October 21, 2008The Aqua Turf Club, Plantsville, CT

a d v o c a c y • c o m m u n i t y • e d u c a t i o n

STATE TAX FORUM

Connecticut Society of CPAs

2008

100 1908-2008years

celebrating

This event sponsored by:

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7:30 Registration

8:00 Opening RemarksDuncan W. May, CPAConference ChairMiller, Moriarty & CompanyNew Britain, CT

Brenden Healy, CPAHaggett Longobardi - a division of J.H. Cohn LLPGlastonbury, CT

8:15 General Session 1Legislative Update – UDITPA-SSTPAlan E. Lieberman, Esq.Shipman & Goodwin, LLP, Hartford, CT

Stephen J. LaRosa, CPAPricewaterhouseCoopers, Hartford, CT

A discussion of the recent court cases, tax legislation,rulings, and other administrative pronouncementsaffecting Connecticut state taxation today as well asan update on national initiatives with multi-stateimplications such as the Uniform Division of Incomefor Tax Purposes Act (UDITPA) and the StreamlinedSales and Use Tax Project (SSTP).

8:55 General Session 2Changes in Workers’Compensation in ConnecticutMichael Dunn, Esq.Smith Brothers Insurance, Glastonbury, CT

Attorney Dunn discusses administrative and judicialchanges to workers’ compensation in Connecticut.

9:10 General Session 3Developments in FinancialReporting for State Taxes – TheLatest on FIN 48, FAS 5, and IFRSVirginia A. Gates, CPAPricewaterhouseCoopers, LLP, Stamford, CT

FIN 48 implementations for uncertain state incometax positions are still fresh in our minds. Now theFASB is considering changes to accounting forcontingencies under FAS 5, which could impactindirect taxes, including sales and property taxes. Inaddition, the move from GAAP to IFRS is just aroundthe corner. This session discusses the state taxissues that have arisen under FIN 48, the implicationsof changes to FAS 5, and what IFRS means for statetaxes.

9:45 Break

10:00 General Session 4The Expansion of Nexus andPractical ResponsesCharles H. Lenore, Esq.Day Pitney, LLP, Hartford, CT

Many traditional limitations on the creation of nexushave fallen in recent years. This topic providesexamples of the conduct (direct and indirect) that cancreate nexus and suggests practical responses whennexus is found to exist.

11:00 Concurrent Sessions•••concurrent session A:New York and MassachusettsBusiness TaxationRussell D. Levitt, JD, LLMKPMG, New York, NY

David M. Sheehan, JDKPMG, Boston, MA

Mr. Sheehan will address the new Massachusetts taxlegislation, including unitary combined reporting,corporate tax rate reductions, and full conformity withthe federal entity classification rules, as well asrelevant judicial and administrative developments.Mr. Levitt will address New York developmentsincluding 2007 and 2008 state and city legislation,combined reporting, cases, and letter rulings.

•••concurrent session B:Challenges and Unresolved IssuesFacing Individual TaxpayersRichard W. Tomeo, Esq.Robinson & Cole, LLP, Hartford, CT

This presentation addresses a variety of challengesand issues under the Connecticut income tax,including difficulty of changing residence fromConnecticut, when will physical presence bedisregarded for residency purposes, risks of multiple-state taxation of income, working with theConnecticut accrual rule for part-year residents, andsourcing of income for nonresidents, includingincome from stock options, deferred compensation,restricted property, and covenants not to compete.

12:00 Luncheon

12:45 Post-Luncheon KeynoteConnecticut’s Film Production TaxIncentivesGeorge NorfleetConnecticut Council on Culture and TourismHartford, CT

Almost everyone in Connecticut is aware thatHollywood has discovered our state and taken a likingto filming here of late. Some stars have even stakedout their favorite restaurants.

This influx of celebrity has not come without asimultaneous impact to the state’s economy: anestimated half a billion dollars in film productioncompany spending over the past two years. Thissurge in production and spending is a direct result ofthe tax incentive legislation that went in to effect inJuly of 2006.

We will take a closer look at the specifics of each ofthe three film tax credit programs: film production,infrastructure, and digital animation production.

We will also provide a snapshot of the performance todate of the legislation and describe the applicationprocess for those production companies wishing totake advantage of the program.

1:15 Transition

1:25 Concurrent Sessions•••concurrent session C:Pass-Through Entities andMulti-State IssuesJohn L. Evanich, Jr., CPAHaggett Longobardi - a division of J.H. Cohn LLPGlastonbury, CT

A major tax advantage to pass-through entities is thatthey are not normally subject to federal tax at theentity level. This tax advantage is also offered bythose states, which do not impose an entity-level tax.However, this general rule cannot be relied upon;each state treats these entities and their ownersdifferently, resulting in many various modifications tothis concept of taxation.

Recent activity points to increased scrutiny of pass-through entities, and state revenue examiners arebecoming increasingly more aggressive. Hot issuesinclude allocation versus apportionment, informationreporting versus composite filing, and state tax nexus.We will examine these variations in rules, and discusssome practical examples faced by tax practitioners.

CSCPA State Tax Forum• • •

advocacy l communi ty l educat ionRegi s te r on l ine at www.cscpa.org.

Education and Research Foundation of theConnecticut Society of Certified Public Accountants845 Brook Street, Rocky Hill, CT 06067860-258-4800 Toll Free: 1-800-232-2232 CPE Fax: 860-571-6830

2008 State Tax Forum

Aqua Turf ClubPlantsville, CT

October 21, 2008

Registration FormCheck q CSCPA Member #________ (Member Fee)One: q Member of _______ State CPA Society (Member Fee)

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*Have your course confirmations emailed to you! Please a include valid email address.

