Midyear conference, recent submissions confirm TEI's diversity and strength
Raymond G. RossiMaking news can be a mixed blessing. There are some people who say that as long as the newspapers spell your name correctly, it's a good day. Others apply a different, more discerning filter. According to these people (among whom I count myself), the keys are the accuracy of the news created and whether it advances their objectives.
By whatever measure you use, TEI's Midyear Conference was a success. The Institute's mission, of course, is to serve the membership and their companies through education, networking, and advocacy. On all three counts, the Institute's Midyear Conference delivered: We provided high-quality educational content to more than 500 tax executives; numerous networking opportunities to our members and guests, including four special workshops (on corporate tax management, state and local, and Canadian tax issues); and the opportunities accorded by the presence of important government officials to press our legislative and regulatory priorities.
FSC/ETI Dominates the Headlines
We made news, especially with our keynote speakers. Congressman Bill Thomas, the Chairman of the House Ways and Means Committee, kicked the conference off by offering a vigorous defense of his stewardship of the FSC/ETI repeal bill and rather blunt criticism of those whose legislative priorities do not square with his own. The Chairman encouraged companies with an interest in the bill, as well as organizations such as TEI, to weigh in with their views, and he urged us to resist the temptation "to be all things to all people."
As TEI's President and the person who moderated the question-and-answer period following the keynote address, I was pleased to call attention to the two sets of comments on the pending legislation that we had filed shortly before the conference. (Those comments are reprinted in this issue.) I explained that while TEI had not endorsed any particular bill relating to FSC/ETI repeal, we had endorsed the general approach of the House and Senate bills and also voiced support for (or opposition to) selective provisions. In developing TEI's position, we solicited comments from members who favored (or opposed) particular provisions or who favored one version of particular proposals over others. The Institute's submissions endeavor to reflect both the diversity and the technical acumen of our membership.
Congressman Thomas's remarks sparked a good deal of news coverage. Indeed, we began receiving calls about what he said (and how he said it) within an hour of his remarks, and we responded by alerting all members (via email) to his comment that "time is running out" and that now is the time to make your views known. At this point, it remains unclear whether or how the FSC/ETI debate will be resolved, but please be assured that TEI is remaining engaged and involved.
Other Conference News
Provocative as his remarks proved to be, Chairman Thomas was not the only speaker who made news during the Midyear Conference. We had the pleasure of hearing from new Deputy Treasury Secretary Samuel Bodman, IRS Commissioner Mark Everson, and LMSB Commissioner Deborah Nolan. Their remarks are summarized elsewhere in this issue, but I wish to note here that each took the time to thank TEI's committees and members for their positive contributions to the tax system. Whether the issue is tax law simplification (which the Deputy Secretary addressed), ensuring the proper balance between taxpayer service and enforcement activities (which the Commissioner is championing), or re-engineering the audit process (which is one of Ms. Nolan's primary objectives), the speakers commended TEI for its constructive approach in analyzing and seeking to improve both tax policy and administration. I was proud to receive those compliments on behalf of all the committee chairs and members who contribute to our efforts, and I echo our speakers' words of thanks.
I am pleased to report that during the conference, TEI's Board of Directors voted two awards in recognition of the exemplary contributions of two individuals. First, the Board elected Betty M. Wilson of the Arizona Chapter to Honorary Membership. Betty, who recently retired, served as TEI's 2000-2001 International President. Second, the Board voted to confer the Institute's Distinguished Service Award on Pamela F. Olson, former Assistant Secretary of the Treasury for Tax Policy. I offer my personal congratulations to Betty and Pam, both of whom will be formally recognized during our Annual Conference in New Orleans.
Speaking of New Orleans, I was delighted that nearly two thousand members took advantage of our "pay your dues early and possibly win" contest. Specifically, 1,969 members paid their dues by April 1 and by doing so were entered into a contest to win complimentary registration to the 2004 Annual Conference. Our lucky winners are Brian Nordling of the Minnesota Chapter and Be Iversen of the European Chapter. Congratulations to both of them.
