71st Annual VIRGINIA Conference on Federal Taxation 2019

MCLE Credits: 13.5
Ethics Credits Included: 4.0 (Optional)

Live on Site: Thursday, June 6 - Friday, June 7 / 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 (Ethics: including Optional 4.0 MCLE Ethics) CPE: 16.0 (including Optional 2.0 CPE Ethics)
Live-Interactive Credit: 13.0 Live Interactive MCLE Credit Symbol

Information

Why Attend?

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

  • 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

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.

THIS YEAR'S TOPICS INCLUDE:

  • Federal  Tax Update
  • Wayfair Case Update and Other State and Local Tax Developments
  • Merger and Acquisition Transactions  After the TCJA
  • Accounting Method and Cost Recovery Update After TCJA
  • Update on the Impact of TCJA on the Flow-Through Entity:  199A,  163(j), and Other Topics
  • Washington Update and Prospects for Tax/Regulatory Changes in 2019
  • Tax Planning for the Real Estate Developer
  • How to Compute,  Take, and Minimize RMDs
  • Choice of Entity After the TCJA
  • Planning for Qualified Opportunity Zones
  • Nonqualified Employee Benefits for Private Companies
  • CPA AND CLE Ethics

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.

This program is not eligible for discounts.

Schedule

COURSE SCHEDULE

The two-day Conference begins Thursday morning, June 6, at 8:50 a.m., adjourns at 4:30 p.m. on Friday, June 7, and is held in the Caplin Auditorium at the University of Virginia School of Law.

Thursday, June 6, 2019
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
Bruce McGovern, Professor of Law and Director, Tax Clinic, South Texas College of Law Houston / Houston, TX


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
12:00 Lunch

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

1:00 Concurrent Sessions

1:00-2:00
Virginia Tax Update (Including the Impact of the Wayfair decision by the United States Supreme Court)

Craig D. Bell, McGuireWoods LLP / Richmond

This presentation will feature the ever popular discussion of recent developments in Virginia taxation, to include the latest in new tax legislation, court cases, tax department rulings, and attorney general opinions.  The recent decision by the U.S. Supreme Court in Wayfair proved to be the genesis of much discussion by the 2019 General Assembly, producing several new legislative items that demonstrate how Virginia intends to implement the Court’s decision, as well as how Virginia may seek to broaden the impact of the Wayfair ruling.

AND

2:00-3:00
Tax Accounting and Cost Recover Update After Almost 18 Months of Tax Cuts and Jobs Act of 2017 (TCJA )
Colleen M. O’Connor, KPMG LLP / Washington, DC

The TCJA made substantial changes to permissible accounting methods for closely held businesses and to cost recovery deductions and the Section 179 deduction.  This session will highlight IRS and Treasury Department guidance related to these accounting method changes and cost recovery deductions, as well provide as an update on topics still requiring guidance.

OR

1:00-3:00
MCLE Ethics—Professional Responsibility for Tax Professionals
Bradley A. Ridlehoover, McGuireWoods LLP / Richmond

This presentation will discuss the responsibilities and duties tax professionals must abide by under Circular 230 (codified as Title 31 of the Code of Federal Regulations, Subtitle A, Part 10 (31 C.F.R. Part 10)) and the American Bar Association Model Rules of Professional Conduct when advising clients on tax matters and representing taxpayers before the IRS.  Because clients engage tax professionals to seek advice to minimize taxes, tax lawyers and accountants must reach the correct balance of their clients’ goals and their duties under the applicable federal and state professional standards.  The goal of the CLE is to give attendees examples of common situations that arise and methods to apply the professional standards to guide how a tax professional should act.

OR

1:00-3:00
Mergers, Acquisitions, and Other Corp Reorgs After Tax Reform
C. Wells Hall, III, Nelson Mullins Riley & Scarborough LLP / Charlotte, NC and Charleston, SC

This presentation will be a discussion of the impact of the 2017 Tax Act on parties to merger and acquisition transactions, including whether to undertake a stock or an asset transaction, qualified stock purchase under section 338(h)(10) or qualified stock disposition under section 336(e), taxable or nontaxable structures, use of section 351 to avoid gain recognition on rollover equity component, structuring private equity recaps, cost recovery and expensing of business assets under section 168(k), new tension on purchase price allocations, deferral of capital gain through investment in Qualified Opportunity Funds, and other dynamics associated with buying and selling businesses after tax reform.

