ISBA CLE

2009 Federal Tax Conference

Presented by the ISBA Federal Taxation Section

Chicago
Friday, January 30, 2009
ISBA Regional Office
20 S. Clark St. (map and directions)
Suite 900

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7.0 MCLE credit hours for full day program
4.0 MCLE credit hours for half-day program – morning or afternoon session
Including 1.0* hour PMCLE credit
This program is approved for CPE credit**

The annual Federal Tax Conference will be an overview of the tax law updates. Topics will include individual income tax; estate, gift and goods and services tax; corporate and partnership tax; tax procedure; employee benefits; federal taxation of partnership carried interests; and a panel discussion on the Internal Revenue Service’s collection procedure. There will also be a lunch presentation on practitioner ethical issues and considerations. This seminar is designed for intermediate level income tax and estate tax practitioners.

Program Coordinator/Moderator:
Joseph P. O’Keefe, Mathis, Marifian, Richter & Grandy, Belleville

Morning Session
Federal Taxation Updates

8:25 – 8:30 a.m.  Welcome and Introductions
Joseph P. O’Keefe

8:30 – 9:15 a.m.  Individual Income Tax Update
This presentation will be a review of recent developments concerning the taxation of individuals, including the determination of income, deductions, exemptions, credits, alternative minimum tax, capital gains and losses, and recent legislative changes.
Thomas F. Arends, Carol Stream (Chicago Program)
Philip Speicher, Mathis, Marifian, Richter & Grandy, Belleville (O’Fallon program)

9:15 – 9:45 a.m.  Corporate and Partnership Update
This will be an overview of recent developments concerning the taxation of corporations and partnerships, plus recent legislation.
David F. Jarmusz, True Partners Consulting, LLC, Chicago

9:45 – 10:15 a.m.  Employee Benefits Update
For this presentation, there will be a review of recent legislation, rulings, and case decisions pertaining to retirement and welfare benefit plans.
Lawrence R. Krupp, Kessler Orlean Silver & Co., PC, Deerfield

10:15 – 10:30 a.m.  Break

10:30 – 11:00 a.m.  Estate, Gift and Generation Skipping Update
For this segment, the speaker will give an overview of cases and rulings, including legislative changes, regarding the transfer of assets during life and at death.
Michelle L. Heller, Nepple Law, PLC, Rock Island

11:00 – 11:45 a.m.  Your Voice at the IRS - 2009
A discussion of the Taxpayer Advocate service’s role working within the IRS with taxpayers, tax professionals, and other key stakeholders.
Selma Taylor, IRS Advocate Office, Chicago (Chicago Program)
Victor Juarez, IRS Advocate Office, Springfield (O’Fallon Program)

11:45 a.m. – 12:15 p.m. Lunch***

12:15 – 1:15 p.m.  Lunch Presentation:  Ethical Issues and Considerations*
In this presentation, the speakers will provide a review of the latest updates to Circular 230, including rules and issues regarding contingent fees, conflicts of interest, etc.
Robert E. McKenzie, Arnstein & Lehr LLP, Chicago (Chicago program)
George E. Marifian, Mathis, Marifian, Richter & Grandy, Ltd., Belleville (Downstate program)

Afternoon Session

11:45 a.m. – 12:15 p.m. Lunch***

12:15 – 1:15 p.m. Lunch Presentation: Ethical Issues and Considerations*
In this presentation, the speakers will provide a review of the latest updates to Circular 230, including rules and issues regarding contingent fees, conflicts of interest, etc.
Robert E. McKenzie, Arnstein & Lehr LLP, Chicago (Chicago program)
George E. Marifian, Mathis, Marifian, Richter & Grandy, Ltd., Belleville (Downstate program)

1:15 – 2:00 p.m. Federal Taxation of Partnership Carried Interests
With tax partnerships, generally an LLC, having emerged as the dominant entity of choice in structuring many types of business transactions, entrepreneurs often motivate employees and other service providers by granting them various forms of equity in the partnership. This is frequently referred to as "carried interests" or "profits interests." Brian A. Smith, a partner at Freeborn & Peters, LLP in Chicago will lead a discussion on the federal income taxation of these types of partnership interests that are issued in exchange for services, including the evolution of the current tax treatment, the 2005 proposed regulations, as well as the prospective legislation that was cited as part of President-elect Barack Obama's tax plan.
Brian A. Smith, Freeborn & Peters, LLP, Chicago

2:00 – 3:15 p.m.  A Panel Discussion of IRS Collection Procedure
This experienced and well-diverse panel will give an in-depth discussion of legal and practical issues in the overall collection process, from the practitioner’s perspective and the perspective of the Internal Revenue Service.
Aleck Hopkins, IRS
William M. Gasa, William M. Gasa LTD, Winfield
Donna F. Hartl, Golan & Christie LLP, Chicago
Gregory A. Zbylut, Zbylut Law Office, Chicago

3:15 – 3:30 p.m.  Break

3:30 – 4:30 p.m.  A Panel Discussion of IRS Collection Procedure (cont.)
Aleck Hopkins
William M. Gasa
Donna F. Hartl
Gregory A. Zbylut

* Professional Responsibility MCLE credit subject to approval
** ISBA is approved by the Illinois Department of Financial and Professional Regulation as a registered public accountant continuing professional education (CPE) sponsor
***Lunch included for all day program and half-day session