Concurrent K: Department of Revenue Statistical
Sampling Basics
Gary J. Michalowski, CPA, Computer Audit Specialist, Wisconsin Department of Revenue
This presentation will cover statistical sampling fundamentals for tax audits, provide guidelines to both auditors and taxpayers to assist in efficient selection of samples, and discuss new initiatives the department is pursuing with respect to statistical sampling.
Post-Conference
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Sponsors
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Applied Tech, Inc.
Affinity Partners The Payroll Company
Affinity
✓ Partner
www.payrollcompany.biz The Payroll Company has been providing award-winning payroll services to businesses for over 10 years. We are committed to fulfilling our clients’ payroll needs. Because of this commitment, The Payroll Company is proud to claim a 95 percent client retention rate and is honored to be a repeat recipient of The PayChoice Award for Outstanding Payroll Service Bureau Management.
Professional Insurance Programs
Affinity ✓ Partner
6737 W. Washington Street, Suite 2360, West Allis, WI 53214 www.insuranceformembers.com Insurance programs for members of the WICPA, including the Alliance Plan: a group health plan for WICPA members, individual health insurance, professional liability, home and auto insurance with special discounts for WICPA members’ life and disability insurance.
UPS
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12400 W. Bluemound Road, Elm Grove, WI 53122 www.savewithups.com
Affinity
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20800 Swenson Drive, Suite 200, Waukesha, WI 53186 www.home.wellsfargoadvisors.com/kenneth.schneider Financial Advisors Ken & Jim Schneider focus on retirement plans (i.e. 401(k), SEP/SIMPLE IRA, etc.) and work extensively with CPAs, individual investors, attorneys and business owners on wealth management, investment planning and estate strategies. We are Affinity Partners with the WICPA and periodically offer free CE programs. We are happy to have consultations with no cost or obligations. Wells Fargo Advisors, LLC, Member SIPC.
1900 S. 18th Avenue, West Bend, WI 53095 www.thesilverlining.com
Applied Tech is a Microsoft Gold Midmarket Solution provider that specializes in the selection and implementation of all IT infrastructure needs, including desktop support, Windows Server, Exchange, SQL, SBS, as well as Dynamics CRM, SharePoint and others. We have expertise in multiple vertical industries such as financial, legal, manufacturing, construction, government agencies, nonprofit organizations and trade associations. Applied Tech has three Wisconsin locations and is ranked as one of the top 120 IT support providers in the Nation by MSPMentor.
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Exceptional Company Exceptional Product Group Disability Income Insurance. Northwestern Mutual offers high quality Group Disability Income protection to help Employers meet their employee’s fundamental need for income protection during a time of illness or injury.
U.S. Bank
Affinity ✓ Partner
West Bend provides property and casualty insurance products throughout the Midwest. West Bend’s Association Plus program packages a variety of personal insurance coverage, including the Home and Highway® program. West Bend not only saves you money, it offers you cash back, too! With the Claim Free Award, you’ll get five percent of your annual premium returned to you in cash. WICPA members receive an additional 10 percent discount on the annual premium.
✓ Sponsor
Two Meridian Crossings, Richfield, MN 55423 www.usbank.com U.S. Bank is in the business of providing best-in-class banking services to our customers sharing a commitment to help their businesses grow. Count on U.S. Bank for expertise in commercial and corporate banking, payment processing, wealth management, trust and consumer banking services.
Exhibitors AICPA Member Insurance Programs
UPS serves more than 200 countries and territories, reaching 90 percent of the world’s population. Whether you need a shipment to arrive the same day, the next day or in a few days, UPS will get your package there on time – guaranteed.
