Sections & Committees

Tax Section

Under 10 Club: Proposed Regulations on the New Section 199A

Wednesday, April 3, 2019 | 7:15 p.m.
New York University
Vanderbilt Hall, Faculty Library, 40 Washington Square South

1 credit of CLE in the Areas of Professional Practice category will be available. 

Three members of Under 10—Swift EdgarChris Saki, and Laila Hosseini—will offer insights gained by playing a critical role in helping the Tax Section prepare a report providing Treasury with feedback on proposed regulations on the new Section 199A, one of the most innovative aspects of the 2017 changes known as the Tax Cuts and Jobs Act.

Register Now

For more information about the Tax Section or to join its Under 10 Club, please contact Tiffany Bardwell at tbardwell@nysba.org.

FRIDAY, MAY 31 - SUNDAY, JUNE 2, 2019
TAX SECTION SPRING MEETING
THE WEQUASSETT RESORT

2173 ROUTE 28
HARWICH (CAPE COD), MASSACHUSETTS

BOOK YOUR ROOM ONLINE NOW 
(Plug in the Special Code 9510370 In the Appropriate Box on the Reservations Page) to get our preferred rate or CALL AND BOOK YOUR HOTEL ROOM directly:  1-800-225-7125 AND IDENTIFY YOURSELF AS PART OF THE NYSBA TAX SECTION GROUP

Per Night Rates for Single/Double Room:  $375 Plus Resort Fee and Taxes
Hotel Reservation Deadline:  MAY 1, 2019

REGISTER ONLINE NOW!


MCLE CREDITS:  UP TO 7.5  – Regular Programming offers 6.0 credits in Areas of Professional Practice.  The optional luncheon program offers an additional 1.5 credits in Areas of Professional Practice. This is NOT a transitional program and is NOT suitable for MCLE credit for newly admitted attorneys.

MEETING AGENDA

FRIDAY, MAY 31
6:30 – 7:30 p.m. 
Welcome Cocktail Reception  – Outer Bar & Grille

7:30 pm 
Dinner on Your Own

SATURDAY, JUNE 1
8:00 a.m.  –  12:00 p.m.                  
Registration – Cape Villa Foyer  

8:30 –  10:00 a.m.                
Continental Breakfast – Cape Villa Foyer  

9:00 a.m. – 12:00 p.m.    
GENERAL SESSION – Cape Villa 1 & 2

9:00 – 9:10 a.m.                                  
Tax Section Welcome
Deborah L. Paul, Esq., Section Chair

9:10 – 10:30 a.m.               
Pass-Through and Group Concepts after the Tax Cuts and Jobs Act of 2017
Numerous provisions of the Tax Cuts and Jobs Act and recent regulations present challenges for pass-through entities and groups of related taxpayers, including consolidated groups.  For example, the interest limitations under Section 163(j) are applied at the partnership level, rather than at the partner level.  Additionally, the TCJA contains numerous provisions governing transactions among related parties that, in one way or another, treat those entities as if they were a single taxpayer.  This panel will consider some of these challenges, including, among other topics, treatment of pass-throughs and groups under the Section 163(j) interest limitations; application of the rules and basis adjustments under Section 965; special issues for related parties arising under, and use of pass-throughs to manage, GILTI; and taxation of members of pass-throughs with effectively connected income.

Panel Chair:                                       
Stuart L. Rosow, Esq.
Proskauer Rose LLP
New York City

Panelists:            
Andrew M. Herman, Esq.
Ernst & Young LLP
Washington, D.C.                             

Adam Kool, Esq.
Kirkland & Ellis LLP
New York City

Clifford M. Warren, Esq. (Invited)
Senior Level Counsel, Associate Chief Counsel (Passthroughs)
Internal Revenue Service
Washington, D.C. 

10:30 – 10:45 a.m.            
Refreshment Break

10:45 a.m. – 12:00 noon                 
International Comity after the Tax Cuts and Jobs Act of 2017 (Part I)
Our two panels on international comity will discuss how the United States’ tax regime fits within the international tax landscape after enactment of the Tax Cuts and Jobs Act of 2017.  With the new quasi-territorial quasi-pass through system enacted by the Tax Cuts and Jobs Act as well as the international movement to address base erosion and profit shifting and an ever more global economy, the United States’ tax regime confronts a host of new technical and big-picture issues in relation to tax regimes of other jurisdictions.  Topics may include the BEAT, GILTI, hybrid transactions, foreign tax credits, Section 163(j), Section 245A, tax treaties and tax recommendations of the Organisation for Economic Co-operation and Development.  

Panel Chair:                                       
Lawrence M. Garrett, Esq.

Ernst & Young LLP
Washington, D.C.

Panelists:                                            
John J. Merrick, Esq. (Invited)
Senior Level Counsel, Associate Chief Counsel (International)
Internal Revenue Service
Washington, D.C.

Michael T. Mollerus, Esq.
Davis, Polk & Wardwell LLP
New York City

Ansgar A. Simon, Esq.
Covington & Burling LLP
New York City

12:00 noon – 1:30 p.m.   
State & Local Tax Committees Luncheon and CLE 
(Registered Attorneys Only)
  PREREGISTRATION IS REQUIRED. 
CLE program runs from 12:15 - 1:30 pm.
                       
