Whether you call it Chi-Town, the Windy City, Second City, the City of Big Shoulders, or my hometown, the City by the Lake has earned its iconic status. A fast-paced, urbane center with a storied past and uniquely American ability to reinvent itself in every age, Chicago is home to the famous (Oprah, Obama, the Cubs) and the infamous (Capone, Blagojevich, Bartman). From hot dogs to haute cuisine, blues to opera, the Magnificent Mile to the Board of Trade, Frank Lloyd Wright “prairie” homes to Louis Sullivan skyscrapers, the city has imprinted its style on food, culture, commerce, and the arts. And from October 24-27, 2010, tax executives will sample it all from the Chicago Sheraton Hotel, site of the 65th Annual Conference of Tax Executives Institute.
Speaking of the famous — and infamous — IRS Announcement 2010-9 and Schedule UTP are, after a very brief life, firmly established in the short-hand lexicon of tax executives. “Together with FIN48 and Sarbanes Oxley, the continuing drive for transparency by tax administrators evinced by Announcement 2010-9 and Schedule UTP is placing a premium on managing tax risks and financial statement disclosures,” said TEI’s 2010-2011 President Paul O’Connor. “This conference presents our first opportunity since the release of draft Schedule UTP to fully assess how to manage the required disclosures and balance the competing demands of tax planning for our companies.”
In addition to addressing technical developments relating to Schedule UTP, the looming expirations of the 2001 and 2003 tax cuts as well as the alternative minimum tax patch are heating up the tax policy debate in advance of the November elections, setting the stage for a potential lame-duck session as well as the 112th Congress in January 2011. “Deficit reduction, pay-as-you-go budgeting, and energy and environmental concerns arising from the Gulf oil spill will be key policy drivers in the coming months,” Mr. O’Connor observed, “and the proposals will all have significant tax components.
"Indeed, in funding a temporary extension of Medicare payments and payments to stave off state employee cutbacks in August, Congress demonstrated its willingness to increase taxes for additional spending rather than provide tax relief." Farther down the road, but perhaps not so far as it once was, is fundamental tax reform, he noted. “In all cases, the question in all likelihood is not whether, but how — and how much — business will pay. Chicago is an outstanding site to stay abreast of developments and advance the Institute’s mission of educating members, networking, and improving tax administration,” Mr. O’Connor added.
Conference Overview
From technical tax issues such as repeal of the Subpart F “hopscotch” rule to proposals to revise the treatment of carried interests in partnerships, the challenges confronting tax executives are as diverse and sharp as ever. To keep members informed on the plethora of administrative and legislative developments, TEI’s Continuing Education Committee has assembled a compelling array of educational sessions. The program brochure has been mailed to all TEI members and is available at www.tei.org.
Mr. O’Connor will welcome a number of government representatives to the conference, including IRS Deputy Commissioner Steven T. Miller, who will deliver one of four keynote addresses. In addition, Patricia C. Chaback Director, Communications, Technology & Media of the Large Business and International Division will brief participants on the Rollout of the Quality Examination Process. Further, Associate International Tax Counsel David M. Ernick from the U.S. Treasury Department will provide an update on OECD Developments, including distinguishing intangibles from services and the recent changes to the OECD’s transfer pricing guidelines. Other key policy makers have also been invited. NOTE: Since the preliminary program went to the program, TEI has confirmed the participation of David M. Walker of the Peter G. Peterson Foundation (and former Comptroller General of the United States). Check back on TEI’s website as the program will be updated when their participation is confirmed.
Following an opening plenary session on Schedule UTP, participants will be able to choose from multiple concurrent sessions. For example, Fred Oliphant of Miller & Chevalier LLP will join health-care consultant David Osterndorf of Watson Wyatt to review the Essentials of Health Care Reform for Tax Executives. In addition to addressing the tax “rule” changes, the session will guide tax executives through a thicket of new jargon and fundamental issues to assess when advising on the implications of revising company health care plans. Other sessions will include Primer on Inversions: Responding to your CFO with Nicholas J. DeNovio of Latham and Watkins, and presentations by Mark Silverman and Lisa Zarlenga of Steptoe & Johnson on the codification of the economic substance doctrine from a transactional planning perspective.
Participants will also have an opportunity to earn an hour of ethics credit toward continuing professional education requirements in a session on Ethical Considerations for In-House Tax Executives. In addition, conference participants will also be able to choose among a number of other sessions, including:
· Winning with Accounting Methods: Blocking, Tackling, and Innovative Game Plans
· State & Local Tax Update: New Legislation, Key Cases, and More
· Structuring Investments & Acquisitions in Canada
· Latin America Update
· Dangers of Unreliable Intercompany Accounting: Issues in State Taxes
· IRS Currency Initiatives, including CAP, Fast Track, and Early Referral
· Effects of Bringing Foreign Entities into a Combined Return
· Update on Commodity Tax Issues and Financial Services
· Partnership/Joint Venture Update (including a discussion of carried interest proposals)
· State Transaction Taxes: Making the Transaction Tax Process More Efficient
· A View from Within — An Internal Auditor’s Perspective on the Tax Department
· Treasury Centers: Key Issues to Consider
Finally, the always popular industry sessions will be held on Monday afternoon.
In addition to the technical sessions, the conference will feature exhibits by professional service firms and other sponsoring companies whose products and services can make tax departments more efficient and cost-effective.
Other Conference Notes
At the Tuesday banquet, entertainment will be provided by the renowned comedy troupe Second City, which specializes in improvisational-based sketch comedy. Delighting audiences for more than 50 years, Second City alumni include Tina Fey, Steve Carrell, Chris Farrell, Bill Murray, Dan Aykroyd, John Belushi, Gilda Radner, and Ed Asner. Catch a rising comedian at the TEI Annual Conference before she or he goes on to fame, fortune, or Saturday Night Live.
In addition, Honorary Membership awards will be presented to Sol Coffino of the San Francisco Chapter, the 1982-1983 International President and David L. Bernard of the Northeast Wisconsin Chapter, the 2006-2007 International President.
All in all, TEI’s 65th Annual Conference in Chicago promises to be the place to be in late October. Click here for more information and to register.