Attention:

Biden's Tax Plan: The Good, the Bad and the Unknown


Level: Advanced
Runtime: 93 minutes
Recorded Date: March 30, 2021
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Agenda

• How did we get here?
• Biden's Legislative Routes
        - Bipartisan Negotiations
        - Reconciliation        
• Business Tax Proposals
• Individual Tax Proposals
• Estates, Gifts & Trusts Proposals
• Real Estate Tax Proposal
• Unknowns

Runtime: 1 hour, 33 minutes
Recorded: March 30, 2021

Description

President Biden campaigned on a promise to make significant changes to federal tax policy; notably raising taxes on wealthy Americans and corporations. With Democrats controlling the Presidency and Congress, the odds of President Biden’s legislative agenda advancing through Congress have increased. However, enacting tax increases may prove challenging with the current economy affected by the COVID-19 pandemic and with Democrats holding slim margins in both the House and the Senate.

This seminar will provide a broad overview of the core proposals of President Biden’s tax plan and the likelihood and timeline for their implementation.

This program was recorded on March 30th, 2021.

Provided By

American Bar Association

Panelists

Megan E. Marlin

Director, Tax Controversy & Regulatory Services
PricewaterhouseCoopers

Megan is a Director in PwC’s Tax Controversy and Regulatory Services group, where she specializes in federal employment taxes. She advises for-profit and tax-exempt organizations regarding domestic and international compliance and controversy issues before the IRS. Megan has significant experience counselling employers on travel expense reimbursements, fringe benefits, worker classification, equity compensation, third party payroll arrangements, U.S. employment taxes for inbound and outbound employees, and employment tax consequences of change of control events. Megan also represents taxpayers before the IRS to negotiate settlement agreements and navigate IRS examinations and appeals. For ten years, Megan has assisted taxpayers to determine U.S. withholding, depositing, and reporting obligations, navigate correction procedures, promote business efficiencies in meeting those obligations, and reduce tax and penalty exposure by enhancing compliance.

Prior to joining PwC, Megan was an attorney specializing in tax controversy and employment taxes at a mid-sized law firm in Baltimore, Maryland. She assisted companies with the negotiation of installment agreements and offers in compromise with the IRS as well as advised clients on general employment tax compliance matters. She was also the co-author of materials on worker classification during that period.

Megan earned her B.A. in International Relations from the College of William and Mary, a J.D. from Suffolk University Law School, and an LL.M. in Taxation with a Certificate in Employee Benefits from Georgetown University Law Center. Megan is also former Chair of the Employment Tax committee of the American Bar Association (ABA) Section of Taxation and frequent panellist. She is a member of the bar in Maryland and United States Tax Court.

Caroline L. Harris

Partner
Capital Tax Partner, LLP

Caroline L. Harris leverages fifteen years of experience in Washington to provide clients with a variety of services, including evaluating tax policy proposals, providing strategic advice on advocacy, and advocating for client interests.

Before joining Capitol Tax Partners, Caroline spent nearly a decade and a half as the chief tax counsel at the U.S. Chamber of Commerce, where she directed the development and promotion of the Chamber’s policy on tax-related matters. She successfully led the Chamber’s efforts to secure the first major tax bill in 31 years, the Tax Cuts and Jobs Act of 2017, and subsequently led the Chamber’s regulatory advocacy surrounding the implementation of that bill.

In 2021, she made Washingtonian’s inaugural Most Influential List, which highlights people who work tirelessly as advocates to change and improve the federal policies that have large impacts on people, states, businesses, foreign affairs, safety and security.

During her time at the U.S. Chamber, Caroline worked to build business community coalitions, directed Congressional and Administrative advocacy efforts, and oversaw grassroots and grass-tops campaigns. She was a frequent speaker to business leaders, local chambers of commerce, other trade associations, and companies, educating them on pro-growth policy initiatives and analyzing the current legislative outlook. Caroline regularly publicized the business community’s tax policy priorities in both print media and on national television networks.