Registration FeesStandard Fees Early Bird Fees*$260 Member $225 Member$335 Non-Member $300 Non-Member

*Early Bird fee good through 10/6/2008.

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•••concurrent session D:Connecticut EmploymentTax Audits Alan E. Lieberman, Esq.Shipman & Goodwin LLP, Hartford, CT

Raymond J. Casella, Esq.Shipman & Goodwin LLP, Hartford, CT

John BielloState of Connecticut Department of RevenueHartford, CT

The Connecticut Department of Revenue Services isdevoting considerable audit resources to determinewhether businesses are properly withholding andremitting employment-related taxes, including thoserelated to misclassified independent contractors andnonresident workers.

This session reviews the potential liabilities that canarise from an employment tax audit, the typicalprocedures that will be followed as part of the audit,and how you can effectively manage and resolve anaudit.

2:25 General Session 5Fraud/Identity TheftRobert DiazUnited States Postal Service, New Haven, CT

Joseph BunaskavichUnited States Postal Service, New Haven, CT

Postal Inspectors Robert Diaz and JosephBunaskavich will talk about a case study of theirstitled “Account Selling,” which was classified as thelargest identity theft ring in San Diego County historyat the time. They will also touch upon some lotteryscams and how they affect both the old and theyoung.

3:25 Cookie Break

3:40 General Session 6Protecting Assets for the Disabledor Elderly: What Still Works, andWhat New Tools and NewPrograms Are Out There?Paul T. Czepiga, CPA, JDCzepiga Law Group LLC, Newington, CT

Brendan F. Daly, JD, CELACzepiga Law Group LLC, Newington, CT

Helping clients facing Medicaid issues is not easy.Congress passed rule changes in February 2006. In

May 2007, Connecticut issued interpretiveregulations that turned out to be a very unpleasantsurprise. Challenges have arisen to Connecticut’sregulations. Several administrative Fair Hearingdecisions now provide an idea of what works, whatdoesn’t, and what might work.

“Money Follows the Person” – will this new programhelp? What about special programs for disabledindividuals, cancer victims, and other groups – howdo they work and where can you learn about them?Who is most affected by these changes?

Let’s take the confusion out of the process; take apeek behind the curtain and get your questionsanswered by experienced attorneys.

4:40 Adjournment

Register online! It’s quick. It’s easy. www.cscpa.org.

Enclosed $ (Registrations received with full payment on or before October 6, 2008 qualify for the Early Bird discount.)

Payment: q Check to CSCPA Foundation q Visa, MasterCard, or AmEx

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(Register online at www.cscpa.org! )

Choose 2 Breakout Sessions (one each session)Concurrent Session 1: A or B Concurrent Session 2: C or D

Express Code: STF

Conference InformationRegistration Fee: See below.Registration: 7:30 – 8:00 a.m.Conference Program: 8:00 a.m. – 4:40 p.m.CPE Credit: 8 hours Attire: Casual attire recommended. Meeting room temperatures are difficultto control; please dress in layers to ensure comfort.

Registration and FeeAdvance registration including payment is required. The fee includesmaterials, breaks, and lunch. Course confirmations will be sent via email.

Registration FeesStandard Fees Early Bird Fees*$260 Member $225 Member$335 Non-Member $300 Non-Member

*Early Bird fee good through 10/6/2008.

CancellationCancellations received after October 14, 2008 are subject to a $50cancellation fee. There will be no refunds for cancellations received afterOctober 15, 2008.

LocationFrom Waterbury – Traveling I-84 eastbound, take exit 28 and take a rightonto Route 322. Go straight; under the second underpass, take a left at thecar wash onto Old Turnpike Road. At the first stop sign, take a right ontoMulberry Street. Aqua Turf Club is located 1/2 mile down on the right.

From Hartford – Traveling I-84 westbound, take exit 29 (left-hand exit). Atthe end of the exit will be a light. Go straight onto Mulberry Street. Goapproximately one mile down the road. The Aqua Turf Club will be on yourright.

CSCPA State Taxation CommitteeLamar S. Fife, CPA, Committee Chair

Education and Research Foundation of theConnecticut Society of Certified Public Accountants845 Brook Street, Building 2Rocky Hill, CT06067

CSCPA State Tax ForumTuesday, October 21, 2008 Aqua Turf Club, Plantsville, CT

Scot Anderson Mark Andrews Laura Ault Barry Broden Michael Buchas Fung Chow Alan Clavette Patrick DuffanyDaniel Firestone Alfred Floramo Walter Fulton Brenden Healy Richard Hill

Pearse Hussey Hope Igdalsky Harry Im Douglas Joseph Andrew KoutroumanisSteve Kralik Stephen LaRosa Robert Lickwar, Jr.Alan Lieberman Anne Wortley Losty John Lutz Robert Lyons Robert Mack

Timothy Mahon Evan Matzkin Duncan May William McCarry Julie McNeal Michael Melo Joseph Miranda Robert Nix David Oleasz John Potvin Michael Pyne William Quinn Clifford Rankin

Peter Scalaro Bonnie Stewart Michael Sweeney Anthony Switajewski Raymond Weinstein John Wohler Richard Wolfe Laura Wyeth

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PAIDHartford, CT

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1001908-2008 yearscelebrating