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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)
  • Chair: Susan Morgenstern, IRS Taxpayer Advocate Service, Cleveland, OH National Taxpayer Advocate’s Annual Report to Congress. The acting National Taxpayer Advocate will present her Annual Report to Congress. She will discuss the top issues facing taxpayers in 2019 including their scope and effect on taxpayer rights. She will also discuss legislative recommendations to improve tax administration. Finally, she will highlight research studies the Taxpayer Advocate Service undertook in 2019. Moderator: Susan Morgenstern, IRS Taxpayer Advocate Service, Cleveland, OH Panelist: Bridget Roberts, Acting National Taxpayer Advocate, Taxpayer Advocate Service, Washington, DC Co-sponsored by: Individual & Family Tax and Tax Policy and Simplification Innocent Spouse Litigation under the Taxpayer First Act: The Administrative Record, Newly Discovered Evidence, and Other Challenges. The Taxpayer First Act of 2019 effected major changes in the US Tax Court’s review of innocent spouse decisions. This session will review the changes to section 6015(e) and discuss how practitioners, the Service, and the Tax Court are grappling with the new standard. Important questions include what constitutes the administrative record; when the court can look beyond the administrative record; and how non-requesting spouses can effectively participate. Practitioner panelists will also provide strategies to mitigate the new limits on the Tax Court’s ability to hear evidence. Moderator: Professor Christine Speidel, Villanova University Charles Widger School of Law, Villanova, PA Panelists: The Honorable Ronald L. Buch, US Tax Court, Washington, DC; Professor Bryan T. Camp, Texas Tech University School of Law, Lubbock, TX; Mary Michelle Gillum, Legal Aid Society of Middle Tennessee and the Cumberlands, Oak Ridge, TN; Adrienne E. Griffin, IRS Office of Chief Counsel (Procedure & Administration), Washington, DC Co-sponsored by: Individual & Family Tax, Tax Policy & Simplification, and Court Practice & Procedure Ethical Considerations in Pro Bono Representation. This panel will discuss dilemmas pro bono attorneys may face when representing tax clients at settlement days, calendar calls, and via direct representation outside of the courtroom. Discussions will include limited scope and limited time representation. Panelists will also provide advice on how to avoid the perils related to pro bono representation of taxpayer clients. This panel is the second part of a two-part series co-sponsored with the Standards of Tax Practice Committee. Moderator: Shanthy Balachanthiran, Florida Rural Legal Services Inc., LITC, 
Ft. Myers, FL Panelists: The Honorable Peter J. Panuthos, US Tax Court, Washington, DC; Jennifer Breen, Morgan Lewis & Bockius, Washington, DC; Guinevere Moore, Johnson Moore LLC, Chicago, IL; Professor Caleb Smith, University of Minnesota Law School, Minneapolis, MN; Jennifer Auchterlonie, IRS Office of Chief Counsel (Procedure & Administration), Washington, DC Cosponsored by: Standards of Tax Practice, Diversity, Individual & Family Tax, Tax Policy & Simplification Employment Income Characterization through the Taxpayer Rights Lens. This panel will explore the consequences of improper classification of employment-related income. These consequences impact employee protections and benefits, and implicate the taxpayer’s right to pay no more than the correct tax. The panelists will discuss the tools and litigation strategies that are available to taxpayers, including substitute income reporting forms, worker options for employment status reclassification, and litigation strategies. In addition, states are beginning to look at worker classification issues anew. Moderator: Professor Sarah Lora, Lewis and Clark Law School, Portland, OR Panelists: Omeed Firouzi, ABA Section of Taxation Christine A. Brunswick Public Service Fellow, Philadelphia Legal Assistance Low Income Taxpayer Clinic, Philadelphia, PA; Mari Manoogian, Michigan State Representative, Birmingham, MI; Sydney Gernstein, Branch Chief, Employment Tax Branch, IRS Office of Chief Counsel, Washington, DC; Charles Eiss, Law Offices of Charles Eiss, Plantation, FL; Anna Tavis, Brooklyn Legal Services, New York, NY Co-sponsored by: Tax Collection Bankruptcy & Workouts, Diversity, Individual & Family Tax, Employment Taxes and Tax Policy & Simplification
  • Chair: Roger Royse, Royse Law Firm, Menlo Park, CA Ethical Challenges Posed by the Use of Predictive Case Analytics In Tax. The use of predictive case analytics software has dramatically increased in the worlds of tax and accounting in the last couple of years. This powerful artificial intelligence tool can accurately predict court outcomes and enable users to find relevant cases and court opinions faster than ever before. While the utility of this transformative technology may be evident, tax practitioners should be cautious of the challenges related to the use of this futuristic software. This panel will discuss the ethical and practical challenges related to the use of predictive case analytics software and what tax practitioners should be aware of when they represent clients in the future. Panelists: Travis Thompson, Sideman & Bancroft LLP, San Francisco, CA; Abdi Aidid, BlueJ Legal, Toronto, ON; Robert Kovacev, Norton Rose Fulbright, Washington, DC; Lisa Nelson, The Law Offices of A. Lavar Taylor, Santa Ana, CA
