Pacific Tax Virtual Institute 2020

Thursday, November 5 8:00am PST - Friday, November 6 2:30pm PST

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Your Desk

12 Credits

Member Price $500.00

Non-Member Price $600.00

Overview

2020 tax season is behind you. Finally. With this rapidly changing tax landscape, what will the future hold? The Pacific Tax Virtual Institute 2020 will provide you with comprehensive updates of the most recent federal and state tax developments and help you prepare to advise your clients through the next round of tax returns. Join top practitioners/educators Sam Donaldson, Mark Hugh, and Ed Zollars for in-depth discussion and analysis of emerging tax issues affecting your practice and clients, including recent federal tax updates, Paycheck Protection Program (PPP) loans and the CARES Act, and state and local tax ramifications. Plus, hear from the AICPA what the landscape could look like post-election, and so much more! Don’t miss two of the best days in interactive tax CPE all year!

See the Big Picture at the Virtual Pacific Tax Institute!

Highlights

Recent federal tax updates, Paycheck Protection Program loans, the CARES Act, and state and local tax ramifications.

Prerequisites

None.

Designed For

CPAs in tax.

Objectives

Comprehensive updates of the most recent federal and state tax developments

Preparation

None.

Thursday, November 5

General Session

7:50am - 8:00am PST Welcome and Announcements

General Session

8:00am - 9:15am PST Washington Tax Developments 2020

Mark Hugh President & Owner, Mark Hugh PLLC

Mark Hugh

4.98 stars out of 5 - speaker rating for 2019

“Mark Hugh is top notch. I love his presentations.”
“I love Mark’s ethics class. I have been attending for years!”
“Excellent speaker.” - past attendees

Mark Hugh, CPA, is the principal of Mark Hugh PLLC. He is a frequent trainer and speaker regarding state and local tax issues. His work includes planning and tax reporting reviews for a variety of organizations. He has represented hundreds of taxpayers before state and local agencies. He was the 2011-2012 Board Chair of the Washington Society of Certified Public Accountants. He was also a member of the AICPA Council, the governing body of the American Institute of Certified Public Accountants.

Mark teaches many CPE courses for the WSCPA on Washington State ethics and Washington taxation, including State Nexus and New Developments: Wayfair Edition. He is also available to teach in-house Washington State ethics presentations for company CPE needs.

When the economy craters, Washington’s transaction-dependent tax system craters times three, at the same time state and local public resources are strained far beyond capacity. State and local governments are already reacting to make up the shortfalls, with budget cuts and new taxes on the horizon at the state and city level. And, now that all your employees are working remotely in different states and different cities, you have tax connections everywhere and are clearly going to be part of the government revenue solution!

General Session

9:15am - 9:30am PST Break

General Session

9:30am - 10:30am PST Mergers and Aquisitions: Considerations and Complications with PPP

Jason Woon

Jason Woon

Jason Woon, CPA/ABV, FP&A, CEIV, is a Managing Director in KPMG LLP’s Economic & Valuation Services (EVS) practice in Seattle with more than 12 years of valuation, financial analysis, and accounting/auditing experience. Jason specializes in the valuation of businesses, intangible assets, fixed income obligations, and complex securities for financial reporting, tax reporting, and transactional purposes. He works cross-functionally with accounting, tax, corporate development, finance/FP&A, legal, and HR teams on all aspects of the deal life cycle. Jason focuses his time within the tech/media/telecom, retail, renewable energy, banking, and real estate industries.

Jared Theis Director, Deal Advisory and Strategy, KPMG LLP (Seattle)

Jared Theis

Jared Theis, CPA, is an Accounting Advisory Director in the Seattle office of KPMG LLP, working remotely out of Spokane. He provides accounting change, technical accounting, SEC reporting, financial statement and internal control audit services to a variety of large, mid-size, and small public and non-public companies, primarily in the forest products, manufacturing, technology, and real estate industries. Jared maintains an in-depth understanding of requirements and standards of the PCAOB, FASB, SEC, and Private Company Council. He frequently speaks at various professional events and local college campuses on various topics, including data and analytics as a member of KPMG’s D&A network. He currently serves as a member of the Accounting Advisory Boards for Washington State University and Eastern Washington University.

Jared Theis and Jason Woon will take you through an overview of recent merger, acquisition, private equity, and venture capital activity in the marketplace. Learn about Small Business Administration guidance surrounding acquisitions of Paycheck Protection Program (PPP) borrowers and deal negotiations. Plus, find out which additional impacts should be considered when acquiring a PPP borrower.

