Even with a divided Congress, federal tax law continues to change every year! During this session, we will address the hottest legislative, judicial and IRS developments impacting practitioners during the upcoming filing season, including cryptocurrency, Form 1099-K, research and experimentation costs and interest expense. It's also time to look at "Taxmageddon" -- the impending expiration of the TCJA and post-election tax strategy.

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Opening session continued.

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Session will be determined from one of the following, based on the number of in-person attendee registrations for this breakout session timeframe:

A Practical Guide to Determining When a Foreign Business is Subject to US Tax
The United States Code taxes a foreign business that has a trade or business in the U.S. a low level of economic penetration, whereas tax treaties only tax a foreign business that has a permanent establishment in the U.S. a much higher level of economic penetration. This session will provide practical examples that will differentiate between the two standards and provide a framework for analyzing situations your foreign clients may encounter.

Designing Buy-Sell Agreements for Closely Held Businesses & Avoiding the New Connelly Trap
Attend this session for a discussion about what should be included in well-designed buy-sell agreements for closely held businesses to avoid unintended tax consequences, what is needed to try to have the buy-sell agreement set the estate tax value of the business, the new trap created by the Supreme Court in its 2024 Connelly decision for insured redemption agreements, and the use of a life insurance LLC to fund a cross-purchase agreement.

S Corporation Hot Topics
This relevant and insightful session will focus on the latest developments and tax issues impacting S corporations, including topics that tax practitioners should beware of in dealing with S corporations and their shareholders. Several tax planning strategies will also be covered, as well as some tax traps to avoid.

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A panel of CPAs and attorneys will discuss Beneficial Ownership Information (BOI) reporting requirements and their firm's process and decision of how to best assist their clients.

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Session will be determined from one of the following, based on the number of in-person attendee registrations for this breakout session timeframe:

ERC Update: Current Developments in Uncharted Waters
As a constantly evolving topic, the Employee Retention Credit (ERC) can present challenges in a variety of tax practice areas. With a focus specifically on recent IRS enforcement and controversy developments, as well as best practices for dealing with ERC issues in other settings, this session will include a timely discussion of ERC issues and the most recent developments in the ERC space that tax practitioners need to be aware of.

Partnership Flexibility in Equity Incentive Arrangements
This session will cover various strategies that entities taxed as a partnership use to incentivize key service providers as well as provide guidance on how such incentive equity should be reported on the partnership tax return.

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This session will include a discussion of timely tax and ethics issues that the tax practitioner needs to be made aware of, particularly given the massive increase in IRS funding and the expected increase in IRS and Wisconsin Department of Revenue scrutiny on taxpayers of all sizes. More specifically, it will provide an update on "hot" IRS and Wisconsin Department of Revenue practice and procedure and ethics issues, along with the blunders and mistakes practitioners should avoid.

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