AICPA/AAML National Conference on Divorce Leading the Way May 10-11, 2012 Aria Resort & Casino Las Vegas, NV Pre-Conference Value-Added Workshops Wednesday, May 9 th Early Bird Registration Save $ 75 by 3/26/12 Key topics The Truth About Lies: Learn to Recognize the Key Indicators of Lies by Mario R. Ventrelli Evidence for CPAs: What You Need to Know Before You Hit the Courtroom by Carole Gailor & Mark H. Sobel The Appraisal Wars: His or Hers? by Z. Christopher Mercer & Richard R. Orsinger reasonable Compensation for Owner- Employees by Mark Harrison & Ron Seigneur Hotel cutoff date: 4/8/2012 CPE and CLE credits available! Learn more or register cpa2biz.com/conferences 888.777.7077 Learn more or register cpa2biz.com 888.777.7077 1
Dear Colleagues, On behalf of the American Institute of Certified Public Accountants and the American Academy of Matrimonial Lawyers, we invite you to join us in Las Vegas for the premier nationwide conference on divorce and related valuation and taxation issues, bar none! We have secured the best speakers from around the country to teach and update us on cutting-edge issues that concern us all as divorce practitioners and CPAs practicing in this field. A quick review of the brochure reveals the quality and quantity of the topics that will be presented. We are confident that you will find many programs of interest; so many, in fact, that you may indeed have a problem choosing which session to attend when there are so many interesting topics. Additionally, you will have the opportunity to meet and network with peers as well as the most respected attorneys and CPAs from around the country at the numerous social events we have planned. Simply put, you do not want to miss this conference. We look forward to seeing you in Las Vegas! Sincerely, AAML Co-Chair, David H. Levy, Managing Partner, Berger Schatz Chicago, IL AAML Vice-Chair, Carole S. Gailor, Managing Partner, Gailor, Wallis & Hunt, PLLC, Raleigh, NC AICPA Co-Chair, Barry S. Sziklay Partner, Friedman LLP East Hanover, NJ AICPA Vice-Chair, Sharyn Maggio, President, Maggio & Company, Inc., Eastontown, NJ Gain a dual perspective on family law issues as top CPAs and attorneys lead the way with cutting-edge insights and analysis. As divorce valuation and litigation issues continue to become more complex in today s economic climate, it s essential to advance your skills in order to maintain your competency and competitive edge. The 2012 AICPA/AAML National Conference on Divorce is a comprehensive, high-level event designed to help you do just that. Foremost professionals in the field will provide innovative ideas on business valuations, new strategic solutions on how to split marital assets, key case studies for a changing world, and cutting-edge thinking that will prepare you for the next hot button issues in your industry. You will also receive key insights and updates on rules of evidence for CPAs, hidden tax issues, common mistakes and rules of direct and cross examinations. Thank You to Our Sponsors! Gold Silver 2 Register by 3/26/12 SAVE $75!
Expert Speakers. Meaningful s. These prominent presenters will share their knowledge & insights: Sharyn Maggio & Miriam E. Mason Don t Find Yourself Quoted in a BAD Case! What Case Law Tells Us Are the Most Frequent Errors Made by Businesses George Hawkins Valuing Businesses Amidst Economic Chaos: Any Value Left? (Hint: Yes) Barry Sziklay & Steven Barranca Hidden Tax Issues Or How to Avoid Committing Malpractice Jerome J. Johnson & Andrew Schwartz Fraudulent Transfer Law: Fraud Issues J. Neal Beaton & Laura Dale Valuing Assets Outside the U.S.: Why Doesn t Everyone Play by OUR Rules? Haran Levy & Randall B. Wilhite Navigating the Maze: Impact of Estate Planning on a Marital Estate in a Divorce Gordon Cruse & James Hennenhoefer Electronic Discovery & Evidence Kenneth P. Altshuler & Randall B. Wilhite The Ten Most Important Rules of Direct & Cross Examination for CPAs and Forensic Experts Two Organizations Provide Dual Perspectives. No other conference offers such a broad array of experts from both the financial and legal world. Most sessions are led by two experts, an attorney and a CPA, or other financial expert, who will present a diverse set of perspectives and insights. This format allows both CPAs and attorneys to expand their knowledge base and gain key insights. As a result, you ll walk away with new solutions to fit your clients needs, and new methods to achieve proficiency, growth and profitability for your firm. Meet the Experts. Grow Your Network. Benefit from mixing and mingling with the best and brightest at breakfasts, lunches, and a special reception. From thought leaders and experts to prominent CPA valuation leaders and nationally recognized attorneys, you ll have a unique opportunity to interact at the highest levels. Who Should Attend CPAs in litigation, divorce, valuation, and taxation; lawyers, consultants, and specialists, whose practices involve divorce. Aria Resort & Casino New Location! Relax and recharge at this one-of-a kind hotel and casino. Aria s tower is uniquely designed to deliver corner-window views from every room showcasing spectacular city or mountain views. Resort amenities include fine dining, three stunning pools, a multi-level spa, and an 1,800 seat theater. Learn more or register cpa2biz.com 888.777.7077 3
