Sessions

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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 includes updates from the past year:

  • Introduction and discussion of cases involving gross income, timing issues,and characterization of gross income
  • Also,cases involving deductions, including charitable deductions and other deductions for businesses and individuals; tax credits tax administration, including penalties, whistleblowers and privacy/confidentiality issues; tax litigation procedure, jurisdiction and remedies; corporate and partnership taxation, international taxation; and a brief discussion of employment taxes
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Refreshment Break
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Exploring IRS Enforcement Campaigns on Charitable Donations
Presenter(s): Hale E. Sheppard

The IRS has been challenging various types of charitable donations for years, raising some standard arguments, evolving during the process, and expanding its focus over time. What started as the IRS scrutinizing donations that it considered abusive has morphed into frequent challenges to charitable gifts that are, by most accounts, routine. This presentation explores recent IRS attacks on charitable donations of conservation easements, artwork, ownership interests in special-purpose entities, closely held businesses, religious artefacts, bargain sales, and more.

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State Tax and Economic Development Update
Presenter(s): Nicholas K. Niemann

Mr. Niemann’s presentation is a long-running staple of the Institute and includes:

  • 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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ESOPs as a Tax and Succession Planning Strategy for Closely Held Businesses
Presenter(s): Kelly O. Finnell

Mr. Finnell begins the discussion by explaining what an ESOP is and addresses the opportunity it offers. Further, there is to be an explanation of how the ESOP works as well as its tax benefits. Also to be addressed are key transaction issues; ESOPs and estate planning and ESOPs and charitable giving. Identifying ESOP candidates and strategic positioning vs. traditional exits is to be explored. The presentation concludes with a case study.

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Refreshment Break
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Private Company M&A – State of the Market, Exit Preparation and Tax Structuring
Presenter(s): Nicole R. Konen, Jeffery R. Schaffart

This M & A session-

  • Provides an overview of current trends in the private company M&A market
  • Discusses planning opportunities that businesses and owners should consider in anticipation of a sale, and
  • Reviews common acquisition structures and their related tax implications
Recess to Networking Reception in the Atrium level
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Continental Breakfast
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Current Developments in Estate and Gift Taxation
Presenter(s): Timothy L. Moll

This annual update reviews legislation in:

  • Gross Estate Calculations and Deductions
  • Gift Tax and Valuation
  • Retirement Plans
  • Estate/Trust Income and Miscellaneous Items
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The Deryl F. Hamann Keynote Presentation
50 Shades of J: Understanding Federal Income Taxation of Trusts and Estates
Presenter(s): Prof. Samuel A. Donaldson

This keynote presentation is planned to address:

  • Simple and complex trusts; overview of grantor trust rules
  • Creation of grantor trusts; strategies for using grantor trusts
  • Trusts as S Corporation shareholders; trusts in retirement planning
  • Income taxation of special needs trusts; questions and answers
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Refreshment Break
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The Deryl F. Hamann Keynote Presentation (continued)
Dealing With Uncle Sam: Everyone’s Least Favorite Relative in the Family Business
Presenter(s): Prof. Samuel A. Donaldson

To be addressed in this presentation:

  • Choice of entity for start-up businesses
  • Mechanics of, unique advantages and pitfalls of C corporations
    pitfalls unique to them
  • Mechanics of Partnerships, their unique advantages and pitfalls
  • Mechanics of S corporations, eligibility requirements, advantages and
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Luncheon – Included with registration
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Farm Income Tax Update
Presenter(s): Prof. Roger A. McEowen

This presentation will provide a comprehensive review of the most important federal income tax issues confronting agricultural producers, with a particular emphasis on recent changes impacting tax planning, business operations, and succession planning. The program will also examine important issues involving the holding period for raised livestock, depreciation and disposition planning, basis adjustments, installment sales, entity selection, and other recent IRS guidance, Treasury regulations, revenue rulings, and court decisions affecting agricultural taxpayers.

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Refreshment Break
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The Paul C. Jessen Ethics Presentation
ChatGPT, Alexa and Siri are Out to Get You!” plus “What My Instagram Posts Teach about Professional Mental Health
Presenter(s): Prof. Stuart I. Teicher

“ChatGPT” – This presentation teaches about the generative AI software itself; reveals professional ethics hotspots like confidentiality, safeguarding client property, and supervision. It also explores problems with the “reasonable expectation of privacy” standard and examines deep fakes and provide a look ahead to ethics issues.

“What My Instagram Posts Teach...” - Mr.Teicher, user of social media, discusses how tax professionals are affected by anxiety, compassion fatigue, over-functioning,and more.

Adjourn