JULY 2007edit your member profile I view this email online I send us your feedback
In this Edition
On the Record

“We recommend the initial adoption of a short-term correction program for section 409A inadvertent violations.  We further recommend that the short-term correction program cover the period between January 1, 2005, section 409A’s effective date and December 31, 2007, the date on which all arrangements or plans are required to be amended to comply…and also cover the first three years of section 409A implementation after the Transition Period ends….”

>> Excerpted from the Section’s June, 14, 2007 Comment Letter to the IRS. 


August 9-14, 2007
San Francisco, CA

*The Section will sponsor several programs at the ABA Annual Meeting in August.  For details, click here.






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headerDon’t miss the 2007 Joint Fall CLE Meeting in Vancouver, BC, Canada!

The Section of Taxation and the Section of Real Property, Probate, and Trust Law are co-hosting the meeting, featuring hundreds of CLE programs.  You’ll have the opportunity to meet the country’s leading attorneys and government officials to discuss the latest federal policies, initiatives, regulations, legislative forecasts and planning ideas.  Learn more about the meeting, and sign up to attend here .

The Plenary Breakfast on Friday will feature a discussion on the tax gap, an issue that has been at the forefront of national debate over the past several years.  The panel will examine some of the proposals that came out of the National Conference on the Tax Gap recently held in Washington, DC, and will focus on how those ideas would affect practitioners.

The Hyatt Regency Vancouver will serve as the Headquarters Hotel. Additionally, rooms are available and some meetings, including all Employee Benefits Sub-Committee and Committee meetings, will take place at the Fairmont Hotel Vancouver.

Travel from the United States to Canada requires a passport, certified birth certificate, or other evidence of citizenship for entry and return.  If you are a U.S. citizen and have applied for but not received a passport, you may enter Canada by air by presenting a government issued photo identification and Department of State official proof of application for a passport.  The federal government has extended this accommodation through September 30, 2007.  For additional information about this requirement, please check the State Department website.

Early Bird registration deadline: August 21st | Click Here to register!


"LAST WEDNESDAY" TELECONFERENCE - July 25th - 1:00-2:30 pm (EST)


Preserving Capital Gains: Dealer/Developer Issues
(Organized by the Real Estate Committee)

Your clients may want to lock-in existing appreciation as capital gains on real estate they would like to develop by transferring it to a related entity. But what type of transfer is best? If the entity is a partnership or LLC, there are a number of issues to consider, including those under IRC §§ 704 and 707 and dealer versus investor status. If the entity receiving the transfer is a corporation, then capitalization issues may arise. This panel will address the issues that must be confronted in connection with the transfer of real estate to a related entity. The speakers will also explore the planning opportunities that may be available.     Click here to register


Mark your Calendar for the Next "Last Wednesday" Teleconference - August 29, 2007

The Tax Section routinely sends technical comments to federal agencies considering changes in tax regulations, revenue rulings, etc.  Recent technical comment submissions include: 

>> Comments on Proposed Regulations Relating to Payment In Lieu of Taxes under Section      1.141-4 of the Treasury Regulations (07/07)
>> Comments on Proposed Regulations Relating to the Payment of Tax Liabilities in Installments      (07/07)
>> Recommendations for 2007-2008 Guidance Priority List (06/07)
>> Recommendations for Improved Tax Administration Related to Section 409A (06/07)
>> Comments on Final Regulations Defining the Term “Statutory Merger or Consolidation”
     (T.D. 9242) (06/07)

>> Comments in Response to IRS Notice 2006-109 on the Application of the Pension Protection      Act of 2006 to Donor Advised Funds and Supporting Organizations (06/7)

RSS FeedGovernment Submissions RSS News Feed ( What is RSS? ) 

The Section co-sponsored the National Conference on the Tax Gap in Washington, DC, June 21-22, 2007, along with the AICPA Federal Tax Division, ATPI, TEI and ACTC.  Panelists discussed issues related to how the tax gap is measured, why it exists, and which sectors of the economy contribute the most to the gap.  Experts examined some of the possible legislative and administrative fixes, and suggested some of their own.  Learn more about the conference, and listen to the panels, here


