70th Annual Virginia Conference on Federal Taxation 2018

MCLE Credits: 13.5
Ethics Credits Included: 2.0 (Optional)

Live on Site: Thursday, June 7 - Friday, June 8 / Charlottesville / University of Virginia School of Law
Registration: 8:00 a.m.
Program: 8:50 a.m. (Thursday) - 4:30 p.m. (Friday).
MCLE Credit: 13.5 (including Optional 2.0 MCLE Ethics) CPE: 16.0 (including Optional 2.0 CPE Ethics)
Live-Interactive Credit: 13.5 Live Interactive MCLE Credit Symbol

Information

Why Attend?

Be a better practitioner: more efficient, competent, and knowledgeable.

  • Make sense out of the complicated 2017 Tax Act
  • Change your practice to account for new cases, legislation, and regulations
  • Utilize new planning techniques
  • Create strategies to assist with burdens faced by individuals and businesses
  • Apply practical solutions to problems
  • New this year: Discounted registration option for first-time Conference attendees!

Virginia’s Premier Tax Conference for Attorneys and Accountants Sponsored by The University of Virginia Tax Foundation Cooperating Organizations: VSCPA, VBA, VSB, UVa McIntire School of Commerce, UVa School of Law

Hear some of the nation’s leading authorities in the area of taxation law and practice provide valuable tax-planning and tax-saving strategies developed for individuals, corporations, pass-through entities, estates, gifts, and trusts.

Accreditation: In addition to Virginia MCLE (see top of page), The University of Virginia Tax Foundation is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. www.nasba.org.

 

Can't Attend?
E-mail distance_ed@vacle.org to be notified when/if this program is made available as an online or USB seminar.
E-mail publications@vacle.org to be notified when/if this program's seminar materials are made available for sale.

Schedule

COURSE SCHEDULE

The two-day Conference begins Thursday morning, June 7, at 8:50 a.m., adjourns at 4:30 p.m. on Friday, June 8, and is held in the Caplin Auditorium at the University of Virginia School of Law.

Thursday, June 7, 2018
Registration begins at 8:00 a.m.

Morning Session (8:50 a.m. – 12:00 noon)

8:00 Registration
8:50 Introductory Remarks
8:55 Latest Federal Tax Developments (Taxes)
Bruce McGovern, Professor of Law and Director, Tax Clinic, South Texas College of Law Houston / Houston, TX
Cassady V. ("Cass") Brewer, Associate Professor of Law, Georgia State University College of Law / Atlanta, GA

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 domestic income taxation, corporate taxation, partnership taxation, tax-exempt organizations, and tax procedure.
10:40 Break
10:55 Latest Federal Tax Developments (continued)
Bruce McGovern, Professor of Law, South Texas College of Law Houston / Houston, TX
Cassady V. ("Cass") Brewer, Associate Professor of Law, Georgia State University College of Law / Atlanta, GA
12:00 Lunch (included with program)

Afternoon Session (1:00 p.m. – 5:15 p.m.)

1:00 Concurrent Sessions
  1. 1:00-2:00
    State Income Tax Conformity After the 2017 Tax Act

    Craig D. Bell, McGuireWoods LLP / Richmond

    A lively discussion of recent developments in Virginia taxation. Court cases, new legislation, and rulings by the State Tax Commissioner and the Virginia Attorney General will be presented. We will also take a look at what the other states are considering as workaround possibilities to avoid the effects on states from the recently enacted Tax Cuts and Jobs Act (P.L. 115-97).

    AND

  2. 2:00-3:00
    Accounting Method Changes for Closely Held Businesses After the 2017 Tax Act
    Colleen M. O’Connor, KPMG LLP / Washington, DC

    This session will highlight the impact of the new tax law on certain accounting eventmethods, including the expanded availability of the cash method of accounting, changes to the timing of income recognition under the accrual method, 100% bonus depreciation, and increased expensing limits under Section 179. It will also discuss accounting methods planning considerations for 2017 tax returns of calendar and fiscal year filers.

