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  • 2020 May Tax Meeting April 30 - May 2, 2020 Marriot Marquis, Washington, DC

     
  • Chairs: George D. Karibjanian, Franklin Karibjanian & Law PLLC, Boca Raton, FL / Washington, DC and Hannah W. Mensch, Ehrenkranz Partners, New York, NY Current Developments. This panel will review developments in federal estate, gift and generation-skipping transfer tax laws since October 2019. Panelists: Megan M. Curran, McCutchen Group LLC, Seattle, WA; Ashley Sawyer, Loeb and Loeb LLP, Washington, DC; Catherine V. Hughes, Office of Tax Policy, Department of Treasury, Washington, DC Optimizing Lifetime Gifts: Advising Clients in Uncertain Times. This program will discuss how to design, implement, and report lifetime transfers in the midst of an ever-changing legislative climate. Specifically, this program will examine strategies and provisions that are often overlooked by advisors and practitioners when designing and implementing their clients’ tax and non-tax objectives. The supporting outline is designed to leave the reader with practical examples of how to enhance their relationships by adding flexibility and value to their clients’ gifting strategies. Panelist: Jeffrey Chadwick, Winstead PC, The Woodlands/Houston, TX Florida Homestead – A Primer. Welcome to Florida… the home of no state or local personal income tax, no estate tax, plenty of transplanted Northeasters and Midwesterners, palmetto bugs, Burmese pythons… and Article X, Section 4 of the Florida Constitution granting homestead protection to the resident owner. Many out-of-state – and in-state – practitioners fall victim to the homestead “sinkhole for the unwary”, so this program will present an overview of the three areas of homestead – ad valorem taxes, descent and devise and bankruptcy – about which all advisors with client contact in Florida should be aware. Panelist: George D. Karibjanian, Franklin Karibjanian & Law PLLC, Boca Raton, Florida/Washington, DC Generation-Skipping Transfer Tax Exemption Allocation: Often Automatic, But Rarely Straightforward. The automatic allocation of generation-skipping transfer (“GST”) tax exemption is an area that is implicated often with trust planning, but is a source of confusion for many accountants, attorneys and tax preparers. This is an important and nuanced area of the law, where what may seem like a relatively innocuous (and easy to make) mistake on a tax return can significantly and adversely impact the client. Automatic allocation of GST tax exemption has been a topic that has been addressed in a number of recent IRS rulings seeking to correct tax preparer mistakes, and it is imperative that attorneys and accountants who prepare Forms 709 pay close attention to these rules, particularly when transfers to trusts are involved. This presentation will review common missteps that tax preparers often make (together with suggestions for how to avoid them), as well as some recent IRS rulings involving the automatic allocation of GST tax exemption. Panelists: Michael S. Schwartz, Curtis Mallet-Prevost Colt & Mosle LLLP, New York, NY; Brad Dillon, Brown Brothers Harriman & Co., New York, NY
  • Chair: Galina “Allie” P. Petrova, Petrova Law PLLC, Greensboro, NC Basis for Comparison: How Income Tax Management Is Changing the Face of Estate Planning. The basic exclusion amount now stands at $11.4 million, meaning that only about 1-in-1500 American families are likely to face federal estate tax. For this and other reasons, income tax planning has taken on much greater importance. This presentation will use the case study format to focus on how income tax basis can be created and shifted in ways that optimize economic outcomes for our clients. Panelist: Thomas J. Pauloski, Bernstein Private Wealth Management, Chicago, IL Hot Topics for Closely Held Businesses. This panel will discuss recent developments in legislation, regulatory guidance, and noteworthy cases impacting closely held businesses. The panelists will also address the impact of Boyle in the electronic age (Haynes v. United States and Intress v. United States) and new developments with passport decertifications. Panelists: Sabrina Strand, Joseph H. Thibodeau PC, Denver, CO; Jeffrey Dirmann, Agostino & Associates, Hackensack, NJ; Kandyce Korotky, Covington & Burling LLP, Washington, DC The Tax Fallout of Business Breakups. Some things do not go quite as well as the founders had hoped, and now the business, their relationships and even their own financial plans are quickly dissolving into a mess. This panel will discuss the various tax and planning issues clients will need to face when the business breaks up and how practitioners can help their clients navigate the situation and avoid it becoming more of a mess than it already is. Panelists: Shelby Wilson, Green & Sklarz LLC, New Haven, CT; Robert Turnipseed, Armbrecht Jackson LLP, Mobile, AL; William P. Prescott, Wickens Herzer Panza, Avon, OH; Sabrina Conyers, Nelson Mullins Riley & Scarborough LLP, Charlotte, NC
