TEI's 59th midyear conference features new IRS commissioner, other government speakers.

TEI President Robert McDonough welcomed more than 600 members and guests to the 58th Midyear Conference, held April 6 to April 9 in Washington D.C. Noted National Public Radio and ABC News commentator Cokie Roberts opened the conference with insightful and wry observations on the 2008 presidential campaign.

Taking advantage of the conference's location in the Nation's capital, a large contingent of government officials participated in the program. "TEI restructured this conference to increase the number of sessions where members and government officials can interact and I am absolutely delighted with the results," Mr. McDonough said. The exchanges "provide valuable exposure to building relationships and affording an opportunity for dialogue on critical issues."

One VIP taking take note of the number of IRS officials participating was new IRS Commissioner Douglas Shulman. At the Monday luncheon, Commissioner Shulman delivered his first major speech since assuming office on March 24, 2008. Having been on the job less than two weeks, Mr. Shulman said that he had not intended to make speeches so early in his tenure, but the critical importance of TEI's relationship with the IRS persuaded him otherwise. "You are one of our most important stakeholders with a strong relationship that goes back many years." Because the "relationship is premised on mutual respect and the willingness of the leaders of each organization to listen to the other," as well as a mutual willingness to work to achieve a common objective, Mr. Shulman observed, the cooperative relationship can be maintained "even when we do not always agree on the issues." Mr. Shulman's remarks are reprinted elsewhere in this issue.

On Tuesday morning, Assistant Treasury Secretary Eric Solomon provided an update on the department's legislative and regulatory priorities. Ameliorating the uncertainty spawned by the current economic slowdown, Mr. Solomon said, is the Treasury's current focus. As a result, the IRS will son issue guidance on the 50-percent bonus depreciation and small business expensing provisions in the Economic Stimulus Act of 2008. The rules will be similar to those issued for the temporary bonus depreciation rules adopted in 2002, he said. To boost the financial and housing markets, the Treasury Department has moved quickly to issue rules clarifying the effect of mortgage modifications on REMICs and ameliorating the effect of failed auctions of in the auction rate tax-exempt bond market.

Turning to a challenging legislative scene for 2008, Mr. Solomon observed that...