A busy year-end is the precursor of an even busier 2003.

• Author: Glennie, J.A.
• Position: President's Corner

What a whirlwind of tax activity 2002 has been. Twelve months ago, tax executives were busy analyzing a comprehensive set of new research tax credit regulations, an "advanced notice of proposed rulemaking"--an unfamiliar creature to many tax professionals--on the capitalization of expenses, and an IRS disclosure initiative concerning tax shelters. They were grappling with pending economic stimulus legislation. In addition, they were engaged in "watchful waiting" as management and accounting practices in a few isolated companies were challenged and the disclosures of corporate malfeasance grew to scandalous proportions.

A year later, these issues retain their vitality. We're analyzing just released regulations implementing the INDOPCO ANPR, awaiting final R&D and tax shelter regulations, and anticipating a new round of legislative proposals to spur the stubborn, but languid economy. Moreover, we are bracing for these developments amidst the uncertainty spawned by the Sarbanes-Oxley Act, the auditor independence regulations issued by the Securities and Exchange Commission, and what they portend in terms of tax directors' ability to efficiently manage their companies' tax affairs and their interaction with their supervisors and the audit committee.

And, of course, we are doing all these things--a year ago and today--often with reduced staff and increased workload, for the tax research, planning, compliance, and audit work our companies face has not abated.

In this environment, prudent tax executives must take advantage of the opportunities available to them to maximize their effectiveness. That's where TEI comes in. For nearly six decades, the Institute has been a voice for effective tax policy and administration. The diversity of our membership--combined with an unassailable commitment to both competence and collegiality in dealing with our counterparts in government--imbues our activities with enviable credibility. Whatever the issue--from tax shelters and Sarbanes-Oxley to records retention, business activity nexus, and international tax reform--TEI will remain involved. The more members who participate in our educational and advocacy programs, the more we can accomplish. Accordingly, I ask all members to make a New Year's Resolution to step up their activity in TEI. If your experience is anything like mine, you'll be rewarded ten-fold for your efforts.

Canadian Activities Take Center Stage

A careful reader may have noticed that none of the...