Minnesota CPA Society hosts largest tax conference in upper Midwest

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.
 

You may like these other stories...

Truckers and other owners of heavy highway vehicles take note: Your next federal highway use tax return is due on September 2.The September 2 due date, which was pushed back two days because the normal August 31 deadline...
The head of the IRS has a message for taxpayers and tax preparers who have endured long wait times while on the phone with the tax agency: Call your member of Congress.During his keynote speech at the 69th Annual Meeting of...
Regulators struggle with conflicts in credit ratings and auditsThe Public Company Accounting Oversight Board (PCAOB), which was created by the Sarbanes-Oxley Act in 2002, released its third annual report on audits of...

Already a member? log in here.

Upcoming CPE Webinars

Aug 26
This webcast will include discussions of recently issued, commonly-applicable Accounting Standards Updates for non-public, non-governmental entities.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.