Thursday, June 19, 2014

An Income Tax Update from my friends at McDevitt & Kline

This Friday:
Income Tax Update
Friday, June 20th, 2014
9:00 AM to 5:00 PM EST
Temple University, Center City Philadelphia (1515 Market Street) or via live webcast
7 Substantive CLE or 8 CPE
Presented by Richard Furlong of the IRS and Renzo Cerabino, Esq., CFP

Part I: IRS Update

This “IRS Update” seminar will cover a variety of current IRS programs of interest to tax professionals:

- This presentation will cover recent income tax law changes impacting clients.

- When the Patient Protection and Affordable Care Act was signed into law on March 23, 2010, the IRS was charged with administering a number of new tax provisions. This presentation will discuss the new health care marketplace provisions to be administered by IRS that may affect individual and business clients.

- Employment Tax Issues including information on employment tax form changes, worker classification and fringe benefit issues, and the IRS Voluntary Classification      Settlement Program (VCSP) will be discussed.

- IRS Automated Underreporter (CP 2000) and Correspondence Examination programs impact many tax professionals. This presentation will discuss these processes, notices, and emerging issues.

Morning Speaker

Richard Furlong is a Senior Stakeholder Liaison in the Mid-Atlantic Area Stakeholder Liaison office of the Internal Revenue Service Small Business/Self-Employed Division. Stakeholder Liaison serves as the primary IRS liaison office to tax practitioner organizations throughout the country.

Mr. Furlong coordinates the annual IRS Eastern Pennsylvania “Working Together” Conference, which is a joint effort of public and private tax professionals to enhance the level of communication, education, and trust between these organizations and individuals.  Mr. Furlong is also a member of the PA IRS/Practitioner Liaison Council and he coordinates the annual meeting between IRS and the Pennsylvania Institute of Certified Public Accountants (PICPA).  Each year, Mr. Furlong represents IRS at practitioner CPE sessions throughout Pennsylvania where he discusses IRS policies and procedures, tax law issues, and IRS electronic tax administration.  Mr. Furlong is a graduate of the University of Pennsylvania Wharton School with a Bachelor of Science degree in Economics.

Part II: Asset Protection Strategies: How Well Do They Prevent Problems and Protect Property?

Many successful business owners spend their lives running through a gauntlet of potential adversaries. They are left to defend themselves from law suits, the federal government and even their own spouse and family. These topics are likely accompanied by strong emotions and the expectation of a magic bullet type solution for maximizing wealth. Naturally, that solution should also provide a tax advantage as well. In practice there are many diverse options with varying degrees of effectiveness and tax implications. Often multiple strategies are necessary. This program will separate fact from fiction and discuss the basics of common asset protection strategies and their tax implications. Topics will include the creation of business entities, titling of assets, foreign and domestic asset protection trusts, prenuptial agreements, qualified retirement plans, captive insurance companies and factoring arrangements. In addition, we shall explore case studies detailing practical applications of these strategies.

 Afternoon Speaker

Renzo Cerabino, ESQ, CFP, has been in the financial industry since 2005.  Prior to entering the financial industry, Renzo was a practicing attorney for 5 years specializing in corporate mergers and acquisitions. He focuses his practice on developing strategies and solutions for high net worth individuals, their families and their businesses with a concentration on self-employed business owners, corporate executives with concentrated wealth and divorced spouses. In addition, Renzo is fluent in Italian and works with U.S. executives and families who have international ties.

In addition to his Series 7, 63, 65 and Pennsylvania life accident and health licenses, Renzo holds a Certified Financial Planner TM certificate awarded by the Certified Financial Planner Board of Standards, Inc., and a Chartered Life Underwriter certificate awarded by the American College. Renzo is a 1996 graduate of Cornell University, with a B.S. in Industrial and Labor Relations. He earned his J.D. and his M.B.A. from Villanova University in 1999.

William Kline, Ph.D., CFA

McDevitt & Kline, LLC
P.O. Box 155
Wyncote, PA 19095
Phone: 267.251.3805

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