Excerpt: "Because the tax on large gifts works in concert with the estate tax, the estate of someone who gives away more than the lower exemption could be hit with a “claw back” tax bill for several million dollars when the law reverts to the lower limit, said James Blase of Blase & Associates in St. Louis.
“If you make a very large gift before 2026 and die afterward, there’s absolutely no law,” Mr. Blase said. “Congress left it totally up to the I.R.S. to issue regulations, and that’s a big deal. There’s a lot of uncertainty.”
The event will include a discussion on careers in tax law and is co-Sponsored by the Taw Law Society, the Women’s Law Caucus and the Graduate Tax Program
To be held Thursday February 15th from 4:45pm-6:00pm in Room 102. Refreshments will be provided.
Please join tax professionals from PwC who will present an overview
of the policy, details and likely impact of the recently enacted Tax Reform Bill.
Thursday February 1st, 4pm - 6pm
Room 302 ▪ Villanova University Charles Widger School of Law
Refreshments will be provided.
Excerpt: "Last week I attended an outstanding presentation on the recently enacted tax legislation that Tal Tigay, Brian Volz, Cuyler Lovett, Brian Thaler, and Howard Gavin (all from PWC) gave for the Villanova Graduate Tax Program. The Power Point presentation summarizes the new legislation’s main individual, corporate, and international provisions. The presentation included review of the legislative process that led to a number of substantive decisions in the legislation and covered how any technical changes legislation will not be able to rely on a simple majority in the Senate to pass, but instead will need 60 votes for cloture to avoid a likely filibuster."
The Villanova University Graduate Tax Program will be well-represented at the upcoming PICPA Personal Financial Planning Conference scheduled for Wednesday November 8th. We are proud to highlight and share the following speakers who are both alumni of the interdisciplinary Graduate Tax Program and who will be presenting at the event:
Christopher Harvey, an Adjunct Professor for both the Graduate Tax Program and the Villanova University Charles Widger School of Law will be presenting “Wealth Transfer Planning: Whatever the Tax Law Permits” which will include up-to-the minute changes in tax legislation and a wealth transfer update.
Brian Kitchen recently graduated from the Master of Taxation program and will be presenting “New Developments in Federal Taxes” which will include an overview of the Administration’s proposal, tax planning ideas in an uncertain environment as well as highlighting a few tax related course cases that were ruled on during the year.
More information is available at the PICPA event site: https://www.picpa.org/attend-cpe-events/conferences/picpa-personal-financial-planning-conference
o New York Times - https://www.nytimes.com/2018/01/04/business/corporate-tax-cuts.html
o Tax Notes and Tax Notes Today - https://www.taxnotes.com/tax-reform/economic-analysis-reform-puts-time-crunch-financial-reporting
o Forbes - Quoted on the Paradise Papers https://www.forbes.com/sites/roomykhan/2017/12/05/paradise-papers-are-there-any-revelations/#530721eb6bca
o Financial Times - Quoted on impact of tax reform on Apple: see https://www.ft.com/content/56c69df6-d9db-11e7-a039-c64b1c09b482
o Fortune - Quoted on impact of tax reform on Apple: see http://fortune.com/2017/12/06/apple-could-see-nearly-47-billion-in-benefits-from-the-republican-tax-reform/
o Other news outlets https://9to5mac.com/2017/12/06/republican-tax-reforms-impact-on-apple/
Ed Liva moderated a panel discussion that focused on current federal and state tax audits and examinations at the recent 28th Annual Philadelphia Tax Conference. The panel discussed the thirteen new compliance campaign initiatives recently launched by IRS’s Large Business & International (LB&I) division, and its intention to move towards issue based examinations. Ed is an Advisory Board Member for the Annual Philadelphia Tax Conference.
