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Thursday, April 26, 2018
Registration Desk Opens
Martin H. Brinkley, Dean, UNC School of Law and Kathleen DeLaney Thomas, Assistant Professor of Law and Director of UNC Tax Institute
9:00 - 10:00 a.m.
The Hot Topics in Tax Controversy
David D. Aughtry, Chamberlain, Hrdlicka, White, Williams & Aughtry
From forced accounting method changes, through targeted captives and conservation partnerships, to offshore activities, we will focus on the best way for accountants and lawyers to protect their anchor clients against tax liabilities and, failing that, penalties.
10:10- 11:10 a.m.
Drafting and Revising Partnership and Acquisition Agreements in Response to the New Partnership Audit Rules
Stephen A. Kuntz, Norton Rose Fulbright and Robert W. Phillpott, Baker Botts
This presentation addresses the various areas of the new partnership audit rules, including what the significant changes are from the TEFRA rules; how these new rules will impact partnership agreements, such as the appointment and removal of the partnership representative and contractual limitations and obligations to be placed on the partnership representative; and how these new rules will impact acquisition agreements involving partnerships. The session also discusses drafting with respect to the imputed underpayment rules and the push-out election provision.
11:20 a.m. - 12:20 p.m.
Choice of Entity and Business Tax Planning under the 2017 Tax Act
C. Wells Hall III, Nelson Mullins Riley & Scarborough
Under the 2017 Tax Act, signed by the President on December 23, 2017, tax practitioners are required to deal with a new business tax landscape which could rival the changes brought about by the changes to the Internal Revenue Code in 1986, which repealed the General Utilities Doctrine, reduced tax rates across the board, and eliminated many deductions. Among other considerations, choice of entity decisions will require consideration of the need to accumulate capital at the corporate level compared with the desire to distribute income to owners, as well as the effective tax rate for owners of pass- thru entities in light of the 20% deduction for qualified business income (QBI). New expensing and accelerated cost recovery rules will encourage capital expenditures, and also make asset purchases more attractive to buyers than stock purchases. The limitation on business interest deductions will decrease the attractiveness of highly leveraged acquisitions, particularly private equity transactions. Earnings stripping strategies, involving payments to non-U.S. affiliates in multinational groups, will be impacted by the base erosion anti-abuse tax (BEAT) provisions, requiring a careful review of intra-group financing structures. In this session, Hall will explore the impact of the new tax legislation as of the date of the Institute, the effect of such changes on conventional business tax planning, and those areas requiring further guidance from the IRS and possible technical correction legislation from Congress.
12:20 - 1:10 p.m.
Networking Buffet Lunch
1:10 - 2:10 p.m.
North Carolina Sales and Use Tax Updates
Eric K. Wayne, Director, Sales & Use Tax Division, North Carolina Department of Revenue
This presentation focuses on key sales and use tax laws enacted during the 2017 legislative session with specific emphasis real property transactions and repair, maintenance and installation services to property. The presentation also provides a brief overview of a number of technical sales and use tax changes that became law.
2:20 - 3:20 p.m.
The Morality of International Tax Planning
Peter A. Barnes, Senior Lecturing Fellow, Duke Law, Senior Fellow, Duke Center for International Development and Of counsel, Caplin & Drysdale
Legally, taxpayers can arrange their business operations to minimize income taxes. But, in recent years, multinational corporations have been sharply criticized for doing just that. Why? And why are individuals generally not criticized (or criticized to the same degree) when they take the same tax minimization steps that companies take? We will discuss the moral compass that guides international tax planning.
3:30 - 4:30 p.m.
The State of the IRS
Nina E. Olson, United States Taxpayer Advocate, and head of the Office of the Taxpayer Advocate (NTA), Internal Revenue Service
Nina Olson is the National Taxpayer Advocate, the voice of the taxpayer at the IRS and before Congress. Under her leadership, the Taxpayer Advocate Service helps thousands of taxpayers every year resolve problems with the IRS and addresses systemic issues affecting groups of taxpayers. Her Annual Report to Congress identifies serious problems facing taxpayers and recommends solutions. One of her most significant achievements has been the codification of the Taxpayer Bill of Rights by Congress in 2015. She has also established a series of International Conferences on Taxpayer Rights, bringing together government officials, scholars, and practitioners from dozens of countries to explore how taxpayer rights serve as the foundation for effective tax administration. In 2017, she received the ABA Tax Section’s Distinguished Service Award and the Jules Ritholz Memorial Merit Award for outstanding dedication, achievement, and integrity in the field of civil and criminal tax controversies. Drawing from her 2017 Annual Report to Congress, Olson will talk about problems facing the Internal Revenue Service (IRS) and the implications of those problems for tax compliance and enforcement, including:
IRS funding and personnel cuts;
declining audit rates; and
flawed implementation of congressional mandates requiring the use of private debt collectors and the denial of passports to certain U.S. citizens with large tax debts.
She will also address possible solutions to these problems.
Friday, APRIL 27, 2018
Registration Desk Opens
8:00 - 10:00 a.m.
Recent Federal Income Tax Developments
Cassady V. Brewer, Associate Professor of Law, Georgia State University College of Law and Bruce A. McGovern, Professor of Law, South Texas College of Law Houston
This session highlights significant court decisions, rulings, and statutory and regulatory federal income tax developments affecting taxpayers over the past twelve months.
10:10 - 11:10 a.m.
Current Developments in Transfer Taxation
Sanford J. Schlesinger, Schlesinger Lazetera & Auchincloss
Act of 2017 (the “2017 Act”), which was enacted on December 22, 2017, included
significant changes to the federal transfer tax regime and related income tax
provisions. Mr. Schlesinger will review such transfer tax and related
income tax developments, and will discuss how they impact estate, trust and
income tax planning, and the administration of decedents’ estates.
Moreover, Mr. Schlesinger will review other recent developments regarding
estate, trust and transfer tax and income tax planning in North Carolina and
11:20 a.m. - 12:20 p.m.
The Tax Reform Effort of 2017 – A Look Back and a Look Ahead
Jonathan G. Traub, Deloitte Tax
In this session, Traub, managing principal of the tax policy group at Deloitte Tax will review the tax reform bill enacted at the end of 2017, explore key components of it and the political and policy calculations that went into them, examine how it came together in a deeply divided political system, and look ahead to the prospects for further refinements.
12:20 - 1:20 p.m.
Networking Buffet Lunch
1:20 - 2:20 p.m.
What's Next in Washington and Raleigh for Nonprofits?
Dianne Chipps Bailey, Robinson Bradshaw
session is a discussion of how legislative and regulatory changes may impact
the nonprofit sector including private foundations, donor-advised funds and
public charities. Gain a deeper understanding of both proposed and recently
enacted legislation and how to best prepare your organization for success in
light of new state and federal rules. The presentation will cover federal tax
reform, state real property tax exemptions, nonprofit executive compensation,
board governance, the Johnson amendment, and much more. The conversation
promises to be lively and, as always, your questions and comments are welcome.
2:30 - 4:30 p.m.
A General Counsel's Tales from the Confessional - and Some Tips to Keep You Out of It (PR/Ethics)
Christopher S. Rizek, Caplin & Drysdale
As the General Counsel of a tax boutique law firm, Mr. Rizek routinely sees and hears about issues involving legal ethics, tax penalties, privilege, and potential malpractice exposure. In this presentation he will discuss the rules and regulations that typically apply, and offer practical real-world advice on how to approach common sensitive situations.