Loper Bright Supreme Court Case and Implications for Tax Regulations

Date: Thursday, December 5, 2024
Time: 01:00 PM ET / 12:00 PM CT / 11:00 AM MT / 10:00 AM PT [Prevailing Time]
Presenters: George Benson, Counsel, McDermott Will & Emery LLP, David Antoni, CPA, Managing Director, Moss Adams
Moderator: Wayne Sine, Education Director, National Society of Accountants for Cooperatives
Learning Objectives:
1. Gain an understanding of the Loper Bright Supreme Court decision and the implications of the Court’s overturning of Chevron deference. Will Loper Bright provide taxpayers additional support on challenges to the validity of Treasury regulations?
2. Learn recent developments in Tax Court decisions where the Loper Bright decision was referenced by the litigants or the Tax Court.
3. Hear an overview of important implications for taking a position on a tax return against a Treasury regulation and filing Form 8275-R, Regulation Disclosure Statement.
4. Consider financial statement impacts for potential uncertain tax positions under ASC 740 where a taxpayer takes a position not to follow a Treasury regulation.
Field of Study: Business Law
Program Level: Basic
CPE Credit: 1 Credit Hour
Delivery Method: Group Internet-based
Prerequisite(s): No advanced preparation or prerequisites are required for this course.

Course Description

Join us for an overview of the recent June 28, 2024 decision of the U.S. Supreme Court in Loper Bright Enterprises v. Raimondo overruling the Court’s 1984 decision in Chevron v. Natural Resources Defense Council, Inc.  The Court in Chevron developed a two-part analysis doctrine of judicial deference to Executive Branch agencies where courts have routinely sustained agency regulatory interpretations of statutes as reasonable under the Chevron framework.  In Loper Bright, Chief Justice Roberts wrote in his opinion overturning Chevron “[c]ourts must exercise their independent judgment in deciding whether an agency has acted within its statutory authority, as the APA requires [referring to the Administrative Procedures Act of 1946]. …But courts need not and under the APA may not defer to an agency interpretation of the law simply because a statute is ambiguous.”  In overruling Chevron, the Supreme Court undoubtedly opens the door for taxpayer challenges to the validity of certain unwelcome Treasury regulations promulgated in the last several years.   

Presenter and Moderator Bios

Presenter: George Benson, Counsel, McDermott Will & Emery LLP

George W. Benson is a senior counsel with the law firm of McDermott Will & Emery LLP and is based in the Firm’s Chicago office. George advises clients on federal income tax planning, tax controversy and tax litigation matters, particularly in the area of cooperative taxation.

George’s tax work for cooperatives covers a broad range of issues that arise for cooperatives from their unique status as corporations operating on a cooperative basis. He advises cooperatives with respect to computing, allocating and paying patronage dividends and per-unit retain allocations in accordance with the rules of Subchapter T. His advice in these areas relates to such matters as determining net income or proceeds available for distribution (including distinguishing between patronage and non-patronage income), determining how net income or proceeds should be shared on a patronage basis among patrons (including using allocation units and pools), handling losses, allocating extraordinary gains, and using qualified and nonqualified written notices of allocation and per-unit retain certificates. Over the years, George has provided assistance to cooperatives whose patronage dividends and per-unit retain allocations have been questioned on audit by the Internal Revenue Service.

George has helped form new cooperatives, convert existing businesses into cooperative forms (and, where appropriate, obtain letter rulings affirming their cooperative status), convert cooperatives into other forms of business, and convert Section 521 cooperatives and Section 501(e) cooperatives into nonexempt Subchapter T cooperatives. He has provided assistance to cooperatives purchasing or selling assets, entering into joint ventures with cooperatives and others, merging with other cooperatives, or going through the process of liquidation and dissolution. He has assisted cooperatives with cooperative tax and other issues that arise when they engage in business outside of the United States. George has helped cooperatives with financing and capital structure issues that arise as a result of the constraints of the cooperative form of business. He has worked on issues arising from the interplay of Subchapter T with the other provisions of the Internal Revenue Code, including those of Subchapter C. He also has advised cooperatives dealing with issues arising when a cooperative is included in a consolidated return.