General Session

10:30am - 10:40am PST Break

General Session

10:40am - 11:40am PST Final Verdict: Not GILTI!

Moses Man President & Owner, M Squared Tax PLLC

Moses Man

Moses Man, CPA, is the CEO of M Squared Tax PLLC, a CPA firm specializing in international taxation. His practice focuses on US international tax planning and compliance for individuals and small businesses. He also assists CPA firms across the US with international tax issues, including international tax consultation and compliance review. Moses is a frequent speaker on international tax topics. Prior to M Squared Tax, Moses spent 11 years at national and regional accounting firms serving multinational companies, including startups, venture capital funds, and Fortune 500 companies. Moses earned his B.A. from Seattle University and his Master’s in Taxation from the University of Washington.

It has been more than two years since the enactment of GILTI.  Under the GILTI rules, individual shareholders of controlled foreign corporations are adversely impacted more than any other type of shareholder.  During this session, Moses Man will review practical ways to mitigate or eliminate GILTI altogether.  In particular, Moses will explain: 

  • Section 954(b)(4) High-tax Exception (these regulations were finalized in July 2020)
  • Section 962 Election

General Session

11:40am - 12:20pm PST Lunch Break

General Session

12:20pm - 1:20pm PST The Paycheck Protection Program: What’s tax got to do with it?

Dan Eller

Dan Eller

Dan Eller assists clients with tax and business law issues in both transactions and controversies. His transactional practice emphasizes choice of entity and formation, mergers and acquisitions, real property development, foreign bank account and asset reporting, and tax-exempt entity formation, qualification and operation. In recent times, Dan has worked extensively on Oregon corporate activity tax and issues related to the CARES Act, in particular the Payroll Protection Program. Dan is a fellow in the American College of Tax Counsel, as well as on the adjunct faculty at Lewis & Clark Law School and Portland State University.

Omar Contreras

Omar Contreras

Omar Contreras advises U.S. and international clients who face complex corporate and business transactional issues. The types of issues range from entity formation and structuring questions, mergers and acquisitions counsel, for-profit participation in federal programs, and tribal business entity law. Omar has also counseled tax exempt organizations on their governance practices and political activities. Outside of his law practice, Omar serves his community as a Teach for America – Washington advisory board member and through his mentorship of high school youth and law students.

Schwabe Shareholder Dan Eller and Associate Omar Contreras will discuss the Small Business Administration’s Paycheck Protection Program (PPP) and how to address PPP-related issues for clients. The presentation will focus on tax and legal issues related to the loan application process, covered expenses, loan forgiveness, as well as unanswered PPP questions including whether clients can deduct expenses paid for with PPP funds if the loan was forgiven. Plus, hear an overview of the PPP and key issues affecting tax considerations for PPP recipients.

General Session

1:20pm - 1:30pm PST Break

General Session

1:30pm - 2:30pm PST How the IRS Pivoted During the Pandemic

Matthew Gamble Senior Tax Analyst, Internal Revenue Service

Matthew Gamble

Prior to joining the IRS, Matthew Gamble worked in the public accounting sector for 7 years where he conducted Client Audits and prepared individual and business tax returns. In 2010, Matt joined the IRS as a Revenue Agent in the Small Business/Self Employed Division before switching over to the Wage and Investment Division. Currently, he is a Senior Analyst with the Return Integrity & Compliance Services and is one of the analysts who oversees the incident management team that handles data theft reported to the IRS. In addition, he is a co-lead for the Security Summit Information Sharing Team and a lead analyst for the Identity Theft Tax Refund Fraud ISAC.

Friday, November 6

General Session

7:50am - 8:00am PST Welcome and Announcements

General Session

8:00am - 9:00am PST Federal Tax Update

Samuel Donaldson Professor of Law, Georgia State University College of Law

Samuel Donaldson

Samuel A. Donaldson, J.D., LL.M., is a Professor of Law at Georgia State University in Atlanta. Prior to joining the Georgia State faculty in 2012, he was on the faculty at the University of Washington School of Law in Seattle for 13 years. During his tenure at the University of Washington, he was a five-time recipient of the Philip A. Trautman Professor of the Year award from the School of Law’s Student Bar Association. Professor Donaldson served for two years as Associate Dean for Academic Administration and for six years as the Director of the law school’s Graduate Program in Taxation. He teaches a number of tax and estate planning courses, as well as courses in the areas of property, commercial law and professional responsibility.