  • Chair: Thomas J. Phillips, von Briesen & Roper, s.c., Milwaukee, WI Closely Held Businesses Chair: Galina “Allie” P. Petrova, Petrova Law, Greensboro, NC Planning Considerations and Issues for Trusts as Owners of S Corporations and other Closely Held Business. This panel will discuss selected federal and state income tax issues that arise from the ownership of interests in closely held businesses by trustees of trusts. The panel will address a number of issues, including structuring basics, recent case law updates, qualified small business stock, section 199A , and the new partnership audit rules. Moderator: Andrew R. Comiter, Comiter Singer Baseman & Braun, Palm Beach Gardens, FL Panelists: Karen Sandler Steinert, Fredrikson & Bryon PA, Minneapolis, MN; Brad Roe, Grant Thornton, Houston, TX; Adam Abrahams, Meyers Hurvitz Abrahams LLC, Rockville, MD
  • Chair: Professor Diane Ring, Boston College, Newton, MA Opportunity Zones – Two Years In. The Tax Cuts and Jobs Act enacted in December 2017 included a new provision intended to direct investment into low-income communities through a combination of tax benefits for investors (deferral, partial reductions in gains, and exclusions of future appreciation). Though the enactment of such targeted tax incentives is not entirely new, the design of this provision has raised significant questions for investing taxpayers seeking to secure the tax benefits and for public policy advocates assessing whether the Opportunity Zone provisions achieve their stated goals. To explore all of these issues, this panel will discuss the design of the new incentive, who is making the investments, where, in what projects, how much is being invested, who is securing the benefits, and what will be the likely community impact. The panel also considers the current data reporting requirements and what/whether data should be made public to facilitate assessment of the program’s success in promoting economic growth in low-income areas. Moderator: Professor Ellen Aprill, Loyola Law School, Los Angeles, CA Panelists: Megan Christensen, Manatt Phelps & Phillips, LLP, Washington, DC; Professor Edward De Barbieri, Albany Law School, Albany, NY; Jeffrey Koonce, Bernhard Capital Partners Management, Baton Rouge, LA; Professor Michelle Layser, University of Illinois College of Law, Champaign, IL Co-sponsored by: Exempt Organizations and Partnerships & LLCs
  • Chair: Mark O. Norell, Ballard Spahr LLP, New York, NY Legislative, Treasury and Internal Revenue Service Update. This panel will discuss: (i) an update on the “new” Office of Tax Exempt Bonds; (ii) the status of the Final Reissuance Regulations; (iii) the proposed regulations addressing reference rates other than Interbank Offered Rates; (iv) Indian River County v. U.S. Department of Transportation (Dec. 20, 2019), (v) the Internal Revenue Service Business Plan items for 2019-2020; and (vi) the Internal Revenue Service Audit Plan (Fiscal Year 2020 Compliance Program). Moderator: Mark O. Norell, Ballard Spahr LLP, New York, NY Panelists: Adam C. Harden, Norton Rose Fulbright US LLP, San Antonio, TX; Michela Daliana, Hawkins Delafield & Wood LLP, New York, NY Repeal of Advance Refundings and the Rise of Taxable Municipal Bonds. Given the increasing popularity of taxable municipal bonds, this panel will provide a discussion on issues that arise with regard to refunding taxable bonds with tax-exempt bonds and issuing taxable bonds to refund tax-exempt bonds, with issues to include (a) reimbursement considerations related to taxable new money debt, (b) allocations related to taxable debt used to finance projects eligible for tax-exempt financings and projects ineligible for tax-exempt financings, (c) refunding Build America Bonds, (d) universal cap considerations, and (d) original issue discount considerations for taxable bonds. Moderator: Marybeth Orsini, Ballard Spahr LLP, Baltimore, MD Panelists: Chas Cardall, Orrick Herrington & Sutcliffe LLP, San Francisco, CA; Neil Kaplan, Hawkins Delafield & Wood LLP, New York, NY; Mark O. Norell, Ballard Spahr LLP, New York, NY What Does Cinderella Look Like? This panel will focus on one or more Cinderella structures, including a direct lending transaction that starts with a taxable rate and either grants an option to the issuer to convert to a tax-exempt rate or requires the parties to agree in the future to convert. Moderator: David J. Cholst, Chapman and Cutler LLP, Chicago, IL Panelists: Mark O. Norell, Ballard Spahr LLP, New York, NY; Chas Cardall, Orrick Herrington & Sutcliffe LLP, San Francisco, CA Tax Exempt Financings and Partnerships. This panel will consist of a discussion relating to financing projects owned or otherwise used by partnerships in which at least one partner is a for profit entity. It will compare and contrast how the regulations under sections 141 and 145 work when bond-financed assets are contributed to a partnership or acquired by a partnership and when improvements to partnership assets are financed. The interaction between the partnership-specific rules and the more general rules about qualified equity and eligible mixed-use projects will be explored in detail. Moderator: Chas Cardall, Orrick Herrington & Sutcliffe LLP, San Francisco, CA Panelists: Andrea Ball, Orrick Herrington & Sutcliffe LLP, Washington, DC; Michela Daliana, Hawkins Delafield & Wood LLP, New York, NY
  • Chair: Lawrence A. Sannicandro, McCarter & English LLP, Newark, NJ Current Developments in Collection Enforcement. The panelists will provide an update on IRS enforcement efforts within the collection division, including enforcement priorities, recent hiring, the impact of the Taxpayer First Act on collections, and practical strategies when dealing with certifications to the State Department to have taxpayers’ passports revoked. Moderator: Eli S. Noff, Frost & Associates LLC, Annapolis, MD Panelists: Paul J. Mamo, Director, IRS Collection, Washington, DC; Bridget Roberts, Acting National Taxpayer Advocate, Taxpayer Advocate Service, Washington, DC; Fran Obeid, MFO Law PC, New York, NY; A. Lavar Taylor, Law Offices of A. Lavar Taylor, Santa Ana, CA Co-sponsored by: Pro Bono & Tax Clinics Selected Issues Where Taxes Meet the Bankruptcy Court. This panel will explore some of the scenarios in which tax issues can become prominent in