Wells Fargo Advisors
✓ Sponsor
203 S. Paterson Street, Suite 500, Madison, WI 53703 www.appliedtech.us
6405 Century Ave., Middleton, WI 53562
West Bend
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Affinity Partners, Sponsors & Exhibitors
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159 E. County Line Road, Hatboro, PA 19040 www.cpai.com
The AICPA Member Insurance Programs offer members quality insurance coverage provided by some of the leading insurance companies in the country. Aon Insurance Services is the exclusive broker and administrator of the AICPA Endorsed Insurance Programs, offering service that is personal, responsive and dedicated to meeting
member needs.
Fiduciary Partners, Inc.
✓ Exhibitor
3913 W. Prospect Avenue, Suite 201, Appleton, WI 54914 www.fiduciarypartners.com Fiduciary Partners, legally known as Fiduciary Partners, Inc., is an independent, privately owned trust company providing trust services to individuals, families, businesses and charities, and custody services to independent investment managers throughout the Midwest.
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235 N. Executive Drive, Suite 200, Brookfield, WI 53005 www.wicpa.org Discover all the benefits of WICPA membership. Make the WICPA booth a stop on your exhibit tour. Whether you’re currently a member or looking to become one, bring your membership questions to us for immediate answers. Join the WICPA at the conference and receive a FREE GIFT! Visit www.wicpa.org/join for more information about member benefits and frequently asked questions.
Registration Form
q H: ESOPs: Not Fables – Real Options in Succession Planning q I: Responsibilities in Tax Practice q J: Hot IRS Practice & Procedure Issues & IRS Update: Views From the Perspective of the Taxpayer & the IRS q K: Department of Revenue Statistical Sampling Basics
q E: Succession Planning for Accounting Firms: Options & Strategies for a Successful Transition q F: Planning for the Uncertain Future of the Estate Tax: Year-End Opportunities for Using the $5,120,000 Gift & Estate Tax Exemption q G: FATCA, FBAR, Foreign Bank Accounts, Foreign Financial Assets, & Other Fun Tax Practice & Procedure Issues
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Wisconsin Institute of Certified Public Accountants 235 N. Executive Drive | Suite 200 | Brookfield, WI 53005 | 262-785-0445 | 800-772-6939
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Please check if you: q Prefer a vegetarian meal for lunch q Will attend evening social q Prefer a printed manual (additional $25) q Will bring a laptop/tablet device q Have a need or disability with special requirements (you will be contacted by phone)
Friday, Nov. 2
q C: Estate Planning for the Nontraditional Family q D: International Tax Implications of the 15 Percent Dividend Rate
q A: Developments of the Tangible Property Repair Regulations q B: Tax Traps & Opportunities in Buying & Selling a Business
Session choices: Please indicate the concurrent sessions you plan to attend. Thursday, Nov. 1
Are you: q a WICPA member q a CPA nonmember q working toward CPA q not a CPA
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Thursday, Nov. 1 & Friday, Nov. 2 | Italian Conference Center, Milwaukee
conference Credit card registrations will be accepted by mail, phone, fax and online. All other registrations must be mailed with payment enclosed. Please see the cancellation policy in the general information section for more details.
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235 N. Executive Drive, Suite 200 Brookfield, WI 53005
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262-785-0838
Fax:
262-785-0445
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One day: $299 members, $349 nonmembers Both days: $399 members, $449 nonmembers
After Thursday, Oct. 18
One day: $269 members, $319 nonmembers Both days: $369 members, $419 nonmembers
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You’ll benefit after the conference, too! Electronic materials are: • Easier to store by not taking up valuable shelf or floor space. • Easier to review by scrolling through your list of annotations, searching them or printing out a list. • Easier to reference through keyword searches, bookmarks and links featured during the conference.
This conference is environmentally friendly! By going green, we’re going paperless with electronic conference materials. This means: • You’ll receive an email containing the link to download the materials approximately one week prior to the conference. • You can preview conference topics prior to the conference, providing an opportunity to prepare questions for presenters. • During the conference, you can highlight and comment directly on the materials using your laptop with the free Adobe Reader software or using a tablet with one of the many PDF annotation apps.
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