Categories
There are no items in this list.
TEI > TEI News & Views > TEI News Feed
TEI Annual Conference - Chicago - October - More Reasons to Attend
Hail Mary Pass or a Blueprint for 2011?  With the Obama Administration's reportedly preparing a package of tax proposals designed to aid the economic recovery -- including (finally) making the research tax credit permanent and offering business 100 percent expensing through 2011 -- TEI members will have even more reasons to attend the Institute's 65th Annual Conference in Chicago in October . . . especially in light of reports that the "pay fors" for the beneficial provisions will be drawn from the Administration's international budget proposals.  (See this New York Times article for details.)
 
In addition, TEI's Chicago Chapter is planning a spectacular Windy City welcome for TEI members, including several drawings at the Sunday night reception and a fantabulous gift bag for all conference registrants.
 
For more information about the conference and to register, please click here.
Why John Grisham Isn't a Tax Lawyer
from The New York Times (with thanks to the Tax Prof Blog)
 
September 5, 2010

Boxers, Briefs and Books

Charlottesville, Va.

I WASN’T always a lawyer or a novelist, and I’ve had my share of hard, dead-end jobs. I earned my first steady paycheck watering rose bushes at a nursery for a dollar an hour. I was in my early teens, but the man who owned the nursery saw potential, and he promoted me to his fence crew. For $1.50 an hour, I labored like a grown man as we laid mile after mile of chain-link fence. There was no future in this, and I shall never mention it again in writing.

Then, during the summer of my 16th year, I found a job with a plumbing contractor. I crawled under houses, into the cramped darkness, with a shovel, to somehow find the buried pipes, to dig until I found the problem, then crawl back out and report what I had found. I vowed to get a desk job. I’ve never drawn inspiration from that miserable work, and I shall never mention it again in writing, either.

But a desk wasn’t in my immediate future. My father worked with heavy construction equipment, and through a friend of a friend of his, I got a job the next summer on a highway asphalt crew. This was July, when Mississippi is like a sauna. Add another 100 degrees for the fresh asphalt. I got a break when the operator of a Caterpillar bulldozer was fired; shown the finer points of handling this rather large machine, I contemplated a future in the cab, tons of growling machinery at my command, with the power to plow over anything. Then the operator was back, sober, repentant. I returned to the asphalt crew.

I was 17 years old that summer, and I learned a lot, most of which cannot be repeated in polite company. One Friday night I accompanied my new friends on the asphalt crew to a honky-tonk to celebrate the end of a hard week. When a fight broke out and I heard gunfire, I ran to the restroom, locked the door and crawled out a window. I stayed in the woods for an hour while the police hauled away rednecks. As I hitchhiked home, I realized I was not cut out for construction and got serious about college.

My career sputtered along until retail caught my attention; it was indoors, clean and air-conditioned. I applied for a job at a Sears store in a mall. The only opening was in men’s underwear. It was humiliating. I tried to quit, but I was given a raise. Evidently, the position was difficult to fill. I asked to be transferred to toys, then to appliances. My bosses said no and gave me another raise.

I became abrupt with customers. Sears has the nicest customers in the world, but I didn’t care. I was rude and surly and I was occasionally watched by spies hired by the company to pose as shoppers. One asked to try on a pair of boxers. I said no, that it was obvious they were much too small for his rather ample rear end. I handed him an extra-large pair. I got written up. I asked for lawn care. They said no, but this time they didn’t offer me a raise. I finally quit.

Halfway through college, and still drifting, I decided to become a high-powered tax lawyer. The plan was sailing along until I took my first course in tax law. I was stunned by its complexity and lunacy, and I barely passed the course.

Around the same time, I was involved in mock-trial classes. I enjoyed the courtroom. A new plan was hatched. I would return to my hometown, hang out my shingle and become a hotshot trial lawyer. Tax law was discarded overnight.

This was 1981; at the time there was no public-defender system in my county. I volunteered for all the indigent work I could get. It was the fastest way to trial, and I learned quickly.

