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: n n n n n 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 Upcoming Conferences April 22 | Springfield April 23 | Oak Brook Government May 5| Des Plaines Estate & Gift Tax (NEW LOCATION!) May 12 | Chicago Employee Benefits 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 4 100% Satisfaction Guarantee 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 Nonprofit Org U.S. Postage PAID Oak Brook, IL Permit No. 100
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