  • Chair: Olivia Orobona, PwC, Washington, DC The Interaction of the TCJA and the Intercompany Transaction Regulations. This panel will explore the interplay of the intercompany transaction rules and various TCJA provisions, including section 163(j), section 168(k), section 245A, GILTI, FDII, and BEAT. Moderator: Bryan Collins, Andersen, Washington, DC Panelists: Matthew Gareau, Deloitte Tax LLP, Washington, DC; Andrew Dubroff, EY, Washington, DC; Marie Milnes-Vasquez, Special Counsel, IRS Chief Counsel, Washington, DC Current Developments. This panel will consider current developments affecting affiliated and related corporations, including implications from the expiration of temporary section 385 regulations, as well as the final and proposed BEAT and FTC regulations. Moderator: Don Bakke, EY, Washington, DC Panelists: Andrew Herman, EY, Washington, DC; Ciara Johnson, PwC, McLean, VA; Russell Jones, Senior Counsel, IRS Office of Associate Chief Counsel (Corporate), Washington, DC
  • Chair: Mary I. Slonina, PwC, Washington, DC Important Developments. This panel will discuss current developments and topics of immediate interest in tax administrative practice. Panel will focus on recent legislative efforts impacting tax law and the IRS, Treasury and IRS guidance, court decisions, ongoing litigation and other items germane to tax administration. Moderator: Antoinette Ellison, Jones Day, Atlanta, GA Panelists: Chuck Hodges, Jones Day, Atlanta, GA; Kathryn A. Zuba, Associate Chief Counsel, IRS Office of Associate Chief Counsel (Procedure and Administration), Washington, DC Practical Privilege Issues. Would your client rather give their documents to the IRS, the New York Times, or both? This panel will discuss the rules protecting communications from disclosure, using real-world examples. We will also touch on hot topics and best practices. Panelists: Paul Butler, Kostelanetz & Fink LLP, Washington, DC; Abbey Garber, Thompson & Knight, Dallas, TX; Peter K. Reilly, Special Counsel, IRS Office of Associate Chief Counsel (Procedure and Administration), Washington, DC; Melissa Wiley, Ernst & Young LLP, Washington, DC Preparing For and Managing an IRS Examination with Virtual Currency Issues. This panel will discuss IRS efforts in encouraging and reviewing taxpayer reporting of virtual currency transactions, including recent efforts in issuing “educational letters” to taxpayers and the Virtual Currency Compliance Campaign. The panel will also discuss best practices to prepare for and manage an IRS examination of virtual currency issues. Moderator: Daniel Strickland, Eversheds Sutherland, Washington, DC Panelists: Rochelle Hodes, Crowe LLP, Washington, DC; Richard Sapinski, Sills Cummis & Gross, Newark, NJ; Zhanna Ziering, Caplin & Drysdale, New York, NY
  • Sponsored by: Teaching Taxation This session will review the most significant statutory enactments, judicial decisions, IRS rulings, and Treasury regulations promulgated during the last twelve months that affect general income taxation, corporate taxation, partnership taxation, wealth transfer taxation, and tax procedure. Moderator: Professor Bruce A. McGovern, South Texas College of Law Houston, Houston, TX Panelists: Professor Elaine Hightower Gagliardi, University of Montana School of Law, Missoula, MT; Professor James M. Delaney, University of Wyoming College of Law, Laramie, WY
