Speaker, Association for Continuing Professional Education, "Common Exposure Areas for Tax Accountants: Preparer Penalties and Other Risk Factors," Woodbridge, NJ

This seminar will address a number of common tax compliance areas of higher risk exposure for accountants who prepare income tax returns for individuals, small and middle market businesses, partnerships, and trusts and estates. Besides a discussion of the preparer penalties under IRC Section 6694, the presentation will discuss a number of Code provisions directed at related party loans and transactions, and the disclosures (Form 5471) required for U.S. corporations owning foreign subsidiaries and those needed (Form 5472) for U.S. corporations with significant foreign ownership. Panelists will discuss the requirements and information needed to file Foreign Bank Account Reports (FBARs). The seminar will address the differences between simple and complex trusts, the treatment implications of that difference, and the risks and time frames for certain elections for trusts that own S corporation stock. Of special significance to those accountants who prepare federal and state estate tax returns (Form 706 or NJ IT-Estate), there also will be a general discussion of making clients aware of the IRS portability election for surviving spouses and the new cost basis reporting rules and IRS Form 8971.