Conference Agenda FIELDS OF STUDY C-Communications SKA-Specialized Knowledge and Applications RE-Regulatory Ethics T-Tax Topics and speakers are subject to change pre-conference Wednesday, May 9 / value-added workshops 11:00 am - 5:30 pm Registration Open 1:00 pm - 1:50 pm Solutions s (complimentary) S1 Wealth Planning Before, During & After Divorce SKA Joan K. Crain, CFP, CTFA, CISP, BNY Mellon Wealth Management, Fort Lauderdale, FL This session will explore the opportunities and pitfalls when family law intersects with traditional wealth planning. Key areas of focus include: Critical income and estate tax considerations Property and probate law issues Resolution of restrictions on retirement accounts and investment challenges Cutting-edge strategies for enhancing wealth plans during the divorce process S2 Beyond Your Normal Normalization Adjustments Fixing the Books SKA I. Alan Hirschfeld, MBA, CPA/ABV, CFF, CA, Marcum, LLP, Roseland, NJ Normalization of income isn t so much about adjusting the past, it s about focusing on the future. The goal is to provide a reasonable outlook for future operations, not some kind of averaging of the past. The purpose of normalization adjustments is to address how these factors will impact a company s future operations based upon its historical results tempered for what can reasonably be expected to occur in the future. There are various types of normalization adjustments that need to be considered before we can realistically determine the appropriate income to be utilized in our valuation. There are the more commonly known adjustments such as non-arm s length adjustments, estimates/reserves, and nonrecurring/unusual events, which are self-explanatory. This presentation will focus on how to address various future oriented items (major CapEx implications efficiencies, capacity, product line extension/reduction) and economic/market influences (government regulatory influences, e.g., solar industry incentives, energy costs fuel oil for transportation companies, natural gas for greenhouse produce growers, and new technology). In addition, it will focus on those aspects of historical operations that need to be addressed regarding the implications of future operations other than simply averaging historical earnings. Further focus will address various changes in corporate structure, product lines, and expansion of operations with an eye toward the impact on future operations. 2:00 pm - 5:00 pm Value-Added Workshops (additional fee) 101 The Great Recession: Rethinking the Basic Building Blocks of Cost of Capital SKA Roger J. Grabowski, ASA, Managing Director, Valuation Services, Duff & Phelps, LLC, Chicago, IL The Great Recession that began in 2008 has been anything but a period of stability, and we remain in crisis. Standard practices for estimating cost of equity in periods of relative stability need to be reevaluated, including: How has the impact of the flight to quality in recent years impacted traditional methods to derive discount and capitalization rates? Is the U.S. Treasury bond still a suitable proxy for risk free rates? What should practitioners be using? Learn why relying on any single method for determining the Equity Risk Premium can be a trap Should practitioners be applying a size premium to their cost of equity estimates? How is growth factored into the equation? 4 Register by 3/26/12 SAVE $75!
2:00 pm - 5:00 pm 102 Advanced Matrimonial Negotiation: 7 Principles of Master Negotiators C James Golden, J.D., Negotiation Counsel, Scopelitis, Garvin, Light, Hanson & Feary, Chattanooga, TN (continued) This highly interactive session explores the principles that the world s best negotiators use to build credibility, identify hidden interests, develop a critical path to resolution, overcome obstacles and seal the deal. The aim is to improve understanding of state-of-art theory and build practical negotiation methods and skills. The session integrates negotiation research with experiential learning. main conference Thursday, May 10 / day one 7:00 am - 5:30 pm Registration Open 7:00 am - 8:10 am Continental Breakfast 8:00 am - 8:10 am Opening Welcome Remarks by Conference Co-Chairs 8:10 am - 9:25 am General 1 The Truth About Lies C Mario R. Ventrelli, Attorney, Partner, Schiller, DuCanto & Fleck, Chicago, IL As practitioners, we are exposed to copious amounts of lying each day. Using a series of video and interactive demonstrations, this entertaining, multimedia session will arm participants with key information and techniques to spot the nonverbal indicators of a prevaricator. If you enjoyed the television series Lie to Me, you ll enjoy this. 9:25 am - 9:45 am Refreshments & Exhibitor Break 9:45 am - 11:00 am s 2 Don t Find Yourself Quoted in a BAD Case! What Case Law Tells Us Are the Most Frequent Errors Made by Business (repeated in #19) SKA Sharyn Maggio, CPA/ABV, CFF, President, Maggio & Company, Inc., Eastontown, NJ Miriam E. Mason, J.D., President, Mason Black & Caballero PA, Tampa, FL This session will address common errors from the judge s point of view, with emphasis on more recent case law. The presenters will discuss errors business appraisers are making, with suggestions on how to address those errors, taking a retrospective look. 3 Part I: Evidence for CPAs: What You Need to Know Before You Hit the Courtroom SKA Carole Gailor, Managing Partner, Gailor Wallis Hunt, Raleigh, NC Mark H. Sobel, Esq., Greenbaum, Rowe, Smith & Davis, LLP, Roseland, NJ Evidence issues impact every part of a financial professional s litigation engagement. Whether performing forensic work, business valuation or other accounting or appraisal work in the litigation context, knowledge of the Rules of Evidence and how they apply to every aspect of the assignment is critical. Client communication, including e-mail, texting and more, due diligence, assignment research and analysis, and report writing all raise evidentiary concerns; and the specter that you, your report or testimony could be found inadmissible at trial is real. If you take litigation engagements, these sessions will tell you what you need to know before you hit the courtroom! 4 Valuing Businesses Amidst Economic Chaos: Any Value Left? (Hint: Yes) SKA George Hawkins, ASA, CFA, Managing Director, Banister Financial, Charlotte, NC Valuing businesses in a boom is a cakewalk, but requires real expertise in a bust. Don t take the doom and gloom of the news and assume that all business values are low. In fact, many companies are thriving, and even those that aren t may still have more value than meets the eye. The presenter, a leading valuator, will discuss how to look for the key factors that drive value even in a bad economy, how to be attuned to elements that otherwise might be overlooked, and how to articulate these issues to a court. It is also true that some companies may really have little or value learn how to identify those quickly and not waste resources. 11:00 am-11:20 am Refreshments & Exhibitor Break Learn more or register cpa2biz.com 888.777.7077 5
