American Bar Association Tax Section May Meeting

05.10.2019 - 05.11.2019

Washington, DC

Layla Asali, Erin Sweeney, and Jim Gadwood will speak at the American Bar Association Tax Section May Meeting on May 10 and 11, 2019, in Washington, DC.

Asali will present, as part of a panel, "Choice of Entity and Structuring for Multinational Corporations and Partnerships After Tax Reform," on May 10. In the post-Tax Reform world, choice of entity is… complicated. This most basic of questions has a lot of new implications - sticks vs. carrots, aggregate vs. entity, who's caught and who's not. The FAUST piece of the presentation will take an outbound and inbound look at the issues from a "big company" perspective. Issues considered will include global intangible low-taxed income (GILTI) under section 951A, the 100% dividend received deduction under section 245A, new rules under the dual consolidated loss rules of section 1503(d), the deduction for foreign derived intangible income under section 250, the CFC group election under section 163(j), the application of the base erosion and anti-abuse tax under section 59A and the new hybrid rules relating to interest and royalties under section 267A.

Gadwood will present, as part of a panel, "Administrative Practice Important Developments," on May 10. This panel will discuss current developments and topics of immediate interest in tax administrative practice. Panel will focus on recent legislative efforts impacting tax law and the IRS, Treasury and IRS guidance, court decisions, ongoing litigation, and other items germane to tax administration.

Sweeney will present, as part of a panel, "Employee Benefits Fiduciary Responsibility & Plan Investments Update," on May 10. This panel will discuss recent guidance and other issues addressing ERISA fiduciary responsibilities. Topics will include ESOP fiduciary matters, the SEC's Regulation Best Interest and associated rules, and other fiduciary responsibility developments. Sweeney will also moderate the panel, "One Law, Two Laws, Red State, Blue State," on May 11. This panel will delve into the "civil war" between the red and blue states (and the federal government) over the legality of the ACA. In the latest twist in this litigation drama, Judge Reed O'Connor of the Northern District of Texas held the entire ACA unconstitutional after concluding that the individual mandate was inseverable from the ACA. This panel will review the court's decision, the subsequent stay, and the issues the decision and stay raise, including a deeper dive into "congressionally inflicted" injury, severability, the Commerce Clause, the federal taxing power, and the perennial favorite—standing. We will then analyze the potential implications of the court's ruling, the prospects on appeal, and the ACA's status pending appeal. Time permitting, we will also discuss related chapters in the ACA federalism saga including litigation over the contraceptive mandate, short-term limited duration plans, and association health plans.