Professor Donaldson is an Academic Fellow of the American College of Trust and Estate Counsel (ACTEC) and a member of the Bar in Washington, Oregon, and Arizona. Among his scholarly works, he is a co-author of the popular West casebook, Federal Income Tax: A Contemporary Approach, and a co-author of the Price on Contemporary Estate Planning treatise published by Wolters Kluwer. Professor Donaldson has served as the Harry R. Horrow Visiting Professor of International Law at Northwestern University and a Visiting Assistant Professor at the University of Florida Levin College of Law.

Professor Donaldson earned his J.D. at University of Arizona and LL.M. (Taxation) from the University of Florida.

An amateur crossword constructor, his puzzles have been published in The New York Times, The Los Angeles Times, The Washington Post, The Wall Street Journal, and other outlets. Professor Donaldson was recently notified by email of his selection to receive substantial sums of money from high-level Nigerian business officials in exchange for his bank account information.

Stay up to date with this informative and entertaining recap of important cases, rulings, regulations, and legislation from the past 12 months in the federal income, estate, and gift tax laws. Specific topics to be addressed include potential changes to the transfer tax exclusion amount, formula gifting clauses, and charitable contribution rules unique to 2020.

 

General Session

9:00am - 9:10am PST Break

General Session

9:10am - 10:10am PST Federal Tax Update Continued

Samuel Donaldson Professor of Law, Georgia State University College of Law

Samuel Donaldson

Samuel A. Donaldson, J.D., LL.M., is a Professor of Law at Georgia State University in Atlanta. Prior to joining the Georgia State faculty in 2012, he was on the faculty at the University of Washington School of Law in Seattle for 13 years. During his tenure at the University of Washington, he was a five-time recipient of the Philip A. Trautman Professor of the Year award from the School of Law’s Student Bar Association. Professor Donaldson served for two years as Associate Dean for Academic Administration and for six years as the Director of the law school’s Graduate Program in Taxation. He teaches a number of tax and estate planning courses, as well as courses in the areas of property, commercial law and professional responsibility.

Professor Donaldson is an Academic Fellow of the American College of Trust and Estate Counsel (ACTEC) and a member of the Bar in Washington, Oregon, and Arizona. Among his scholarly works, he is a co-author of the popular West casebook, Federal Income Tax: A Contemporary Approach, and a co-author of the Price on Contemporary Estate Planning treatise published by Wolters Kluwer. Professor Donaldson has served as the Harry R. Horrow Visiting Professor of International Law at Northwestern University and a Visiting Assistant Professor at the University of Florida Levin College of Law.

Professor Donaldson earned his J.D. at University of Arizona and LL.M. (Taxation) from the University of Florida.

An amateur crossword constructor, his puzzles have been published in The New York Times, The Los Angeles Times, The Washington Post, The Wall Street Journal, and other outlets. Professor Donaldson was recently notified by email of his selection to receive substantial sums of money from high-level Nigerian business officials in exchange for his bank account information.

General Session

10:10am - 10:20am PST Break

General Session

10:20am - 11:20am PST Update on Washington, D.C. Tax Developments and COVID-19 Stimulus Legislation

Ed Karl

Ed Karl

Edward Karl, CPA, CGMA, is Vice President - Taxation of the American Institute of Certified Public Accountants (AICPA). In this position, he is responsible for the review, formulation, and submission to Congress, the Treasury Department, and the Internal Revenue Service of technical and policy recommendations for improvement of the federal tax process. Mr. Karl’s staff serves as the principal liaison for the AICPA with the Internal Revenue Service. He is also significantly involved in tax ethical issues including management of the AICPA’s tax standards, the Statements on Standards for Tax Services.

Mr. Karl was previously employed in the tax department of a large, national CPA firm as well as a smaller, local one where he established their tax department. He was a frequent contributor to The Certificate, a publication of the Greater Washington Society of CPAs, of which he was an editor for fifteen years. He has also spoken at numerous tax institutes, state CPA society meetings and IRS programs.

Mr. Karl is a member of the AICPA, the Global Accounting Alliance tax directors’ group, the Maryland Association of CPAs, and the Greater Washington Society of CPAs where he has also served on their Federal Tax Committee and Board of Governors.

During this session Ed Karl, AICPA Vice President, Taxation, will review tax legislative and regulatory developments coming out of Washington, D.C. He will focus heavily, however, on the Federal tax outlook in light of the election results. Plus, learn about COVID-19 stimulus-related legislation (Phase IV) including the possibility of additional PPP funds, the deductibility of expenses related to PPP forgiveness, and “mobile workforce” relief. 