Conference Agenda 11:20 am - 12:35 pm s 5 Three Things to Get Nailed Down Before Trial So You Don t Get Nailed Down at Trial SKA Stephen J. Harhai, Law Office of Stephen J. Harhai, Denver, CO James Hitchner, CPA/ABV/CFF, ASA, Managing Director, Financial Valuation Advisors, Ventnor City, NJ Soft spots in expert witness valuation analyses: What due diligence/independent assessment is necessary or possible to make realistic estimates of future cash flow to achieve valid indications of value Can your valuation withstand a standards compliance review? Will the use of guideline transactions wreak havoc on your credibility? 6 Part II: Evidence for CPAs: What You Need to Know Before You Hit the Courtroom SKA Carole Gailor, Managing Partner, Gailor Wallis Hunt, Raleigh, NC Mark H. Sobel, Esq., Greenbaum, Rowe, Smith & Davis, LLP, Roseland, NJ Evidence issues impact every part of a financial professional s litigation engagement. Whether performing forensic work, business valuation or other accounting or appraisal work in the litigation context, knowledge of the Rules of Evidence and how they apply to every aspect of the assignment is critical. Client communication, including e-mail, texting and more, due diligence, assignment research and analysis and report writing all raise evidentiary concerns and the specter that you, your report or testimony could be found inadmissible at trial is real. If you take litigation engagements these sessions will tell you what you need to know before you hit the courtroom! 7 Settling Cases in Today s Economy: Riches to Rags & Holding the Fort SKA Joslin Davis, Vice President, American Academy of Matrimonial Lawyers, Davis Harwell & Biggs P.A., Winston-Salem, NC Michelle Gallagher, CPA/ABV/CFF, Managing Partner, Gallagher & Associates CPAs, PLC, Lansing, MI This session will cover common challenges faced by professionals trying to settle family law cases in today s economy, including: Suppressed business values changes in valuation methodologies Debt modification and cancellation effect of guarantees Properties underwater and foreclosure Determining income Retirement account issues Credit card debt Net operating and passive loss carryovers and other tax issues Waiting too long need for injunctions/lis pendens Non-traditional settlements deferred distributions 12:35 pm - 1:35 pm L1 Networking & Entertaining Lunch Ed Thomas, Ed Thomas, Esq., Bakersfield, CA Enjoy roving magic tricks during lunch, performed by Ed Thomas, a consummate magician as well as an Academy Fellow. The American Academy of Matrimonial Lawyers (AAML) is composed of the nation s top 1,600 matrimonial attorneys who are recognized experts in the specialized field of matrimonial law, including divorce, prenuptial agreements, legal separation, annulment, custody, property and support. The Academy has rigorous standards for membership. These include stringent practice and specialization requirements, successful completion of oral and written examinations, participation in continuing legal education, and recognition by peers for both family law expertise and high ethical standards. For more information, visit aaml.org. 6 Register by 3/26/12 SAVE $75!
1:35 pm - 2:50 pm General 8 Hidden Tax Issues Or How to Avoid Committing Malpractice T Barry Sziklay, CPA, ABV, CFF, PFS, Partner, Friedman LLP, East Hanover, NJ Steven Barranca, CPA, Principal, Friedman LLP, East Hanover, NJ This is a high-level, must attend tax primer for divorce. Gain an understanding of the subtle tax related issues that come into play in marital dissolutions, including: Concepts of inside/outside basis The practical implications of pass-through entity tax rules related to calculating adjusted tax basis, at-risk basis, and the basis for passive activity loss deductions Gain an understanding of IRC Section 754 election pursuant to IRC Section 732/743, and why the election matters; what are its implications for the future; and what it may mean in terms of settling your case Learn about deferred tax bombs buried in outside basis; learn how to treat legal and professional fees related to divorce Understand passive activity loss carryover rules Gain an understanding of the financial implications of S corporate suspended losses 2:50-3:10 pm Refreshments & Exhibitor Break 3:10 pm - 4:25 pm s 9 Strategies for Dealing with Concentrated Stock Positions and Liquidity Issues in Divorce SKA Gaetano Ferro, Esq., Law Offices of Gaetano Ferro, LLC, Darien, CT Michelle Smith, CFP, CDFA, President, Founding Partner, Smith Divorce Financial Strategies, LLC New York, NY This session will outline a high level strategy to minimize and eliminate risk. For business owners, executives at large corporations, or executives of companies about to go public, a large percentage of family wealth is likely wrapped up in the stock s value. During a divorce, because selling the stock may be prohibited either by agreement or otherwise consideration needs to be given to possible protection of the significant value of this stock. Restricted stock units (RSU) Performance-based restricted stock units (PRSU) Options qualified and non-qualified Stock appreciation rights (SAR) Liquidity strategies 10 Expert Wizardry in Presenting and Defending Income