  • Chair: Caroline D. Ciraolo, Kostelanetz & Fink LLP, Washington, DC Vice Chairs: Jenny Johnson Ware, Johnson Moore, Chicago, IL; Michael A. Villa Jr., Meadows Collier Reed Cousins Crouch & Ungerman LLP, Dallas, TX; Brian C. McManus, Latham & Watkins LLP, Boston, MA Reports of Subcommittees on Important Developments. Important Developments (Civil) – Michelle F. Schwerin, Capes Sokol, St. Louis, MO and Claire H. Taylor, Stokes Lawrence, Seattle, WA; Important Developments (Criminal) – Evan J. Davis, Hochman Salkin Toscher & Perez PC, Beverly Hills, CA and Sara G. Neill, Capes Sokol, St. Louis, MO; International Tax Enforcement – Bruce Zagaris, Berliner Corcoran & Rowe LLP, Washington, DC, Sahel A. Assar, Buchanan Ingersoll & Rooney, PC, Washington, DC, and Joseph M. Erwin, Dallas, TX; IRS Investigations and Practices – Mary Wood, Meadows Collier Reed Cousins Crouch & Ungerman LLP, Dallas, TX and Eric L. Green, Green & Sklarz LLC, New Haven, CT; Legislative and Administrative Developments – Beverly Winstead, The Law Office of Beverly Winstead, LLC and Robert J. Kovacev, Steptoe & Johnson, Washington, DC; Monetary Violations and Forfeitures – Chad Nardiello, Nardiello Law Firm, Los Angeles, CA, Joseph A. Rillotta, Drinker Biddle & Reath LLP, Washington, DC, and Matthew D. Lee, Fox Rothschild, LLP; Offshore Compliance and Enforcement – Arielle Borsos, Office of Chief Counsel, IRS, Washington, DC, Victor Jaramillo, Caplin & Drysdale, Chtd, Washington, DC, and Michael Sardar, Kostelanetz & Fink LLP, New York, NY; Sentencing Guidelines – Phillip Colasanto, Agostino & Associates, PC, Hackensack, NJ, and Jeffrey A. Neiman, Marcus Neiman Rashbaum & Pineiro, LLP, Fort Lauderdale, FL Update: Tax Division, U.S. Department of Justice. Moderator: Caroline D. Ciraolo, Kostelanetz & Fink LLP, Washington, DC Panelist: Richard Zuckerman, Principal Deputy Assistant Attorney General, Tax Division, Department of Justice, Washington, DC The Long Road: Laying the Foundation for Trial during the Audit. With an eye towards the courtroom, this panel will discuss what tactics and strategies that need to be considered as early as the initial letter commencing an audit, including how to respond to IDR, whether to insist on the issuance of a summons, does it make sense to quash/not respond to a summons, should the Taxpayer agree to be interviewed and should the Taxpayer answer substantive questions. And then once the trial begins, the panel will discuss how to subpoena government witnesses, whether to stipulate to certain facts, how to deal with the admissibility of foreign records, and how best to prepare your client to testify. Moderator: Jeffrey A. Neiman, Marcus Neiman Rashbaum & Pineiro LLP, Ft. Lauderdale, FL Panelists: Nicole Elliott, Holland & Knight LLP, Washington, DC; Sandy Boxerman, Capes Sokol, St. Louis, MO; Frank Agostino, Agostino & Associates, Hackensack, NJ; Kevin Downing, Law Office of Kevin Downing, Washington, DC The Age of Promoter Penalties: Fighting the Good Fight. Tax and other professionals often give advice on things like how to structure an investment in a business venture, sell an asset, plan for retirement or pass wealth to the next generation. Sometimes a practitioner’s tax advice turns out to be wrong and the IRS assesses a tax deficiency against the taxpayer. In today’s enforcement environment, with a heightened focus on captive insurance companies, syndicated conservation easements, foreign trust arrangements, and other tax advantaged structures, it is critical to understand the various promoter penalties, available defenses, and best practices. The panel will also discuss possible options for extricating clients from such transactions. Moderator: Matthew Mueller, Wiand Guerra King, Tampa, FL Panelists: Lawrence A. Sannicandro, McCarter & English LLP, Newark, NJ; Lewis A. Booth, Office of Chief Counsel, Internal Revenue Service, Houston, TX; Jenny Johnson, Johnson | Moore, Chicago, IL A Client with a Cryptocurrency Issue Just Called – What Now? With the issuance of Revenue Ruling 2019-24 and new FAQs regarding the tax treatment of cryptocurrencies, the IRS obtaining information from various sources identifying taxpayers who own cryptocurrencies, IRS Field Collection requiring disclosure of cryptocurrencies on Forms 433-A, Collection Information Statements, and pending criminal investigations, taxpayers who formerly resided in the shadows are coming to the surface and seeking advice. The panelists will discuss what you need to know before your first meeting with a client facing cryptocurrency issues, including the latest IRS and FinCEN guidance on crypto-currencies, crypto-related issues arising in examinations and criminal investigations, and available paths for the non-compliant. Moderator: Sandra R. Brown, Hochman Salkin Toscher & Perez PC, Beverly Hills, CA Panelists: Jason B. Freeman, Freeman Law PLLC, Frisco, TX; Victor Jaramillo, Caplin & Drysdale Chtd., Washington, DC; Michael DePalma, Special Agent in Charge, Criminal Investigation, IRS, Miami, FL; Christopher Wrobel, Special Counsel, IRS Office of Chief Counsel, Income Tax and Accounting, Washington, DC