company bankruptcies. What kind of situations might give rise to a scenario where a proposed restructuring, or a sale of the debtor’s assets, generates a tax liability that cannot be paid, and what happens in a scenario involving that type of “stranded tax?” How do tax sharing agreements – or the lack thereof – play a role in restructuring cases, especially in light of the Rodriguez case being decided by the Supreme Court this term? While these issues have come up frequently in bank holding company bankruptcies where the question being addressed is the legal entity entitled to a cash refund, the harder tax sharing issues arguably arise in different situations that involve questions about payment for the use of tax attributes within a consolidated group. The panel may also explore some of the open questions regarding the proper treatment of certain kinds of tax claims, the bankruptcy court’s power (or lack thereof) to decide the tax consequences of a bankruptcy plan of reorganization, and the use of the IRS as a kind of “super golden creditor” for avoidance actions in bankruptcy. Moderator: Anthony V. Sexton, Kirkland & Ellis LLP, Chicago, IL Panelists: The Honorable Christopher S. Sontchi, Chief Judge, US Bankruptcy Court for the District of Delaware, Wilmington, DE; Deborah L. Paul, Wachtell Lipton Rosen & Katz, New York, NY Co-sponsored by: Corporate Tax and Court Procedure & Practice
  • Chair: Thomas J. Phillips, von Briesen & Roper sc, Milwaukee, WI Current Developments in the Federal Income Taxation of S Corporations. This panel will discuss recent legislative, administrative and judicial developments relating to S corporations and their shareholders. Moderator: Laura E. Krebs Al-Shathir, Capes Sokol, St. Louis, MO Panelists: Jeffrey B. Fugal, Quarles & Brady LLP, Phoenix, AZ; Kandyce L. Korotky, Covington & Burling LLP, Washington, DC; Avani Dhillon, EY, Boston, MA International Tax Provisions of the TCJA. This panel will discuss problem areas for S Corporations and their shareholders under sections 951A (GILTI Tax), 965 and other international provisions enacted by the TCJA. Moderator: Joseph E. Tierney, Meissner Tierney Fisher & Nichols SC, Milwaukee, Wl Panelists: Jerald D. August, Fox Rothschild LLP, Philadelphia, PA; Laura Howell-Smith, Deloitte Tax LLP, Washington, DC; Michael J. Miller, Roberts & Holland LLP, New York, NY
  • Chair: Sheryl Flum, KPMG, Washington, DC Life Insurance Product Update. This panel will discuss tax issues related to life insurance product development, including guidance on reportable policy sales and treatment of advisory fees. Moderator: Alison Peak, Davis and Harman LLP, Washington, DC Panelists: Sarah Lashley, Transamerica, Baltimore, MD; Kathryn Sneade, Senior Technician Reviewer, IRS Office of Associate Chief Counsel (Financial Institutions & Products), Washington, DC Insurance Tax Guidance Update. This panel will discuss recent guidance regarding changes made to the Tax Code by the Tax Cuts and Jobs Act. Moderator: Sheryl Flum, KPMG LLP, Washington, DC Panelists: Mark Smith, PwC, Washington, DC; Clarissa Potter, KPMG LLP, New York, NY; Kathryn Sneade, Senior Technician Reviewer, IRS Office of Associate Chief Counsel (Financial Institutions & Products), Washington, DC Insurance Company Corporate Tax Issues. This panel will cover Subchapter C issues specific to insurance companies with a focus on sections 163(j) and 382. Moderator: Graham Green, Eversheds Sutherland, Washington, DC Panelists: Lori Jones, Scribner Hall & Thompson LLP, Washington, DC; M. Kristan Rizzolo, Eversheds Sutherland, Washington, DC; Christopher W. Schoen, Eversheds Sutherland, Washington, DC
  • Chair: Craig Gibian, Deloitte Tax LLP, Washington, DC Section 871(m) Update. This panel will discuss practical issues under section 871(m) and areas in which revisions to the section 871(m) regulations or further guidance might be warranted. The topics that will be discussed include the combination rule, qualified derivatives dealers, non-delta-one derivatives, qualified indices, and derivatives over partnerships. Moderator: Jeffrey Hochberg, Sullivan & Cromwell LLP, New York, NY Panelist: Jay Klein, PwC, New York, NY; Erika Nijenhuis, Senior Counsel, Department of Treasury, Washington, DC (Invited) Transitioning from LIBOR. This panel will discuss the proposed regulations released in October 2019 regarding the tax implications of transitioning away from LIBOR. Topics will include the application of section 1001 and the VRDI rules. Moderator: Lucy Farr, Davis Polk & Wardwell, New York, NY Panelist: Diana Imholtz, IRS, Office of Associate Chief Counsel (FI&P), Washington, DC (Invited); Jeff Maddrey, PwC, Washington, DC; Brett York, Acting Deputy Tax Legislative Counsel, Department of Treasury, Washington, DC (Invited) Section 163(j): Peaking (or is that PIKing) your Interest. If final regulations are issued in time (or proposed regulations are reopened), this panel will discuss the definition of interest and other rules under section 163(j) that are particularly relevant to the financial transactions community. To the extent there is a deferral in the issuance of regulations, this panel will convert into a discussion of issues that currently arise under section 163(j), including under the proposed regulations, and other debt-related topics. Moderator: Michael Yaghmour, EY, Washington, DC Panelists: Diana Imholtz, IRS, Office of Associate Chief Counsel (FI&P), Washington, DC (Invited); Brett York, Acting Deputy Tax Legislative Counsel, Department of Treasury, Washington, DC (Invited); Michael Mou, Deloitte Tax LLP, Washington, DC
