Fifteen hundred CPAs from Minnesota, Wisconsin, Iowa, and the Dakotas are attending the 56th Annual MNCPA Tax Conference starting Monday, November 15 at the Minneapolis Convention Center. The two-day event offers more than 40 tax-related sessions presented by tax experts from across the country.
MNCPA reports that tax conference attendees will likely be buzzing about the complexity caused by tax law changes Congress might enact between now and the end of the year. Last year, Congress approved a variety of tax proposals to encourage consumer spending during 2010, including income tax reductions and the first-time home buyer tax credit that ended April 30. In late September, President Obama signed the Small Business Jobs Act, providing tax incentives to encourage small businesses to make investments and hire more employees.
If the current session of Congress does not extend tax cuts, the income tax rates that were in effect prior to 2001 and 2003 will be restored in 2011 - effectively making the top income tax rate 39.5 percent.
According to MNCPA Tax Conference presenter and University of Minnesota faculty member, Mark Sellner, "Many business owners have hesitated to make investments and plan for 2011 until they know whether the new tax write offs for purchases could be offset by even higher income taxes."
Sellner is one of more than two dozen of the tax and industry professionals scheduled to address the conference. Sessions will provide updates on tax-related issues including the impact of health care reform, new rules for independent contractors, and the latest on Roth conversions.
Nationally recognized tax CPA Andy Biebl of LarsonAllen said, "The health care reform act packed a lot of hidden tax items, including requiring businesses to issue IRS 1099 forms to more vendors providing goods and services. It also contains a provision that penalizes employers who offer different tiers of groups for employer-provided health care plans."
The MNCPA Tax Conference kicked off on November 15 at 8 a.m. with an opening address by Gary Stern, former president of the Federal Reserve Bank of Minneapolis. For a complete rundown of sessions visit the conference Web site: www.mncpa.org/taxconference.