Tax Section

8:45 a.m. – 9:00 a.m.

Section Business Meeting, Election of Officers, Welcome and Introduction

Speaker:

Gordon E. Warnke, Esq., Section Chair KPMG LLP New York, NY

9:15 a.m. – 10:30 a.m.

Disruption and Uncertainty in Partnership Taxation

This panel will discuss potential changes impacting partnerships and partners under the Build Back Better Act, debt financed distributions and guarantees after the Tribune Media Co. decision, open questions regarding carried interest under the Section 1061 final regulations and the impact of legislative proposals that address carried interest and other recent developments in partnership taxation.

Panel Chair:

Amanda H. Nussbaum, Esq. Proskauer Rose LLP New York, NY

Panelists:

Jennifer Alexander, Esq. Deloitte Tax LLP Washington, D.C. James R. Brown, Esq. Ropes & Gray LLP New York, NY Monisha Santamaria, Esq. Legislation Counsel Joint Committee on Taxation Washington, D.C.

1.5 Credits in Areas of Professional Practice

10:30 a.m. –10:45 a.m.

Break

10:45 a.m. –12:00 p.m.

Section 163(n) Limitation on Disproportionate US Interest Expense – Theory and Some Practical Observations

Proposed section 163(n) limits the deduction for net interest expense of a US corporate group that is part of a larger world-wide group of entities where, for financial statement purposes, net interest expense is disproportionately located in the US group.  This panel will begin with a discussion of the basic mechanics of the provision and its policy underpinnings.  In the inbound context, the provision appears to serve a traditional anti-base erosion purpose.  In the outbound context, section 163(n) appears to have a completely different purpose – to operate as a surrogate for expense allocation and apportionment.  The panel will also discuss several curious features of the provision including: (i) the real-world impact of the carryforward of disallowed interest expense, (ii) its interaction with section 163(j), (iii) the practical effect of using book (not tax) numbers to determine disproportionality, and (iv) the impact of losses on US interest expense deductibility.

Panel Chair:

Jeffery W. Maddrey, Esq. Pricewaterhouse Coopers LLP Washington, D.C. Panelists: Lucy W. Farr, Esq. Davis Polk & Wardwell LLP New York, NY William L. McRae, Esq. Cleary Gottlieb Steen & Hamilton LLP New York, NY Michael K. Yaghmour, Esq. EY LLP Washington, DC

1.5 Credits in Areas of Professional Practice

9:15 a.m. – 10:30 a.m.

What’s on Corporate’s Plate

For almost two years, the IRS, tax advisors, and corporate tax departments alike mostly have been working remotely, diminishing certain opportunities for interactions that facilitate understanding of the government’s thinking and private sector priorities.  This panel will look back at how Associate Chief Counsel (Corporate) has addressed selected prior guidance during this period, look at selected corporate and consolidated return items on the 2021-2022 Priority Guidance Plan, and look forward to selected corporate items identified by NYSBA in its reports as needing guidance in the future.

Panel Chair:

Lawrence M. Garrett, Esq. EY LLP Washington, D.C.

Panelists:

Brian D. Krause, Esq. Paul, Weiss, Rifkind, Wharton & Garrison LLP New York, NY Linda Z. Swartz, Esq. Cadwalader, Wickersham & Taft LLP New York, NY Robert H. Wellen, Esq. Associate Chief Counsel (Corporate) Internal Revenue Service Washington, D.C. (Invited)

1.5 Credits in Areas of Professional Practice

10:30 a.m. –10:45 a.m.

Break

10:45 a.m. – 12:00 p.m.

An Update on New York’s Pass-Through Entity Tax and the State Tax Implications of Remote Work

New York recently enacted an elective tax on pass-through entities. This panel will discuss the mechanics of the new regime, recent administrative guidance, and the panelists’ experiences to date in implementing and administering the election. With Covid continuing to impact state taxation, the panel will also discuss the latest developments and thinking on the state tax ramifications of telecommuting, which some companies are adopting as a long-term option for employees.  

Panel Chair:

Jack Trachtenberg, Esq. Deloitte Tax LLP New York, NY  

Panelists:

Deborah R. Liebman, Esq., Deputy Counsel Office of Counsel New York State Department of Taxation and Finance Albany, NY (Invited) Alysse B. McLoughlin, Esq. Jones Walker LLP New York, NY Elliot Pisem, Esq. Roberts & Holland LLP New York, NY

1.5 Credits in Areas of Professional Practice

12:30 p.m. – 1:30 p.m.

Awards “Luncheon”

Keynote Speaker:

Lily Batchelder, Esq. Assistant Secretary for Tax Policy Department of the Treasury Washington, D.C.

1:30 p.m. – 1:45 p.m.

Break

1:45 p.m. – 3:30 p.m.

International Tax: A Globally Coordinated Minimum Tax Regime - How Close Are We Really?

As this program is being organized, much is in flux. The OECD inclusive framework is imminently expected to publish model rules for the implementation of a coordinated global minimum tax regime, the EU is working on a directive for implementation, and, at least if the Build Back Better Act is enacted, a reformed version of the US GILTI and BEAT regime may "co-exist" with the global regime.  How aligned will the OECD Pillar Two release be with the current and future US GILTI and BEAT regimes, and what are the potential policy and practical inconsistencies?

Moderator:

Danielle E. Rolfes, Esq. KMPG LLP Washington, D.C.

Panelists:

Michael Plowgian, Esq. Counselor Department of the Treasury Washington, D.C. (Invited) John Peterson, Esq. Head of Unit - Aggressive Tax Planning Organisation for Economic Co-operation and Development (OECD) Paris, France Kara L. Mungovan, Esq. Davis Polk & Wardwell LLP New York, NY Stephen E. Shay, Esq. Adjunct Professor Boston College Law School Newton Centre, MA

2.0 Credits in Areas of Professional Practice