Cassady V. Brewer, Georgia State University / Atlanta, GA
Bruce McGovern, South Texas College of Law Houston / Houston, TX

Cassady V. Brewer, Georgia State University / Atlanta, GA
Bruce McGovern, South Texas College of Law Houston / Houston, TX

This presentation will first discuss the treatment of partners as W-2 employees, IRS self-employment tax examinations, and recent IRS SECA court cases, and examine risks and next steps. It will then explore IRS, DOL and Virginia independent contractors issues, including a discussion of the rules (especially DOL updates), and steps to consider in determining status.

Karen Field, RSM / Washington, DC

Overview of the significant energy related tax credits and incentives included in the Inflation Reduction Act for businesses, nonprofit organizations, and individuals including review of current developments in IRS guidance related to these programs.

Scott Bragg, Brown Edwards / Glen Allen, VA

Update to Pass Through Entity Tax provisions for Virginia and around the country, including navigation of the 2021 Virginia PTET filing process.

Lori Roberts, PBMares, LLP / Fairfax

This presentation will discuss planning opportunities (and pitfalls) associated with the scheduled reduction of the estate, gift, and GST exemption amounts from $10 million (as adjusted for inflation) to $5 million (as adjusted for inflation) in 2026. The program will explore planning strategies, such as the use of so-called “Spousal Lifetime Access Trusts” along with planning considerations such as split-gift elections. The program will review strategies to avoid application of the step transaction and reciprocal trust doctrines, along with best practices for gifting hard-to-value assets with defined value transfer clauses.

Farhad Aghdami, Williams Mullen / Richmond

This presentation will provide an update on the current tax legislative landscape in Washington, compare the tax policy platforms of Democrats and Republicans and examine what kinds of tax legislative changes may be possible in a divided government this year as well as will look ahead to tax policy decisions lawmakers will face in 2025.

Jeff Kummer, Deloitte / Washington, DC

Those “simple” S corporations make transaction structuring more complicated. This panel will discuss how S corporations add spice to things like Section 1202 structuring, sales to private equity including the ubiquitous “F reorganization” structure, estate planning, and S corporation windups.

Daniel F. Carmody, Morgan, Lewis & Bockius LLP / Philadelphia, PA
Steven Schneider, Hogan Lovells / Washington, DC

Enacted in 2015, and first effective for partnership taxable years beginning in 2018, there was skepticism about whether the new rules would make it easier for the IRS to audit partnerships. Under the prior TEFRA audit regime, while audits were centralized, identifying the ultimate tax paying partners and then assessing and collecting tax from them, required such a significant investment of IRS resources that overall partnership audit rates hovered near zero. BBA was suppose to make partnership audits and ultimately collection of tax due easier for the IRS. Now, almost 10 years later, the IRS, taxpayers, and practitioners struggle to navigate these complex rules. New funding for the IRS has allowed it to increase the number of partnership audits, and with this experience everyone is learning a little more about how the BBA partnership regime works. This presentation will discuss how the BBA partnership audit regime works and share some of the lessons learned so far.

Rochelle Hodes, Crowe LLP / Washington, DC

The first portion of this presentation will discuss what individuals moving to or from the U.S. need to know, including U.S. individuals moving overseas, foreign nationals moving to the U.S., and foreign ownership of U.S. real property. It will conclude by examining incentives and traps for cross-border companies.

Lynn Eller, PBMares, LLP / Fairfax

This presentation will cover all manner of equity incentive compensation programs available for companies including restricted stock, stock options, ESPPs, qualified equity grants, phantom stock, SARs and profits interests. It will also discuss nonqualified deferred compensation plans and key design terms and features.

Taylor French, McGuireWoods / Charlotte, NC
Robert Wynne, McGuireWoods / Richmond

Tiffany L. Burton, Rees Broome, PC / Tysons Corner
Timothy M. Todd, Liberty University School of Law / Lynchburg