On November 6, 2017, Villanova Graduate Tax Professor J. Richard Harvey was quoted in a New York Times article. The article surrounded Apple's new international tax planning structure that has come to light from Harvey's work with the International Consortium of Investigative Journalists and the NY Times reviewing various information from the Paradise Papers (leaked information from the Bermuda law firm Appleby).
The quote is as follows:
But J. Richard Harvey, a Villanova law professor and former I.R.S. official who reviewed the Appleby documents, concluded that there was a strong possibility the company moved intellectual property into Ireland to take advantage of the generous tax rules. Based on disclosures in Apple’s American securities filings, he estimated that the transfer was worth about $200 billion.
On October 6, 2017, Villanova Graduate Tax Professor J. Richard Harvey was interviewed surrounding the EU Commission's actions this week surrounding illegal state aid for Amazon, Apple, and other companies.
A recording of the 12 minute section is available at https://www.bloomberg.com/news/audio/2017-10-06/eu-regulators-slap-big-taxes-on-u-s-tech-giants-audio.
Room 302 - Villanova University Charles Widger School of Law - Refreshments will be provided.
State and Local Taxation (“SALT”) continues to be a significant area of focus for all businesses concerned with their company’s cash flow, effective tax rate and risk profile. Increasingly, state and local governments react to their own financial challenges with expanding tax regimes, increased reporting and compliance requirements, and aggressive audit activity and penalty assessments. As a result, the need for tax professionals equipped with a deep knowledge and skillset in SALT continues to grow.
The SALT Certificate curriculum will expose the tax professional to the various regimes of state and local taxation that affect today’s businesses. More importantly, it will enable the professional to create or recommend solutions that are in conformity with the states’ applicable laws and regulations, and are consistent with the company’s overall business objectives and global and national tax profile.
The SALT Certificate courses are taught by leading SALT practitioners from Big 4 and regional accounting firms, Law firms, and Fortune 500 companies. The curriculum is available to LL.M. students, MT students, or as a stand-alone Certificate. Courses include:
Villanova Graduate Tax Professor J. Richard Harvey was quoted on the June 13th episode of NPR's Marketplace in the segment "Can the Senate rework 18 percent of the economy in three weeks?"
Topic 3 - Slides will be distributed to attendees
A discussion exploring tax opportunities at international accounting firms and corporate tax departments.
Room 302 - Villanova University Charles Widger School of Law - Refreshments will be provided.
On May 1, 2017, Villanova Graduate Tax Professor J. Richard Harvey was quoted in a Bloomberg article entitled: Trump Tax Plan Seen Steering Stampede to Passthrough Status.
On April 14, 2017, Joy Mullane published an article for online legal news service Law360.com on tax reform and the estate tax. It was part of a series of articles on tax reform that also included a piece by Charlotte Luke, a University of Florida Graduate Tax Professor and the Editor of the Florida Tax Review.
Article is available on Law360.com and through LexisNexis
On February 17, 2017, Leslie Book presented Thinking About Taxpayer Rights and Behavioral Economics to Improve Administration of the EITC (with David Williams (Chief Tax Officer, Intuit)) at Indiana-Bloomington today as part of its Tax Policy Colloquium Series
He also gave a talk on "Taxpayer Rights as Human Rights: The Example of Refundable Credits" at the Second International Taxpayer Rights Conference at the University of Vienna.
More information on TaxProf Blog
This course is designed to explore the convergence of technology skills and tax competencies that is occurring at corporations, government and tax service providers. Information Technology systems and applications are becoming more prevalent in all aspects of tax compliance and consulting, including global tax compliance and provision readiness, tax information process improvement, tax consulting and transactional modeling, and the use of data analytics. The course will provide an introduction to the basic tools used for tax modeling, and an overview of tax data analytics concepts and components. The course will also examine approaches designed to identify key tax issues and create value by applying analytics in combination with visualization tools and techniques.