Adjustments for Support: Hogwarts and All SKA Robert E. Blevans, Managing Partner, Blevans & Blevans LP, Napa, CA Ronald S. Granberg, Attorney, Granberg Law Office, Salinas, CA This session demonstrates how direct and cross examinations of opposing expert accountants can persuade a judicial officer to increase (or decrease) income available for child support and alimony. Courtroom exhibits of financial statements and income tax returns of a pair of interrelated pass-through entities (S Corporation and limited liability companies) are scrutinized to explore topics such as: Should phantom income be considered income for purposes of support? What is the relevance of the degree of control the spouse exercises over the pass-through income? Should a business entity s loan principal payments be deducted from income available for support? Should depreciation deductions be added back to income? The American Institute of Certified Public Accountants (AICPA) is the national professional association of CPAs, with approximately 350,000 members, including CPAs in business and industry, public practice, government and education; student affiliates; and international associates. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies; federal, state and local governments; and nonprofit organizations. It also develops and grades the Uniform CPA Examination. For more information, visit aicpa.org. Learn more or register cpa2biz.com 888.777.7077 7
Conference Agenda 3:10 pm - 4:25 pm 11 High Profile Divorces: Celebrities, Writers, Athletes & Non-Traditional Issues in a Divorce SKA Tracy Farryl Katz, Esq., CPA/CFF, Partner, Litigation Services, Gursey Schneider LLP, Los Angeles, CA (continued) Laura Wasser, Esq., Wasser, Cooperman & Carter, Los Angeles, CA High profile/celebrity divorces have their own unique issues: Intellectual property Media concerns Sequels, prequels and other derivative works Pre and post nuptial agreements Lifestyle Date of separation Royalties, residuals, and other contingent compensation Marital enhancement of separate property 4:35 pm - 5:35 pm s 12 Fraudulent Transfer Law: Fraud Issues SKA Jerome J. Johnson, CPA/ABV/CFF, CVA, Burrage & Johnson, CPAs, LLC, The Forensic Firm, Albuquerque, NM Andrew Schwartz, Managing Member, Schwartz and Kanyock, Chicago, IL This session will focus on the matrimonial lawyer s use of fraudulent transfer laws to protect a client s interests in property acquired during the marriage. In particular, it will highlight: How the matrimonial lawyer and forensic accountant can identify fraudulent transfers by the opposing litigant How to combat fraudulent transfers by the opposing litigant Who may be liable for fraudulent transfers (and not only the opposing litigant) 13 Use of an ESOP as a Settlement Tool in Divorce SKA Gregory Brown, Partner, Katten Muchin Rosenman LLP, Chicago, IL Kenneth J. Pia Jr., CPA, ABV, ASA, MCBA, Partner in Charge of Valuation Services, Meyers, Harrison & Pia LLC, New Haven, CT For business owners, a large percentage of family wealth is likely to be wrapped up in the value of their closely held stock. Utilizing an ESOP strategy can provide some of the much-needed liquidity necessary to settle a case that would otherwise be lacking. Learn: The basics of what an ESOP is The benefits of an ESOP to the company and the selling stockholder(s) Likely candidate companies How value is determined A case study on how an ESOP could work in a divorce case 14 Valuing Assets Outside the U.S.: Why Doesn t Everyone Play by OUR Rules? SKA J. Neal Beaton, CPA/ABV, CFA, ASA, Partner in Charge, Valuation Services Group, Grant Thornton LLP, Seattle, WA Laura Dale, Managing Partner, Jenkins & Kamin, Houston, TX In valuing assets held outside the U.S., discovery, ownership nuances and international venues often cloud the process. When valuing an offshore business, the difficulties are compounded by informational limitations, potential cultural issues, and the stage of economic development compared to companies in the U.S. This session provides an overview of the legal and valuation issues encountered when a client has an ownership interest in a foreign-based company or significant asset, including: Conducting discovery overseas Overcoming international legal challenges Valuing a business in a foreign country using indigenous valuation techniques Reconciling the differences between the U.S. and foreign company operations 5:35 pm - 6:35 pm Networking Reception 8 Register by 3/26/12 SAVE $75!
Main conference Friday, May 11 / Day two 7:00 am - 5:30 pm Registration Open 7:00 am - 8:00 am Continental Breakfast 7:00 am - 7:50 am Early Riser s 201 Issues of Active vs. Passive Appreciation of Pre-Marital Property SKA Mark Harrison, Esq., CPA, ABV, CFF, Managing Partner and Partner in Charge of Litigation Services, Meyers, Harrison & Pia, LLC, New Haven, CT Michael Stutman, Partner, Mishcon de Reya New York LLP, New York, NY Measuring active and passive appreciation in separate property remains a complicated issue in divorce matters. This session will explore how different states have looked at quantifying appreciation due to passive or external forces. Various techniques used to provide a breakdown will be covered, with legal commentary as to how these issues may be presented in a litigation setting. 202 Innocent Spouse Relief: The Good, the Bad and the Ugly SKA Barry Sziklay, CPA, ABV, CFF, PFS, Partner, Friedman LLP, East Hanover, NJ This early riser session will bring you up to date on the latest changes in the government s position relative to obtaining innocent spouse relief, a frequently litigated issue. 