2016 Conference Podcasts
Listen to the podcasts from the 18th Annual Meadows Collier Taxation Conference held on
October 25, 2016.
8:00 a.m. - 8:55 a.m.
- Offshore Tax Controversy Update: What's on the Horizon?
Offshore tax compliance continues to top the IRS's priority list as the IRS mines inside information it has received from its investigative initiatives and voluntary compliance programs. While the landscape is changing, there are still a number of options available to taxpayers to remedy past non-compliance. And if a taxpayer's non-compliance is discovered during examination, it is more important than ever for the taxpayer to navigate the issues carefully to mitigate potentially exorbitant civil or even criminal penalties. This presentation will discuss the current status of voluntary compliance initiatives, methods for addressing offshore compliance issues in examination, the landscape for post-examination appeals and litigation of offshore penalties, and the prevailing legal guidance for offshore tax compliance.
Mary E. Wood, J.D.
8:55 a.m. - 9:50 a.m.
- Global Warming: Hot Topics in International Taxation
Taxpayers increasingly engage in international transactions, and electronic commerce continues to expand worldwide. Meanwhile, U.S. income tax principles applying to international transactions have remained substantially unchanged for the last thirty years. This situation has created a great deal of uncertainty (and potential opportunities and traps) in the operation of U.S. tax laws to cross-border activities. This presentation will focus on those areas of uncertainty and the manner in which planners can help navigate them for their clients' benefit.
Stephen A. Beck, J.D., L.L.M. and Matthew L. Roberts, J.D., L.L.M.
10:05 a.m. - 11:30 a.m.
- What Every CPA Needs to Know About the New IRS Partnership Audit Rules
At the end of 2015, Congress enacted new partnership audit rules that will impact every partnership. This is a seismic shift in the way in which the IRS audits partnerships. TEFRA is going away and in its place is a set of rules that among other things will allow the IRS to collect tax from the partnership instead of the partners. Learn about the new provisions, how they will impact IRS audits and changes that will need to be considered for all partnership agreements to address these new rules.
Joel N. Crouch, J.D., Thomas G. Hineman, J.D., L.L.M., Charles D. Pulman, J.D., L.L.M., CPA
11:30 a.m. - 12:45 p.m.
- Tax Practice: Rules of the Road
Tax practice is one of the most rewarding - if not the most rewarding - areas to practice. When everything is moving along smoothly, there is nothing like it. But the roads are not always paved smooth. What does a tax practitioner do when there is a pothole in the road? Hopefully you see it in advance and avoid it. But in many cases, you will drive right into it. After you hit the pothole, you want as little damage as possible. This presentation will focus on identifying those potholes and if you are in one, how to minimize the damage.
Josh O. Ungerman, J.D., CPA
12:45 p.m. - 1:45 p.m.
- The Tug of War That is Texas Tax
When the relentless effort to minimize tax liability converges with a state's relentless effort to generate tax revenue, stuff happens. The past several months have seen significant developments on issues involving various aspects of the Texas franchise tax with some having the potential of upending the Comptroller's computation of the tax liability. In addition, significant developments in the sales tax context could spell potential trouble for some taxpayers and opportunities for others. And yet another significant nexus case is headed for the U.S. Supreme Court with potentially broad-reaching implications for all states, including Texas. Learn of these recent developments and their potential implications.
David E. Colmenero, J.D., L.L.M., CPA
1:45 p.m. - 2:40 p.m.
- The Heimlich for Taxpayer Past Misdeeds
This presentation addresses ways to resolve prior year non-compliance and how those options can differ depending on whether the taxpayer has already been contacted by the government or not. Key topics that will be reviewed include (a) resolving issues pertaining to unreported income, (b) employees paid in cash, (c) misclassified expenses, (d) overstated inventory, and (e) addressing past wrongdoing that may need to be addressed when a business is being sold.
Michael A. Villa, Jr., J.D., L.L.M.
2:55 p.m. - 4:05 p.m.
- 2016 Estate Planning Update - Proposed Regulations Issued For Valuation Under Section 2704 and Basis Reporting Under Section 1014(f)
In August 2016, Treasury published proposed regulations with respect to the valuation of interests in corporations and partnerships for Federal transfer tax purposes. Importantly, the proposed regulations include new rules for the treatment of restrictions on liquidation in determining the value of transferred interests. Treasury also published, in March 2016, proposed regulations that provide guidance regarding (i) the requirement that a recipient's basis in certain property acquired from a decedent be consistent with the value of the property as finally determined for Federal estate tax purposes, and (ii) reporting requirements for executors required to file Federal estate tax returns. This presentation will include an overview of the new rules and a discussion of estate planning implications.
Alan K. Davis, J.D., CPA, Eric D. Marchand, J.D., L.L.M., Matthew S. Beard, J.D., L.L.M.
4:05 p.m. - 5:05 p.m.
- Matters of Interest
Sometimes a title says it all. Learn about (i) taxation of settlements and lawsuit payments and recoveries; (ii) reasonable compensation versus dividends for professionals in C corporations; (iii) estate tax cases and litigation matters, including the long-awaited regulations under IRC §2704 aimed at disallowing discounting; (iv) tax issues of transfers to special friends; (v) issues associated with mortgage interest deductions; (vi) deductions for marijuana business expenses; (vii) definition of bona fide resident; (viii) deductions for cell phones, parking and other unreimbursed business expenses incurred by professionals; and (ix) other tax cases which crossed desks at Meadows Collier during 2016.
Charles M. Meadows, Jr., J.D., CPA and WIlliam R. Cousins, III, J.D., L.L.M., CPA