The Ray Quinney & Nebeker Tax, Trusts & Estate Planning Group is pleased to announce the return of the annual tax and business seminar.
Due to the virtual platform this year, the seminar is free to all clients, professionals, and friends. CLE, CPE, or CFP credit will be available for a $30 processing fee.
For more information, you may also contact Paige Pierce moc.nqr@ecreiPP or (801) 323-3438
Speakers and Topics
Democrats Propose New Tax Plan: What President Biden and Congress Have In Mind
Mr. Stephenson will address the status of recent and proposed tax legislation, including the status of potential changes to estate taxes, capital gains tax, step-up in basis upon death, corporate tax, contributions to retirement accounts, and selected other income tax proposals and changes.
Estate Tax Planning Strategies for the Proposed Tax Plan – What To Do Now
On September 13, the House Ways and Means Committee released its plan to pay for the $3.5 trillion Build Back Better Act. This legislation would lower the estate and GST tax exemption from $11.7 million to $6 million effective January 1, 2022, and eliminate the benefits of grantor trusts, and eliminate valuation interest discounts for non-business assets, effective as of the date of enactment. Mr. Longmore will discuss strategies that can still be implemented to lock-in the benefits of these strategies ahead of these potential tax changes.
Private Foundations- Still the Gold Standard for Large Donations
Mr. Livsey will highlight the benefits and limitations of Private Foundations and Donor Advised Funds. We will focus on certain considerations that will help you decide if you should start a Private Foundation or a Donor Advised Fund. Because Donor Advised Funds are easy to administer they have grown in popularity but they lack certain benefits. Thus despite heightened regulatory burdens, many donors opt for a Private Foundation, which continues to be the gold standard for larger donations and multi-generational charitable planning.
Retirement Plan and IRA Required Minimum Distributions
The SECURE Act made major changes to the minimum distribution rules pertaining to IRAs, 401(k) plans, profit sharing plans and pension plans. Mr. Madsen will discuss the current rules pertaining to lifetime and post-death minimum distributions from such plans, including the new age 72 commencement date for lifetime distributions and the new 10-year rule which applies to many post-death distributions. Mr. Madsen will also discuss planning strategies to lessen the tax bite of the new 10-year rule.
Vaccine and Mask Mandates, and Other Employment Issues Arising out of the Pandemic.
Mr. Hagen will address the current pandemic-related employment rules and guidelines promulgated by the Biden Administration and the State of Utah, including vaccine mandates and exemptions, mask mandates and exemptions, and the CARES Act.
Utah’s Cybersecurity Affirmative Defense Act: Now is the Time to Implement a Written Cybersecurity Program
Effective May 1, 2021, the Utah Legislature enacted the Utah Cybersecurity Affirmative Defense Act, which provides entities with an affirmative defense in response to specific claims in litigation if that entity has created, maintained, and reasonably complied with a written cybersecurity plan that satisfies certain criteria. The Act provides entities with new incentives to take action to protect themselves against cyber threats.