8:00 am - 9:15 am General 15 Appraisal Wars: Bridging the Gap Between Accepted Valuation Methods, Legal Measures of Value in Divorce and the Things Appraisers Do SKA Z. Christopher Mercer, ASA, CFA, ABAR, Chief Executive Officer, Mercer Capital, Memphis, TN Richard R. Orsinger, Partner & Attorney at Law, McCurley, Orsinger, McCurley, Nelson & Downing, L.L.P., San Antonio, TX Divorce law and business valuation techniques exist independently, but come together when a divorce involves a closely-held business. Some jurisdictions require general acceptance of an expert s methodology; others require Daubert reliability. There are a number of factors and jurisdictional issues that can lead to wide divergences in opinions of value that are not easily reconciled, especially considering the inconsistent nature of judicial pronouncements on valuation methodologies. This session will explore a number of critical issues: Standards of admissibility of expert valuators Fair market value vs. fair value vs. intrinsic value The build-up method vs. CAPM Enterprise vs. personal goodwill Proper support for the use of discounts due to lack of control and marketability Relevance and effect of transfer restrictions on ownership Tax effecting inside and outside of the entity 9:15 am - 9:35 am Refreshments & Exhibitor Break 9:35 am - 10:50 am s 16 Making Uncle Sam an Arm of Discovery: Use of Government Reporting in the Investigation of Foreign Financial Assets SKA Ryan Dudley, CPA, CA, MIT, Principal, Director of International Tax Services Group, Friedman LLP, New York, NY Matthew D. Lee, Esq., Partner, Blank Rome LLP, Philadelphia, PA In recent years the federal government has introduced a range of new financial information reporting requirements, and started strictly enforcing existing reporting requirements. Tax records now reflect details of the amounts invested in, and the income derived from, offshore bank accounts, foreign-based hedge funds and mutual funds, and foreign corporations, partnerships and trusts. This session will focus on: Existing and new reporting requirements New financial information gathering initiatives, e.g., FACTA, information sharing, etc. The recent offshore voluntary disclosure programs and their progress All conference presentation materials will be posted to AICPAConferenceMaterials.com Attendees will have access to download materials in advance of the conference and after the conference concludes. *Be sure to supply a valid email address when registering. Instructions to access the speaker materials and website are distributed via email approximately two weeks prior to the start of the conference. Also, add service@aicpa.org to your safe sender list. Learn more or register cpa2biz.com 888.777.7077 9
Conference Agenda 9:35 am - 10:50 am 17 How to Size-Up a Black Hole Case: Cost Benefit Analysis SKA Donald DeGrazia, CPA/ABV/CFF, Gold Gocial Gerstein LLC, Moorestown, NJ Joy M. Feinberg, Attorney, Feinberg & Barry, P.C., Chicago, IL Learn the red flags that identify an economically challenged case and (continued) what to do with them: Fraudulent tax returns Mediation or collaborative law Can your client be of assistance Is this good news? Cash businesses Steps to take to avoid malpractice 18 Navigating the Maze: Impact of Estate Planning on a Marital Estate in a Divorce SKA Haran Levy, MBA, CPA/ABV, CVA, CFF, Managing Director, UHY Advisors, Inc. Houston, TX Randall B. Wilhite, J.D., CPA/ABV, Fullenweider Wilhite PC, Houston, TX Divorce professionals frequently find themselves unraveling the myriad of entities and restructuring done by good-intentioned estate planning and creditor protection attorneys. These revised structures often have very substantial and adverse consequences in the characterization and division of marital assets. Parties often retain estate and corporate attorneys to design and implement strategies for estate and tax planning, as well as asset protection. This session will address the complex issues in a marital estate where the parties create and fund Family Limited Partnerships and Irrevocable Marital Trusts as part of their estate and tax planning strategy. Other issues discussed will include strategies for structuring an individual s estate prior to marriage, to avoid the need for a prenuptial agreement. As is demonstrated by clients time and again, a well-written prenuptial agreement is of little use if the parties do not abide by its terms. 10:50 am - 11:10 am Refreshments & Exhibitor Break 11:10 am - 12:25 pm s 19 Don t Find Yourself Quoted in a BAD Case! What Case Law Tells Us Are the Most Frequent Errors Made by Business (repeat of #2) SKA Sharyn Maggio, CPA/ABV, CFF, President, Maggio & Company, Inc., Eastontown, NJ Miriam E. Mason, J.D., President, Mason Black & Caballero PA, Tampa, FL 20 Electronic Discovery & Evidence SKA Gordon Cruse, Attorney, AAML Fellow, Gordon D. Cruse, APLC, San Diego, CA James A. Hennenhoefer, J.D., James A. Hennenhoefer, Family Law, A.P.C., Vista, CA Electronically stored information, or ESI, is the form that most of the information you work with comes in. How you obtain it, preserve it, and defend your work to the client and the court is critical. This session will provide the basics of electronic discovery (e-discovery) so that you can ask for and get what you want, and make sure what you were given is what you actually requested. Learn how e-discovery laws have changed the rules for you and the lawyers Learn how e-discovery demand is made, and if one is received, then responded to Learn what to look for and look out for in an e-discovery production presented to you The AICPA Conference on Family Law returns in 2013 Scheduled to be delivered every other year, this conference focuses on the fundamentals of family law interrelated aspects and financial implications of business and family, litigation and divorce, and valuation and tax issues of property division. This conference provides the basic technical know-how and the updates you need to competently deal with family law issues and add value to your services. Go to cpa2biz.com for more information. 10 Register by 3/26/12 SAVE $75!
