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Will V. Revocable Trust – The Boxing Match of the Century
Nov 15 @ 12:15 pm – 1:15 pm

Will V. Revocable Trust – The Boxing Match of the Century

(1 TAX CPE) (1 CLE)
Gregory L. Matalon, Esq.; Robert S. Barnett, CPA, Esq.

Hear ye, hear ye, come one, come all to the boxing match of the century. Come to this fun and informative lunch to hear the benefits and detriments of a Will v. Revocable Trust.

Two Views From Audit to BCMS: Tips for a NYS Residency Audit
Nov 16 @ 11:30 am – 12:20 pm

Two Views From Audit to BCMS: Tips for a NYS Residency Audit

11:30 AM-12:20 PM
Yvonne R. Cort, Esq., and Francis Leo, Section Head, Nonresident Audits, NYS Dept. of Taxation and Finance

This interactive presentation will look at recent developments and practical issues related to a NYS or NYC resident income tax audit, from the perspectives of the practitioner and the State. Topics will include domicile, permanent place of abode, the 183-day rule, and statutory residency. When a taxpayer is selected for the intense scrutiny of a residency audit, it’s important to be prepared.

Long Island Tax Professionals Symposium
Nov 17 all-day

S Corporation Update

9:30 AM-11:10 AM and 1:50 PM-3:30 PM
(1 TAX CPE) (1 CLE)

Robert S. Barnett, CPA, JD, MS (Taxation)
S Corporations continue to play an important role in business structure. If the specific rules and requirements are not followed, this special tax status may be lost resulting in significant increases in corporate taxation. This course will focus on new cases and rulings with specific attention to avoiding traps and pitfalls.

Topics include:

  • S Corporation- Election and Qualification
  • Passive Activity and 3.8 % Medicare Surtax
  • Loss Utilization and Basis
  • Open Account Debt Regulations
  • Shareholder Loans
  • Compensation Issues

Single Member LLC – The Basics And Beyond

11:30 AM-12:20 PM and 3:50 PM-5:30 PM

Robert S. Barnett, CPA, JD, MS (Taxation)

Single member LLCs are frequently used to provide investment opportunities and will provide increased asset protection. Many partnership tax attributes need to be carefully considered. SMLLC’s often result from unintended consequences such as death of a partner, or may cease to exist when the entity becomes a partnership. Often these status changes occur in unintended ways such as a death of a partner in a two person partnership. This presentation will discuss many surprising aspects of SMLLC’s and their tax consequences.

Topics include:

  • Hidden Partnerships
  • Check the box regulations
  • Conversion of Partnership to SMLLC
  • Conversion of Corporation to SMLLC
  • Election out of Partnership
  • Various Tax Elections including IRC § 704(c)
  • Payroll Taxes

S Corp Update Including Basis & Loss Utilization
(1 TAX CPE) (1 CLE)

Robert S. Barnett, CPA, JD, MS (Taxation)

This program concentrates on S Corporation basis and loss utilization. Many CPAs have expressed interest in basis calculation and how S Corporation losses may best be utilized. The Internal Revenue Service frequently audits S Corporation losses and this program is designed to provide assistance in applying the rules to practical considerations.

Topics include:

  • Basis Calculations
  • Open Account Debt Regulations
  • Accounting Considerations
  • Recent Cases & Rulings
  • Passive Activity Considerations
  • Final Year Suspended Losses
IRS Collection Update, 65th Annual All-Day Tax & Estate Conference, New York State Society of CPAs, Nassau Chapter
Dec 2 all-day
Trusts: The Ultimate Guide
Dec 7 @ 9:00 am – 4:30 pm

Trust Decanting, Modification, Dissolution, and Constructive Trusts
12:55 – 1:45, Monica P. Ruela and Stuart H. Schoenfeld

  1. Modification: Consent, Court, Decanting
  2. Termination: Consent, Court
  3. Constructive Trusts


Tax Deduction with Trusts
2:50 – 3:45, Robert S. Barnett

  1. Taxation of Trusts
  2. Accounting vs. Taxable Income
  3. Tax Consequences of Distributions
  4. 3.8% NIIT Surtax
  5. Accumulation Distribution for Some Complex Trusts
  6. The 2% Floor on Miscellaneous Itemized Deductions
  7. Material Participation by Trusts – Recent IRS Changes
  8. Tax Consequences of Trusts in Estate Administration

Register here



Trusts: The Ultimate Guide
Dec 7 @ 11:30 am – 12:15 pm

Marital/Disclaimer Trusts Post-ATRA
11:30 – 12:15, Gregory Matalon

IRA Trusts
2:00 – 2:45, Gregory Matalon

  1. Inherited IRAs After Clark Decision
  2. IRA Trusts: Key Concepts and Design
  3. Conduit vs. Accumulation Trust
  4. Required Minimum Distributions Issues and Workarounds
  5. Sample Provisions
  6. Key Administration Challenges

Register here