  • Chair: Stephen Breitstone, Meltzer Lippe Goldstein & Breitstone LLP, Mineola, NY Current Events. Panelists will review recent case law and guidance on traditional sale, exchange, and basis issues. Panelists: David Shechtman, Drinker Biddle & Reath LLP, Philadelphia, PA; John Price, Nuveen, Charlotte, NC 9:00am Divorce in a Post-Tax Reform World, with a Focus on Cross-Border Issues and 1041. Both domestically and internationally a lot remains to be settled or clarified with respect to both the basics and complex tax aspects of divorce. We will be discussing exciting questions such as: Do you still need to collect a W-8 or W-9 from an ex-spouse given alimony is no longer taxable in the hands of the recipient? Do we no longer care about the sourcing of alimony? How can you plan in a divorce from a non-resident alien when section 1041 is unavailable? This panel will also discuss using grantor trusts to shift tax liabilities. This exciting panel will be appropriate for all family law practitioners, from those just beginning in their fields to those seeking new techniques in a post-Tax Reform world. Panelists: George D. Karibjanian, Franklin Karibjanian & Law PLLC, Boca Raton, FL /Washington, DC; Stewart L. Kasner, Holland & Knight LLP, Miami, FL Partnership Terminations & 1031. This panel will discuss the impact of the repeal of technical terminations under section 708(b)(1)(B) on planning section 1031 transactions. Often, there are changes in ownership of the exchanger or new entities can be created to be a continuation of the exchanger before, during, and after a section 1031 exchange. The panel will discuss planning for such changes and identify areas that may present risk under the new regime. Panelists: Professor Bradley Borden, Brooklyn Law School, New York, NY; Stephen Breitstone, Meltzer Lippe Goldstein & Breitstone LLP, Mineola, NY; Janicelynn Asamoto Park, Proskauer Rose LLP, New York, NY Watts This? Does No Good Deed Go Unpunished? The founders of the well-known “Edwin Watts” chain of Florida (including Boca Raton) golf stores apparently persuaded their private equity partners that the partnership’s stores should be sold to another private equity firm at a much lower price, rather than to a large sporting goods store chain, in part to preserve employee jobs. The Tax Court held that the founders’ resulting loss was capital, rather than ordinary. In 2019, the Eleventh Circuit reversed the Tax Court in Watts and remanded for further proceedings. The panelists will discuss the issues raised by Watts, including when an ordinary abandonment loss can be claimed on a partnership interest, when a taxpayer can affirmatively apply the doctrine of substance over form, how foregone gain is to be treated for income tax purposes, and when reliance on an accountant’s determination as to ordinary abandonment loss can be relied on to defeat penalties. Moderator: Professor Annette Nellen, San Jose State University, San Jose, CA Panelists: Christopher Cunningham, Elliott Thomason & Gibson LLP, Dallas, TX; Daniel Reach, Alston & Bird LLP, Charlotte, NC
  • Chair: Nolan A. Moullé III, The Northern Trust Company, Houston, TX Current Developments. Mr. Garcia and Ms. Soliman will review current developments in fiduciary income tax. Ms. Hughes will update the committee on developments within the Treasury and the Service. Panelists: Francisco Garcia Jr., Henderson Caverly & Pum LLP, San Diego, CA; Anna Soliman, Fiduciary Trust Company International, Los Angeles, CA; Catherine V. Hughes, Office of Tax Policy, Department of Treasury, Washington, DC A Refresher on the Throwback Tax. Mr. Moullé will discuss the application of the throwback tax to foreign trusts. Panelist: Nolan A. Moullé III, The Northern Trust Company, Houston, TX 9:45am Trust & Estate Distributions to Foreign Beneficiaries. Mr. Strohmeyer will discuss the income tax consequences and reporting requirements when domestic trusts and estates make distributions to foreign beneficiaries. Panelist: John R. Strohmeyer, Strohmeyer Law PLLC, Houston, TX Can an AFR Loan be Treated as Not Issued for Full and Adequate Consideration if Later Valued in the Note Holder’s Gross Estate at a Discount? Under section 7872, if a promissory note provides for adequate stated interest, there is no gift