72nd Annual Virginia Conference on Federal Taxation 2021

MCLE Credits: 12.0
Ethics Credits Included: 1.0

Thursday, June 3, 8:30 a.m. - 4:30 p.m. ET
and Friday, June 4, 8:30 a.m. - 4:30 p.m. ET

  • Live Webcast
  • Live Telephone
Learn more about Virginia CLE webcast format
Learn more about Virginia CLE telephone format

MCLE Credit:


CPE Credit for Accountants:

12.0 (Ethics: 1.0)

CPE Certificates of Completion will be provided to all
Conference attendees.

Live-Interactive Credit: 12.0 (all dates, all formats) Live Interactive MCLE Credit Symbol
Registration Fee: $350

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 these burdens faced by individuals and businesses
  • Apply practical solutions to problems

Virginia’s Premier Tax Conference for Attorneys and Accountants
Sponsored by The Virginia Tax Foundation

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.

2021 CONFERENCE HIGHLIGHTS

  • Federal Tax Updates—Individuals and Business
  • Update on Tax Policy from Washington
  • Opportunity Zone Planning and Troubleshooting
  • Bitcoin and Cryptocurrency
  • PPP Loan Forgiveness: 2021/2022 Consequences of 2020 Decisions
  • Succession Planning in the Closely Held Business
  • Ethical Considerations in Representing Business Owners and Their Families Regarding Their Estate Plans and Related Matters
  • Tax Planning for Retirement Accounts After the SECURE Act and CARES Act
  • Employee Benefits in Times of COVID-19
  • Estate Planning Update: An IRS Scouting Report
  • QSBS: Quest for Quantum Exclusions (Queries, Qualms, Qualifications & QOZ)

Prerequisites: None

Program Level: Advanced

Advance Preparation: None

Delivery Method: Live-interactive webcast/telephone

PLEASE NOTE: This seminar is not eligible for Virginia CLE® discounts, and Virginia CLE® Online Bundle credits may NOT be used to register for this program.

Registration Deadlines:
Webcast: 10 minutes prior to seminar. If you register for a webcast the day of the seminar, your e-mail receipt will include a link to launch the seminar and download the materials.
Telephone: Online registration ends at 11:59 p.m. the day preceding the seminar
Call (800) 979-8253 to register up to one hour prior to the seminar

Cancellation Policy: Cancellation/transfer requests will be honored until 5:00 p.m. the day preceding the seminar. You will, however, be charged $90 if you cancel or transfer your registration to a different seminar after the link to the materials has been e-mailed by Virginia CLE.

Full refunds or transfers are available up to two days after a webcast in the unlikely event that you experience technical difficulties.

MCLE Credit Caveat: The MCLE Board measures credits by the time you spend in attendance. If you enter a seminar late or leave it early, or both, you must reflect those adjustments accurately in the credits you report on your credit reporting form. A code will be given at the end of the seminar, which must be written on your MCLE form.


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 (June 3 and June 4) (Eastern Time)

Thursday, June 3

8:30 Opening Remarks
8:40 Update on Tax Policy from Washington
Jeffrey Kummer, Deloitte Tax LLP / Washington, DC


A look at the potential for tax legislation this year including a review of key Biden Administration tax proposals that would impact businesses and individuals, the possible timing of proposed tax law changes, and the budgetary processes that can be expected to be considered.

9:40 Break
9:50 Opportunity Zone Planning and Troubleshooting
Jenny H.  Connors, Williams Mullen / Richmond


This session will focus on general planning techniques and structures for opportunity zone projects.  In addition, the session will touch on alternative arrangements for common challenges facing opportunity zone investors and project sponsors.    

10:50 Break
11:00 Bitcoin and Cryptocurrency
Michael A. Meisler, Ernst & Young LLP / New York, NY
Thomas M. Shea, Ernst & Young LLP/ San Francisco, CA


As the landscape continues to evolve, this session will cover some basics of cryptocurrency taxation, an overview of relevant guidance, and some of the latest industry hot topics.

12:00 Lunch Break
1:00 PPP Loan Forgiveness: 2021/2022 Consequences of 2020 Decisions
Olga A. Loy, Winston & Strawn LLP / Chicago, IL
Todd G. Betor, Winston & Strawn LLP / Washington, DC


This presentation will discuss federal income tax implications of Paycheck Protection Program (PPP) loan forgiveness, with particular consideration given to the type of entity obtaining PPP loan forgiveness and the nuances in tax treatment that follow. In so doing, the presentation navigates through the PPP enacting language of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the IRS’s confounding position, and Congress’ response thereto in the Consolidated Appropriations Act (CAA). Included is a brief discussion of the requisite steps for a borrower to have their PPP loan forgiven and risk of Small Business Administration (SBA) audits.

2:00 Break
2:10 Succession Planning in the Closely Held Business
Harold G. Martin, Jr., Keiter / Glen Allen
Asif Charania, Keiter / Glen Allen


Over the next 10-15 years, during the maturing of the post WWII and “Baby Boomer” generations, it is estimated that over 500,000 private U.S. businesses will exchange hands each year.  This will result in an increase for exit planning advisory services over this period.  This session will discuss the impact of current economic, industry, political, and market conditions on the value of closely held businesses.  We will also discuss alternative exit planning strategies for owners and the related valuation issues that should be considered, including:  buy/sell agreements, estate and gift taxes, charitable contributions, sales to management, sales to a third party, mergers and acquisitions, and ESOPs.

