68th Annual Tax Conference

Enforcement Strikes Back: Tax Planning as the IRS Is Financially Reborn



5:00 – 7:00 p.m. — Termination of Partnership Interests — This introductory level classroom style session will cover the tax implications of the termination of partnership interests, including exploring the mechanics of section 736, allocation and timing of section 736 payments and comparing the tax consequences of liquidating distributions and sales. Jon G. Neal, R. Darden Bell



8:00 - 8:20 a.m. — Registration and Continental Breakfast

8:20 - 8:30 a.m. — Introductory Remarks — Jon G. Neal

8:30 - 10:00 a.m.  How Transaction Structuring Changes with a Partnership versus an S Corporation — This panel will discuss how transactions are structured differently depending on whether the equity vehicle is a partnership or an S corporation, including (1) infusing new money; (2) disposition structuring; (3) compensation planning; (4) estate planning; and (5) converting capital gain property to dealer property. Brian J. O'Connor, Steven R. Schneider

10:00 - 10:15 a.m. — Break

10:15 - 11:45 a.m. — Introduction to Financial Products. This presentation will provide an overview of key tax issues in the taxation of financial products, including structured notes and digital assets. Jason Schwartz, Alissa S. Kalinowski

11:45 a.m. - 12 p.m. — Refreshment Break and Lunch Pick-Up

12:00 – 1:00 p.m. — Regional Economic Development — The panel, which includes the former Virginia Secretary of Commerce & Trade under Governor Northam, will outline and discuss key state and local economic development incentives for the growth and location of businesses in Virginia, GO Virginia, the taxation of incentives to businesses, and a few tax planning suggestions. Thomas R. Frantz, R. Brian Ball, Anna K. Derewenda, Nancy L. Grden

1:00 - 1:15 p.m. — Break

1:15 - 2:15 p.m.  Recent Developments in Virginia Taxation Through the Eyes of a SALT Practitioner — A lively discussion of Virginia tax legislation, recent court decisions, rulings of the Tax Commissioner, and opinions of the Attorney General on matters of Virginia taxation designed to keep the audience apprised of the current issues most typically being faced by taxpayers in Virginia taxation, areas of concern by state and local tax officials, and treads observed in Virginia taxation by those who heavily practice in the area. Craig D. Bell

2:15 - 2:30 p.m. — Break

2:30 – 4:00 p.m. — Hot Topics in Like-Kind Exchanges — This session will cover recent developments involving like-kind exchanges under section 1031, including the new regulations defining real property, the court decision addressing parking outside the safe harbor, and an analysis and comparison of the many alternative transaction structures designed to handle partnership like-kind exchanges in which the partners wish to go their separate ways. Robert Schachat

4:00 - 4:15 p.m.  Break

4:15 - 5:15 p.m. — Federal Tax Update — This session will include a discussion of current developments and planning opportunities. The primary focus will be on transactions, including those involving limited liability companies and S corporations. Stephen L. Owen


8:30 – 9:00 a.m.   Registration and Continental Breakfast

9:00 - 10:30 a.m. — Tax Considerations for Private Equity Fund and Acquisition Structuring — This program will cover various private equity fund structures and related tax considerations and explore the various tax issues that must be addressed with respect to private equity acquisitions of corporate and pass-through entities, including potential traps for the unwary.  Jon G. Neal, J. Conrad Garcia 

10:30 - 10:45 a.m.    Break

10:45 a.m. - 12:15 p.m. — Centralized Partnership Audits — The Bipartisan Budget Act of 2015 replaced the auditing and tax collection procedures for partnerships under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA). In their place, a new centralized partnership audit regime became effective for tax years beginning in 2018. This session provides an overview of this new regime, focusing on how advisors can navigate the new reporting and audit processes. Matthew Cooper, Joseph Vetting

12:15 - 12:30 p.m. — Break

12:30 - 1:30 p.m. — Legislative Updates — Congress passed the Inflation Reduction Act in August, promising new funding for IRS enforcement, a corporate minimum tax, and a 1% fee on stock buybacks by public corporations. This presentation will tell you what passed, why it passed, and what remaining issues Treasury will resolve. Russell W. Sullivan

1:30 - 1:45 p.m. — Break

1:45 - 3:15 p.m.  Preparing for an IRS Tax Audit: Defending Reporting Positions and Penalties — This panel will provide an overview of how a taxpayer is selected for examination and what a taxpayer/practitioner should do to prepare for the exam. This program will provide an overview of the applicable standards for return positions and penalties, as well as explore best practices and strategic/ethical considerations in exam management. Christopher S. Rizek, Matthew Cooper

3:15 - 3:30 p.m.  Break

3:30 – 5:00 p.m. — Recent Updates in Fiduciary Litigation — The speakers will examine trends in fiduciary litigation through recent case opinions. The speakers will discuss developments in the law to assist practitioners in avoiding litigation. Meghan Gehr Hubbard, Laura A. Meis