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Thursday, April 30, 2015

8:00 a.m.

Registration and Continental Breakfast

8:15 a.m.

John Charles Boger, Dean and Wade Edwards Distinguished Professor of Law

8:30 - 9:45 a.m.

Federal Income Tax Developments Part 1: Individual Income Tax Issues

Bruce A. McGovern, Vice President, Associate Dean for Academic Administration and Professor of Law, South Texas College of Law

This session will provide an examination of the legislation, court opinions, and regulations and rules of the past year outside of the business entity context.

9:50 - 10:50 a.m.

Fixing a Broken Trust

Elizabeth K. Arias, Womble Carlyle Sandridge & Rice, LLP

Trusts are fantastically flexible estate planning vehicles, but irrevocable trusts established during life and trusts established by testamentary devise suffer from one inconvenient drawback – they cannot be changed. Or can they? This presentation will examine the options to amend a trust to better serve the objectives of grantors and beneficiaries, including the prospect of decanting the trust property into a trust with more suitable terms. The various income, gift, estate, and generation-skipping transfer tax issues implicated by trust decanting also will be explored.

10:55 - 11:55 a.m.

Payroll Tax and Fringe Benefit Update

Mary B. ("Handy") Hevener, Morgan, Lewis & Bockius LLP

This session will focus on the latest payroll tax and, information reporting issues affecting taxpayers, including the effect on various excludable benefits of the Supreme Court's decisions under the Defense of Marriage Act; expansion of the Tax Court's jurisdiction to hear certain payroll tax cases, developments in the fringe benefit and business expense deduction areas, and other issues being raised by the IRS and Congress that affect employment tax liabilities.

12:00 - 1:00 p.m.

Lunch (provided)

1:00 - 2:15 p.m.

Federal Income Tax Developments Part 2: Business Entity Tax Issues

Bruce A. McGovern, Vice President, Associate Dean for Academic Administration and Professor of Law, South Texas College of Law

This session will provide an examination of the legislation, court opinions, and regulations and rules of the past year relating to the taxation of business entities.

2:20 - 3:20 p.m.

Surviving a Gift Tax Audit

James W. Narron, Narron, O'Hale and Whittington, PA

This presentation will explore the audit of forms 709 and the taxpayer's response and IRS initiatives focusing on gift tax returns. The session will also cover statute of limitations issues, unreported gifts, ethical issues, valuation issues, penalties, transferee liability and personal representative liability, and building the foundation for Appeals and beyond.

3:25 - 4:25 p.m.

Staying Abreast of the Ever-Growing Labyrinth of U.S. Tax Reporting and Compliance Requirements for Inbound Foreign Clients

James E. Croker, Jr., Alston & Bird LLP

This program will cover a variety of tax reporting and compliance headaches faced by foreign-owned U.S. enterprises and foreign investors in U.S. real estate, including maintenance of proper transfer pricing documentation; FATCA compliance; filing section 6114 disclosures of treaty-based return positions; complying with section 6038A reporting for related party transactions (Form 5472); FIRPTA compliance issues, including notices of non-recognition transfers, withholding certificates, and statements provided by a U.S. corporation as to its non-USRPHC status when foreign shareholder sells the corporation's shares; and selected issues relating to U.S. obligations of withholding agents as to FDAP income, including securing and updating W9-BENs from foreign lenders.

4:30 - 5:30 p.m.

Tax Issues in Middle Market Mergers and Acquisitions

C. Wells Hall III, Nelson Mullins Riley & Scarborough

A discussion of the taxation of merger and acquisition transactions in the vibrant "middle market," involving the intersection of limited liability companies, S corporations, and C corporations. The presentation will include the use of cash and stock in taxable, partially taxable, and nontaxable merger and acquisitions. Current deal structures will be discussed, along with tax elections under section 338(h)(10), section 336(e), purchase price allocations, post-transaction reorganizations, and the effective use of earn-outs to capture full value for the sellers.

Friday, May 1, 2015

8:00 a.m.

Continental Breakfast

8:30 - 9:30 a.m.

