By David Peters, CPA
One of the things that I love about SCACPA’s conferences is that we always seem to have a little bit of everything. This year’s Fall Fest is no different. The changes to retirement plans and retirement planning were significant in light of SECURE 2.0. If you have clients that are nearing retirement, the additional catch-up amount may be something that can help make up for any shortfalls due to the bad markets in the last few years. If your clients are just coming out of school, SECURE 2.0 may help them pay off student loans while also saving for retirement. My session on SECURE 2.0 and Qualified Plans will touch on these topics and many other opportunities presented by this recent tax legislation.
Speaking of emerging areas in the tax world – virtual currency continues to be one that keeps practitioners up at night. Most of the rules are pretty straightforward, but there continues to be times when we second guess ourselves. For example, is a hard fork taxable? If I use virtual currency to pay for something, is that gain to the buyer? Most importantly, what about losses? Any way to deduct that? We will talk about all things virtual currency in my session at Fall Fest as well.
Finally, if you are a CFO or Controller, you may have been thrust into being the insurance and risk manager for your organization. How do you know which policies you need? Are there any tips for keeping cost down? Finally, what in the world does cyber liability insurance cover? We will cover these questions at Fall Fest as well in my session on risk management and basic business policies.