  • Chair: Alexandra Minkovich, Baker & McKenzie, Washington, DC Current Developments. This panel will include a report from the Tax Court, discussion of significant IRS guidance and litigation, an update on Tax Division priorities, a report from Treasury, and a discussion of significant pending litigation. The panel will also briefly discuss the final rules promulgated by the Court concerning BBA issues with partnership cases. Moderator: Jeffrey M. Glassman, Meadows Collier Reed Cousins Crouch & Ungerman LLP, Dallas, TX Panelists: Chief Judge Maurice B. Foley, US Tax Court, Washington, DC (Invited); Richard G. Goldman, Deputy Associate Chief Counsel, IRS Office of Associate Chief Counsel (Procedure and Administration), Washington, DC (Invited); Joshua Wu, Deputy Assistant Attorney General (Policy and Planning), Department of Justice, Tax Division, Washington, DC Collections of Foreign Tax Judgments: When Your Other Problems Come Home. This panel will explore the means and methods by which foreign governments come onshore to try and collect their tax determinations and judgments in the United States, including through the use of bilateral tax treaties and US judicial proceedings. The panel will also identify the defenses and limitations to such actions, including through jurisdictional limits such as the Revenue Rule a longstanding principle of the US and international law that prohibits one sovereign from using courts of another sovereign to enforce its revenue laws. Moderator: Mark D. Allison, Caplin & Drysdale Chartered, New York, NY Panelists: Nathaniel B. Parker, Senior Counsel, IRS Office of Associate Chief Counsel (International), Washington, DC (Invited); Zhanna A. Ziering, Caplin & Drysdale Chartered, New York, NY; Lawrence A. Sannicandro, McCarter & English LLP, Newark, NJ Conservation Easements – Trying Times. Conservation easements have been under extraordinary IRS scrutiny in recent years resulting in numerous examinations. Many of those examinations are now in litigation or headed toward litigation. From that perspective, this panel will discuss what it takes to try a conservation easement case. The panelists will discuss relevant expert witnesses, expert reports, key fact witnesses, and other considerations for the litigating counsel. Moderator: Anson Asbury, Asbury Law Firm, Decatur, GA Panelists: Frank Agostino, Agostino & Associates, Hackensack, NJ; Jenny Ware Johnson, Johnson & Moore, Chicago, IL; Ronald Levitt, Sirote & Permutt, Birmingham, AL
  • Chair: Lany L. Villalobos, Dechert LLP, Philadelphia, PA TCJA Recent Developments and Policy Considerations Concerning Payments Related to Sexual Harassment Under Code Section 162(q) and Fines and Penalties Under Code Section 162(f). The Tax Cuts and Jobs Act amended the Internal Revenue Code to address the deduction of certain payments related to sexual harassment or sexual abuse settlements that involve nondisclosure agreements and the deduction of payments that constitute restitution or amounts paid to come into compliance with any law. This panel will discuss recent technical developments (including recent guidance) with respect to these payments under Code Sections 162(f), 162(q) and 6050X and policy considerations related to the federal tax treatment of these payments. Moderators: Rayth Myers, EY, Washington, DC; Susan Grais, EY, Washington, DC Panelists: John Moriarty, Associate Chief Counsel, IRS Office of Chief Counsel (Income Tax & Accounting), Washington, DC; Sharon Horn, Senior Attorney, IRS Office of Associate Chief Counsel (Income Tax & Accounting), Washington, DC; Connie Cheng Cunningham, BDO USA LLP, Los Angeles, CA
  • Chair: Guinevere Moore, Johnson Moore LLC, Chicago, IL Vice-Chair: Matthew Cooper, Deloitte Tax LLP, Washington, DC Ethical Issues in Federal Tax Practice – The Government Perspective. This panel will provide an update on recent guidance from the Internal Revenue Service and the Treasury Department, discuss issues of concern and areas of focus for the IRS Office of Professional Responsibility and Office of Chief Counsel, and give an update on pending cases that relate to tax practice standards. Moderator: Aaron Esman, Caplin & Drysdale Chartered, New York, NY Panelists: Sharyn M. Fisk, Director, IRS Office of Professional Responsibility, Washington, DC; Emily Lesniak, Special Counsel (Procedure & Administration), IRS Office of Chief Counsel, Washington, DC Ethical Considerations for Limited Scope Engagements. Ethical considerations in pro bono representation, whether practicing before the IRS or before the Tax Court. Panelists will discuss dilemmas pro bono attorneys may face when representing tax clients at settlement days, calendar calls, and via direct representation outside of the courtroom. Discussions will include limited scope and limited time representation. Panelists will also provide advice on how to avoid the perils related to pro bono representation of taxpayer clients. This panel is the first part of a two part series co-sponsored with the Pro Bono Committee. Moderators: Shanthy Balachanthiran, Florida Rural Legal Services Inc., LITC, Ft. Myers, FL Panelists: The Honorable Peter J. Panuthos, US Tax Court, Washington, DC; Jennifer Breen, Morgan Lewis & Bockius, Washington, DC; Guinevere Moore, Johnson Moore LLC, Chicago, IL; Scott Hessell, Sperling & Slater, Chicago, IL; Jennifer Auchterlonie, Special Counsel (Procedure & Administration), IRS Office of Chief Counsel, Washington, DC Ethical Considerations Arising Out of the BBA Partnership Audit Rules. Now that the BBA partnership audit regime is in full swing, interesting ethical questions are arising in both the IRS examination and partnership amended return contexts. This panel will explore practitioners’ ethical considerations relating to the broad authority of the partnership representative, the lack of participation and notice rights to all partners, the submission of administrative adjustment requests, and other novel issues under the BBA rules. In addition, this panel will discuss giving advice to partnerships and partners who may have conflicting interests as to the best way to resolve an IRS audit or correct a partnership return. Moderator: Matt Cooper, Deloitte Tax LLP, Washington, DC Panelists: Emily Lesniak, Special Counsel (Procedure & Administration), IRS Office of Chief Counsel, Washington, DC (Invited); Sheri Dillon, Morgan Lewis & Bockius LLP, Washington, DC; Rochelle Hodes, Crowe LLP, Washington, DC; Alice Harbutte, EY, Denver, CO