New York State Taxation of GILTI
Under current law, the net amount of GILTI is included in entire net income under Article 9-A of the Tax Law and is, accordingly, subject to tax for New York State corporate income tax purposes.  New York State has acknowledged that, where such amount is taxable business income, it should be included in the business apportionment factor to properly reflect the taxpayer’s business income and capital in the state.  Pending legislation would require that the net amount of GILTI be added to the denominator of the apportionment fraction, with zero added to the numerator.  This panel will explore the nature of GILTI income for federal and state income tax purposes, discuss whether New York should decouple from the taxation of GILTI, and analyze the appropriateness of various sourcing methods should GILTI remain in the tax base for New York State tax purposes.

Panel Chair:                                       
Jack Trachtenberg, Esq.
Deloitte Tax LLP
New York City

Panelists:            
Kimberly S. Blanchard, Esq.
Weil, Gotshal & Manges LLP
New York City
 
Elizabeth T. Kessenides, Esq.
Federal Reserve Bank of New York
New York City
                                
Irwin M. Slomka, Esq.
Morrison & Foerster LLP
New York City

OPTIONAL AFTERNOON  ACTIVITIES

2:00 – 4:00 p.m. 
CHATHAM SHELLFISH COMPANY OYSTER FARM TOUR AND TASTE
Join us as we set off aboard an oyster barge from the company’s historic facility on the scenic Oyster River and proceed up to Oyster Pond to Chatham’s only oyster farm. Learn about the painstaking work and elaborate process of farming oysters and what it takes to bring these delicacies to your plate. We will even harvest some of our own oysters to enjoy at our private raw bar at the tour conclusion! Catch the shuttle from the hotel lobby at 2:00 p.m. sharp. Preregistration required.  $130 per person.

2:00 – 5:00 p.m.                                 
PRIVATE WHALE WATCH, Departing from end of Wequassett Resort’s Dock

Create your own National Geographic moment!  Enjoy an intimate encounter at eye level with these gentle giants. The most common sightings include Humpback, Finback and Minke whales. We may also spot dolphins, porpoise, gannet birds and possibly even a Great White Shark! Ages 8 and older.  Dress warm as it can be cool on the water.  $105 per person.  Preregistration required.   

6:30 – 10:00 p.m.
Cocktail Reception & Dinner at The Beach House at Chatham Bars Inn  297 Shore Road, Chatham
Enjoys cocktails on the terrace steps away from the Atlantic Ocean. We will move inside for dinner.  Meet in lobby for shuttles – we will make two trips to the Inn at 6:15 pm sharp and 6:25 pm.  Preregistration required. 

SUNDAY JUNE 2
8:00 – 9:00 a.m.                                 
Executive Committee Breakfast Meeting – Cape Villa 3

8:45 a.m.  –  12:00 p.m.                  
Registration – Cape Villa Foyer 

8:30 – 10:00 a.m.                                 
Continental Breakfast – Cape Villa Foyer 

9:15 a.m.  –  12:00 p.m.                  
GENERAL SESSION - 
Cape Villa 1 & 2

9:15 – 10:30 a.m.               
International Comity after the Tax Cuts and Jobs Act of 2017 (Part II)
Our two panels on international comity will discuss how the United 
States’ tax regime fits within the international tax landscape after enactment of the Tax Cuts and Jobs Act of 2017.  With the new quasi-territorial quasi-pass through system enacted by the Tax Cuts and Jobs Act as well as the international movement to address base erosion and profit shifting and an ever more global economy, the United States’ tax regime confronts a host of new technical and big-picture issues in relation to tax regimes of other jurisdictions.  Topics may include the BEAT, GILTI, hybrid transactions, foreign tax credits, Section 163(j), Section 245A, tax treaties and tax recommendations of the Organisation for Economic Co-operation and Development.

Panel Chair:                                       
Diana L. Wollman, Esq.
Cleary Gottlieb Steen & Hamilton LLP
New York City

Panelists:  
Steve Edge, Esq.
Slaughter and May
London, England

Andrew R. Walker, Esq.
Milbank LLP
New York City

Brenda L. Zent , Esq. (Invited)
Special Advisor, Office of International Tax Counsel
Department of the Treasury
Washington, D.C. 

10:30  –  10:45 a.m.          
Refreshment Break 

10:45 – Noon      
Opportunity Zones – What Fund Managers, Investors and Developers Should Know 
Join us to discuss the new opportunity zone program, the tax benefits it offers and the challenges fund managers, investors and developers face when investing and structuring qualified opportunity funds. The panel will not only cover the existing rules and any new developments but will also share the practical challenges and common pitfalls associated with the program. Among the topics that will be explored are single and multiple asset funds, one or two tier structures, related party acquisitions, treatment of leases, treatment of promotes, investment in LIHTC deals, dealing with phantom income, exit strategies as well as other topics.

