Educational Program
Educational Sessions will be held while the ship is at sea. See scheduled sessions below. (10 CP/8 CLE with 2 hours of Ethics)
Sunday, June 26, 2011
8:30 AM–9:20 AM
Federal Tax Update
David De Jong, Esq., CPA, Stein, Sperling, Bennett, De Jong, Driscoll & Greenfeig, P.C.
This program will review major tax legislation, regulations, cases and rulings since November 2010 including the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. These developments affect taxation of individuals, businesses, retirement plans and estates. Procedural changes in the Federal taxation process will be covered along with substantive issues.
9:20 AM–11:00 AM
Showdown: S Corporation vs. LLC
Domenick R. Lioce, Esq., CPA, Nason, Yeager, Gerson, White & Lioce, P.A.
Sydney S. Traum, BBA, J.D., LL.M., CPA
This session will show a comparison of the tax planning elements utilizing S Corps and limited liability companies. Included in the discussion will be both tax differences and state law differences.
3:20 PM–5:00 PM
Ethics for Attorney-CPAs
(two-part session)
Jim Rigos, J.D., LL.M., CPA, Rigos Bar and Accountancy Review Series
Session 1: Professional Ethics for Attorney-CPAs
For many of us the higher of the two standards control but there may be “different” rules as opposed to merely “higher–lower” treatment. This session will focus on the standards where there is different or expanded treatment between the two separate professions including a detailed comparison of the areas of difference between the ABA’S Model Rules and the AICPA’s 100–500 Series of “Model” accounting ethical rules.
Session 2: Conflicts of Interest and Fiduciary Duty
Conflicts is distributed among three types (client v. client), transactions between clients, and third attorney-CPA entering into a client transaction. The fiduciary duty subjects a professional to a longer statute of limitations, attorney fees and punitive damage awards are more likely, and a higher standard of required due care is imposed. When does this higher standard apply? This session will cover traditional fiduciary duty such as trusteeship, power of attorney while also touching on financial advice (including Madoff advisors) and corporate directorships including trust fund taxes. In addition, disclosure letters will be discussed and the high sensitive topics of “conflicts of interest” and “fiduciary duty.”
Tuesday, June 28, 2011
3:10 PM–4:50 PM
Treatment of Tax Liabilities and Liens in Bankruptcy
John Akard, Jr., J.D., CPA, John Akard Jr. P.C.; of counsel, Mason, Coplen & Banks
R. Stephen Scott, J.D., CPA, Scott & Scott, P.C.
This session will provide an overview of the treatment of taxes and tax liens in bankruptcy. In particular, the types of tax obligations which may be discharged in bankruptcy and potential strategies in addressing tax obligations in connection with a bankruptcy will be discussed, including Chapter 7, 11, and 13 cases.
Wednesday, June 29, 2011
8:30 AM–9:20 AM
Tax Issues in Investment Decisions
Robert Scharar, Esq., CPA, FCA Corp
This session will equip you with an understanding of the products and services in the marketplace and their tax implications in the current regulatory environment. Concepts on how you can give investment related tax advice will be discussed and the income tax aspects of investment decisions.
9:20 AM–11:00 AM
2011, 2012 (and Beyond) Estate Planning Odyssey
Laurence Keiser, Esq., LL.M. (Tax), CPA, Stern Keiser & Panken, L.L.P.
Congress gave us direction for 2011 and 2012. We have a $5 million unified estate, gift, and GST exemption and a maximum 35% tax rate. We also have the new concept of portability (the availability to the second spouse of the unused exemption of the first spouse). And no legislative changes were made to our favorite planning techniques: the family limited partnership (“FLP”), the grantor retained annuity trust (“GRAT”) and the qualified personal residence trust (“QPRT”). But, without further legislation, on January 1, 2013, everything will revert to 2001 law: a $1 million exemption and a 55% tax rate. All Wills must be reviewed. All plans must be updated. This session will explore the new laws and the available planning opportunities.
Meet our Faculty
John Akard, Jr., J.D., CPA, John Akard Jr. P.C.; of counsel, Mason, Coplen & Banks
John's principal areas of practice are Bankruptcy, Probate, Trusts and Estates, Appellate, and Civil Litigation. John is a member of the State Bar of Texas, the Houston (Bankruptcy, Appellate Practice and Estate and Probate Practice Sections and Golf and Library Committees - Committee Chair 2000-2001) and American Bar Associations, the Houston Young Lawyers Association, the Texas Young Lawyers Association, the American Association of Attorney-Certified Public Accountants (Board Member 1995; President, Texas Chapter 1998) and Solos Supporting Solos (an ad hoc organization of solo practitioners). Born in El Paso, Texas on January 13, 1966, John was admitted to the Texas Bar in 1994. John is also admitted to practice before the United States District Court for the Southern District of Texas.