11:10 am - 12:25 pm 21 Tax Conundrums of Non-Recognized Relationships T Tracy Farryl Katz, Esq., CPA/CFF, Partner, Litigation Services, Gursey Schneider LLP, Los Angeles, CA Richard A. Wilson, J.D., Partner, Grund & Leavitt PC, Chicago, IL (continued) The development of legal alternatives to traditional marriage creates many new and unprecedented problems for parties to these relationships, where the status may not be portable, and may in any case be barred or impaired by federal law, particularly the so-called Defense of Marriage Act (DOMA). Given the significant overlap of jurisdiction between federal and state law on economic transactions of persons without regard to marital status, as well as the substantial and unparalleled benefits available to persons under both federal and state law based solely upon their marital status, the law creates significant, unprecedented questions and challenges for both legal and financial practitioners. The session will address: What is the problem and whom does it affect How does a couple in a recognized relationship differ from one in a non-recognized relationship, for purposes of everyday federal and state tax and related benefits and burdens How can that difference be demonstrated, and understood, using, for example, hypothetical standard federal and state tax filings 12:25 pm - 1:25 pm L2 Networking & Entertaining Lunch Ed Thomas, Ed Thomas, Esq., Bakersfield, CA Enjoy roving magic tricks during lunch, performed by Ed Thomas, a consummate magician as well as an Academy Fellow. 1:25 pm - 2:40 pm General 22 Reasonable Compensation for Owner-Employees: How to Derive & Articulate Compensation Conclusions that Stand Up Under the Bright Lights SKA Mark Harrison, Esq., CPA, ABV, CFF, Managing Partner and Partner in Charge of Litigation Services, Meyers, Harrison & Pia, LLC, New Haven, CT Ron Seigneur, MBA, CPA/ABV, ASA, CVA, CFF, Managing Partner, Seigneur Gustafson LLP, Lakewood, CO The determination of reasonable compensation is a hotly debated topic and often the most important normalization adjustment within the valuation of a closely held business. There are a number of emerging resources that can be accessed to assist in supporting a reasonable provision for owner-employee compensation. The speakers will examine and discuss: Defining what constitutes an owner-employee and the implications of enterprise control Data resources: where to find it and how to evaluate reliability Common mistakes in the determination of reasonable owneremployee compensation The consideration of productivity and how to adjust for it Non-cash compensation, including stock options Landmark case law: the independent investor test vs. the multi-factor test Tips and techniques for defensible compensation conclusions 2:40 pm - 3:00 pm Refreshments & Exhibitor Break 3:00 pm - 4:00 pm s 23 The Ten Most Important Rules of Direct and Cross Examination for CPAs and Forensic Experts SKA Kenneth P. Altshuler, Attorney, Childs Rundlett Fifield & Altshuler, Portland, ME Randall B. Wilhite, J.D., CPA/ABV, Fullenweider Wilhite PC, Houston, TX The expert report is the easy part; the more difficult task is traversing direct and cross examination. This session will outline the ten most important rules every expert must know to effectively explain his/her opinion and navigate the expected challenges to the expert point of view. It will discuss: Communicating through body language Avoiding cross examination traps Making the attorney your ally Personal demeanor on the stand Learn more or register cpa2biz.com 888.777.7077 11
Conference Agenda 3:00 pm - 4:00 pm 24 Adams v. Adams Massachusetts Supreme Judicial Court Decision SKA Steven J. Bravo, CPA/ABV, ASA, CBA, PFP, CFP, Shareholder, The Financial Valuation Group, Apogee Business Valuations, Inc., Framingham, MA (continued) This session discusses the important 2011 Massachusetts Supreme Judicial Court (SJC) decision in the case of Adams v. Adams, No. SJC-10671. In Adams, the focus of appeal is the trial judge s error in assigning the present value of the husband s interest in a partnership in the division of the marital estate. The SJC findings include: Use of an unrepresented time period to compute the average historical cash flows used to compute expected cash flows Improper use of capitalization of cash flow method over the discounted cash flow method Inconsistent assumptions when computing the value of the distributions before and after retirement The need for a better explanation of the derivation of income tax rates used The fine distinction identified between an indivisible expectancy and a partnership interest 25 Ethical Conundrums: What Do You Mean I Can t Do That? How to Avoid the Letter from the Disciplinary Authorities RE David H. Levy, Attorney, Managing Partner, Berger Schatz, Chicago, IL Ron Seigneur, MBA, CPA/ABV, ASA, CVA, CFF, Managing Partner, Seigneur Gustafson LLP, Lakewood, CO This interactive session will explore some of the more common-thread conundrums that family law attorneys and financial experts encounter in their work. A number of case sets will be utilized to present situations that challenge the professional services providers ethical obligations to the bench, bar and licensing bodies. In today s fast-paced environment, it is ever more important to step back occasionally to protect one s reputation and avoid those dreaded inquiry letters. 4:10 pm - 5:10 pm s 26 Perils of a Prenup SKA Joy M. Feinberg, Attorney, Feinberg & Barry, P.C., Chicago, IL Michelle Gallagher, CPA/ABV/CFF, Gallagher & Associates CPAs, PLC, Lansing, MI The psychology of a prenup: What does love have to do with it? Devil is in the drafting making it stick Tax traps Pension pitfalls Estate planning concerns Problem areas: Confidentiality Amendments Defining property Maintenance waivers Choice of law Sunset or termination clauses Prenups and civil unions Viva Elvis Thursday, May 10, 9:30 PM ($123.75/ticket) Cirque du Soleil presents Viva Elvis, a harmonious fusion of dance, acrobatics and live music, is a tribute to the life and music of Elvis Presley. Nostalgia, modernity and raw emotion provide the backdrop for his immortal voice, and the exhilaration and beauty of his music. Created in the image of the King of Rock n Roll powerful, sexy, whimsical, truly unique and larger than life the show highlights an American icon who transformed popular music and whose image embodies the freedom, excitement and turbulence of his era. 12 Register by 3/26/12 SAVE $75!