  • Chair: Edward J. Leyden, Leyden Law LLC, Washington, DC IRS Employment Tax Update. An overview of important developments since the Fall Meeting, including pertinent Supreme Court decisions, guidance projects in connection with the Tax Cut and Jobs Act, and proposed legislation. Moderator: Prya C. Schwartzburt, PwC, Philadelphia, PA Panelists: Janine Cook, Deputy Associate Chief Counsel, IRS Office of Chief Counsel (TEGE), Washington, DC (Invited); Sydney Gernstein, Branch Chief, Employment Tax Branch, IRS Office of Chief Counsel, Washington, DC (Invited) IRC Section 409A: It’s Never Easy to Say Goodbye! Since its enactment in 2004, IRC Section 409A has seemed like a minefield for lawyers advising companies and the executives who have come to the end of the line in their employment relationship. This program will attempt to dispel some of the mystery behind section 409A, enabling attorneys on both sides of an employment termination event to more confidently assess potential risks and rewards. Moderator: Edward J. Leyden, Leyden Law LLC, Washington, DC Panelists: Kurt Lawson, Hogan Lovell, Washington, DC Creative Use of Federal Tax Statues as Enforcement Tools in Employment Controversies. An emerging strategy being utilized by counsel for workers in employment controversies is the invocation of the federal tax laws as an affirmative weapon against employers that have been targeted for Wage & Hour and similar claims. This session will discuss the plaintiffs’ bar evolving use of this and other tax enforcement strategies in non-tax cases. Moderator: Edward J. Leyden, Leyden Law LLC, Washington, DC Panelists: Richard Neuworth, Lebeau & Neuworth, Towson, MD; Jay Holland, Joseph Greenwald & Laake, Greenbelt, MD
  • Chair: Martha N. Steinman, Hogan Lovells US LLP, New York, NY The SECURE Act. As the most extensive retirement legislation since 2006, the recently enacted SECURE Act, much of it effective January 1, 2020, raises important planning and compliance issues and opportunities for participants, plan sponsors, practitioners, service providers, savers, and regulators. This session, presented by a Committee member involved in developing and negotiating a number of the new provisions, will address the major SECURE Act provisions and the issues they raise relating to lifetime income; open MEPs; nondiscrimination relief for frozen and closed plans; and changes affecting timing of plan adoption, 401(k) auto enrollment safe harbor, adoption of 401(k) safe harbor status, RMD rules, coverage of part-time employees, tax credits for new plan startups and for auto enrollment, IRAs, etc. Moderator: Martha N. Steinman, Hogan Lovells US LLP, New York, NY Panelist: J. Mark Iwry, Brookings Institution, Washington, DC & Wharton School, Univ. of Pennsylvania, Philadelphia, PA What’s in a Name? Association Health Plans and Association Retirement Plans: These Cousins Couldn’t Be More Different. This panel of experts will dive into the fray and analyze the battle lines drawn over association health plans and association retirement plans as a microcosm of the battle between red states and blue states. Find out whether proponents of association health plans oppose association retirement plans (and vice versa), and learn the projected location of the upcoming battlefields. Join us as we provide an up-to-the-minute update on association health plan and association retirement plan litigation, regulation and guidance focusing on the issues that all plans, employers, insurance carriers, participants, and service providers need to know now. Moderator: Erin M. Sweeney, Miller & Chevalier Chartered, Washington, DC Panelists: Christopher E. Condeluci, CC Law & Policy, Washington, DC; Joel R. Hurt, Feinstein Doyle Payne & Kravec LLC, Pittsburgh, PA; Anthony F. Shelley, Miller & Chevalier Chartered, Washington, DC Department of Labor, Employee Benefits Security Administration and Pension Benefit Guaranty Corporation Hot Topics. Representatives from the Department of Labor and Pension Benefit Guaranty Corporation will provide updates on the latest guidance and developments affecting employee plans. Moderator: Harold Ashner, Keightley & Ashner LLP, Washington, DC Panelists: Gregory Katz, Attorney, Regulatory Affairs Division, Office of General Counsel, Pension Benefit Guaranty Corporation, Washington, DC; Kimberly Neureiter, Attorney, Bankruptcy, Transactions and Terminations Department, Office of General Counsel, Pension Benefit Guaranty Corporation, Washington, DC; Constance Donovan, Participant and Plan Sponsor Advocate, Pension Benefit Guaranty Corporation, Washington, DC; Camille Castro, Senior Associate, Participant and Plan Sponsor Advocate, Pension Benefit Guaranty Corporation, Washington, DC Department of Treasury / IRS Hot Topics. Representatives from the Department of Treasury and the IRS will provide updates on the latest guidance and developments affecting employee plans. Moderator: Bret Hamlin, Hill Ward Henderson, Tampa, FL Panelists: Carol Weiser, Benefits Tax Counsel, Office of Benefits Tax Counsel, Department of Treasury, Washington, DC; Victoria Judson, Associate Chief Counsel, Employee Benefits, Exempt Organizations, and Employment Taxes, Office of Chief Counsel, IRS, Washington, DC; Stephen Tackney, Deputy Associate Chief Counsel (Employee Benefits), Employee Benefits, Exempt Organizations, and Employment Taxes, Office of Chief Counsel, IRS, Washington, DC; Kevin Knopf, Senior Technician Reviewer, Health and Welfare Branch, Employee Benefits, Exempt Organizations and Employment Taxes, IRS Office of Chief Counsel, Washington, DC