George advises Section 521 cooperatives with respect to the requirements for maintaining that status. He has successfully defended cooperatives whose nonexempt Subchapter T, Section 521 or Section 501(e) cooperative status has been challenged by the Internal Revenue Service. He has assisted taxable rural electric and telephone cooperatives with matters related to pre-Subchapter T cooperative tax law.

Since the enactment of Section 199 (the domestic production activities deduction), George has assisted cooperatives on the many tax issues that the section presents for them. That work has included including obtaining letter rulings with respect to issues under Section 199 and representing cooperatives in controversies over the application of that section.

George writes and lectures frequently on cooperative tax matters and is the editor of the TAXFAX column in The Cooperative Accountant.

Presenter: David Antoni, CPA, Managing Director, Moss Adams

Dave Antoni has worked in professional tax accounting since 1986 serving domestic and multinational companies. Dave’s areas of industry focus include life science, food and beverage, cooperatives, consumer and industrial markets, retail, technology, and insurance. Prior to joining Moss Adams, Dave worked for 37 years with a Big Four firm.

Dave serves as a National Tax Managing Director providing technical expertise in ASC 740, taxation of cooperatives and insurance. He has extensive experience with inbound and outbound multi-national companies and coordinates service delivery with client service teams of specialists including accounting methods and credit services, compensation and benefits, international tax, M&A, state and local tax, valuations, and transfer pricing services. Dave is the Past President of the National Society of Accountants for Cooperatives (NSAC). 

Moderator: Wayne Sine, Education Director, National Society of Accountants for Cooperatives

After retiring as Tax Director for Southern States Cooperative, Wayne Sine was asked to serve as Education Director for NSAC. He has been a long-time and active member of NSAC, having served as past President of the Atlantic Chapter and past Chair of the Tax Committee. In addition to his work with NSAC, Wayne has served on the Legal, Tax, and Accounting (LTA) Committee of the National Council of Farmer Cooperatives, Chaired the Tax Committees for both the Virginia Chamber of Commerce and the Virginia Manufacturers Association, served on the Tax Policy Committee of the Virginia Society of CPAs, and served as past Region Vice President for the Tax Executives Institute.

Cost
Free for NSAC Members / $56.00 for Non-Members

  Online Registration

Delivery System

  • All programs are delivered using the Zoom platform.
  • Confirmations will include log-in instructions.
  • Participants are able to participate using any device with an Internet connect (if the device does not have speakers, the participant can also dial-in) or they can participate with audio only by dialing in.
  • All registrants will receive a link to the CLN’s recording by email within 48 business hours of event’s conclusion.
  • There will be assistance available to help with technical and connectivity issues up to 10 minutes prior to the start of the presentation.

Registration

All registration is done on-line and each guest must provide their name and email address to participate. All NSAC members may register for free. Non-members may register for a nominal fee.

Refund Policy

NSAC will not issue refunds for CLNs. If a registrant is unable to participate in the CLN and provides notification to info@nsacoop.org 48 hours prior to the session, a credit will be provided for a future CLN. Alert the NSAC staff member monitoring the CLN if technical difficulties are encountered and technical support will be provided to eliminate problems with future CLNs.

Additional Information

Live participation is required for CPE credit and polling questions must be answered to document your active participation. All registrants will receive an email following the session with links to the slides and/or handouts, and a link to the CLN recording (unless otherwise stated). If you are unable to participate in the live session, you can still watch the recorded session, but you will not be eligible for CPE credits. Those eligible for credits will receive their certificate by email with 7 business days.

For more information regarding NSAC CLNs or administrative policies such as complaint and refund, contact the NSAC Headquarters, 7946 Clyo Road, Suite A, Centerville, OH 45459, 937-222-6707, or info@nsacoop.org.