Registration and Continental Breakfast with Sponsors and Exhibitors
Welcome and Overview
Mark Sommer, Partner, Frost Brown Todd LLC
Federal Tax Policy: Taxing Billionaires, IRS Enforcement and Other Proposed Changes
Mark Loyd, Partner & Chair, Tax & Employee Benefits Department, Dentons Bingham Greenebaum LLP
Bailey Roese, Partner, Dentons Bingham Greenebaum LLP
This session focuses on various proposals to increase taxes on high-income earners, such as a “wealth” or “billionaires” tax, as well as changes to taxes on capital gains and dividends. The session will include not only analysis of the stated policy goals of these proposals but also assessment of the mechanics and practical implications. Other topics to be covered include: expanded IRS enforcement, phaseouts of TCJA provisions, efforts to lift the SALT cap, and proposed changes to business taxes, including an increased corporate tax rate.
Regional Updates: Indiana, Tennessee, Ohio and West Virginia
Tom Niedzielski, Senior Manager, Crowe LLP
Lucas Hankins, CPA, Senior Manager, Crowe LLP
2021 was an active year for changes to state tax policy with notable changes in many of Kentucky’s neighboring states related to income tax and state-federal conformity. This session will provide an overview of the most significant new tax laws and rules in states such as Indiana, Tennessee, Ohio, and West Virginia and provide a preview of potential changes that could happen in 2022 and years beyond.
The Ins and Outs of IRS Audits
Chaz Lavelle, Partner, Dentons Bingham Greenebaum LLP
This presentation discusses the various options during an IRS audit or litigation. It will discuss important steps during the tax year and filing of the return, the IRS letter announcing the audit, the kinds of IRS audit, who represents the taxpayer, where the audit occurs, how long it should take, responding to the IRS requests for documents and an interview, resolution of agreed issues, the role of the statute of limitations, and the options if the IRS and taxpayer cannot agree at the audit level. The presentation will also cover the role and process involved with appealing one’s audit to the IRS Appeals Office, as well as the various court options to litigate a case. The presentation will also address "the cost of being wrong": the additional tax, penalty and interest.
Lunch with Sponsors and Exhibitors
Questions about Taxing Cryptocurrencies
Daniel Mudd, Member, Frost Brown Todd LLC
Crypto and digital currencies are growing in popularity every day, but few understand how they work, much less how they factor into local, state, and federal tax laws. This session would address current issues and topics related to taxing crypto and digital currencies, including KY DOR guidance, rules in other states, and federal digital currency tax proposals, and what the future might hold for this new frontier of tax policy.
Accessing and Using Kentucky Tax Incentive Programs
Jennifer Barber, Office Member-in-Charge, Frost Brown Todd LLC
Katie Smith, Deputy Secretary and Commissioner, Department for Financial Services, Kentucky Cabinet for Economic Development
Kentucky’s incentive programs frequently change and have been under increased scrutiny by lawmakers and the general public. This session will focus on understanding the various incentive programs available in Kentucky, how to access and use them, and what the future may hold for these programs in upcoming legislative sessions. There will be additional discussion on the possibility of efforts by legislators to modify Kentucky’s incentive programs.
Tax Litigation and Rulings You May Have Missed
Robert C. Webb, Member, Frost Brown Todd LLC
Patrick Thomas, Senior Associate, Frost Brown Todd LLC
The results of tax litigation can have major consequences for both you and your clients. This session will highlight some of the most significant rulings from 2020 and 2021, discuss litigation that you may have missed, and explore cases currently unfolding and what to expect from tax litigation in 2022 and beyond. This session would highlight important litigation and recent cases at the state and federal level - for example, CIC Services, LLC vs. IRS.
Optional Post-Conference Ethics Workshop:
Ethics and Professionalism for State Tax Professionals – For Your Eyes Only: Understanding Privileges/Protections in State Tax Practice
Chris Coffman, Member, Frost Brown Todd LLC
Practical insights into relevant privileges & protections in state tax practice and tax controversy setting. Attorney-client privilege & dual-purpose communications that contain both legal and general business advice. Work product doctrine & the “anticipation of litigation” standard and application to internal tax workpapers. Derivative privilege under a Kovel arrangement and limited federal tax practitioner-client and state accountant-client statutory privileges. Waiver of privilege and protections. Best practices for preserving and asserting privileges and protections. Potential attacks to claims of privilege and protection.
2nd Annual State and Federal Tax Conference Adjourns