General Session

11:20am - 11:30am PST Break

General Session

11:30am - 12:30pm PST CARES Act Impact on Net Operating Losses

Edward Zollars

Edward Zollars

Ed Zollars, CPA, is a tax partner in the Phoenix CPA firm of Thomas, Zollars, & Lynch, Ltd., having been in practice since 1982 dealing with taxation of individuals and closely held businesses.

He also is the principal author of materials on the Current Federal Tax Developments website and provides a weekly audio and video update on federal tax developments online.

He presents and authors continuing education courses for Kaplan Financial Education.

The CARES Act restoration of the net operating loss deduction, along with processing issues created by the COVID-19 pandemic, have created a number of questions and issues that CPAs need to address.  This session will look at the restored carryback option in the CARES Act, CARES Act provisions that may create NOLs for previously filed 2018 and 2019 returns, and options for electing to carry forward the loss.

General Session

12:30pm - 1:00pm PST Lunch Break

General Session

1:00pm - 2:15pm PST Taxation of Debt Forgiveness

Edward Zollars

Edward Zollars

Ed Zollars, CPA, is a tax partner in the Phoenix CPA firm of Thomas, Zollars, & Lynch, Ltd., having been in practice since 1982 dealing with taxation of individuals and closely held businesses.

He also is the principal author of materials on the Current Federal Tax Developments website and provides a weekly audio and video update on federal tax developments online.

He presents and authors continuing education courses for Kaplan Financial Education.

Economic challenges posed by the COVID-19 pandemic may cause certain clients to have cancellation of debt issues.  As well, virtually all clients that obtain PPP loans will have forgiveness of that debt.  This session looks at the tax issues raised by such cancellation, including §108 provisions removing recognition of the income in some cases and the status of the deductibility of expenses with forgiveness PPP indebtedness.

Leader(s):

Leaders

Ed Karl

Edward Karl, CPA, CGMA, is Vice President - Taxation of the American Institute of Certified Public Accountants (AICPA). In this position, he is responsible for the review, formulation, and submission to Congress, the Treasury Department, and the Internal Revenue Service of technical and policy recommendations for improvement of the federal tax process. Mr. Karl’s staff serves as the principal liaison for the AICPA with the Internal Revenue Service. He is also significantly involved in tax ethical issues including management of the AICPA’s tax standards, the Statements on Standards for Tax Services.

Mr. Karl was previously employed in the tax department of a large, national CPA firm as well as a smaller, local one where he established their tax department. He was a frequent contributor to The Certificate, a publication of the Greater Washington Society of CPAs, of which he was an editor for fifteen years. He has also spoken at numerous tax institutes, state CPA society meetings and IRS programs.

Mr. Karl is a member of the AICPA, the Global Accounting Alliance tax directors’ group, the Maryland Association of CPAs, and the Greater Washington Society of CPAs where he has also served on their Federal Tax Committee and Board of Governors.

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Dan Eller

Dan Eller assists clients with tax and business law issues in both transactions and controversies. His transactional practice emphasizes choice of entity and formation, mergers and acquisitions, real property development, foreign bank account and asset reporting, and tax-exempt entity formation, qualification and operation. In recent times, Dan has worked extensively on Oregon corporate activity tax and issues related to the CARES Act, in particular the Payroll Protection Program. Dan is a fellow in the American College of Tax Counsel, as well as on the adjunct faculty at Lewis & Clark Law School and Portland State University.

Return to Top

Omar Contreras

Omar Contreras advises U.S. and international clients who face complex corporate and business transactional issues. The types of issues range from entity formation and structuring questions, mergers and acquisitions counsel, for-profit participation in federal programs, and tribal business entity law. Omar has also counseled tax exempt organizations on their governance practices and political activities. Outside of his law practice, Omar serves his community as a Teach for America – Washington advisory board member and through his mentorship of high school youth and law students.

Return to Top

Matthew Gamble

Prior to joining the IRS, Matthew Gamble worked in the public accounting sector for 7 years where he conducted Client Audits and prepared individual and business tax returns. In 2010, Matt joined the IRS as a Revenue Agent in the Small Business/Self Employed Division before switching over to the Wage and Investment Division. Currently, he is a Senior Analyst with the Return Integrity & Compliance Services and is one of the analysts who oversees the incident management team that handles data theft reported to the IRS. In addition, he is a co-lead for the Security Summit Information Sharing Team and a lead analyst for the Identity Theft Tax Refund Fraud ISAC.