3:00 Break
3:15 Concurrent Sessions

3:15-5:15
CPE Ethics
(Ethics — Regulatory)
VSCPA Speaker: David R. 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 2019. 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

3:15-5:15
Nonqualified Employee Benefits for Privately Held Companies — Equity and Deferred Compensation Opportunities
Taylor W. French, McGuireWoods LLP / Charlotte, NC, G. William Tysse, McGuireWoods LLP / Washington, DC

This presentation will address the various types of equity and equity-based incentive compensation arrangements available to privately held companies — options, restricted stock, profits interests, phantom stock/RSUs, and qualified equity grants. We will explore the various tax attributes and key considerations when implementing an equity incentive program and utilizing specific equity/equity-based structures. We will also review both defined benefit and defined contribution nonqualified deferred compensation plans and discuss key plan terms, as well as highlight tax planning opportunities for companies and participants.

AND

4:15-5:15
70 ½:  How to Compute, Take, Minimize, and Avoid Required Minimum Distributions (RMDs)
 
Karen Field, RSM US LLP / Washington, DC

IRAs, 401(k) plans, and other “broad-based” savings plans are subject to the minimum requirement distribution rules, which are intended to force amounts out of tax-deferred trusts so they can be used for retirement (not just estate planning).   The rules are complex and the penalties for missing RMDs are significant, but there are various planning strategies that advisors can raise with clients nearing retirement.  This session will briefly walk through the various rules and focus on ideas to help clients plan ahead, and understand how the rules work before reaching age 70½. The session will also suggest possible mitigation steps.

5:15 Adjourn and Cocktail Party

Friday, June 7, 2019

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

8:45 An Update on Tax Policy from Washington
Jonathan Traub, Deloitte Tax LLP / Washington DC

Tax Policy in 2019 — What to expect from a divided Washington:  In this session, Jon Traub, Managing Principal for Tax Policy at Deloitte Tax LLP, will review the current status of tax policy-making in Washington and outline where the debate may move to in the months and years to come. 

9:45 Choice of Entity After the TCJA
Anna Derewenda, Williams Mullen
/ Richmond

This presentation will provide an update on the considerations involved in choosing a business entity in the aftermath of tax reform. Topics will include comparisons of organization, operations and exit, as well as the holding of international operations.

10:45 Break
11:00 Qualified Opportunity Zones
Laura Ellen Jones, Hunton Andrews Kurth LLP / Richmond

This session will provide an overview of the Opportunity Zone program enacted by the Tax Cuts and Jobs Act of 2017 and the recent proposed regulations.  The OZ program is intended to spur investment in economically depressed and distressed areas by providing taxpayers with three tax benefits — the deferral and reduction of tax on capital gains and the exemption from tax on the appreciation on the investment in the qualified opportunity fund — provided that certain requirements are satisfied. We will review the OZ program requirements as well as the unanswered questions that remain regarding the program.

12:15 Lunch

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

1:00 Update on Flow-Through Issues Under Tax Reform
James B. Sowell. KPMG LLP / Washington DC


This presentation will provide an up-to-date discussion of guidance under the Tax Cuts and Jobs Act of 2017 related to flow-through entities. Topics to be discussed will include the 20% deduction for qualified business income under section 199A, the interest deduction limitation rules under section 163(j), rules related to taxation of carried interest under section 1061, and the excess business loss rules under section 461(l).

3:00 Break
3:15 Dishing the Dirt on Planning for Real Estate Investors
Farhad Aghdami, Williams Mullen / Richmond


This session will focus on income tax and wealth transfer tax opportunities (and pitfalls) associated with planning for real estate investors, including valuation discounts; valuation freezes; and leveraging strategies for specific types of assets and ownership structures common in real estate deals. This session also will examine the implications of the TCJA and discuss practical considerations (tax and non-tax) for representing real estate investors, including, among other topics, choosing the right trustees after the Aragona case; dealing with negative capital accounts; and managing capital gains and avoiding “dealer” status.

4:30 Adjourn

Faculty

FACULTY

Farhad Aghdami, Williams Mullen / Richmond
Craig D. Bell, McGuireWoods LLP / Richmond
Anna Derewenda, Williams Mullen / Richmond
Karen Field, RSM US LLP / Washington, DC
Taylor W. French, McGuireWoods LLP / Charlotte, NC
C. Wells Hall, III, Nelson Mullins Riley & Scarborough LLP / Charlotte, NC
Laura Ellen Jones, Hunton Andrews Kurth LLP / Richmond
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
David Peters, Carroll Financial Associates / Charlotte, NC
Bradley A. Ridlehoover, McGuireWoods LLP / Richmond
James B. Sowell, KPMG LLP / Washington DC
Jonathan Traub, Deloitte Tax LLP / Washington DC
G. William Tysse, McGuireWoods LLP / Washington, DC

Locations, Dates and Fees

LIVE LOCATION AND DATES

Charlottesville / Thursday and Friday, June 6-7
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.
$575 late registration (after May 24, 2019).
$325 first-time attendee registration.
$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.

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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