4:10 pm - 5:10 pm 27 Divorce and IP: Are Patent Rights, Copyrights, Trademarks Still Tied Up After the Knot Gets Untied? SKA J. Neal, Beaton, CPA/ABV, CFA, ASA, Partner in Charge, Valuation Services Group, Grant Thornton LLP, Seattle, WA (continued) Ronald W. Anteau, Partner, Kolodny & Anteau, Beverly Hills, CA Family law can derail a patents-in-suit case faster than you can say IP. This session will address the complex issues of intellectual property ownership in the family law context. Intellectual property laws are unique and often esoteric, and, if not handled properly in a divorce proceeding, unintended results may occur. Presenting both the legal and accounting perspectives, the speakers will offer these key considerations: How to avoid common pitfalls and build a solid case for your clients How community property rights impact patent ownership The impact of community property rights in a patent suit How IP rights intertwine in a marital community and how to assure the assignation of those rights by, and between, inventors and their spouses How to divide value 28 Assessing the Bases for, and the Impact of, Third Party Claims & Clawback Proceedings with Respect to the Valuation of Marital Property SKA Michael Stutman, Partner, Mishcon de Reya New York LLP, New York, NY Unknown to many are potential claims that lurk in the background of many items sought to be valued. These latent claims include some of the usual: IRS; bankruptcy trustee; professional negligence. And the claims include some of the unusual: criminal forfeiture; environmental damage. This session provides an overview of the sources of such liability and will also suggest methods for coping with them, in the context of valuation and settlement. 5:10 pm Conference Adjourns Steering Committee Chair AAML Chair AICPA Vice Chair AAML Vice Chair AICPA Members AAML Members AICPA AICPA Staff David H. Levy, Managing Partner, Berger Schatz, Chicago, IL Barry S. Sziklay, CPA, ABV, CFF, PFS, Partner, Friedman LLP, East Hanover, NJ Sharyn Maggio, CPA/ABV, CFF, President, Maggio & Company, Inc., Eastontown, NJ Carole S. Gailor, Managing Partner, Gailor, Wallis & Hunt, PLLC, Raleigh, NC Joy Feinberg, Attorney, Feinberg & Barry, P.C., Chicago, IL James A. Hennenhoefer, J.D., James A. Hennenhoefer, Family Law, A.P.C., Vista, CA Miriam E. Mason, J.D., President, Mason Black & Caballero PA, Tampa, FL Michael Stutman, Partner, Mishcon de Reya New York LLP, New York, NY Randall B. Wilhite, J.D., CPA/ABV, Fullenweider Wilhite PC, Houston, TX Mark Harrison, Esq., CPA, ABV, CFF, Managing Partner, Meyers, Harrison & Pia, LLC, New Haven, CT Tracy Farryl Katz, Esq., CPA/CFF, Partner, Gursey Schneider LLP, Los Angeles, CA Haran D. Levy, MBA, CPA/ABV, CVA, CFF, Managing Director, UHY Advisors, Inc., Houston, TX Ronald Seigneur, MBA, CPA/ABV, ASA, CVA, CFF, Managing Partner, Seigneur Gustafson LLP, Lakewood, CO Sandra C. McMahon, MA, Manager, Program Development, Durham, NC Stacy Campbell, Conference Manager, Durham, NC Learn more or register cpa2biz.com 888.777.7077 13
AICPA Store/Cpa2Biz 220 Leigh Farm Road Durham, NC 27707 To register: Register by 3/26/12 SAVE $75 cpa2biz.com/conferences 888.777.7077 Prsrt-std U.S. Postage PAID AICPA/CPA2biz AICPA/AAML National Conference on Divorce Membership/registration information AICPA Member? Yes No AICPA Member No. Nickname for Badge B business Telephone Title Conference fees Please circle appropriate rate. May 10-11 - Las Vegas, NV (DIV12) AICPA/AAML Non- Member Member Early Bird Registration $950 $1,250 SAVE $75 by 3/26/12 Regular Registration $1,025 $1,325 Guest Registration* $200 $200 *Guest refers to a non-business associate, staff colleague, or fellow student and is for meal functions only Payment information Full payment must accompany registration form. My check for $ payable to AICPA is enclosed. OR Please bill my credit card for $ AICPA VISA * American Express Diners Club Discover MasterCard Visa CARD NO. exp. DATE BILLING NAME E-mail Address Please photocopy this form for additional registrants. If the information on your label is incorrect, please complete the following: LAST NAME F first NAME MI pre-conference workshops - Wednesday, May 9 (additional fee) 2:00 pm 5:00 pm (select one) $225 $225 101 The Great Recession: Rethinking the Basic Building Blocks of Cost of Capital 102 Advanced Matrimonial Negotiation: 7 Principles of Master Negotiators Viva Elvis - thursday, May 10 (additional fee) Per ticket price $123.75 $123.75 Total $ $ SIGNATURE *If you use an AICPA credit card, you can earn 5 points per dollar spent on AICPA Conference purchases. To learn more or apply, visit www.cpa2biz.com/bankofamerica AICPA Use Only DIV12 Customer No. Promotion Code Firm name or Affiliation STREET ADDRESS SUITE PO BOX CITY STATE ZIP In accordance with the Americans with Disabilities Act, do you have any special needs/dietary restrictions? Yes No (If yes, you will be contacted.) 12CPA-568 DIV12 051112
Additional Information Divorce: The Accountant as Financial Expert By Kalman A. Barson, CPA/ABV, CFE, CFF This new, in-depth resource provides fresh ideas to any CPA who serves as a financial expert in divorce cases. This book covers important issues such as: 25 essential elements of your expert witness report How to work strategically with attorneys on both sides of the case How to handle messy personal financial records How to bring out the best in your clients Why visiting a company remains vital to your work How to create a compelling lifestyle analysis Covers hot topics such as data forensics and civil unions. Includes comprehensive checklists for the valuation of medical, legal, and accounting practices. 2011 Paperback Regular $116.25 091055TNN AICPA Member $93.00 best seller Quick Reference Guide to Divorce-Related Tax Matters Available in bundles of 25 copies, this 11-page, informationpacked brochure is a take-away you can provide to clients as a ready reference to tax information associated with divorce so they don t have to search through bulky materials or multiple resource documents. Designed as a marketing and communications tool to help build your practice, it raises important questions that clients will need your help to answer. Show clients how you can help them save time and money during this stressful experience with this useful guide. 2010 Paperback Regular $111.25 091090TNN AICPA Member $89.00 Forensic Accounting for Divorce Engagements: A Practical Guide By Donald A. Glenn, CPA/ABV, CVA, CFE, CFF and Ezra Huber, J.D. This book offers a wealth of tools to assist with searches for assets that a spouse may try to conceal. Using real-world examples, it reveals how to outsmart fraudsters and features valuable new material, including: Badges of Fraud 100 signs that a spouse may be concealing assets Executive Fraud A new chapter on marital fraud by executives at large and publicly held companies Forensic Accountant as Expert Witness Advice on making the most of appearances on the witness stand and in depositions Client Management Terms every engagement letter must contain and how to handle fees Appendices are chock-full of templates for information gathering before and during divorce litigation, including business valuation worksheets, real property questionnaires, requests for documents, and more. 2009 Paperback Regular $98.75 091029TNN AICPA Member $79.00 14 Register by 3/26/12 SAVE $75!
