Michael J. Desmond, chief counsel of the Internal Revenue Service, will deliver a keynote speech during the 2020 Midyear Tax Meeting hosted by the American Bar Association Section of Taxation on Jan.30-Feb. 1 in Boca Raton, Fla. The meeting brings together leading practitioners and professionals from across the country to discuss important domestic and international developments in tax law.
Desmond, who has served as IRS chief counsel since March 2019, will serve as a plenary keynote speaker on Saturday, Feb. 1, from noon to 1:30 p.m.
Program highlights include:
- "Nuts and Bolts of Opportunity Zones and Qualified Opportunity Funds" - This panel will cover the law, regulations and the practical implementation for Opportunity Zones and Qualified Opportunity Funds. Speakers include Julie Hanlon-Bolton, special counsel in IRS Office of Chief Counsel, Washington, D.C.
- "Generation-Skipping Transfer Tax Exemption Allocation: Often Automatic, But Rarely Straightforward" - The automatic allocation of generation-skipping transfer tax exemption is an area that is implicated often with trust planning, but is a source of confusion for many accountants, attorneys and tax preparers. This is an important and nuanced area of the law, where what may seem like a relatively innocuous (and easy to make) mistake on a tax return can significantly and adversely impact the client. Automatic allocation of GST tax exemption has been a topic that has been addressed in a number of recent IRS rulings seeking to correct tax preparer mistakes, and it is imperative that attorneys and accountants who prepare Forms 709 pay close attention to these rules, particularly when transfers to trusts are involved. This presentation will review common missteps that tax preparers often make (together with suggestions for how to avoid them), as well as some recent IRS rulings involving the automatic allocation of GST tax exemption.
- "A '20/20' Look at the 2017 Tax Act" - This panel will discuss recent guidance under sections 4960 and 512(a)(6), impacting tax exempt organizations. Speakers include Victoria A. Judson, associate chief counsel of IRS Office of Chief Counsel, Washington, D.C.; Janine Cook, deputy associate chief counsel of IRS Office of Chief Counsel, Washington, D.C.; and Elinor C. Ramey, attorney-advisor of Office of Tax Policy, Department of Treasury, Washington, D.C.
Published: Thu, Jan 23, 2020