This course is designed to assist students and tax practitioners understand the financial accounting and reporting guidance related to the effects of income taxes that result from an entity’s financial activities during the current and preceding years. ASC 740 was revised in October 2011 and codifies the guidance that was previously included in FAS 109, APB 23 and other FASB statements. Specific topics addressed in the course include calculation of total income tax for financial reporting purposes, recognition of deferred tax assets and liabilities and the determination of a need for a valuation allowance, calculation and reconciliation of the effective tax rate, and footnote disclosure related to income taxes. The course also covers FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), and a variety of other topics and issues related to financial reporting of income taxes.
As the 2016 Election Year intensifies, candidates will provide their views and proposals for tax reform. At Villanova University Graduate Tax Program’s inaugural Tax Policy Symposium—Fundamental Tax Reform and Tax Policy Issues in Election Year 2016—attendees will be introduced to the most salient issues within the debate, and the distinction among the various proposals that will impact your business and personal economic affairs. This event will bring together a cross section of business leaders—from tax and accounting to legal and government to renowned academics—to discuss the economic and societal issues surrounding the need for fundamental Tax Reform. Read more
The Office of the Taxpayer Advocate has invited Leslie Book, Professor of Law at Villanova University Charles Widger School of Law, to be a panelist at the first in a series of public forums on taxpayer service on Tuesday, Feb. 23, 2016. Read more
Ed Liva has been named Director of Villanova’s nationally recognized Graduate Tax Program. A longtime adjunct professor, he joins the program full-time following his retirement from KPMG, where he most recently served as national Real Estate Industry Tax leader. In his new role, Liva oversees the cross-disciplinary program—designed for lawyers, accountants and business professionals—which is developed and managed by the Law School in conjunction with the Villanova School of Business. Read more
Villanova University Graduate Tax Program is proud to announce the launch of the Master of Laws in Taxation and Master of Taxation in an online modality in addition to its on-campus counterparts. Click here for more information.
Blogging pioneer and Villanova tax professor, James Edward Maule, publishes the blog MauledAgain, a relevant and informative blog which addresses a kaleidoscope of issues, but most frequently provides commentary about the American tax system and legal education.
Villanova tax professors Leslie Book and Keith Fogg, along with Villanova alumnus Stephen J. Olsen, J.D., ’07, LL.M ’09 of Gawthrop Greenwood in West Chester, PA, have started Procedurally Taxing, a blog dedicated to discussing important developments in federal tax procedure and tax administration. Recently, a Forbes article on IRS efforts to go after complex tax shelters linked to a post authored by Prof. Book for the blog.
On Tuesday, May 21st, Professor J. Richard Harvey testified at a hearing, “Offshore Profit Sharing Part 2 (Apple, Inc.), before the U.S. Senate Permanent Subcommittee on Investigations (Senator Carl Levin, Chairman; Senator John McCain, Ranking Member). The Subcommittee will continue its examination of the structures and methods employed by multi-national corporations to shift profits offshore and how such activities are affected by the Internal Revenue Code and related regulations. Read more
The American Bar Association Section of Taxation has named Sean Norton J.D. ’09, LL.M. ’10 a Public Service Fellow for 2011-2013. Norton, currently a lawyer in private practice in Jenkintown, Pa, has committed to two years of tax-related public service. He will be working with Pine Tree Legal Assistance to expand federal tax assistance in Maine and to implement an outreach program to increase the organization’s panel of volunteer tax lawyers and allow the organization to offer services to the mentally ill. As a student, Norton worked in Villanova Law’s federal tax clinic representing low-income taxpayers. The Public Service Fellowships were developed in 2008 to address the need for tax legal assistance, and to foster an interest in tax-related public service among participating individuals. The Fellowships provide funding for the Fellows’ salaries and benefits, as well as law school debt repayment assistance, by means of charitable contributions to the sponsoring organizations. Norton is Villanova’s second ABA Public Service Fellow; Douglas Smith J.D.’02 is currently serving as a 2010-2012 Public Interest Fellow.