4 Ways to Register Fast ONLINE*: www.cpa2biz.com/conferences PHONE*: 1.888.777.7077 or 1.919.402.4500 FAX*: 1.800.362.5066 or 1.919.419.4795 MAIL: Complete and mail the form along with your promotion code to: AICPA Member Service Center, Conferences, 220 Leigh Farm Road, Durham, NC 27707-8110 *Credit card registration only (AICPA VISA **, American Express, Diners Club, Discover, MasterCard or VISA ) **If you use an AICPA credit card, you can earn 5 points per dollar spent on AICPA Conference purchases. To learn more or apply, visit www.cpa2biz.com/bankofamerica RECOMMENDED CPE CREDIT 18 (main), up to 3 (optional) CLE credit is also available. Check with the AAML to generate an application for your state; please contact AAML at aaml.org in advance of the conference for CLE requests and more information. This conference was prepared in accordance with the Joint AICPA/NASBA Statement on Standards for Continuing Professional Education (CPE) Programs effective on January 1, 2002. The recommended CPE Credits are in accordance with these standards; however, your individual state board is the final authority on the acceptance of programs for CPE credit. CONFERENCE FEE Registration fees are determined by current membership status in the AICPA and the AAML. Please indicate member number on the registration form to obtain the correct discount. Conference fee includes all sessions, conference materials, continental breakfasts, refreshment breaks, luncheons and a reception. Fee for value-added workshops includes all session materials and refreshment breaks. GROUP REGISTRATION Registration for 3 or more will qualify for a $100 discount per registrant. For more information, please call the AICPA Service Center at 888.777.7077 (9AM-6PM ET). Program Code: DIV12 dress code Business Casual CANCELLATION POLICY You may cancel without penalty if written cancellation requests are received by March 26, 2012. Due to financial obligations incurred by the AICPA, a credit voucher less 50% of the registration fee will be issued for written requests received by April 19, 2012. No refunds or credits will be issued on cancellation requests received on or after April 20, 2012. For further information, call the AICPA Service Center at 888.777.7077. HOTEL AND GROUND TRANSPORTATION INFORMATION Contact the hotel directly to obtain their policy on reservations, deposits and cancellations. Rooms will be assigned on a space-available basis only. To receive our special group rates mention that you will be attending the AICPA/AAML National Conference on Divorce. ARIA Resort and Casino Hotel Phone: 702.590.7757 3730 Las Vegas Blvd. Hotel Reservations: 866.359.7757 Las Vegas, NV 89109 Hotel Room Rate: $184 single/double Hotel Reservation Cutoff Date: April 8, 2012 Ground Transportation to and from the hotel/airport (rates and times are approximate) Taxi Service: $15-20 each way, 30 minutes Hotel Parking: Valet and self parking are complimentary AIRLINE INFORMATION The AICPA has a special arrangement with Maupin Travel, Inc. of North Carolina to assist you with your travel arrangements. This travel agency may be reached at 800.345.5540. If you prefer to make your own travel plans, be sure to mention the participating airline s reference number (listed below) to take advantage of deeply discounted Zone Fares that do not require a Saturday night stay-over. Discounts are valid for round trip registered AICPA meetings or conferences only. Some restrictions may apply. American Airlines 800.433.1790 Index #22047 United Airlines 800.521.4041 Refer to Meeting ID #531SI Delta Airlines 800.328.1111 Refer to Meeting ID #NM8QE For up-to-date airline information regarding special travel discounts, please visit cpa2biz.com/conferences. Due to recent airline industry fare restructuring, we cannot guarantee that the above group travel agreements will be in effect at the time when you are making your travel arrangements. Please contact the airline and/or your travel agency for latest applicable discounts and arrangements. CAR RENTAL Hertz Car Rental AICPA Member Discounts: Call 800.654.2240. Ref. Code CV#021H0019. Airline and car rental discounts are available only when you or your travel agent book through the 800 number. We strongly advise you to confirm your conference registration and hotel reservation prior to making your travel plans. EXHIBIT AND SPONSORSHIP OPPORTUNITIES Don t miss the opportunity to present and sell your organization s services and products to thousands of CPAs and financial professionals at AICPA conferences. For detailed information on conference exhibit and sponsorship opportunities, please send your email to exhibit@aicpa.org. Learn more or register cpa2biz.com 888.777.7077 15