Return to Top

Jason Woon

Jason Woon, CPA/ABV, FP&A, CEIV, is a Managing Director in KPMG LLP’s Economic & Valuation Services (EVS) practice in Seattle with more than 12 years of valuation, financial analysis, and accounting/auditing experience. Jason specializes in the valuation of businesses, intangible assets, fixed income obligations, and complex securities for financial reporting, tax reporting, and transactional purposes. He works cross-functionally with accounting, tax, corporate development, finance/FP&A, legal, and HR teams on all aspects of the deal life cycle. Jason focuses his time within the tech/media/telecom, retail, renewable energy, banking, and real estate industries.

Return to Top

Moses Man

Moses Man, CPA, is the CEO of M Squared Tax PLLC, a CPA firm specializing in international taxation. His practice focuses on US international tax planning and compliance for individuals and small businesses. He also assists CPA firms across the US with international tax issues, including international tax consultation and compliance review. Moses is a frequent speaker on international tax topics. Prior to M Squared Tax, Moses spent 11 years at national and regional accounting firms serving multinational companies, including startups, venture capital funds, and Fortune 500 companies. Moses earned his B.A. from Seattle University and his Master’s in Taxation from the University of Washington.

Return to Top

Jared Theis

Jared Theis, CPA, is an Accounting Advisory Director in the Seattle office of KPMG LLP, working remotely out of Spokane. He provides accounting change, technical accounting, SEC reporting, financial statement and internal control audit services to a variety of large, mid-size, and small public and non-public companies, primarily in the forest products, manufacturing, technology, and real estate industries. Jared maintains an in-depth understanding of requirements and standards of the PCAOB, FASB, SEC, and Private Company Council. He frequently speaks at various professional events and local college campuses on various topics, including data and analytics as a member of KPMG’s D&A network. He currently serves as a member of the Accounting Advisory Boards for Washington State University and Eastern Washington University.

Return to Top

Samuel Donaldson

Samuel A. Donaldson, J.D., LL.M., is a Professor of Law at Georgia State University in Atlanta. Prior to joining the Georgia State faculty in 2012, he was on the faculty at the University of Washington School of Law in Seattle for 13 years. During his tenure at the University of Washington, he was a five-time recipient of the Philip A. Trautman Professor of the Year award from the School of Law’s Student Bar Association. Professor Donaldson served for two years as Associate Dean for Academic Administration and for six years as the Director of the law school’s Graduate Program in Taxation. He teaches a number of tax and estate planning courses, as well as courses in the areas of property, commercial law and professional responsibility.

Professor Donaldson is an Academic Fellow of the American College of Trust and Estate Counsel (ACTEC) and a member of the Bar in Washington, Oregon, and Arizona. Among his scholarly works, he is a co-author of the popular West casebook, Federal Income Tax: A Contemporary Approach, and a co-author of the Price on Contemporary Estate Planning treatise published by Wolters Kluwer. Professor Donaldson has served as the Harry R. Horrow Visiting Professor of International Law at Northwestern University and a Visiting Assistant Professor at the University of Florida Levin College of Law.

Professor Donaldson earned his J.D. at University of Arizona and LL.M. (Taxation) from the University of Florida.

An amateur crossword constructor, his puzzles have been published in The New York Times, The Los Angeles Times, The Washington Post, The Wall Street Journal, and other outlets. Professor Donaldson was recently notified by email of his selection to receive substantial sums of money from high-level Nigerian business officials in exchange for his bank account information.

Return to Top

Mark Hugh

4.98 stars out of 5 - speaker rating for 2019

“Mark Hugh is top notch. I love his presentations.”
“I love Mark’s ethics class. I have been attending for years!”
“Excellent speaker.” - past attendees

Mark Hugh, CPA, is the principal of Mark Hugh PLLC. He is a frequent trainer and speaker regarding state and local tax issues. His work includes planning and tax reporting reviews for a variety of organizations. He has represented hundreds of taxpayers before state and local agencies. He was the 2011-2012 Board Chair of the Washington Society of Certified Public Accountants. He was also a member of the AICPA Council, the governing body of the American Institute of Certified Public Accountants.

Mark teaches many CPE courses for the WSCPA on Washington State ethics and Washington taxation, including State Nexus and New Developments: Wayfair Edition. He is also available to teach in-house Washington State ethics presentations for company CPE needs.

Return to Top

Edward Zollars

Ed Zollars, CPA, is a tax partner in the Phoenix CPA firm of Thomas, Zollars, & Lynch, Ltd., having been in practice since 1982 dealing with taxation of individuals and closely held businesses.

He also is the principal author of materials on the Current Federal Tax Developments website and provides a weekly audio and video update on federal tax developments online.

He presents and authors continuing education courses for Kaplan Financial Education.

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Non-Member Price $600.00

Member Price $500.00