ICPAS Taxation on Real Estate Conference Update

EARLY BIRD DISCOUNT
Register by May 14, 2015
2015 | Illinois CPA Society
Thursday, June 4, 2015 | Chicago, IL
Taxation on Real Estate
Conference
Keeping Practitioners and Real Estate Finance Professionals Informed on the
Latest Technical and Practical Developments.
• Pre-Conference Half-Day
Workshop: 1031 Exchanges –
They’re Back! But for How
Long?
• Review the finalized Repair &
Maintenance regulations
• Deep dive into Low Income
Housing Tax Credits (LIHTC)
Taxation on Real Estate Conference
Why Should You Attend this Conference?
The U.S. Treasury Department and IRS continue to refine administrative
guidance affecting real estate professionals. Practitioners must be on top of
the latest technical updates, issues and trends impacting the industry.
This conference provides you with the latest undercurrents of major tax reform
and how this may redirect planning in the coming year. Position yourself to
confidently assist your clients and associates, all while earning 8 CPE and 6.5
CLE credits.
OPTIONAL PRE-CONFERENCE HALF-DAY WORKSHOP:
Pre-Conference Details:
Date: Wednesday, June 3, 2015
Course Code: C41991
Location: Illinois CPA Society, 550 W. Jackson Blvd., Suite 900, Chicago, IL 60661
Time: 12:30 pm registration; 1:00 pm - 4:30 pm program
Pre-Conference Registration: $175 members | $225 non-members
1:00 pm – 4:30 pm | CPE: 4 hrs |CLE: 3.25 hrs | FOS: 4 Taxation | LEVEL: Basic
1031 Exchanges– They’re Back! But for How Long?
Speakers: Anna Barsky, Vice President, IPX1031, Chicago, IL
Scott Nathanson, JD, Executive Vice President and Counsel, IPX1031, Chicago, IL
Robert Beesley, CPA, Senior Manager, Deloitte Tax LLP, Chicago, IL
Cynthia King, CPA, MST, Senior Manager, CBIZ MHM, LLC, Chicago, IL
Begin the workshop with an overview of the 1031 Exchange process as well as a review of recent
Private Letter Rulings and Revenue Procedures. Discuss the current Washington D.C. proposals to
abolish or greatly limit 1031 Exchanges and the potential impact on your practice if current tax reform
proposals are passed.
Attendees will finish the day with a deep-dive into the logistics of completing a 1031 Exchange. Learn
how to navigate challenges, determine if there is any taxable gain and properly apply the rules to realworld situations.
Key Takeaways:
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n
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Issues relating to personal property, partnerships and seller financing
Specific steps for a successful exchange and the role of the Qualified Intermediary
Adverse consequences for not following the 1031 rules
Taxable gains and how to complete the Form 8824
Activities: Case study analysis, hands-on activity, and group discussion – share examples and
hear from your peers about situations you have encountered and learn what to do in those
instances
Early Bird: Register by May 14, 2015
Conference Details:
Chicago
Date: Thursday, June 4, 2015
Course Code: C41966
Location: Illinois CPA Society, 550 W. Jackson Blvd., Suite 900, Chicago, IL 60661
Time: 7:30 am registration; 8:15 am - 4:40 pm program
Early Bird Registration: $325 members | $410 non-members
Regular Conference Registration: $350 members | $435 non-members
Credits: Earn 8 CPE Credits (including 8 Taxation), 6.5 CLE Credits
Agenda at a Glance
7:30 am - 8:15 am
Registration and Continental Breakfast
8:15 am - 8:30 am
Welcome and Overview of the Day
8:30 am - 10:10 am
Pass-through Entities and Real Estate Tax Update
10:10 am - 10:25 am
Networking Break
10:25 am - 11:40 am
Panel Discussion: Tangible Property, Disposition Regulations
and Cost Segregation
11:40 am - 1:30 pm
Networking Luncheon & Presentation:
Washington Update: Politics and Policy
1:30 pm - 2:45 pm
Overview of a Low Income Housing Tax Credits (LIHTC)
Transaction – Structuring, Participants and Life Cycle
2:45 pm - 3:00 pm
Networking Break
3:00 pm - 3:50 pm
Foreign Investors in U.S. Real Estate:
What You and Your Client Must Know
3:50 pm - 4:40 pm
Emerging Trends in Chicago Real Estate
2015 | Taxation on Real Estate Conference
7:30 am – 8:15 am REGISTRATION & CONTINENTAL BREAKFAST
8:15 am – 8:30 am WELCOME AND OVERVIEW OF THE DAY
Conference Chair: Douglas Hart, CPA, President, DAD Associates, LLC, Highland Park, IL
8:30 am – 10:10 am
Pass-through Entities and Real Estate Tax Update
Speaker: Michael J. Grace, CPA, JD, Counsel, Whiteford, Taylor & Preston LLP, Washington, D.C.
This session will highlight significant developments tax accountants and other professionals are
expected to know through a case study analysis and participant sharing. Brush up on the latest
trends when acquiring and disposing of property using pass-through entities, and understand
issues in IRS examinations of real estate professionals and partnerships.
