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ABA 2023 May Tax Meeting

Washington, DC

Layla Asali, Jim Gadwood, Robert Kovacev, and Jeffrey Tebbs will speak at the ABA 2023 May Tax Meeting on May 5-6, 2023, in Washington, DC.

May 5, 2023

Tebbs will present, "Current Developments," for the Foreign Activities of U.S. Taxpayers Committee.

Gadwood will present, as part of a panel, "Capital Recovery & Leasing Current Developments and Update on Pending Guidance." This panel will cover important recent developments in the areas of capital recovery and leasing including recently issued guidance, relevant case law and legislative developments, as well as a review of the topics on the priority guidance plan. The discussion will incorporate insight and commentary from officials with the IRS and Treasury Department.

Gadwood will also speak on the "Methods Considerations of the Corporate Alternative Minimum Tax" panel. This panel will examine the tax accounting issues that continue to arise from the corporate alternative minimum tax enacted as part of the Inflation Reduction Act (IRA). Panelists will discuss the challenges that arise in identifying an applicable financial statement, timing differences affecting the measurement of taxable income versus applicable financial statement income, the various depreciation and fixed asset related adjustments, as well as other developing issues.

Kovacev will moderate a discussion with Bridget Roberts, Head of the IRS Transformation and Strategy Office, titled "From Strategic Planning to Implementation: Opportunities and Challenges for the IRS After the Inflation Reduction Act." In this discussion, Ms. Roberts will provide the background underlying the IRS's transformation plans and explain the forthcoming report on IRA implementation. Ms. Roberts will also discuss the role of the Transformation and Strategy Office in preparing the IRS for the future of tax administration.

Kovacev will also moderate the panel discussion "Rise of the Tax Machines: Evaluating the IRS's AI and Data Analytics Program in Light of the Stanford Study." Over the last decade the IRS has invested heavily in AI and data analytics. In an age of constrained IRS resources, that technology provided a force multiplier for IRS enforcement efforts. The recent study by the Stanford Institute for Economic Policy Research revealed a less positive side to this strategy - an IRS algorithm targeted Black taxpayers for audit almost five times more often than other taxpayers. This panel will consider the scope of IRS technological investment over the past decade and discuss the risks posed by reliance on these tools without effective human oversight.

May 6, 2023

Asali will present, as part of a panel, "M&A in the Age of Pillar Two." This panel will provide an overview of the key Pillar Two rules impacting M&A and discuss the impact of Pillar Two on issues related to stock vs. asset sales (including those with section 338(g) and (h)(10) and section 336(e) elections) and sales of disregarded entities, possible new provisions needed to be included in transactional agreements, and issues related to the so-called transition rule including due diligence items and issues relating to the timing of pre- and post-acquisition restructuring.