John received his B.B.A. in Accounting from Texas A & M University in 1988. He received his J.D. in 1994 from Texas Tech University, where he graduated magna cum laude.
David De Jong, Esq., CPA, Principal, Stein, Sperling, Bennett, De Jong, Driscoll & Greenfeig, P.C.
David practices law with the Rockville, Maryland, firm of Stein, Sperling, Bennett, De Jong, Driscoll & Greenfeig, PC, concentrating on tax planning and controversy, estate planning, business professor for 25 years at four universities, he coauthored J. K. Lasser’s annual tax planning book for 16 years. De Jong has litigated cases in each Federal tax forum and in the Maryland Tax Court, and has testified as an expert witness over 35 times in court, arbitrations, and disciplinary proceedings. He is a past President of the AAA-CPA. He was listed as one of the Top 100 Attorneys in the United States by Worth magazine in 2006, one of the Top 50 IRS Representation Practitioners in the United States by CPA Magazine in 2008, and one of the Top 40 Tax Advisors in the United States by the same publication in 2009. He has won accolades from Washingtonian; Washington Smart CEO; Washington, DC, Super Lawyers (Top 100); and Maryland Super Lawyers (Top 50). De Jong holds the highest ratings from Martindale-Hubbell (5.0) and Avvo (10.0). He received his BA from the University of Maryland in 1972, his JD from Washington and Lee University in 1975, and his LLM in Taxation from Georgetown University in 1979.
Laurence Keiser, Esq., LL.M. (Tax), CPA, Partner, Stern Keiser & Panken, L.L.P
Laurence Keiser specializes in tax planning and litigation, and estate planning and administration. He has been a frequent lecturer and speaker for accounting and law groups. He has chaired or presented at many tax conferences and had numerous articles published in professional journals and has been an Adjunct Professor of Taxation at the Graduate Business Schools of New York University and Long Island University. He was the author and discussion leader of the Foundation for Accounting Education’s courses, Review and Update for Experienced Individual Tax Practitioners and Advanced Estate Planning, for which he received the Outstanding Discussion Leader Award. He has served on various tax and estate and trust committees of the New York State and Westchester County Bar Associations and is a past director of the Estate Planning Council of N.Y.C. He has also been a faculty member of Practicing Law Institute's Annual Estate Planning Conference. Larry holds a B.S. in accounting from New York University, a J.D. from St. John's University School of Law, and an LL.M. in taxation from New York University School of Law. He is a former officer and director of the New York State Society of CPA's, and past chairman of many of its committees (including Relations with the Internal Revenue Service.) He is also past President of its Westchester Chapter.
Domenick R. Lioce, Esq., CPA, Nason, Yeager, Gerson, White & Lioce, P.A.
A certified public accountant in Florida since 1976, Domenick Lioce was admitted to the bar in Florida in 1979 (U.S. District Court, U.S. Tax Court, U.S. Court of Appeals, 11th Circuit), after receiving his undergraduate, graduate, and legal education at Florida State University (BS, 1973; MA, 1978; JD, 1979). He is a member of the Florida Institute of Certified Public Accountants; American Bar Association: Member of the Tax Section; Florida Bar Association: Member of the Tax Section, Member of the Tax Section Board of Directors, Member of the Executive Council, and Chairman of the Tax Sponsors Committee and Co-chairman of the Finance Committee and the Long-Range Planning Committee; Member and Vice Chairman of the Business Law Section Bar/FICPA Liaison Committee; Member of the Drafting Committee of the New Florida Revised Limited Liability Company Act; Former Member of the Drafting Committee of the Florida Revised Limited Partnership Act and the Florida Revised Partnership Act; American Association of Attorney-CPAs, Executive Vice- President of the Florida Chapter, Member of the National Board of Directors and Executive Committee, Assistant Secretary; Member and Director of the National Continuing Education Committee and Chairman of the National Sponsors Committee; Director and Past President of Palm Beach Tax Institute; Member and past Board Member of Florida State Alumni Association; past Chairman of Forum Club of the Palm Beaches. He has authored numerous articles and is also a frequent lecturer.
