MYCPE ONE

Specialized Tax Incentives and Planning Virtual Summit 2022

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Conference Overview

A tax incentive is an aspect of a country's tax code designed to incentivize or encourage a particular economic activity by reducing tax payments for a company in the said country.

Tax incentives can have both positive and negative impacts on an economy. Among the positive benefits, if implemented and designed properly, tax incentives can attract investment to a country. Other benefits of tax incentives include increased employment, a higher number of capital transfers, research and technology development, and also an improvement in less developed areas. Though it is difficult to estimate the effects of tax incentives, they can, if done properly, raise the overall economic welfare through increasing economic growth and government tax revenue (after the expiration of the tax holiday/incentive period). However, tax incentives can cause negative effects on a government's financial condition,among other negative effects, if they are not properly designed and implemented.

There are four typical costs of tax incentives:

  • resource allocation costs
  • compliance costs
  • revenue costs
  • corruption costs.

Resource allocation refers to lost government tax revenue resulting from the tax incentive. The second cost refers to the situation when the tax incentives lead to too much investment in a certain area of the economy and too little investment in other areas of the economy. Revenue cost is associated with enforcing the tax incentive and monitoring who is receiving the incentive and ensuring they are properly deserving of the incentive. Therefore, the higher and the more complex the tax incentive, the higher the compliance costs because of the larger number of people and firms attempting to secure the tax incentive. The final cost is similar to the third in that it relates to people abusing the tax incentive. Corruption occurs when there are no clear guidelines or minimal guidelines for qualification.

According to a 2020 study of tax incentives in the United States, "states spent between 5 USD and 216 USD per capita on incentives for firms." There is some evidence that this leads to direct employment gains but there is not strong evidence that the incentives increase economic growth. Tax incentives that target individual companies are generally seen as inefficient, economically costly, and distortionary.

Completed

Continuing Education Credits

The sessions of the conference qualifies for

Qualification Credits Subject Area
CPA (US) 1 Taxes
EA 1 All
AFSP 1 All
CRTP 1 All
ORTP 1 All
Maryland Tax Preparer 1 All
CWS 1 All
CFIRS 1 All

Sessions

Jul 25th, 2022

Speakers:
Speaker Name
Louise Reed

Founder
Afloat,Inc.

Businesses and individuals may be able to reduce their federal and state tax burdens while also supporting certain historic, cultural, and community-driven causes by purchasing tax credits. 

Many states, as well as the federal government, provide tax credits for certain investments in historic rehabilitation projects, low-income housing, film production, and other activities that spur economic growth and innovation, expand employment, and support progressive initiatives. These credits can be purchased by taxpayers to reduce tax rates in 30+ states and through select federal programs.

In this CPE session, Louise will explain what tax credits are, why states create them, and the current incentives for buying and selling them. 

She will then describe how blockchain technology opens the tax credit market to all taxpayers, a shift from the traditionally high-income earner market, along with the potential she sees for taxpayers to start "voting" with their tax dollars.

Learning Objectives

  • To discuss types of tax credits that are transferable.
  • To explain how much transferable tax credits cost.
  • To review how are transferable tax credits bought and sold.
  • To analyze how blockchain technology opens the tax credit market to all taxpayers.
  • To review the criticisms of transferable tax credits.

Other Details

Subject Area

-

Course Level

Advanced

Instuctional Method

Group Internet Based

Pre-requisites

-

Advance Preparation

-

Session Speakers

Louise Reed
Louise Reed

Founder
Afloat,Inc.

Jul 25th, 2022

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Frequently Asked Questions

Virtual conference with MYCPE ONE is enveloped around a theme or subject or driven towards a particular audience, and is designed to be more collaborative; with a tremendously interactive agenda, panel discussions, and gives an option to all participants being able to turn their web cameras on and participate more actively. Virtual conference offers multiple sessions over a longer time frame of more than 8 hours. Virtual conferences help build a community or initiate networking opportunities.

MYCPE ONE is seamlessly integrated with ZOOM for conducting continuing education events. Please ensure that you check the system requirements before the event starts. The system requirements are :

  • An internet connection – broadband wired or wireless (3G or 4G/LTE)
  • Speakers and a microphone (required in case of interactive sessions) – Built-in, USB plug-in, or wireless Bluetooth
  • A webcam or HD webcam - built-in, USB plug-in (required in case of interactive sessions)
  • CLICK HERE to view the System Requirements for Zoom.

There is an official break scheduled for this workshop/events. Other than the scheduled break, the in-session breaks shall be available at discretion of the speaker.

The MYCPE ONE virtual events are designed to impart education around a specific theme or subject from a basic to an advanced level, which is why we do not recommend you to leave the event in between. However, if you had to leave the event because of some unforeseen circumstances, you would be granted the credits for the sessions that you attended completely and wherein you answered all the polling questions.

The recording of the event can be made available to you, on request. You can reach out to us at support@my-cpe.com or can also let us know through live chat support if you need a recording for this event. However, the recording shall not be available for Continuing Education Credits.


During every conference the chat panel shall always be open. You can mention the issue faced by you in the chat panel and our moderator will take it up for resolution shortly. You can also reach out to our support team in the live chat support or at support@my-cpe.com