    OR
  1. 1:00-3:00
    Impact of the 2017 Tax Act on Foreign Investment by Closely Held Businesses
    Ryan L. Losi, PIASCIK Certified Public Accountants / Glen Allen

    The Tax Cuts and Jobs Act brings sweeping changes to federal tax law, which will significantly impact both individuals and businesses especially in the areas of international taxation. This session will review some of the major changes that affect foreign investment by closely held businesses including the 2017 Sec. 965 transition tax, as well as important considerations and strategies for 2018 and beyond.
3:00 Break
3:15 Concurrent Sessions
  1. 3:15-4:15
    Employee Benefit Planning After the 2017 Tax Act

    Karen M. Field, KPMG LLP / Washington, DC

    The 2017 Tax Reform changes affect a number of employee benefits and some related employer deductions. Congress took away deductions for some performance-based compensation, deductions (though not necessarily the income exclusions) for some fringe benefits, and deductions for many cherished client relationship-building events. Congress also added a new form of employee benefit for private companies. The new rules also affect compensation for tax-exempt entities and their related private sister companies and added a new tax on certain fringe benefits for tax-exempt entities. We will explore not only the actual tax law changes but also the ways those laws are pushing employers to re-think their programs and how such programs work for employees and clients. We will discuss practical issues arising from the changes and how to recognize and use the still-existing compensation exclusions and business deductions.

    AND

  2. 4:15-5:15
    Impact of Tax Reform on Tax-Exempt Organizations/Charitable Giving
    J. William Gray, Jr. McGuireWoods LLP / Richmond

    The 2017 Tax Act contains several provisions that directly affect tax-exempt organizations. It makes other changes that, in the aggregate, may have a substantial effect on supporters of those organizations. This session will summarize both types of provisions and highlight unanswered questions and planning opportunities in the new legislation.

    OR
  1. 3:15-5:15
    CPE Ethics (Ethics — Regulatory)

    VSCPA Speaker: David Peters, Carroll Financial Associates Charlotte, NC

    This session will fulfill the Virginia Board of Accountancy’s (VBOA) annual 2-hour (100-minute) CPE requirement for 2018. We will summarize updates and changes to statutes, regulations, and policies Virginia CPAs must adhere to. We will also learn how to implement the AICPA Code of Professional Conduct when faced with ethical dilemmas, and monitor the changes happening in the world and how they affect the work CPA professionals perform.

OR

  1. 3:15-5:15
    MCLE Ethics

    Bradley A. Ridlehoover, McGuireWoods LLP / Richmond

    We will focus on the intersection of Circular 230 and the ABA model rules that impact the advice tax lawyers give on a daily basis. Using hypotheticals of likely scenarios tax lawyers face, we will search out the boundary lines for ethical representation of tax clients. This session will provide practical advice to both transactional tax attorneys and litigators. For example, we will discuss whether a tax attorney can continue to represent a client who refuses to amend a tax return that the client now admits is false, or whether a tax litigator can continue to represent a client in the middle of a trial after learning that the tax lawyer unwittingly allowed the client to make a false statement to the tribunal.
5:15 Adjourn and Cocktail Party

Friday, June 8, 2018

Morning Session (8:45 a.m. - 12:15 noon)

8:45 Tax Reform Implementation
Commissioner David Kautter, Acting Commissioner IRS / Washington, DC


The Tax Cuts and Jobs Act represents the most sweeping change to U.S. tax law since 1986. Discussion will include the work of the IRS to implement tax reform, and will emphasize the monumental effort to implement this new law.
9:45 Practical Impact of the New Partnership Audit Rules
Miriam L. Fisher, Latham & Watkins LLP / Washington, DC


R.I.P. TEFRA. Long live CPAR! This session will explore key aspects of the new Centralized Partnership Audit Regime, including critical decisions already arising for partnerships. Discussion will include highlights of the new barrage of procedural regulations that both answer and raise critical questions about the IRS’s impending audit scrutiny of partnerships.
10:45 Break
11:00 Choice of Entity After Tax Reform—Impact on Partnerships, S-Corps, and Use of C-Corps
Deborah A. Fields, KPMG LLP / Washington, DC
12:15 Lunch (included with program)

Afternoon Session (1:00 p.m. - 4:30 p.m.)

1:00 Tax Reform Impact on the Flow-Through Entity: Sections 199A, 163(j), and 168(K)
Robert J. Crnkovich, Ernst and Young, LLP / Washington, DC
Maximilian Pakaluk, Ernst & Young LLP / Washington, DC
3:00 Break
3:15 Estate and Trust Planning After Tax Reform—Including Income and Tax Basis Planning
Farhad Aghdami, Williams Mullen / Richmond

The 2017 Tax Act doubled the estate, gift, and GST exemptions for the next eight years, but in doing so, shattered many planning paradigms. The income tax (and planning for the Section 1014 basis adjustment at death) may be more compelling than saving estate taxes. This session will focus on new planning structures, how to “boost” basis through the use of QTIP-able trusts, Clayton QTIPs, general powers of appointment, decanting, the Delaware tax trap, community property, and much more!
4:30 Adjourn