when issued. If the note is later gifted or included in the note holder’s gross estate and is valued at a discount for transfer tax purposes, it should follow that the note was issued for full and adequate consideration. The IRS position is that if later valuing the note at a substantial discount, there was not a transfer for full and adequate consideration so that the trust that borrowed the funds is exposed to sections 2036(a)(2) and 2038. Professor Hesch and Mr. Strauss will first review the history of section 7872 and the factors used in valuing promissory notes, and then address how these principles should be applied to loans made in compliance with the loan regime split dollar regulations. Panelists: Professor Jerome “Jerry” Hesch, Florida International University Law School, Miami, FL; Michael Strauss, Strauss Malk & Feder LLP, Northbrook, IL
  • Chair: Martha N. Steinman, Hogan Lovells US LLP, New York, NY The Future of Benefits – The SECURE Act. Join us for a discussion about the SECURE Act and other retirement plan provisions passed at the end of 2019, including how they may impact employee benefit planning. Moderator: Elena Kaplan, Jones Day, Atlanta, GA Panelists: Mindi M. Johnson, Foster Swift Collins & Smith PC, Grand Rapids, MI; Veena K. Murthy, Crowe LLP, Washington, DC Hot Topics in Executive Compensation – 162(m). This session will address the impact of the proposed regulations issued under section 162(m) and the recent ABA Tax Section comment letter to the IRS regarding potential dual employee status for entities taxable us partnerships. Moderator: Andrew C. Liazos, McDermott Will & Emery LLP, Boston, MA Panelists: Ilya Enkishev, Attorney, Executive Compensation Branch, Associate Chief Counsel (Employee Benefits), Employee Benefits, Exempt Organizations, and Employment Taxes, Office of Chief Counsel, IRS, Washington, DC; Helen Morrison, EY, Washington, DC; Robert Neis, Eversheds Sutherland, Washington, DC; Stephen Tackney, Deputy Associate Chief Counsel (Employee Benefits), Tax Exempt and Government Entities, Office of Chief Counsel, IRS, Washington, DC; Carol Weiser, Benefits Tax Counsel, Office of Benefits Tax Counsel, Department of Treasury, Washington, DC; Amber Salotto, Attorney-Advisor, Department of Treasury, Washington, DC The Evolving Practice of Employee Benefits Law and Related Ethics Issues. This panel will discuss ethics issues that have arisen under the ABA Model Rules and Circular 230 with the changes in how employee benefits law is practiced in various firm, corporate and government settings. Moderator: Donald E. Wellington, Reed Smith LLP, Los Angeles, CA Panelists: Rosina Barker, Morgan Lewis & Bockius LLP, Washington, DC; Amy Null, WilmerHale, Boston, MA; Robert Toth, Law Offices of Robert J. Toth, Ft. Wayne, IN; Sarah Touzalin, Seyfarth Shaw LLP, Chicago, IL
  • Chair: William Alexander, Skadden Arps Slate Meagher & Flom LLP, Washington, DC Current Developments in Corporate Taxation. This panel will discuss the latest developments in corporate taxation, including a discussion of the treatment of various corporate transactions under the BEAT, in the context of qualified opportunity funds and section 355(e). Moderator: Angela R. Russo, KPMG LLP, San Francisco, CA Panelists: Colin D. Campbell, Jr., Department of Treasury, Washington, DC (Invited); David H. Saltzman, Ropes & Gray LLP, Boston, MA; Lisa M. Zarlenga, Steptoe & Johnson LLP, Washington, DC Section 367(b) in a Post-TCJA World. This panel will discuss the continued relevance of section 367(b) post-TCJA. The speakers will discuss how changes made by the TCJA affect the policy considerations of section 367(b), how the changes to the repatriation and basis importation rules might affect the principles underlying Treas. Reg. 1.367(b)-3 and the triangular reorganization provisions, the heightened importance of attribute carryover and allocation under Treas. Reg. 1.367(b)-7 and Prop. Treas. Reg. 1.367(b)-8, and other issues relating to the changed incentives and disincentives in light of TCJA’s overhaul of the international tax rules. Moderator: Scott M. Levine, Jones Day, Washington, DC Panelists: Joshua Rutland, EY, Washington, DC; Gretchen Sierra, Deloitte, Washington, DC; Laura Williams, Branch Chief, Associate Chief Counsel (International), Branch 4, IRS, Washington, DC (Invited); Brenda Zent, Special Advisor on International Taxation, Office of Tax Policy, Department of Treasury, Washington, DC (Invited)