When my law office started to struggle for lack of well-paying work — indigent cases are far from lucrative — I decided to go into yet another low-paying career: in 1983, I was elected to a House seat in the Mississippi State Legislature. The salary was $8,000, which was more than I made during my first year as a lawyer. Each year from January through March I was at the State Capitol in Jackson, wasting serious time, but also listening to great storytellers. I took a lot of notes, not knowing why but feeling that, someday, those tales would come in handy.

Like most small-town lawyers, I dreamed of the big case, and in 1984 it finally arrived. But this time, the case wasn’t mine. As usual, I was loitering around the courtroom, pretending to be busy. But what I was really doing was watching a trial involving a young girl who had been beaten and raped. Her testimony was gut-wrenching, graphic, heartbreaking and riveting. Every juror was crying. I remember staring at the defendant and wishing I had a gun. And like that, a story was born.

Writing was not a childhood dream of mine. I do not recall longing to write as a student. I wasn’t sure how to start. Over the following weeks I refined my plot outline and fleshed out my characters. One night I wrote “Chapter One” at the top of the first page of a legal pad; the novel, “A Time to Kill,” was finished three years later.

The book didn’t sell, and I stuck with my day job, defending criminals, preparing wills and deeds and contracts. Still, something about writing made me spend large hours of my free time at my desk.

I had never worked so hard in my life, nor imagined that writing could be such an effort. It was more difficult than laying asphalt, and at times more frustrating than selling underwear. But it paid off. Eventually, I was able to leave the law and quit politics. Writing’s still the most difficult job I’ve ever had — but it’s worth it.

John Grisham is the author of the forthcoming novel “The Confession” and a contributor to the forthcoming collection “Don’t Quit Your Day Job: Acclaimed Authors and the Day Jobs They Quit.”

A Bold Tax Plan: 'People Should Smoke and Drink More’

(from Tax Prof Blog)

Russia’s finance minister has told people to smoke and drink more, explaining that higher consumption would help lift tax revenues for spending on social services.

Speaking as the Russian government announces plan to raise duty on alcohol and cigarettes, Alexei Kudrin said that by smoking a pack, “you are giving more to help solve social problems such as boosting demographics, developing other social services and upholding birth rates”.

“People should understand: Those who drink, those who smoke are doing more to help the state,” he told the Interfax news agency.

Alberta Releases Information Circular on Functional Currency
The Government of Alberta's Tax and Revenue Administration has published a new information circular, which explains the application of the functional currency tax reporting effective for taxation years beginning after December 13, 2007 on functional currency: CT-23, Functional Currency Tax Reporting
REGISTER NOW – FINANCIAL REPORTING SEMINAR – SEPTEMBER 20-21, CHICAGO

There has been no recession in the importance of financial reporting to corporate tax departments.  The demands confronting tax executives in the financial reporting and tax accounting areas continue to grow.  

 

Responding to the need to address these challenges, TEI will hold a two-day seminar entitled Managing Tax Accounting Risk in the Age of Transparency.  This year’s program, which will take place on September 20-21 at The Westin O’Hare Hotel in Chicago, will reflect the IRS’s growing push for transparency, addressing how IRS Announcement 2010-9 affects financial statement reporting as well as how the tax department should interact with upper management and the Board of Directors.  Topics to be addressed will also include the financial reporting effects of recent legislation (including the codification of the economic substance doctrine), APB 23 – Considerations & Cautions, Advanced Topics in Accounting for Stock Based Compensation, Errors v. Changes in Estimates, and Tax Accounting and Technology.  The seminar will conclude with an “Ask the Experts” session.


Note:  The seminar will include a vendor show with the following firms participating:  BDO Seidman, CORPTAX, Grant Thornton, Longview Solutions, McGladrey, Thomson Reuters, and Vertex.  (Other firms will likely join them.)

 

Click here to review the program and register.

