New York Chapter hosts 11th Annual LB&I Financial Services Industry Conference.

• Author: Heller, Paul
• Position: Chapter News ... - Conference notes

On October 13, 2011, the New York Chapter (in conjunction with the IRS's Large Business & International Division) held the 11th Annual LB&I Financial Services Industry Conference at the IRS facilities at 290 Broadway in New York City. In an effort to be fiscally responsible, the conference was limited to one day and held at the IRS's facilities. Because of the efforts of IRS and TEI personnel, the program was first-class all the way. The conference featured high-ranking IRS and Treasury officials, as well as practitioners and tax executives.

In what has become a very popular panel, senior IRS personnel including Paul DeNard, LB&I Deputy Commissioner (Operations); Lavena Williams, Acting LB&I Director, Pre-Filing & Technical Guidance; and Jolanta Sander, Acting LB&I Director, Field Operations (Financial Services, Manhattan), teamed with David Robison, a former Director of the Large & Mid-Size Business Division's Financial Services Industry and IRS Appeals Chief, now with Skadden, Arps, Slate, Meagher & Flom; Deborah Nolan, former LMSB Commissioner, now with Ernst & Young; and Barry Shott, former LMSB Deputy Commissioner (International), now with PricewaterhouseCoopers, to discuss LB&I Compliance and Resolution Tools.

Mr. Robison explained that Uncertain Tax Position disclosures filed with the IRS in 2011 act as "training wheels" to help the IRS process and use the forms to refine the program. Despite taxpayer reservations about the first-year filing, the IRS has "executed UTP as well as any program as I've seen," said Mr. Robison. "I can't find any fault with it." Mr. Robison also said that lower filing thresholds in 2012 and future years for companies will provide the IRS with information that will aid it in identifying noncoordinated. Industry Case taxpayers that might have previously been "under the radar."

Paul DeNard indicated that the Compliance Assurance Process (CAP) program, which offers real-time audits for large taxpayers to address issues before a return is filed, has been working well since the IRS made it permanent six months ago. He added that improvements are needed in the program and that the Division will undertake "refresher training" on best practices to developing a uniform approach to the CAP examinations. Discussing LB&I case resolution projects, Mr. DeNard called CAP a Division priority. He noted its growth to 140 participants this year (from 112 the year before), and said that, with a high resolution rate, the...