Accounting Takeaways from AICPA Conference

Financial markets and tax rules are changing constantly so staying current on such changes is critical to providing value for our clients. As a result, I recently attended a tax and financial planning conference in Las Vegas, NV by the American Institute of Certified Public Accountants (AICPA), which is the largest association representing the accounting profession. With over 4,000 attendees and over 100 individual sessions, there was no shortage of things to learn. As an added bonus, I heard several keynote speeches from notable leaders such as: Charles Rettig, Commissioner of the IRS; Simon Sinek, Optimist and Author; and NFL legend John Elway. Here are some key takeaways I gleaned from the conference.

Speakers at AICPA Conference
  • More audits – the IRS Commissioner made it clear that tax enforcement is a high priority which means more IRS audits, including scrutiny of tax avoidance strategies. Therefore, be very wary of any obscure investment promising lucrative tax breaks because the IRS will challenge them.
  • Audit triggers – I sat in on a packed session with former IRS agents as they explained what types of returns, deductions, and actions trigger an audit. More detailed article to follow.
  • Cannabis – I attended a session on how to invest in cannabis related companies, including federal/state laws and taxation.
  • Advanced tax planning under the Tax Cuts and Jobs Act (TCJA), including the new section 199A deduction.
  • Investing in opportunity zones and opportunity funds.
  • The taxation of investing in real estate has changed dramatically under the new TCJA. I learned about the new tax rules as well as the new K-1 reporting requirements for pass-through entities, such as S-Corporations and LLCs.
  • Advanced estate planning under the new TCJA given the higher estate tax exemptions.
  • I learned about new technology to provide a better customer experience to our clients.
  • Simon Sinek spoke about how to build great teams to significantly improve client satisfaction and retention.
Awards Ceremony for notable women leaders in financial industry

Knowledge of new investments and tax changes are only part of the equation. Simon Sinek explained the importance of building great teams to significantly improve client satisfaction and establish a strong workplace culture. I also attended an awards ceremony for notable women leaders in our industry because women are still under-represented (and underpaid) when it comes to leadership roles in accounting and finance so it is important to raise awareness as well as stress pay equality. It was my first AICPA conference, but I am already looking forward to attending again next year.

Ara Oghoorian, CFA, CFP®, CPA is the President & Founder of ACap Advisors & Accountants.

ACap Advisors & Accountant is a “Fee-Only” wealth management and full-service accounting firm headquartered in Los Angeles, specializing in helping doctors and healthcare professionals make sound financial decisions.

Contact ACap at info@acapam.com or 818-272-8511.

   

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