Top officials to address TEI's 55th midyear conference

Tax Executive, The, Jan-Feb, 2005

U.S. Treasury Secretary John Snow and several other high-level government representatives will address Tax Executives Institute's 55th Midyear Conference in Washington, D.C. The conference begins Sunday evening, April 3, 2005, and runs through Wednesday, April 6. In addition to Secretary Snow, IRS Commissioner Mark Everson and Senate Finance Committee Chairman Charles Grassley are scheduled to deliver keynote addresses. Invitations to key participants in the tax reform process are pending.

"2005 will prove a momentous year of change and challenge for tax executives," TEI President Judy Zelisko observed. "The ink on the President's signature on the American Jobs Creation Act was barely dry before the Treasury Department and IRS began issuing a steady stream of guidance to fill in gaps in the legislative scheme. Each day's tax news since has brought developments--as well as more questions--about the most significant bundle of corporate tax changes since 1986. The Midyear Conference is well timed to provide registrants with up-to-the-minute details on those developments."

The conference's technical sessions begin Monday morning, April 4, with a plenary session addressing pending legislative developments, ranging from important technical amendments to the 2004 Act to permanent enactment of President Bush's tax cuts and the timetable and prospects for tax reform. TEI President Zelisko added that, "Although attendance is not yet confirmed, a fourth keynote spot has been reserved for a representative of the President's Advisory Panel on Federal Tax Reform. We hope to hear directly from a member of panel or a staff executive about its scope and charter in order to better position tax executives and TEI for participation in the coming debate."

Another plenary session will address the pending FASB project to update FAS 109 for uncertain tax positions. The FASB's Staff Project Director, Donald Thomas, will be joined by two leading practitioners on accounting for income taxes. "Mr. Thomas addressed TEI at its FAS 109 seminar in November 2004," Ms Zelisko said, "and provided participants with a number of useful insights on the FASB's deliberations." Coming on the heels of FASB's expected release of an exposure draft relating to "uncertain tax positions," the session promises to be at once informative and stimulating.

In addition to the plenary sessions, a cadre of top-notch members and practitioners will participate in three tracks of concurrent sessions. Among those, a number will be devoted to fleshing out the opportunities and pitfalls in the American Jobs Creation Act, including--

* how businesses are reacting to the repatriation provision;

* implementing the radical new rules governing deferred compensation;

* transitioning from the extraterritorial income exclusion to the manufacturing deduction; and

* addressing the plethora of related state and local tax changes.

Nicholas DeNovio, IRS Deputy Chief Tax Counsel, will participate in a session on the dividend repatriation provision of the Act and George Manousos, a Tax Specialist from the Treasury Department, will participate in the session on the domestic manufacturing deduction.

Other conference sessions will be devoted to administrative and regulatory developments outside of those wrought by the Act, including one focusing on IRS's efforts to shorten the audit cycle (e.g., through LMSB's Compliance Assurance Process). Sessions are also planned on the new Schedule M-3, the IRS's recent e-filing mandate for corporations, and enhanced tax shelter disclosure rules. Finally, a number of sessions will present tax executives with a wealth of information on recent rules addressing accounting method changes, planning for cross-border financing, using disregarded entities, as well as how to hone their presentations and other "soft" management skills.

"This year's conference will continue TEI's strong tradition of providing registrants with rich opportunities to network with one another as well as with practitioners and key government officials," TEI President Judy Zelisko said. "And on the lighter side, on Tuesday evening, the Capitol Steps will entertain us with songs, skits, and quick wit that will not only make us laugh but add much-need perspective about those who live and work 'inside the Beltway.' All things considered, TEI's 55th Midyear Conference is the place to be in early April."