Jim Rigos, J.D., LL.M., CPA, Proprietor, Rigos Bar and Accountancy Review Series
Jim Rigos is an attorney-CPA who has written and lectured widely in accounting, ethics, and legal topics. He graduated from Boston University Law School and has served on the AICPA's Accountants Liability committee. He is presently a National Director of the American Association of Attorney-CPAs, a former officer and State President. 2010 is the 30th year the business has operated. He enjoys teaching review courses because it adds intellectual value to the careers of young professionals. He lives in Seattle, Washington with his wife Doreen, who is also a teacher. Their daughter, Sarah, recently graduated from Pembroke College, Oxford, U.K.
R. Stephen Scott, J.D., CPA, Partner, Scott & Scott, P.C.
R. Stephen Scott, J.D., CPA, is a founding partner of Scott & Scott, P.C. He concentrates his law practice in Estate Planning and Administration, Corporate and Commercial Law, Taxation and Tax Court, Real Estate and Commercial Bankruptcy (primarily Chapter 11 cases). He frequently lectures for the American Business Institute and participates in estate planning lectures with the AAA-CPA, and various financial organizations. Steve holds leadership positions in several professional organizations. He is past President and director of the American Association of Attorney-Certified Public Accountants (AAA-CPA), and Chair of the Corporate Law Department Section Council of the Illinois State Bar Association. He is a member of and formerly served as the President and a Director of the Illinois Association of Attorney-Certified Public Accountants (IAA-CPA) and is a member of the American Inns of Court, Lincoln-Douglas Chapter. Steve is an Adjunct Professor of Commercial Law at the University of Illinois in Springfield (UIS), where he has been teaching in the Accounting Department for 30 years. He is also a Regent of the American College of Attorney-Certified Public Accountants.
Robert Scharar, Esq., CPA, Founder/President and Chief Executive Officer, FCA Corp
Since receiving his Master’s Degree of Law in Taxation from Boston University School of Law, Mr. Scharar has provided financial planning and investment advisory services to individuals from various professions and to closely held businesses. Mr. Scharar graduated from Polk Junior College with an Associate of Arts degree in Accounting followed by a Bachelor of Science degree in Accounting from the University of Florida and a Master’s in Business Administration from Northeastern University. Mr. Scharar graduated from the Northeastern University Law School with a Juris Doctorate degree. He is a Registered Investment Advisor, U.S. Securities and Exchange Commission. He serves on numerous corporate boards throughout the United States and abroad including a Trustee of Florida Southern College, past president of the American Association of Attorneys-Certified Public Accountants.
Sydney S. Traum, BBA, J.D., LL.M., CPA, of counsel Levey, Filler, Rodriguez, Kelso & De Bianchi, LLP
Sydney S. Traum, BBA, JD, LLM, CPA practices law in Miami-Dade County, Florida. His professional association is “Of Counsel” to the law firm of Levey, Filler, Rodriguez, Kelso & De Bianchi, LLP. He is author of The S Corporation: Planning & Operation and also The S Corporation Answer Book, both published by Aspen Publishers, Inc. Recently he has authored articles in The Tax Adviser and the Journal of Accountancy. A licensed CPA and attorney in both New York and Florida, Traum is a past president of the American Association of Attorney-CPAs; the Dade County Chapter of the Florida Institute of CPAs (FICPA) ; the Greater Miami Tax Institute; and Beth David Congregation in Miami. He is a past chair of The Florida Bar Committee on Relations with CPAs. He is currently the Board Chairman of the Florida Association of Attorney-CPAs and is Treasurer of the Harvard Club of Miami. . Traum is currently serving as a member of the American Association of Attorney-CPAs Executive Committee, the FICPA Federal Taxation Committee, the American Bar Association Tax Section’s S Corporations Committee, The Florida Bar Probate Rules Committee, the American Institute of CPAs Tax Division S Corporation Technical Resource Panel and of the Board of Directors of the FICPA Miami-Dade County Chapter. He is also Editor of the Baptist Health Foundation Professional Advisory Committee Newsletter. Traum received his BBA from the Baruch School of the City College of New York, J.D. from Harvard Law School, and LL.M. (Taxation) from New York University Law School. He is Florida Bar Board Certified in Taxation and also in Wills, Trusts and Estates. Traum is rated AV (the highest rating possible) by the Martindale-Hubbell Law Directory.