Sessions

Sessions

Registration Desk Opens
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Continental Breakfast
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Greetings and Presentation of Scholarships
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The Jack North Important Developments Presentation
Important Developments in Federal Income Tax
Presenter(s): Prof. Edward A. Morse

This popular annual presentation will include updates from the past year:

  • Introduction including discussion of cases involving gross income, timing issues, basis, and characterization.

Also cases involving: Deductions, including charitable deductions, businesses, and individuals; tax credits; tax administration, including penalties, whistleblowers, and privacy/confidentiality issues; tax litigation procedures, jurisdiction, and remedies; corporate and partnership taxation; international taxation with brief mention of employment taxes

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Refreshment Break
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Employee Retention Credits: Separating Fact from Fiction as Audits, Appeals, and Cases Grow
Presenter(s): Hale E. Sheppard

This presentation explains the rules, common misconceptions, tricky issues, and recent actions by the IRS as ERC battles get underway. Discussion includes the following elements that could ignite a major battle:

  • Four laws
  • Many sources of administrative guidance
  • Rules with retroactive effect,
  • Billions in refunds,
  • Inconsistent assessment periods,
  • Long delays,
  • Companies urging aggressive position,
  • And multiple civil and criminal enforcement efforts.
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State Tax and Economic Development Update
Presenter(s): Nicholas K. Niemann

Mr. Niemann’s presentation, a long-running staple of the Institute, will include:

  • A review of significant new State Tax, Incentives and Economic Development Innovations, focusing on Nebraska, Iowa, and the U.S.
  • Updated strategies on the role of each professional in resolving state tax audits, refund claims and appeals
  • What’s ahead for Nebraska State Tax, Incentives and Economic Development
  • The latest on business project innovations and how corporate attorneys and CPAs are helping grow their Nebraska, Iowa and national clients
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Luncheon – Included with registration
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Self-Employment Taxes, Limited Partner Exception: Recent Cases, and Future Regulations
Presenter(s): Hale E. Sheppard

Many entities treated as partnerships are now under attack. The IRS claims that they have incorrectly treated their owners as “limited partners,” thereby allowing them to escape self-employment taxes on their distributions. The partnerships base their positions on a law enacted way back in 1977, which has never been updated. The broad scope of the “limited partner” exception, coupled with governmental inaction over the next five decades and the IRS’ recent Compliance Campaign, has led to chaos. This presentation chronicles the major events culminating in the current Tax Court disputes and forthcoming IRS regulations.

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Refreshment Break
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After the “OBBBA”: A Tax Legislative Outlook
Presenter(s): Alex Brosseau
  • Current and topical “state-of-play” as to what is happening in Washington,DC, on the tax legislative and fiscal policy fronts
  • High-level overview of the“OBBBA”as enacted
  • Discussion of pressure points within the “OBBBA,” potential for modifications, etc., given economic, budgetary, and parliamentary constraints
  • High-level election outlook and what it could mean for tax legislating in the second half of Trump’s second term
Recess
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Continental Breakfast
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Current Federal Developments in Estate and Gift Taxation
Presenter(s): Timothy L. Moll

This annual update will review legislation in:

  • Gross Estate Calculations and Deductions
  • Gifts and Valuation
  • Retirement Plans
  • Miscellaneous Developments
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The Deryl F. Hamann Keynote Presentation
“The Life Changing Magic of Grantor Trusts”
Presenter(s): Steven B. Gorin

This presentation by a nationally recognized practitioner in the areas of estate planning and structuring of privately held businesses will provide:

  • An overview of annual taxation of Partnerships and S Corporations; reporting basis: which trusts are eligible to hold S Corporation stock
  • Fixing blown deadlines; details on annual income taxation of trusts
  • Cash mismatches with QSSTs and Grantor Trusts
  • Passing depreciation to beneficiaries; planning for the Passive Loss Rules and Net Investment Income (NII) Tax
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Refreshment Break
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The Deryl F. Hamann Keynote Presentation
Transitioning Businesses to Key Employees (Including Children)
Presenter(s): Steven B. Gorin

The Keynote presentation resumes with the following discussion:

  • Deferred compensation; preferred structure and moving into preferred structure
  • Limited partner exception to self-employment tax
  • Grouping to avoid net investment income tax: intrafamily sales
  • Intrafamily loans; redemption strategies
  • Profits interests
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Luncheon – Included with registration
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Farm Income Tax Update
Presenter(s): Prof. Roger A. McEowen

This session covers the most recent “hot topics” involving farm and ranch taxation from the courts and the IRS as well as the farm-related tax provisions in the “One Big Beautiful Bill Act” (OBBBA) and what amounts to the 2025 Farm Bill provisions that were also included in OBBBA.

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Refreshment Break
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AI for Law: Understanding Benefits, Risks, and Legal Ethics
Presenter(s): Daniel W. Linna Jr.

Artificial Intelligence is transforming knowledge work and access to information and services. AI holds great potential for improving access, legal services, and the rule of law. At the same time, AI presents risks for individuals, practitioners, and society. This session provides a functional understanding of AI and its capabilities, equipping professionals with the necessary knowledge to make the most of AI and mitigate risks. Building on our understanding of AI, we will discuss current use cases, future use cases, and addressing legal ethics obligations.

Adjournment