  • Chair: Mark F. Sommer, Frost Brown Todd LLC, Louisville, KY Trends in Statutory Interpretation in State Tax Cases. Speaker: Professor Steve R. Johnson, Florida State University College of Law, Tallahassee, FL
  • Chair: Lany L. Villalobos, Dechert LLP, Philadelphia, PA Earned Income Tax Credit: Ideas for Reform. The Earned Income Tax Credit (EITC) is the most significant earnings-based refundable credit in the Internal Revenue Code. In Tax Credits for the Working Poor: A Call for Reform, Michelle Lyon Drumbl discusses the use of domestic revenue systems in the United States and other countries to deliver and administer social welfare benefits to low-income individuals and families. There have been many proposals to modify or replace the EITC to address some of the current limitations in the EITC, including the Len Burman’s proposal for a new Universal EITC. In light of Drumbl’s recent book and these proposals, as well as last year’s National Taxpayer Advocate Special Report to Congress, Making the EITC Work for Taxpayers and the Government, the panelists will identify challenges for low-income taxpayers with respect to EITC administration and will discuss recent plans for EITC reform. Panelists: Professor Michelle Lyon Drumbl, Washington & Lee University School of Law, Lexington, VA; Professor Leslie Book, Charles Villanova University Widger School of Law, Villanova, PA; Leonard Burman, Syracuse University Maxwell School of Citizenship and Public Affairs and Urban Institute/Tax Policy Center, Syracuse, NY; Margot Crandall-Hollick, Congressional Research Service, Washington, DC Co-sponsored by: Pro Bono & Tax Clinics
  • Chair: Alexandra Minkovich, Baker & McKenzie, Washington, DC Limited Scope Representation: Expanding Access to Legal Services. In May of 2019, the Tax Court announced that it adopted procedures to permit practitioners to enter a limited appearance at scheduled trial sessions. The procedures recently took effect at the beginning of the 2019 Fall Term. This panel will discuss the rules regarding the Tax Court’s new procedure as well as compare and contrast those rules and similar rules in other jurisdictions. This panel will also address the practical considerations and implications of representing a taxpayer under a limited scope appearance. Moderator: Annie Wurtzebach, DLA Piper, New York, NY Panelists: Special Trial Judge Diana L. Leyden, US Tax Court, Washington DC; Derek Richman, Senior Attorney, IRS Office of Chief Counsel, Miami, FL (Invited); Mitchell I. Horowitz, Buchanan Ingersoll & Rooney PC, Tampa, FL; Phillip Colasanto, Agostino & Associates, Hackensack, NJ
  • Chair: Amish Shah, Eversheds Sutherland, Washington, DC Energy Industry Tax Updates Roundtable. This roundtable session will be a discussion among attendees of recent legislative, judicial and regulatory tax developments impacting the energy sector and companies engaged in renewable, alternative and traditional energy transactions, investments and operations in the power, fuels and carbon capture industries. Moderator: Amish Shah, Eversheds Sutherland, Washington, DC Panelists: Jennifer Bernardini, Attorney, Branch 6, Passthroughs and Special Industries, IRS, Washington, DC (Invited); Hannah Hawkins, Deputy Tax Legislative Counsel, Department of Treasury, Office of Tax Policy, Washington, DC (Invited); Brian Americus, Deloitte, Washington, DC; Deborah Gordon, KPMG, Washington, DC; Brad Seltzer, Eversheds Sutherland, Washington, DC
  • Chair: Carolyn (Morey) O. Ward, Ropes & Gray LLP, Washington, DC News from the IRS and Treasury. Representatives from the IRS and Treasury Department will discuss topics of current interest to exempt organizations practitioners. Moderator: Celia Roady, Morgan Lewis, Washington, DC (Invited) Panelists: Victoria A. Judson, Associate Chief Counsel, IRS Office of Chief Counsel (TEGE), Washington, DC (Invited); Janine Cook, Deputy Associate Chief Counsel, IRS Office of Chief Counsel (TEGE), Washington, DC (Invited); Elinor C. Ramey, Attorney-Advisor, Office of Tax Policy, Department of Treasury, Washington, DC (Invited) Up in Smoke: Marijuana, Tax-Exempt Organizations and the Criminality Doctrine. What can tax-exempt organizations do when they are caught between state laws legalizing marijuana sale and use and federal laws that prohibit such activities? Don’t worry, be happy may not be the right answer. Moderator: James P. Joseph, Arnold & Porter, Washington, DC Panelists: Professor Philip Hackney, University of Pittsburgh School of Law, Pittsburgh, PA; Evalina Norwinski, Arnold & Porter, Washington, DC A “20/20” Look at the 2017 Tax Act. This panel will discuss any newly released guidance under sections 512(a)(6) and 4960 impacting tax exempt organizations. Moderator: Gil Ghatan, Ropes & Gray LLP, Washington, DC Panelists: Victoria A. Judson, Associate Chief Counsel (EEE), IRS Office of Chief Counsel, Washington, DC (Invited); Janine Cook, Deputy Associate Chief Counsel (EEE), IRS Office of Chief Counsel, Washington, DC (Invited); Elinor C. Ramey, Attorney-Advisor, Office of Tax Policy, Department of Treasury, Washington, DC (Invited); Chelsea Rubin, Morgan Lewis, Washington, DC; Robert A. Wexler, Adler & Colvin, San Francisco, CA Exempt Organizations Committee Luncheon Rising Seas: Facts v. Fiction Speaker: John Englander, Oceanographer, Author of High Tide On Main Street: Rising Sea Level and the Coming Coastal Crisis Section 501(c)(3) and Hate Speech. While the Internal Revenue Code is silent on standards for speech, the Treasury Department and the IRS have endeavored to craft guidance that comports with the First Amendment while minimizing the use of tax-exempt organizations as vehicles for the promulgation of hate speech. This panel will look at current issues relating to 501(c)(3) status and non-educational speech, particularly speech that constitutes hate speech. Moderator: Marcus Owens, Loeb & Loeb LLP, Washington, DC Panelists: Professor Frances R. Hill, University of Miami School of Law, Coral Gables, FL; Ryan Oberly, Wagenmaker & Oberly, Charleston, SC Controversial Gifts: Solutions Through Policy and/or Agreement. The panelists will discuss tax and other legal considerations in structuring, negotiating, and accepting charitable gifts that involve donor naming and/or donor-imposed restrictions on the use of the gift, with a focus on finding practical ways to avoid or minimize controversy and disputes with donors through the use of institutional policies, contract clauses, and internal training and protocols. Moderator: John Sare, Patterson Belknap Webb & Tyler LLP, New York, NY Panelists: Deborah G. Marx, Tulane University, New Orleans, LA; Donna J. Snyder, University of Michigan, Ann Arbor, MI