New Website Update
The Midyear Conference also gave us an opportunity to update the membership on TEI's initiative to revamp its Internet presence. The new site--now scheduled to launch in early summer--will strengthen member interaction and collaboration and enhance both the formal and informal educational opportunities of all members. We are working to improve many of the current site's features, for example, by eliminating the need for dual logins and passwords, facilitating online collaboration by our committees, and permitting members to create their own ad hoc groups.
Among the key benefits of the new site will be its robust emailing and messaging features. Other features will be a centralized document repository and comprehensive search facility. Perhaps most exciting, the new site has the potential to be 54 linked sites ... one for the Institute and another one for each of TEI's 53 local chapters.
The new site is in the testing phase now. Once that's completed, we will begin efforts to make its benefits and features known to the membership.
TEI's International Reach
TEI has long prided itself on being an international organization. Our first non-U.S. chapter was chartered in 1956, and today, our educational, networking, and advocacy efforts extend worldwide. For example, this issue of the magazine reprints the Institute's first ever amicus brief in a Canadian tax case, as well as comments on interest deductibility and term preferred shares that we filed with the Canadian Department of Finance. Also included is a submission to the European Commission on transitional issues related to the accession of more countries into the EU.
That's not all. This spring found our European Chapter--now nearly 200 strong--meeting in Berlin, and our emerging Asia group (which is focusing its efforts in Singapore) planning two more meetings this year. In addition, we've been contacted by tax executives whose focus is Latin American tax matters, who wish to explore the possibility of establishing one or more Latin American chapters.
To gauge the Institute's international nature, however, you need not look further than the heartland of America and the attendance list for TEI's Federal Tax Course-Level I, which was held at Michigan State University in late April. That list shows that the value of TEI's educational efforts knows no borders, with participants coming not only from the United States, but from Canada, Mexico, Ireland, the United Kingdom, Belgium, and Australia! Thank you, mates!
Finally, congratulations are due to TEI's Minnesota Chapter, which held its annual President's Seminar in April. More than 300 members and guests attended the program, which is now in its 21st year.
With Appreciation
The Institute expresses its appreciation to the following sponsors of TEI's 2004 Midyear Conference:
Platinum
Baker & McKenzie * Deloitte & Touche * Ernst & Young * KPMG * Mayer, Brown, Rowe & Maw * McKee Nelson * PricewaterhouseCoopers * RIA
Gold
ADP Tax Credit Services * DuCharme McMillen & Associates * Foley & Lardner * Planitax * Ryan & Company * Steptoe & Johnson * Sutherland Asbill & Brennan * Vertex * Wachovia Exchange Services
Silver
Alston & Bird * Baker & Hostetler * Fenwick & West * Jones Day * King & Spalding * Miller & Chevalier * Shaw Pittman * Thompson Hine
Bronze
Caplin & Drysdale * CBIZ Valuation Group * Duane Morris * Grant Thornton * Management Insights * McDermott, Will & Emery * Morrison & Foerster * Net Profit * Sullivan & Cromwell
Senior Executive Conference
Appreciation is also due the following firms that became sponsors of TEI's May seminar on "Managing the Tax Department in the Age of Transparency": Baker & McKenzie * Cravath, Swaine & Moore * Deloitte & Touche * Ernst & Young * KPMG * Mayer, Brown, Rowe & Maw * McKee Nelson * PricewaterhouseCoopers * Skadden, Arps, Slate, Meagher & Flom * Steptoe & Johnson
In addition, the following firms provided support to TEI by sponsoring receptions at Institute courses or seminars from January through June 2004: Baker & McKenzie * Deloitte & Touche * McDermott Will & Emery * Winston & Strawn
COPYRIGHT 2004 Tax Executives Institute, Inc.
COPYRIGHT 2004 Gale Group