There Are Reasons Galore to Attend TEI’S Annual Conference in Chicago

Has enough happened in the tax world since the spring to justify your attending TEI’s 65th Annual Conference in Chicago?  Excellent question.  Here’s a partial list:

  • Schedule UTP and the codification of economic substance
  • FATCA and the looming commencement of corporate 1099 reporting 
  • The repeal of the Subpart F hopscotch rule and numerous other international “tweaks,” plus OECD developments related to transfer pricing
  • California’s and other states’ aggressiveness in respect of new penalties and ramped-up enforcement efforts across the country
  • The threatened unraveling of sales tax harmonization in British Columbia. 
  • And last but not least, the potential reworking of the political landscape by the looming election and the growing concern about budget deficits — not only in the United States but around the world and what it will portend for tax reform 

Is there really enough “fodder” for tax executives to travel to Chicago the third week of October?  Absolutely.  The topics identified above are only part of those to be covered at this year’s conference.  Other topics will include the essentials of health care reform for tax executives, LMSB’s revised quality examination process, accounting methods developments, intercompany accounting issues in state taxes, a partnership update (including the far-reaching consequences of a proposal to tax carried interests), and ethical considerations for in-house tax executives.  Keynote speakers will include Deputy Assistant Treasury Secretary Stephen Shay, IRS Deputy Commissioner Steve Miller, and LMSB Commissioner Heather Maloy.  The full conference program is at the printer, and an updated versions — listing additional speakers — has been posted on TEI’s website soon. To view the program and register, please click here

Marty Ginsburg's Last Speech
(from C-SPAN, Law Week Colorado, and Tax Prof Blog)
 
At the time of his death earlier this summer, tax impressario Martin Ginsburg had been scheduled to deliver a speech to the Tenth Circuit Bench and Bar Conference; the topic was on the role that a tax case -- taken pro bono by Marty Ginsburg and his wife, Ruth Bader Ginsburg -- led Ruth Bader Ginsburg to specialize in sex discrimination cases.
 
On August 27, Justice Ginsburg delivered the speech that her husband had prepared. 
 
Click here to hear the speech.
Jefferson Wells Webinar on the Combined, Unitary, and Consolidated State Tax-Filing Landscape
Jefferson Wells recently hosted a no-fee webinar on combined, unitary and consolidated reporting filing issues, methodology and new developments that affect a company’s income and franchise tax compliance, planning and financial reporting.  To view an archived version of the webinar, please click here.
IRS To Conduct Business Taxpayer Burden Survey Over the Next 18 Months

(from IRS)

 

The IRS has engaged Westat, a well known research firm, to conduct a burden survey of a random sample of business taxpayers. The goal is to provide Congress and the President with accurate estimates of the costs business taxpayers incur in complying with federal tax rules and regulations. Research findings will also help tax administrators and policy makers better understand taxpayer burden implications of proposed actions and decisions.

 

The research plan calls for contacting about 24,000 business taxpayers (about 4,000 from LMSB; about 20,000 from SB/SE) in five waves over an eighteen month period. Taxpayers will be contacted based on the date that they file their TY2009 returns.

 

The survey sample was identified using statistical sampling methods based on tax form type, tax preparation method (self-prepare vs. paid preparer), gross receipts and business type.

 

The first wave of surveys began at the beginning of August and is expected to include only about 180 LMSB taxpayers.  Later waves will include greater numbers of LMSB taxpayers.

Sutherland Hosts September 29 Webinar on Executive Compensation Developments

On September 29, Sutherland Asbill & Brennan will host a 90-minute free webinar entitled “Executive Compensation - What's New and Yet To Do in 2010.”  The program will run from 1:00 pm ET until 2:30 p,m. ET, and will cover the following topics: 
1:00–2:30 p.m. EST

Join us for a discussion on the latest regarding:

  • Impact of the Dodd-Frank Act on executive compensation, including clawbacks and "say on pay;"
  • Using the 409A document correction program, including the transition rule that expires December 31, 2010;
  • Identifying and correcting the most common 409A operational errors before the end of the year; and
  • Executive compensation after health-care reform.


For more information and to register, click here.

1 - 10 Next

 ‭(Hidden)‬ Admin Links

Welcome to TEI

Login | Create Account
©2010 Tax Executives Institute
Tax Executives Institute, Inc. • 1200 G Street, N.W., Suite 300 • Washington, D.C. 20005-3814 • 202.638.5601 (p) • 202.638.5607 (f)