  • Chair: Jana S. Lessne, KPMG LLP, Washington, DC A “Quick Dip” in the Water – A Summary of Recent Transfer Pricing Issues. This program will provide a “refreshing dip” into the latest and most significant transfer pricing issues. We will dive into the OECD’s recent proposal for a Unified Approach to the tax challenges of digitalization, including the proposed new tax nexus rule for in-scope taxpayers, revised profit allocation rules, and pending key questions. We will then splash around in the final and proposed BEAT regulations, focusing on issues such as non-recognition transactions that may give rise to base erosion payments, the lack of an exception for payments to foreign entities that are subject to GILTI and/or Subpart F, and additional clarification on whether payments can be netted against one another to reduce base erosion payments. We will next take a couple of laps through the recently released functional cost diagnostic model or “FCDM”, including some observations on how this model has been used in actual APA negotiations. Lastly, we will catch a few rays, shedding some light on recent transfer pricing litigation, discussing recent developments in major cases such as Amazon, Altera, Medtronic, and other significant cases. Moderator: Heather Gorman, EY, New York, NY Panelists: Christopher J. Bello, Branch Chief, Branch 6, IRS Office of Associate Chief Counsel (International), Washington, DC (Invited); Professor William Byrnes, Texas A&M University School of Law, Fort Worth, TX; Professor Mindy Herzfeld, University of Florida Levin College of Law, Gainesville, FL; Professor Steve Johnson, Florida State University, Tallahassee, FL; Donna McComber, Baker & McKenzie Consulting LLC, Washington, DC; Robert Stack, Deloitte Tax LLP, Washington, DC
  • Chair: Heesun Grace Kim, Grant Thornton LLP, Washington, DC Hot Topics. This panel will discuss recent developments in the area of partnership taxation, including legislation, regulations, administrative guidance and noteworthy cases. Moderator: Tom West, KPMG LLP, Washington, DC Panelists: Bryan Rimmke, Attorney-Advisor, Office of Tax Policy, Department of Treasury, Washington, DC (Invited) How Far Will You Carry Your Client? Section 1061 As It Stands Today. This panel will discuss section 1061 (the so-called “carried interest” provision) enacted under the TJCA. The panel will outline the technical aspects of section 1061 and highlight some of its ambiguities. The panel will further discuss current developments that have occurred since its enactment—including specific guidance recommendations made by the Partnership Committee. The panel will also discuss what the future proposed regulations under section 1061 may provide. Moderator: Todd Golub, EY, Chicago, IL Panelists: Kara Altman, IRS Office of Chief Counsel (Passthroughs & Special Industries), Washington, DC (Invited); Audrey Ellis, PwC, Washington, DC; Morgan Klinzing, Pepper Hamilton LLP, Philadelphia, PA; Mike Scaramella, Deloitte LLP, Chicago, IL Tax Issues of Dry Partnerships. This panel will address tax issues that arise when a partnership owns stock in a corporation as its sole or primary asset, including section 704(b) allocation issues (e.g., with regard to preferred distribution rights), issuance of compensatory partnership interests to employees of the corporation, and the application of section 704(c). Moderator: Eric Sloan, Gibson Dunn & Crutcher LLP, New York, NY Panelists: Josh Brady, Grant Thornton LLP, Washington, DC; Erin Cleary, Debevoise & Plimpton LLP, New York, NY
  • Chair: Richard C. LaFalce, Morgan Lewis & Bockius LLP, Washington, DC Non-US Investors in Private Funds. This panel will discuss recent US tax developments that impact private funds that admit non-US investors and the practical implications for private funds. The panelists will address tax reporting and managing the downward attribution rules for controlled foreign corporations, the formation and structuring of corporate blockers, withholding tax issues and negotiating side letter provisions for non-US investors in the private fund context. Moderator: Ryan Au, Sherman & Sterling, Washington, DC Panelists: Jeffrey Tate, Arent Fox, Washington, DC; David Richardson, KPMG, New York, NY; Friedemann Thomma, Venable, San Francisco, CA Overview of Collective Investment Trusts: Popular Alternative to Mutual Funds for Institutional Investors. This panel will discuss collective investment trust structures used by institutional retirement investors as alternatives to mutual funds and other pooled investment vehicles. Topics will include their regulation, organization and operation, key similarities and differences between trusts and mutual funds, and other vehicles, investment-related tax law considerations, and recent market trends. Moderator: Amy Snyder, The Vanguard Group Inc., Malvern, PA Panelists: Charles M. Horn, Morgan Lewis & Bokius LLP, Washington, DC; Marcy Kempf, Cohen & Company, Milwaukee, WI; Laura Parello, PwC, New York, NY The Latest in Drafting Investment Fund Agreements. This panel will discuss carried interest waivers, management fee waivers, 1446(f) indemnities, and BBA provisions. Moderator: Anthony Tuths, KPMG, New York, NY Panelists: Jon P. Brose, Seward & Kissel LLP, New York, NY; Janicelynn Asamoto Park, Proskauer, New York, NY
