Welcome and Opening Remarks

MC Talks Tax: Never Stop Never Stopping (to Blog)

By now you should know the name MC Talks Tax – the firm’s Blog. If not, you do now. In what is becoming an annual tradition, this presentation surveys the firm’s Blog posts over the year, touching on a variety of federal tax related matters. What specifically will be covered? Everything else. Yes, everything else that is not being covered by my esteemed colleagues in their presentations on IRS update and enforcement efforts. Is it worth waking up early for? For those of you who have a November birthday and only a week left to secure your CPE hours, absolutely. For everyone else, the answer is a strong “maybe.”

Speaker:
Anthony P. Daddino, J.D., Managing Partner

Employee Retention Credit and other Hot IRS Issues

The IRS has heated up following its pandemic decline in activity. One area where the IRS has spent a considerable amount of time is with respect to the Employee Retention Credit (ERC). From the IRS perspective, many ERC claims that have been filed are likely invalid and have not yet been processed. Many businesses, however, filed valid claims and are waiting for the credit. This presentation will focus primarily on updates and strategies surrounding ERC claims. Other topics, including cryptocurrency tax updates, will also be discussed.

Speaker:
Jeffrey M. Glassman, J.D., LL.M., Partner

Break

The IRS’s Increased Use of Data in Enforcement

The IRS has made no secret of it using the mountain of data it has to identify taxpayers that should be targeted for civil enforcement and/or criminal investigation. This presentation will discuss how the IRS is using data, and what tax professionals can do to protect their clients and themselves.

Speakers:
Cody R. Gackle, J.D., LL.M., Associate, and
Naveid P. Jahansouz, J.D., Associate

Hobby Losses and Passive Activity Losses and Aircraft, Oh My!

The IRS is using its increased funding to focus on historically hot examination areas such as private/corporate aircraft, and activities subject to potential hobby loss and passive activity determinations. This presentation will review the IRS’s examination efforts in these areas, practice tips regarding how to prepare for these examinations and options to challenge adverse determinations.

Speakers:
Josh O. Ungerman, J.D., CPA, Partner, and
Mary E. Wood, J.D., Partner

Lunch

Red Zone: Recent Criminal Tax Investigations and Prosecutions

IRS criminal investigators focus on everything from smaller individual tax crimes to larger schemes that allegedly defraud the United States. This panel will focus on what transactions and issues are in the IRS’s red zone of criminal investigations, tax prosecutions and the types of sentences individuals see when faced with a conviction in federal court.

Speaker:
Michael A. Villa, Jr., J.D., LL.M., Partner

Potential Refund Opportunities Based on Recent and Pending Texas Tax Cases

With various cases currently working their way through the court system, there are often opportunities for taxpayers to file refund claims pending resolution of the contested issues. There are also other areas that taxpayers commonly overlook where refund opportunities may exist. This presentation focuses on potential refund opportunities for Texas sales and use tax and franchise tax purposes and the relevant facts that may give rise to those potential opportunities in light of recent developments.

Speakers:
David E. Colmenero, J.D., LL.M., CPA, Partner, and
Alex J. Pilawski, J.D., Partner

Break

Be Careful Out There! Complying With Ethical Obligations and Avoiding Penalties While Advising Clients on Tax Return Positions

Tax practitioners often advise clients regarding uncertain tax return positions. If done incorrectly, this can lead to IRS penalties imposed on the client, as well as penalties and other sanctions on the practitioner. This presentation discusses ways in which tax practitioners can provide significant value to their clients by advising them regarding whether they have an adequate defense against penalties that could be asserted in connection with an uncertain tax return position. This presentation also discusses what tax practitioners must do while advising on uncertain return positions to comply with Circular 230 professional obligations and avoid preparer penalties and sanctions.

Speakers:
Stephen A. Beck, J.D., LL.M., Partner,
Annie E. McGinnis, J.D., LL.M., Associate, and
Gabriel Nuñez-Lafontaine, J.D., LL.M., Associate

Basis Consistency Redux? The Final Regulations Fix Some Problems

We all recall the additional layer of complexity and reporting as a result of the basis consistency rules and reporting requirements from 2015. Proposed Regulations were issued the following year in 2016 with some surprising additions and interpretations of the new statutes. Final Regulations were just issued correcting some of the more egregious positions taken in the Temporary Regulations. The presentation will review the basics of basis consistency as well as the reporting requirements with emphasis on changes made by the Final Regulations for both.

Speakers:
Alan K. Davis, J.D., CPA, Partner, and
Jana L. Simons, J.D., LL.M., CFP®, Associate

Closing Remarks