This popular annual presentation will include updates from the last year that impact:
- Gross Income
- Gross Income and Exclusions from Gross Income
- Deductions
- Tax Procedure
- S Corporations and Partnerships
- C Corporations; Legislation
This presentation will address the following issues:
- Introduction to Basis Consistency and Reporting Rules, including reviews of IRC Sections 1014 and 6035
- Planning to estate planning and techniques to achieve basis step-up in assets that flow through the estate
- Portability of Estate Step-Up between spouses and techniques to achieve basis step-up
- Estate planning considerations among spouses and use of trusts
This annual update will review legislative, regulatory and case developments in:
- Gross estate developments
- Valuation developments
- Lifetime gifts developments
- Retirement plans and miscellaneous developments
Transitioning a private business, usually family owned from one generation to the next is one of the trickiest estate planning conundrums. We review successful strategies to minimize taxes and pay for those that remain, encourage orderly leadership changes, compensate owners and non-owners, and take steps to position a business for future success. Both tax and non-tax aspect of various strategies are discussed, including involve the family’s charitable objectives where applicable.
This keynote presentation will address the following issues:
- The problem in a nutshell
- Components of a business succession plan
- The parties
- Sale of business equity during owner’s life
- Securing retirement income for owner
- Keeping the business in the family
- Options for disposition of business equity
- Business succession documents
- Paying the tax – IRC §6166 and GRAEGIN Loans
- Marriage, divorce, and the family business
- Transfers of subordinate equity interests and business opportunity transfers
- Giving the business to charity
- Charitable deduction overview
- Closely-held business interests generally
- Charitable gifts of C Corporation stock
- Charitable gifts of partnership or LLC interests
- Charitable gifts of S Corporation stock
- Use of supporting organizations to hold stock
- Charitable gifts by the business entity
- Selected musings on Charitable Lead Annuity Trusts
From inside the Beltway:
- Introduction to Federal Legislative Landscape – review of Congress and the political landscape in Washington driving policy decisions
- Legislative Proposals – President Biden
- Legislative Proposals – House and Senate, including comparison of Democratic and Republican objectives
- Priorities for Budget and long-term reform
- Impact for 2022 Mid-Term Elections
- Overall impact to various proposals that will drive the Biden presidential term
Reception sponsored by HUB International
Mr. Niemann’s presentation, a long-running staple of the Institute will include:
- A review of significant new State Tax, Incentives and Economic Development measures, focusing on Nebraska and Iowa
- What’s ahead for the Imagine Nebraska Act
- A briefing on each of Nebraska’s tax and nontax incentive programs
- The role of each professional on a Business Expansion Team
- The long-term impact of the COVID pandemic on Business Expansion Projects
- Updated strategies for handling State Tax audits, refund claims and appeals and Property Tax appeals
- Significant State and Local Tax and Incentive developments from other states
- Looking ahead to 2022
This presentation will begin with an exercise allowing participants to evaluate how they and others approach risk taking differently. Next, the group will discuss academic principles of risk as they related to the real-world exercise results, including heuristics, patterns, and other explanations why risk is approached differently. The group will be examining ethical guides and rules for attorneys as they related to addressing personal and professional ethical obligations. Other professionals will gain an understanding of these rules and how they may be obligated to work with or avoid some of the same with clients on risk matters in representation.
Mr. Slone will provide an overview of the economic consequences of the COVID-19 pandemic to the State of Nebraska and the new challenges and opportunities related to future economic growth, jobs, and workforce. Given these challenges and opportunities, the discussion will focus on specific state, legal, tax, regulatory actions that would be considered, as well as the importance of developing new community-based initiatives and private/public structures.
Participants will receive an introduction to academic principles and styles of negotiation and will move into a hypothetical negotiation exercise based on the American Pickers show to use as a baseline to which to apply ethical rules. Exercise results will be discussed with negotiation approaches and academic concepts applied. Attorney specific ethical rules that apply to negotiation will be related to various approaches. The presentation concludes with a walk-through of other ethical rules that should be considered in the negotiation context.
Professor McEowen provides his popular update for those who clients are farmers and ranchers. This year, he will be addressing:
- PPP and ERC: Unresolved Issues
- Cancellataion of Debt Income
- Net Operating Losses
- Final QBI Regulations (AG Co-Ops)
- FSA AGI Computation
- Deferred Payment Contracts for Sales of Ag Commodities