Key Takeaways:
n Passive activity limitations (IRC Section 469) and net investment income tax (IRC Section 1411)
n Partnership's distributing "hot assets," "bottom dollar" guarantees, and Real Estate
Investment Trusts (REITs)
n Trends and techniques in acquiring and disposing of property
10:10 am – 10:25 am NETWORKING BREAK
10:25 am – 11:40 am
Panel Discussion: Tangible Property, Disposition
Regulations and Cost Segregation
Moderator: Robert Beesley, CPA, Senior Manager, Deloitte Tax LLP, Chicago, IL
Panelists: Travis Butler, CPA, Director, Grant Thornton LLP, Chicago, IL
John Hoffman, CPA, Director, Baker Tilly Virchow Krause, LLP, Chicago, IL
Troy Teschke, CPA, Manager, Ernst & Young, Detroit, MI
Join an expert group of panelists as they discuss the interaction of tangible property and disposition
regulations, along with the new and old benefits of cost segregations. Learn how to improve, adapt,
restore, maintain, and repair tangible property both as opportunities and exposures.
Key Takeaways:
n Changing tangible property expense deductions and the safe harbors available
to support them
n Income tax planning opportunities related to the disposition regulations
n Advising clients about maintaining a dynamic, written accounting policy and what
it should contain
Program Agenda
11:40 am – 1:30 pm NETWORKING LUNCHEON & PRESENTATION
Washington Update: Politics and Policy
Speaker: Jon Almeras, JD, LLM, Manager, Tax Policy Group, Deloitte Tax LLP, Washington, D.C.
Receive an update on congressional deliberations resulting in future tax legislation and policy
initiatives in Washington that may affect your practice or clients. Leave with a better understanding
of these issues, possible outcomes, and how you should prepare if enacted.
Key Takeaways:
n Analysis of latest tax issues, legislation and initiatives in Washington
n Understanding of the politics or policy that is driving each issue
1:30 pm – 2:45 pm
Overview of a Low Income Housing Tax Credits (LIHTC)
Transaction – Structuring, Participants and Life Cycle
Moderator: Noel T. Hastalis, CPA, Director, Baker Tilly Virchow Krause, LLP, Chicago, IL
Panelists: Edgar Flagg, MBA, Manager, Baker Tilly Virchow Krause, LLP, Chicago, IL
Josie Kotsioris, Senior Manager, Baker Tilly Virchow Krause, LLP, Chicago, IL
Attendees will review the structuring and life cycle of a Low Income Housing Tax Credits
transaction, and will leave with a greater understanding of the intricacies and interrelations of
participants involved throughout the life cycle of a LIHTC transaction.
Key Takeaways:
n Life cycle of a LIHTC transaction
n Utilizing LIHTCs with other tax, federal or local incentives and programs
n Understanding of each participant’s role in a LIHTC transaction
2:45 pm – 3:00 pm NETWORKING BREAK
3:00 pm – 3:50 pm
Foreign Investors in U.S. Real Estate: What You and
Your Client Must Know
Speaker: Bill Major, CPA, Principal, International Tax, Miller Cooper & Co, Ltd., Deerfield, IL
A key IRS audit issue is determining whether U.S. persons have withheld the correct U.S. tax on
payments made to foreign persons. This session outlines the federal tax withholding requirements
for transfers of real property by foreign persons or payments of rent, interest, or other income.
2015 | Taxation on Real Estate Conference
Key Takeaways:
n Identify key tax reporting issues specific to foreign investors
n U.S. income and estate tax rules in structuring foreign investment in U.S. real estate
n Introduce key structures often used by foreign investors in U.S. real estate projects
3:50 pm – 4:40 pm
Emerging Trends in Chicago Real Estate
Speaker: Greg Dietz, Managing Director, Baum Realty Group, LLC, Chicago, IL
Learn how increasingly expensive coastal markets are benefiting the local Chicago commercial
real estate marketplace. Discover the impact of adverse public sector issues on real estate in
the private sector.
Key Takeaways:
n Despite the headwinds, Chicago commercial real estate valuations are increasing
n IRS 1031 rules on exchanges are applying downward pressure on capitalization
rates nationwide
n Compare and contrast local commercial real estate valuations with coastal markets
Special Thanks to Our Task Force:
Conference Chair: Doug Hart, CPA, DAD Associates, LLC, Highland Park, IL
Robert Beesley, CPA, Deloitte Tax LLP, Chicago, IL
Noel T. Hastalis, CPA, Baker Tilly Virchow Krause, LLP, Chicago, IL
Cynthia King, CPA, MST, CBIZ, MHM, LLC, Chicago, IL
Christopher Rim, CPA, Miller Cooper, Deerfield, IL
Ryan J. Vaughan, CPA, Ernst & Young, Chicago, IL
Program Agenda
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May 12 | Chicago
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June 9 | Chicago| Simulcast
Not-for-Profit Advanced and Emerging
Accounting and A-133 Issues
June 10 | Chicago
Not-for-Profit Advanced and Emerging
Accounting and A-133 Issues Workshop
August 26-27 | Rosemont
Midwest Accounting & Finance Showcase
How to Register:
Online:
To register online, visit us at the Illinois CPA Society’s website:
Phone:
Call us from 8:00 am to 5:00 pm, Monday through Friday at:
www.icpas.org
800.993.0407 then dial 4
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We strive to deliver the highest quality educational experience. If you are not satisfied, call us
at 800.993.0407, option 4 and we will make it right.
Program materials will be placed on our website to allow attendees to download or
print in advance. Attendees will receive an email with a link to access these materials
prior to the conference date.
All program information is subject to change. Please verify upon registration.
Taxation on Real Estate
Conference
Thursday, June 4, 2015 | Chicago, IL
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