Faculty

PLANNING COMMITTEE

L. Michael Gracik, Jr., Co-Director, Keiter / Glen Allen
D. French Slaughter, III, Co-Director, Fox Rothschild LLP / Washington, DC
David M. Chase, Jr., Wall, Einhorn & Chernitzer, P.C. / Norfolk
Cecelia P. Horner, Hunton & Williams / Richmond
David M. Maloney, University of Virginia McIntire School of Commerce / Charlottesville
Lawrence J. Martin, Hantzmon Wiebel LLP / Charlottesville
Professor Susan L. Porter, University of Virginia McIntire School of Commerce / Charlottesville
Thomas P. Rohman, McGuireWoods LLP / Richmond
Bruce C. Stockburger, Gentry Locke Rakes & Moore / Roanoke
John L. Vincie, PBMares, LLP / Harrisonburg
Professor Ethan Yale, University of Virginia School of Law / Charlottesville
George K. Yin, University of Virginia School of Law / Charlottesville

FACULTY

Farhad Aghdami, Williams Mullen / Richmond
Craig D. Bell, McGuireWoods LLP / Richmond
Cassady V. ("Cass") Brewer, Associate Professor of Law, Georgia State University College of Law / Atlanta, GA
Robert J. Crnkovich, Ernst and Young, LLP / Washington, DC
Karen M. Field, KPMG LLP / Washington, DC
Deborah A. Fields, KPMG LLP / Washington, DC
Miriam L. Fisher, Latham & Watkins LLP / Washington, DC
J. William Gray, Jr. McGuireWoods LLP / Richmond
David Kautter, Acting Commissioner IRS / Washington, DC
Ryan L. Losi, PIASCIK Certified Public Accountants / Glen Allen
Bruce McGovern, Professor of Law and Director, Tax Clinic, South Texas College of Law Houston / Houston, TX
Colleen M. O’Connor, KPMG LLP / Washington, DC
Maximilian Pakaluk, Ernst & Young LLP / Washington, DC
David Peters, VSCPA, Carroll Financial Associates / Charlotte, NC
Bradley A. Ridlehoover, McGuireWoods LLP / Richmond

EDITORS

R. Braxton Hill, III, Kaufman & Canoles / Norfolk
John W. Lee, III, Marshall-Wythe School of Law, College of William & Mary / Williamsburg

TRUSTEES EMERITUS

Mortimer M. Caplin, Caplin & Drysdale / Washington, DC
Richard E. Fogg, Free Union
Joseph E. Gibson, University of Virginia McIntire School of Commerce / Charlottesville
George C. Howell, III, Hunton & Williams LLP / Richmond
Thomas R. White, University of Virginia School of Law / Charlottesville

Locations, Dates and Fees

LIVE LOCATION AND DATES

Charlottesville / Thursday and Friday, June 7-8
University of Virginia / School of Law (Venue Website / Google Map)
600 Massie Road


LIVE REGISTRATION FEES (includes lunch both days, and Thursday night cocktail party)

$525 regular registration (printed materials included).
$575 late registration (after May 25, 2018) (printed materials included).
$325 first-time attendee registration (printed materials included). NEW!
$425 my firm has registered three full-price attendees prior to my registration.

REFUNDS

Refund of paid enrollment fees (minus a $100 processing fee) will be made if written notice of cancellation is received at least one week prior to start of the Conference. For more information regarding administrative policies such as complaint and refund, please contact our offices at 800-979-8253.

PARKING

Parking will be available at the D3 lot adjacent to the law school. Any vehicles parked outside the marked lots will be ticketed and may be towed by the University at the owner’s expense. If you require a handicapped parking space, let us know.

ACCOMMODATIONS.  The Tax Conference has arranged room blocks available at several local hotels.  Please contact Kim Villio for a list by e-mail at kvillio@vacle.org, or call 434-951-0036.

We have a block of rooms at the Inn at Darden on the UVA campus. The Inn at Darden features complimentary parking and Wi-Fi, and is located next door to/just a short walk from the UVA Law School, the site of the Conference.

You can view the rooms at https://www.innatdarden.com/. The rate is $129 a night.

Please reference the “Tax Conference Room Block” when calling or e-mailing.

Two easy ways to reserve your room at UVA Inn at Darden

1)      Call the Gatehouse Staff at 434-297-7384
2)      E-mail the Gatehouse Staff at GatehouseStaff@Darden.Virginia.edu

Feel free to contact us if you have any questions.

If you have a disability that requires special accommodation, please contact Virginia CLE® well in advance of the program date.

Private recording of this program is prohibited.

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