3:10 Break
3:20 Ethical Considerations in Representing Business Owners and Their Families Regarding Their Estate Plans and Related Matters
J. Lee E. Osborne, Woods Rogers, PLC / Roanoke

 

This presentation will discuss some of the ethical issues that can arise in the context of representing business owners and their families in their estate and succession planning, including initial considerations when undertaking the engagement of a business owner and the potential conflicts and confidentiality issues when that engagement expands to include other family members.  Using hypotheticals, the speaker will explore ethical concerns regarding the role of the attorney as the advisor for the primary owner, the business, and successor generations, as well as the attorney’s role as a fiduciary for one or more of these clients, and how some of these concerns can be anticipated and addressed through the engagement letter with the client.

4:20 Closing Remarks
4:30 Adjourn

Friday, June 4

8:30 Opening Remarks
8:40 Federal Tax Update—Individuals
Cassady V. Brewer, Georgia State University / Atlanta, GA
James M. Delaney, University of Wyoming College of Law / Laramie, WY
Bruce McGovern, South Texas College of Law Houston / Houston, TX
9:40 Break
9:50 Federal Tax Update—Business
Cassady V. Brewer, Georgia State University / Atlanta, GA
James M. Delaney, University of Wyoming College of Law / Laramie, WY
Bruce McGovern, South Texas College of Law Houston / Houston, TX
10:50 Break
11:00 Tax Planning for Retirement Accounts After the SECURE Act and CARES Act
Christine Nguyen Piersall, Williams Mullen / Norfolk


The SECURE Act eliminated the “stretch-IRA” for all but “eligible designated beneficiaries.”  This presentation will discuss estate and tax planning for retirement accounts to handle post-death income tax implications. In addition, it will address the CARES Act coronavirus relief for withdrawals from retirement accounts.

12:00 Lunch Break
1:00 Employee Benefits in Times of COVID-19
Karen M. Field, RSM US, LLP / Washington, DC


The changes arising from COVID-19 restrictions affected all sorts of companies.  These changes prompted IRS, Congress, and even the states to add or change rules to try to help companies deal with the effects.   This session will discuss changes in laws to provide a multitude of payroll tax credits, changes in rules to help restaurants (and companies that use restaurants), broad use of “disaster” payments to employees, and companies and states wrestling with the dispersal of employees while they work remotely and how companies can deal with and support employees while they work remotely.

2:00 Break
2:10 Estate Planning Update: An IRS Scouting Report
Michael H. Barker, McGuireWoods / Richmond


This presentation will outline and analyze themes and trend lines in the areas (within the estate planning world) where the IRS is most intensely focused.  The areas of focus, and the leniency or aggressiveness of the IRS within each, may surprise you.

3:10 Break
3:20 QSBS: Quest for Quantum Exclusions (Queries, Qualms, Qualifications & QOZ)
Paul S. Lee, The Northern Trust Company / New York, NY


Qualified Small Business Stock (QSBS) under Section 1202 is not just for tech companies anymore.  It’s time to reconsider QSBS because the new tax act has paved the way for closely held companies to benefit “bigly.”  QSBS provides an exciting array of benefits (and a surprising alternative) for owners of new and pre-existing business (large and small): (i) 100% gain exclusion on sale; (ii) tax-free rollover of gains; and (iii) a chance to “stack” (multiply) and “pack” the exclusion by 10 times (maybe more).  While the benefits of QSBS are straightforward, the qualifications and questions surrounding QSBS planning are far from it.  This presentation will discuss planning opportunities and other issues, including how QSBS can be combined with QOZ Investments, complications with SPAC mergers, unanswered questions, potential pitfalls, and best practices in the quest for quantum QSBS exclusions.

4:20 Closing Remarks
4:30 Adjourn
  • Q&A will be handled via chat room for Webcast attendees.
  • Q&A will be handled via e-mail for telephone seminar attendees.

Faculty

FACULTY

Michael H. Barker, McGuireWoods / Richmond
Todd G. Betor, Winston & Strawn LLP / Washington, DC
Cassady V. Brewer, Georgia State University / Atlanta, GA
Asif Charania, Keiter / Glen Allen
Jenny H.  Connors, Williams Mullen / Richmond
James M. Delaney, University of Wyoming College of Law / Laramie, WY
Karen M. Field, RSM US, LLP / Washington, DC
Jeffrey Kummer, Deloitte Tax LLP / Washington, DC
Paul S. Lee, The Northern Trust Company / New York, NY
Olga A. Loy, Winston & Strawn LLP / Chicago, IL
Harold G. Martin, Jr., Keiter / Glen Allen
Bruce McGovern, South Texas College of Law Houston / Houston, TX
Michael A. Meisler, Ernst & Young LLP / New York, NY
J. Lee E. Osborne, Woods Rogers, PLC / Roanoke
Christine Nguyen Piersall, Williams Mullen / Norfolk
Thomas M. Shea, Ernst & Young LLP / San Francisco, CA


PLANNING COMMITTEE

L. Michael Gracik, Jr., Co-Director
Keiter/ Glen Allen

D. French Slaughter, III, Co-Director
Charlottesville

David M. Chase, Jr.
Wall, Einhorn & Chernitzer, PC / Norfolk

Michael Doran
University of Virginia School of Law / Charlottesville

Cecelia P. Horner
Hunton Andrews Kurth LLP / Richmond

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

Jeri K. Seidman
University of Virginia McIntire School of Commerce / Charlottesville

Bruce C. Stockburger
Gentry Locke / Roanoke

Professor Ethan Yale
University of Virginia School of Law / Charlottesville


TRUSTEES EMERITUS

George C. Howell, III
Hunton Andrews Kurth / Richmond

Thomas R. White
University of Virginia School of Law / Charlottesville

George K. Yin
University of Virginia School of Law / Charlottesville 

Locations, Dates and Fees

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