Find out about the latest updates on Wisconsin case law and legislative and administrative developments that have occurred in the past year.

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This session will include a summary of new Wisconsin tax laws, changes to 2024 Wisconsin tax returns, updates on Department of Revenue administrative and procedural initiatives affecting tax practitioners, and various other topics.

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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:

Ethics in the Digital Age: Ethical Implications of the Use of AI for the Tax Practitioner
Hear about a variety of scenarios concerning the use of artificial intelligence (AI) and its ethical implications for tax professionals, including lawyers and CPAs.

Multistate Sales Tax Compliance: How Streamlined Sales Tax Helps!
Learn about the Streamlined Sales Tax Project and what Streamlined has done--and is continuing to do--to simplify multistate sales tax compliance. Even though the Supreme Court decision in South Dakota v. Wayfair was handed down over six years ago, states continue to find remote sellers--maybe even some of you and your clients--that are unaware of their sales tax collection and remittance obligations.

This session will also include an update on recent amendments to the Streamlined Sales and Use Tax Agreement, a discussion of some of the projects Streamlined is currently working on, and an opportunity to suggest additional areas of simplification and uniformity that the Streamlined Sales Tax Governing Board should address moving forward.

Wisconsin Trust Code Trailer Bill
On March 23, 2024, the Wisconsin Trust Code Trailer Bill became effective and applies to all existing trusts as well as newly created trusts. This new law:

• Changes how you determine who is a qualified beneficiary
• Updates methods to modify or terminate an irrevocable trust
• Expands the classes of persons who can represent the interests of a trust beneficiary
• Changes the rules on the trustee's duty to inform and report, including the authorization of "silent trusts"
• Specifies how debts of a decedent are handled by the trustee of the decedent's revocable trust

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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:

Estate Planning in a "Higher" Interest Rate Environment
For the last 17 years, we've been operating with IRS interest rates under 5%, but in the last two years, those rates have risen. This session will be a refresher on estate planning techniques that work better in higher interest rates environments, including charitable remainder trusts and qualified personal residence trusts.

Tax Effects of Partnership Interest Transactions
Transactions involving interests in entities treated as partnerships for income tax purposes are common. This session will address acquisitions and transfers of such interests, mergers involving such entities, liquidations of such entities, and other transactions.

Wisconsin's 529 College Savings Plans: Basics, Benefits & Tax Enhancements
529 college savings plans offer a tax-advantaged way for individuals and families to save for future education and career training expenses. Attend this session to receive an overview of 529 college savings plans, learn about the specific benefits of saving with one of Wisconsin's 529 plans--Edvest 529 (direct-sold) and Tomorrow's Scholar (advisor-sold)--and find out about recent state and federal tax changes that make saving with these plans even more compelling.

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Sunset of the Tax Cuts and Jobs Act signifies a significant turning point. Planning for it several years in advance is critical. The rewards for thinking ahead are enormous, as are the consequences of failing to. Moreover, as with many tax provisions, sunset is likely to spur Congress to act. By examining the challenges and economic impact of sunset, we can better understand what tax reforms might occur in 2025.

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