Frank M. Carter Tax Institute

Frank M. Carter Tax Institute

Husson University's 41st Annual Frank M. Carter Tax Institute

December 6 | 2013

Regulatory Environment, Tax Updates & Ethics

The Frank M. Carter Tax Institute at Husson University, the Penobscot County Bar Association and the Maine Society of CPAs are co-sponsors of this event designed to enhance practitioners' ability to serve clients. Presentations will give attendees a sense for significant regulatory changes in 2013 in areas of Estate Tax, Health Care, and Banking and Finance. Federal  and State Tax updates and an Ethics presentation will round out the event.

Register for the 41st Annual Frank M. Carter Tax Institute by filling out the form found here.

Mail the completed form, with payment to:

Husson University
Attn: Nancy Forster-Holt
Richard E. Dyke Center for Family Business
One College Circle, Bangor, ME 04401

$125 for a full day. Fee includes presentation materials, lunch and snacks.


Registration - 7:30AM - 8:00AM
Program - 8:00AM - 4:30PM

Entities – Martha Broderick, J.D.
Senator Max Baucus and Representative David Camp, Chairs of Senate Finance Committee and House Ways and Means Committee, have agreed to take a look at significant tax reform. One of the major areas of review is pass-through entities and under consideration is combining S Corps and partnerships into one new filing status and including other tax incentives for LLCs vs. Corp.

Employee Stock Ownership Plans ESOPs – George Eaton, J.D. and Susan Scherbel, J.D.

If properly structured, an ESOP can provide a financially attractive and tax-efficient way for a company to handle the transition. During this 50-minute session, George Eaton and Susan Scherbel will discuss ESOPs as a liquidity/financing tool.  George Eaton is a managing partner at Rudman and Winchell, who has an extensive clientele consisting of private and family-owned businesses. Susan Scherbel, Esq., is a tax lawyer with expertise in employee benefits and ERISA.  She is also a co-founder of the financial advisory firm, Bellview Associates, LLC.  She specializes in the area of Employee Stock Ownership Plans (“ESOPs”).

ME Estate Tax – Heather Popadak, C.P.A. and Jeff Jones, J.D.

The increase in the Federal estate tax exemption means that Maine estate tax, and Maine estate tax planning is more important for practitioners than ever before. We will welcome Heather Popadak of Maine Revenue Services and Jeffrey W. Jones, Esq of Jones, Kuriloff and Sargent, LLC for a discussion of statutory and regulatory updates, important cases and best practices.

Federal Tax update - Justin Coffin, J.D., C.P.A. – MacDonald Page
Federal tax update for legislative changes that impact 2012 and 2013. Areas of focus would include tax rates, depreciation, 263A regulations, Estate/Gift tax update and a discussion about the potential future changes that are currently being discussed in Congress.

Retirement Plans for Small Businesses – Bill Enck, C.P.A., C.P.C., A.P.A.

Small businesses have just as much reason to consider use of an employee retirement plan as do larger enterprises. The good news for small businesses is that there are a great many options to choose from. Of course, with choice also comes complexity and, sometimes, confusion. Bill Enck of Berry, Dunn will speak about the retirement plan alternatives and help you to eliminate confusion and understand the tax complexities. This will be an informative session where questions will be encouraged and a lively discussion will no doubt take place.

Update on the Affordable Care Act’s impact on Employers –
Bill Enck, C.P.A., C.P.C., A.P.A.
The Affordable Care Act’s individual mandate starts on January 1, 2014. The employer “play or pay” penalty provisions have been delayed one-year until January 1, 2015. This may be your last chance to hear about the ACA’s impact on employees before the effective date. Our speaker will have the latest ACA news and planning ideas to share with you. Bring your questions and let’s all take one last look at the ACA before January 1st

Maine’s BOTA – Robert Creamer, J.D
This topic covers the formation of the Maine Board of Tax Appeals and what kinds of appeals it can consider. Mr. Creamer will also be explaining the Board’s procedure for hearing an appeal, what taxpayer representatives should know about bringing an appeal to the Board, and what to do if you disagree with the Board’s decision on your appeal. He will also be covering recent changes to the statute governing the Board’s procedures, some rule changes the Board will be proposing soon, and how to present a case to the Board.

Professional Ethics – Professor John Michaud (Lt. Col.)
Professional ethics has become increasingly more of a negative news topic over the last several years. Few, if any, professions have been free of major ethical challenges many of which have resulted in significant loss of financial assets and legal action. The topics discussed in this presentation will include the consideration of practitioner and client in examples of ethical lapses, possible causes, and the need for high ethical standards in our business dealings. We will discuss ways that companies can involve their employees in a commitment to high ethical standards. We will also look at the concepts of Corporate Governance and Corporate Social Responsibilty.