  • Chair: Professor Timothy M. Todd, Liberty University School of Law, Lynchburg, VA Recent IRS Guidance on Bitcoin and Other Virtual Currencies. On October 9th, 2019 the IRS issued Revenue Ruling 2019-24 which addressed the tax consequences of forks and airdrops as well as a series of FAQ’s that cover a number of common virtual currency situations. This panel will go through the nuts and bolts application of the October guidance, how to advise taxpayers that previously took a position contrary to the guidance, and the inherent limitations of releasing guidance by FAQ. The panel will also address some of the uncertainties of forks that still exist post R.R. 2019-24 and what future guidance is needed for virtual currencies. Panelists: Professor Annette Nellen, San Jose State University, San Jose, CA; James Creech, Law Offices of James Creech San Francisco, CA; Christopher Wrobel, IRS Office of Chief Counsel, Income Tax and Accounting, Washington, DC (Invited) Co-sponsored by: Administrative Practice, Sales Exchange & Basis, and Teaching Taxation Designated Orders in the US Tax Court. The US Tax Court issues over 100 orders each day; most are unremarkable. None are precedential under Tax Court Rule 50(f). Some, however, are interesting, involving the disposition of complicated, substantive issues. Each day, the Tax Court “designates” these orders through publication on its website—an average of one order per day since mid-2017. No other federal court highlights non-precedential orders in this manner. Why does the Tax Court? What lessons can practitioners learn from these orders? This panel will discuss these questions and will present a statistical summary of the Tax Court’s designated orders for the past two years. Moderator: Professor Keith Fogg, Federal Tax Clinic, Harvard Law School, Jamaica Plain, MA Panelists: Professor Patrick W. Thomas, Notre Dame Law School, South Bend, IN; Professor Caleb Smith, University of Minnesota Law School, Minneapolis, MN; Special Trial Judge Diana Leyden, US Tax Court, Washington, DC; Richard G. Goldman, Deputy Associate Chief Counsel (Procedure & Administration) IRS, Washington, DC Due Diligence and Preparer Penalties Following TCJA: Expanded and Potentially Expensive. The IRS conducts due diligence audits of tax return preparers as part of its overall tiered return preparer strategy. Following TCJA, tax return preparers face a possible civil tax penalty for failing to exercise due diligence when preparing an income tax return on which the taxpayer claims head of household (HOH) filing status. In addition to filing status, the penalty now applies for failing to exercise due diligence in preparing returns claiming the earned income tax credit, (EITC), the child tax credit (CTC), including the additional child tax credit (ACTC), and the credit for other dependents (ODC), and the American opportunity tax credit (AOTC). The penalty in 2018 was $520 for each failure. This panel will explore how due diligence penalties fit in with the IRS’s overall compliance efforts directed toward paid return preparers, provide a practitioner’s perspective on IRS due diligence audits, and review how preparers can challenge the penalties before the IRS and in federal court. Moderator: Professor Leslie Book, Villanova University Widger School of Law, Villanova, PA Panelists: Laura Baek, Acting Executive Director of Case Advocacy – Intake and Technical Support, IRS, Washington, DC; Naomi Mbugua-Dillard, Supervisory Management and Program Analyst Refundable Credit Administration – Policy Coordination, W&I, IRS, Atlanta, GA; Michael A. Lampert, The Law Offices of Michael A. Lampert, West Palm Beach, FL
  • Chair: Sam Weiler, EY, Columbus, OH Current Developments and Update on Pending Guidance. This panel will cover the important recent developments in the areas of capital recovery and leasing. Moderator: Jessica Hawn, Andersen, Chicago, IL Panelists: Kathy Reed, Branch Chief, Branch 7, Office of Chief Counsel – Income Tax & Accounting, IRS, Washington, DC (Invited); Wendy Friese, Tax Policy Advisor, Department of Treasury, Washington, DC (Invited); Andrew Eisinger, Crowe, Atlanta, GA Transactions and Bonus Depreciation. This panel will discuss various corporate and partnership transactions and their impact on the availability of bonus depreciation under section 168(k). Moderator: Nicole Field, EY, Washington, DC Panelists: Kathy Reed, Branch Chief, Branch 7, Office of Chief Counsel – Income Tax & Accounting, IRS, Washington, DC (Invited); Wendy Friese, Tax Policy Advisor, Department of Treasury, Washington, DC (Invited); Mark Weiss, Branch Chief, Branch 2, Office of Chief Counsel – Corporate, IRS, Washington, DC (Invited); Bryan Rimmke, Attorney-Advisor, Department of Treasury, Washington, DC (Invited); Jason Dexter, KPMG, Washington, DC; Richard Nugent, Jones Day, New York, NY Implementing the Bonus Depreciation Regulations. This panel will be focused on the procedural aspects of implementing the final and re-proposed bonus depreciation regulations under section 168(k), with a specific focus on the issues and opportunities raised by the recent guidance and the actions that taxpayers can take to align their current and prior year return positions with the regulations. Moderator: Jane Rohrs, Deloitte, Washington, DC Panelists: Kathy Reed, Branch Chief, Branch 7, Office of Chief Counsel – Income Tax & Accounting, IRS, Washington, DC (Invited); Wendy Friese, Tax Policy Advisor, Department of Treasury, Washington, DC (Invited); Jaime Park, Attorney, Office of Chief Counsel – Income Tax & Accounting, IRS, Washington, DC (Invited); Andrea Mouw, Eide Bailley, Minneapolis, MN