Panel Chair:                                       
Michael B. Shulman, Esq.
Shearman & Sterling LLP 
New York City

Panelists:
Daniel Z. Altman, Esq.                                   
Sidley Austin LLP
New York City

Julie Hanlon Bolton, Esq. (Invited)
Special Counsel, Associate Chief Counsel (Income Tax & Accounting)
Internal Revenue Service
Washington, D.C.

David S. Miller, Esq.
Proskauer Rose LLP
New York City

Krishna Vallabhaneni, Esq. (Invited)
Acting Tax Legislative Counsel
Department of the Treasury
Washington, D.C


Questions on this Program?  Contact Catheryn Teeter, 518-487-5573 or cteeter@nysba.org

Welcome!

The Tax Section of the New York State Bar Association is pleased to welcome Section members and visitors. Among the resources available at this site is a comprehensive listing of links relevant to the Section, and the Section's Tax Reports. View the 2018 Annual Report of the Section dated January 15, 2018 here

Deborah L. Paul is the 2019 Chair of the (2,063) member Tax Section.  Debbie is a Tax Attorney at Wachtell, Lipton, Rosen & Katz in New York. 

We encourage you to get more involved with the section founded in 1949. The Executive Committee of the Tax Section is comprised of 4 Officers, at least 40 Co-Chairs of more than 20 separate tax committees, 9 At-Large Members, and 25 former Section Chairs. The Executive Committee oversees the activities of the tax committees. Any member of the Tax Section is eligible to join the tax committees. Please contact Tiffany Bardwell if you are interested or complete and mail in the Tax Section Membership and Committee Application Brochure.

The Tax Section engages in many activities, including testifying before Congress, holding semi-annual meetings and sponsoring Ad hoc conferences. Our primary function, however, is to comment on proposed legislation and proposed regulatory guidance at the federal, state and local levels. We usually do this in the form of written reports.

Although the Tax Section first began to prepare these reports shortly after its formation, it did not begin to number them until 1972. Since then, we have submitted over 1400 reports. To obtain a report pre-2000 please contact Tiffany Bardwell. Reports issued in 2000 to date are available on this website.

Most of our reports comment on proposed guidance or legislation related to corporate and partnership tax, international tax, the taxation of financial instruments, debt and equity securities, employee benefits, IRS regulation of tax lawyers, and state and local tax matters.

To maintain our high standards in the years ahead, we need you to become more involved in the Tax Section, to go beyond reading a few of our reports or attending a few of our conferences. Take the next step by joining one of our tax committees and seize the opportunity to participate in one of these working groups.

The Tax Section hosts events to provide tax lawyers who tend to be underrepresented at the senior levels of our profession the opportunity to meet with members of the Tax Section in a relaxed atmosphere to discuss career opportunities, what life as a tax partner at a law firm is really like or just to mingle. These events "Women in the Law" and "Under 10", for attorneys who graduated from law school less than 10 years ago, also include panel presentations not only on interesting tax issues, but on topics like alternative career paths for tax lawyers or how to attain greater stature within the tax bar and best practices with clients. The section won the Section Diversity Leader Award in the 2012 NYSBA Diversity Challenge and was a  Section Diversity Champion in 2013 for these efforts. Photos of the Diversity Award and the EC Committee at work are here

Mission Statement


Section Bylaws

Tax Section Reports

Executive Committee Roster


Master Index of NYSBA Tax Section Reports

Already a member of the NYSBA Tax Section? Join a Committee!

Bankruptcy and Losses
Compliance, Practice and Procedure
Consolidated Returns
Corporations
Cross Border Capital Markets
Cross-Border M & A
Debt-Financing and Securitizations
Estates and Trusts
Financial Instruments
"Inbound" U.S. Activities of Foreign Taxpayers
Individuals
Investment Funds
Multistate Taxation
New York City Taxes
New York State Taxes

"Outbound" Foreign Activities of U.S. Taxpayers
Partnerships
Pass-Through Entities
Real Property
Reorganizations 
Spin Offs
Tax Exempt Entities
Taxable Acquisitions
Treaties and Intergovernmental Agreements

Other Committees:
Contact Tiffany Bardwell at tbardwell@nysba.org or 518.487.5675 for more information if you are interested in joining the following Committees:

TAX Section Under Ten Club

The section sponsors a “tax club” for members of the Tax Section with less than ten years of legal experience. We call it “Under 10.” The purpose of Under 10 is to bring together lawyers from various law firms, allow them to get to know each other better and offer an environment for learning more about current tax issues. In addition, we hope that attendees will become involved in the Tax Section and in reports prepared by the Section. We anticipate that Under 10 will meet quarterly on specific topics. If you are interested in joining the Under 10 club please contact Tiffany Bardwell at tbardwell@nysba.org or 518.487.5675.

 The Section has formalized its “Under 10” tax club for members of the Tax Section who graduated from law school less than 10 years ago. With organizational and financial support of the Tax Section, the club operates independently from the Tax Section through its own officers and meets four times per year.  The goal of the club is to serve as a source of professional development and networking for mid-level and senior associates.

See Under 10 bylaws here.