Ray Quinney & Nebeker is hosting its 30th Annual Tax and Business Seminar @ the Grand America Hotel – Tuesday, October 29th.
Time: 1:30 pm – 4:30 pm
Register: Email to Emilie at TaxSeminar@rqn.com or call (801) 323-3434
* CLE and CPE credits are pending based on approval from the applicable review boards.
Your Increasing Chance of an IRS Audit and What to Do if They Show Up: Under new IRS management and with enlarged funding, the chance of an IRS audit has increased. Taxpayers and their advisors should be aware of best practices when confronted with an audit notice or a surprise visit at the door. The uncertainties and complications of the IRS dispute resolution system deserve emphasis in planning, preparing and successfully confronting IRS examination and collection actions.
199A Qualified Business Income (QBI) Deduction: A Look at the Final Regulations: IRC Section 199A was first introduced in the Tax Cuts and Jobs Act of 2017. This section allows taxpayers to deduct up to 20% of “Qualified Business Income” (QBI) from a business operated as a sole proprietorship or through a partnership, S corporation, trust, or estate. The IRS and Treasury released final regulations under IRC Section 199A earlier this year. The final regulations added or amended a number of significant rules related to this new deduction, including relaxing rules that treated certain businesses as specified service trades or businesses (SSTBs) because of their relationship to an SSTB, and allowing relevant passthrough entities (RPEs), such as partnerships and S corporations, as well as individual taxpayers, to aggregate eligible trades or businesses. This presentation will cover the impact of the recently released final regulations and related guidance.
The Seven (or More) Deadly Sins that Will Doom an Estate Plan:
For many decades, the estate planning attorneys at Ray Quinney & Nebeker have observed common mistakes and pitfalls that plague the implementation of estate plans, and the administration of estates. Mr. Longmore and Mr. Stephenson will discuss how flawed estate planning designs, drafting errors, unqualified fiduciaries and advisors, lack of asset protection, failure to properly update the title of assets and beneficiary designations, and poorly thought-out income and estate tax provisions, may doom an estate plan. They will share best practices and ways to avoid estate planning mistakes to ensure that an estate plan will work as intended.
How to Spot Ponzi Schemes and Affinity Fraud – And What You Can Do About It: Utah has a fraud problem. Utah has the highest rate of Ponzi schemes per capita in the country – by far – at 1.35 Ponzi schemes per 100,000 people. Utah investors lost over $1.5 billion to Ponzi schemes over the last 10 years, and that number does not include other types of affinity fraud and investment scams. You probably have clients who have been or will be victims of investment fraud.
Mark Pugsley, who heads up RQN’s Securities Litigation Group, will discuss how to spot an investment scam, and what you can do when your clients become victims of fraud.
Escaping Utah Domicile: How to Avoid Utah Income Tax After You Leave: Many people are shocked to receive a tax bill from the Utah State Tax Commission years after they moved away. Utah aggressively asserts that people who live in other states are still “domiciled” here and that their income is subject to Utah income tax.
Mr. Lambert will review the current state of the law on Utah domicile and residency, including: common mistakes made by those trying to establish domicile elsewhere, safe harbors to establish non-Utah domicile, recent changes to the statute, and Tax Commission rulings.