Practical GST in a World of Higher Exemptions

Jill Raspet Peters, Smith Moore Leatherwood LLP

This presentation will focus on reviewing the basic rules of generation skipping transfer tax and how this tax and those rules still apply to many existing or new transactions that are encountered in our practice. The GST rules must be examined carefully even if there is not a transfer under which estate or gift taxes must be paid to be sure that GST exemption is properly allocated or the GST annual exclusion appropriately applies. Presenter will review the rules regarding the generation skipping transfer tax: when it applies, how it is calculated, and how exemption is allocated. Additionally, will highlight the number of real world instances where the generation skipping transfer tax still applies even if a client is under the estate tax threshold, and how those instances can be avoided or how exemption can be properly allocated to avoid those cases.

9:35 - 11:05 a.m.

Is Possible Estate Tax Repeal for Real – Estate Planning in a Post-ATRA World*

Sanford J. Schlesinger, Schlesinger Gannon & Lazetera LLP

The speaker will discuss estate planning techniques that are designed to take advantage of the gift tax, estate tax and generation-skipping transfer tax provisions of the American Taxpayer Relief Act of 2012, including the advantages and disadvantages of using portability. Schlesinger will also review the Obama Administration's current transfer tax and related income tax proposals, and how they would affect estate planning decisions if enacted. The session will also include a discussion of recent state transfer tax developments, and recent IRS developments regarding various aspects of estates and trusts.

11:10 a.m. - 12:10 p.m.

LLC Statutory, Fiscal, and Tax Accounting – Keeping Score of the Convoluted Blend of Concepts of Subchapter K and the Reporting and Record-Keeping Responsibilities, Duties, and Liabilities of, and Planning Opportunities for, LLCs and their Management

Warren P. Kean, Shumaker, Loop & Kendrick and Todd Sinnett, Grant Thorton LLP

This is a discussion of the importance of proper record keeping for LLCs and the meaning and import of terms such as "book value" and "capital account" under each. The presentation will focus on the consequences, including pros and cons, of adopting "layer cake" allocations, as compared to forced or "targeted" allocations, as compared to ill-defined "partners' interests in the partnership" allocations. The panelists also will discuss mistakes, oversights and challenges that they have encountered with each. There will be a robust discussion between the attorney panelist and the tax accountant panelist about the life cycle of an LLC and the types of errors and miscommunications that can occur when drafting, interpreting, and applying operating agreements and tax law in connection with preparing tax returns, including the limitations and restrictions that often are imposed on legal and accounting professionals attempting to cure or otherwise remedy drafting and accounting mistakes and misunderstandings and unexpected or unanticipated developments. The panelists also will suggest steps that may be taken to minimize or avoid those problems.

12:10 - 12:55 p.m.

Lunch (provided)

12:55 - 2:55 p.m.

Ethics Topic: Oversight Responsibilities in Tax Practice under §10.36

Peter S. Wilson, Tax Quality and Risk Management – National Partner, McGladrey, LLP and Michael J. Villa, Tax Quality and Risk Management – Senior Manager, McGladrey, LLP

This session will discuss the 2014 changes to Circular 230 §10.36 and the oversight responsibilities of professionals who manage their firm's tax practice. The revised §10.36 obligations will be contrasted with obligations under the AICPA Code of Conduct and the ABA Model Rules, and examples of how certain §10.36 responsibilities can be addressed will also be presented.

3:00 - 4:00 p.m.

Defending Against IRS Penalty Assertions

David D. Aughtry, Chamberlain Hrdlicka

How do you convince someone who disagrees with your position on the merits that you possessed substantial authority, a reasonable belief that you were more likely than not correct, or good faith reasonable cause? While Congress and traditional constitutional principles contemplated that penalties should only be imposed upon a clear violation of a clear standard, the IRS now presumes the application of penalties and often measures them by way of hindsight. And trial courts facing an appeal may not be inclined to undermine their ruling on the merits. We will focus upon defenses and strategies in pressing those defenses.

*The School of Law is greatly appreciative of the Marvin K. and Florence T. Blount Lecture, which was established in 1973 by Marvin (J.D., 1916) and Florence Blount to promote greater professional and public awareness of estate planning and tax issues.

UNC School of Law | Van Hecke-Wettach Hall | 160 Ridge Road, CB #3380 | Chapel Hill, NC 27599-3380 | 919.962.5106

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