2024 Year End, New Developments, and Thoughts on How Practitioners Might Cope

There are many new developments and deadlines on every practitioner’s plate to address before year-end. How can we cope? Corporate Transparency Act filings are due 12/31/24. Most clients haven’t addressed filing yet. Even for many that have begun, it does not appear they understand the ripple effects of filing requirements on trusts and other structures. FinCEN has continued to issue new FAQs that complicate the reporting process, e.g., dissolved entities. Pre-2026 planning may need to be completed by the end of 2024 to provide an opportunity to create SLATs in different tax years, retitle assets in different tax years, and have more time between various transfers. VP Harris may win the Presidential election. She indicated that she will support the recently issued Senator Warren tax proposal. If that occurs, planning for 2026 will be overtaken by planning for much more drastic changes. The FTC ban on noncompete agreements seems to have been stopped by a court for now. However, advisers should still encourage clients to revisit restrictive arrangements and endeavor to make them more supportable in case the rule banning non-competes is salvaged or if state law enacts restrictions. Considering the Supreme Court’s holding in Connelly, insurance-funded buy-sell agreements must be reviewed and restructured. The Supreme Court, in the Loper case, overruled the deference given to agencies such as the IRS under the landmark Chevron doctrine. Practitioners should revisit some planning decisions and evaluate filing protective claims for refund.  New IRA regs add complexity and more change to planning for retirement plan distributions. What changes might practitioners make to engagement letters? What does the future of the profession hold? AI, the role of financial advisers, and more. What does all this mean to practitioners?

Speakers: Martin M. Shenkman, Esq. and Robert S. Keebler, CPA.

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* No CPE, CLE, etc. is offered but a certificate of attendance will be provided.