In addition to her work on the 2017 tax reform bill, in her role at the Chamber, Caroline worked on all major tax legislation since 2007, including the Economic Stimulus Act of 2008, the Tax Increase Prevention Act of 2007, the Emergency Economic Stabilization Act of 2008, the American Recovery and Reinvestment Tax Act of 2009, the Middle Class Tax Relief and Job Creation Act of 2012, the American Taxpayer Relief Act of 2012, the Tax Increase Prevention Act of 2014, the Protecting Americans from Tax Hikes Act of 2015, the Consolidated Appropriations Act, 2016, the Bipartisan Budget Act of 2018, the Families First Coronavirus Response Act, the Coronavirus Aid, Relief, And Economic Security Act, and the Consolidated Appropriations Act, 2021.

Caroline earned her LLM in taxation from the Georgetown University Law Center, JD from The George Washington University School of Law, and BA from the University of Wisconsin–Madison.

Brandon Clay Roman

Senior Associate
Squire Patton Boggs

Brandon Rom?n advises a wide array of domestic and international clients, including banks, non-bank financial institutions, financial market utilities, trade associations, and multinational corporations, on a variety of financial services and tax issues.

Brandon assists clients in developing comprehensive strategies to further their legislative and regulatory interests before Congress, relevant congressional committees, and various regulatory agencies, including the Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission (SEC), Consumer Financial Protection Bureau (CFPB), Federal Reserve, Financial Stability Oversight Council (FSOC), Department of Housing and Urban Development (HUD), Federal Housing Finance Agency (FHFA), Department of Treasury, and the Internal Revenue Service (IRS), among others.

Brandon also assists various nonprofit organizations with their corporate formation, including assistance with obtaining tax-exempt status with the IRS and state-level tax regulators. He also advises nonprofit organizations, such as charities and trade associations, on corporate governance and compliance issues.

Brandon is an active member of various firm diversity initiatives for both Hispanic and LGBT attorneys. Brandon is also a member of the firm’s Recruiting Committee.

Prior to joining Squire Patton Boggs, Brandon served as a judicial intern for Chief Judge Nancy V. Alquist of the United State Bankruptcy Court for the District of Maryland, as well as for Judge Laura Cordero of the Superior Court for the District of Columbia. During his time in law school, Brandon worked as a student-attorney in the Janet R. Spragans Tax Clinic, where he successfully represented a client before the United States Tax Court in obtaining relief. His knowledge of public policy and international affairs was strengthened during his time as a McCleary Law Fellow for the Human Rights Campaign. Brandon also spent time in El Salvador where he leveraged his fluency in Spanish to assist ALDES (La Oficina de Asistencia Legal para la Diversidad Sexual El Salvador) in organizing the country’s first conference on LGBT rights.

Brandon is a member of the Advisory Committee of the Squire Patton Boggs Foundation, which promotes the role of public service and pro bono work in the practice of law and the development of public policy.

Raul A. Escatel

Senior Partner
Ascendant Law Group, LLP

Raul A. Escatel brings extensive experience and close personal attention to the representation of businesses and individuals in a broad range of tax matters, both as an advisor and as an advocate. Raul has an established track record of successfully representing his clients in significant income tax, sales and use tax, and employment tax issues before the Internal Revenue Service (IRS), the California Franchise Tax Board (FTB), and various administrative and local taxing agencies. Further, Raul is certified as a Tax Specialist by the State Bar of California Board of Legal Specialization.

Raul has over a decade of experience as a government tax lawyer and brings first-hand knowledge of the approaches used by the IRS and the FTB. This background informs his representation of clients at the audit stage, administrative appeals, and practice before the tax courts.

Raul also provides strategic advice on tax-efficient planning in a wide range of business transactions, including real estate, and cross border acquisition and disposition of assets. His focus is on advising limited liability companies, partnerships, trusts, Subchapter S and Subchapter C corporations.

Additionally, he advises foreign clients on inbound investments in the United States and FATCA reporting. He also represents U.S. persons residing outside the U.S. who want to participate in the IRS Voluntary Disclosure/Amnesty Program to bring them into compliance with their U.S. tax reporting obligations.

Raul is currently based out of our Northern California office.


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