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Current Issues and Opportunities in State Tax Controversy Chicago Tax Club – October 27, 2010

Current Issues and Opportunities in State Tax Controversy Chicago Tax Club – October 27, 2010 George Barry, Director, Deloitte Tax LLP Jon Cesaretti, Director, WTAS LLC - Moderator Dave Kupiec, Partner, Kupiec & Martin Mike Wynne, Partner, Reed Smith LLP. Outline. The Beginning

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Current Issues and Opportunities in State Tax Controversy Chicago Tax Club – October 27, 2010

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  1. Current Issues and Opportunities in State Tax Controversy Chicago Tax Club – October 27, 2010 George Barry, Director, Deloitte Tax LLP Jon Cesaretti, Director, WTAS LLC - Moderator Dave Kupiec, Partner, Kupiec & Martin Mike Wynne, Partner, Reed Smith LLP

  2. Outline • The Beginning • The Decision Makers for the State • Endgame • The Courts • Legislation • Revenue Department Advance Resolution • Overpayments / Refunds • Where is this going? • Questions • Disclaimers

  3. The Beginning • What are we seeing? • Today • Future

  4. The Beginning (Cont.) • Responding to (or Initiating a) Controversy • Different environment? • Individuals involved (Taxpayer, State,…) • New approach?

  5. The Decision Makers for the State • Audit / Admin. Procedure / Judicial Process • What are we seeing today? • Basis for Decisions • Future

  6. Endgame • Time has passed • Resources • Cost/Benefit – What has changed in this determination? • Settlement environment • Now • Future • Litigation considerations • Subject matter • Financial statement impact • Legal basis • Pending litigation • State fiscal position • Politics • Other

  7. The Courts • Administrative tribunals (For example, IL ALJ) • Circuit Courts • Courts of Appeal • State Supreme Courts • The U.S. Supreme Court

  8. Legislation • Does it work…? • How and when does it work… • Current dynamics

  9. Overpayments/Refunds • Timing • Alternatives: • Offsets • Legislation • Other possibilities

  10. Revenue Departments / Advance Resolution of Issues • Does it work? • Current dynamics

  11. Illinois Amnesty (10/1/2010 to 11/8/2010) • This amnesty in perspective • Outline • The Stick(s) • The Carrot • What does the bottom line appear to be (currently)? • Use Tax Amnesty 2011?

  12. Prospective/Retroactive • Prospective • What are your facts • Retroactive • Federal law • State Law

  13. Where is this going? • Current • Near Future • Effect on taxpayers

  14. Questions? George Barry Jon Cesaretti Deloitte Tax LLP WTAS LLC (312) 357-3937 gebarry@deloitte.comjonathan.m.cesaretti@wtas.com Dave Kupiec Mike Wynne Kupiec & Martin, LLC Reed Smith LLP (312) 632-1022 (312) 207-3894 dkupiec@kupiecandmartin.commwynne@reedsmith.com

  15. Disclaimer This presentation contains general information only and the respective speakers and their firms are not, by means of this presentation, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This presentation is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or  action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. The respective speakers and their firms shall not be responsible for any loss sustained by any person who relies on this presentation. CIRCULAR 230 DISCLOSURE - To comply with Treasury Department regulations, we inform you that, unless otherwise expressly indicated, any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties that may be imposed under the Internal Revenue Code or any other applicable tax law, or (2) promoting, marketing or recommending to another party any transaction, arrangement or other matter.

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