A new Student eNewsletter has been developed for the Section’s more than 1300 law students.  Published quarterly, Tax Career Tracks will focus on different specialty areas in each edition.  Check out the most recent editions here

ABA/IPT Advanced Seminars - Audio Recordings Available  

For the first time this year, the ABA Section of Taxation and the Institute for Professionals in Taxation are pleased to offer audio CDs and MP3s of the 2007 Income, Sales/Use, and Property Tax Seminars. In addition, an ultimate CD-ROM package containing audio recordings and program materials is available. These are available through Digital Conference Providers (DCP). To order, please visit https://www.dcporder.com/abatx/, or call DCP at 630/963-8311.


The IRS is mailing educational letters this month to more than 650,000 small tax-exempt organizations that may be required to submit a new annual notice, Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or 990-EZ . Exempt organizations with receipts of less than $25,000 will need to file the e-Postcard in 2008.  Read more about the requirement here .


Beginning next year, the IRS will allow tax practitioners who file individual income tax returns electronically to use an electronic PIN signature.  The new procedure eliminates the need for a paper signature to be sent to the IRS in support of electronically filed tax returns.  Practitioners can complete an eFile Signature Authorization here .


Each month, the Tax Section eNews will feature one of our substantive committees under ‘Spotlight on Committees.’  In July, we are focusing on one of the Section’s largest committees, Employee Benefits.

Members: 800 | Subcommittees: 29 | Task Forces: 2

: Incoming Chair: David A. Mustone; Last Retiring Chair: Greta E. Cowart

Committee Webpage: Click here

Most Recent Panels
: “The Final 409A Regulations – Unwrapped”, “Late Breaking Retirement Plan News”, and a two hour Section Program entitled “More New Rules for Health Plans”. Click here to listen to a panel discussion. ( Windows Media required)

Upcoming Panels
: Annual Meeting, August 11, "The New Regulatory Framework for Executive Deferred Compensation: Complying with the Final 409A Regulations". Joint Fall CLE Meeting, September 29, “Crossing the US/Canadian Border – The Employee Benefits and Compensation Issues That Await” (Section Program). For this committee’s preliminary spotlight click here.

Number of Government Submissions in 2007
: 3

Most Recent Submission: To the IRS, June 14, Recommendations for Improved Tax Administration Related to Section 409A

Important Developments Report: click here.

Sign me up! Use myABA to select one or more committees and to check your current committee memberships.

Questions about committees or committee membership? Contact the Section at tax@abanet.org 

Each year, the JCEB meets with officials of federal agencies in Washington, DC, to discuss issues of interest to employee benefits practitioners. Based on these informal discussions between private sector representatives of the JCEB and agency officials, question and answer transcripts are then drafted. Please visit the JCEB website for posting of Final Q&As.

Comm-Online provides current, high-level analysis of the latest tax developments. The Comm-Online database gives you instant access to cutting-edge materials developed by the nation's leading tax practitioners.

Preserving Capital Gains: Dealer/Developer Issues
July 25, 2007
Format: Teleconference
O rgani zed by the Real Estate Committee

2007 IRS Nationwide Tax Forum
July 31, 2007 - August 2, 2007
Hilton Chicago O'Hare Airport Hotel
Chicago, IL
Format: Live/In-Person

Bad Times for Nonprofits
August 15, 2007
Location: N/A
Format: Teleconference

2007 Joint Fall CLE Meeting
September 27-29, 2007
Vancouver, British Columbia
The ABA Joint Committee on Employee Benefits (JCEB) coordinates the activities of the employee benefits committees of six ABA sections.

ERISA Fiduciary Basics: What You Need to Know
August 16, 2007

Health and Welfare Benefit Plans
Ritz-Carlton Pentagon City
Arlington, VA
October 15-16, 2007
Format: In Person

ERISA Litigation National Institute
The Conrad Chicago
Chicago, IL

November 1-2, 2007
Format: In Person

Compensation for Executives and Directors  
The NY Helmsley Hotel,
New York, NY
November 12-13, 2007
Format: Live/ In-Person

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