RQ&N 29th Annual Tax & Business Seminar

October 8, 2018

Ray Quinney & Nebeker invites you to attend the 2018 RQ&N Tax and Business Seminar on Tuesday, October 30, from 1:30 to 4:30 p.m., in the Savoy Room at the Grand America Hotel. CLE, CPE, and insurance credits are pending based on approval from the applicable review boards. Cost to attend: $40.  To Register: Email to Emilie Dazley at taxseminar@rqn.com or call (801) 323-3434.

199A Qualified Business Income (QBI) Deduction:  What All Small Business Owners Need to Know.   Effective as of January 1, 2018, The Tax Cuts and Jobs Act of 2017 (TCJA) established new Internal Revenue Code Section 199A that provides for a new wide-spread deduction for Qualified Business Income (QBI) to provide individuals that own businesses conducted in a partnership, S corporation or sole proprietorship with a 20% tax reduction break. The QBI deduction has multiple limitations and a myriad of rules. Does your business qualify? We will discuss who qualifies for the deduction and how it is calculated. We will review the new proposed regulations, and show examples of calculations that illustrate how the phase-out calculations are made, and discuss some of the pitfalls and planning opportunities of the QBI deduction.  Presented by Special Guest Speaker, Troy K. Lewis, CPA.  

Estate, Gift, and Income Tax (Basis) Planning in the Age of the Trump Administration.   Effective as of January 1, 2018, The Tax Cuts and Jobs Act of 2017 (TCJA) doubled the lifetime estate and gift tax exemption. Adjusted for inflation, individuals currently have an exemption of $11.18 million, and married couples have a combined exemption of $22.36 million. This significant increase in the exemption opens new planning opportunities for families, whether it’s a family of moderate wealth or high net worth.   At the same time, there is a great deal of uncertainty as the increased exemption is scheduled to sunset in 2026, and Democrats have proposed lowering the exemption sooner if they retake control of the White House and Congress. Mr. Stephenson will discuss new planning opportunities that exist under the new law, and potential planning pitfalls. Presented by Gregg D. Stephenson

New Streamlined Audit Rules for PartnershipsStarting in 2018, Congress changed the rules the IRS will apply in partnership audits (including any LLCs taxed as partnerships). Partners and advisors should understand how the new rules work so they won’t be blindsided after an audit begins. The presentation will cover the basics of the new audit regime, eligibility and mechanics for opting out of the new system, new tax-shifting risks to partners that join or remain in an existing partnership, and planning opportunities. Presented by Samuel A. Lambert

Qualified Opportunity Zones – Potential Game Changer in Deferring Capital Gains.   An innovative and compelling community revitalization incentive enacted by the Tax Cuts and Jobs Act will benefit taxpayers and spur economic growth in low income census tracts identified by state governors. Taxpayers who invest untaxed capital gains in investment funds established in Qualified Opportunity Zones may defer their gains for as long as eight years, will experience a partial forgiveness of those gains if the investment is held for five and seven years, respectively, and will recognize no income on the appreciation of their investment if they hold it for ten years. Presented by Bruce L. Olson

Estate Planning for IRA and Qualified Retirement Plan Benefits.   Quite often one of the largest assets in an individual’s estate is his/her IRA, 401(k) or other qualified retirement plan. How should the primary and contingent beneficiaries be named for these benefits to be best positioned for income tax planning as well as coordinating such benefits with the individual’s estate planning documents and goals? Should the spouse be the primary beneficiary or the individual’s trust? What about a charity? Who should be the contingent beneficiary(ies) – the individual’s children? Or perhaps his/her trust? In addition to discussing beneficiary designations and related required minimum distribution issues, Mr. Madsen will also discuss various other issues affecting IRAs and qualified plans, including investments not allowed in IRAs, prohibited transaction concerns and post-death planning considerations.  Presented by John R. Madsen

ERISA Fiduciary Duty Update.  Many employers are now encountering class action complaints alleging breach of fiduciary duty in connection with the administration of defined contribution retirement plans or 401(k) plans. This presentation will describe the types of allegations in these class actions and how employers and other service providers can avoid liability for breach of fiduciary duty in administering retirement plans and self-insured medical plans. Presented by Scott A. Hagen