U.S. v. Textron: Implications for Corporate Taxpayers
Strategies for Protecting Confidentiality of Tax Accrual Work Papers
Recording of a 90-minute CLE teleconference with Q&A
Conducted on Thursday, September 24, 2009
Recorded event now available
This seminar will examine the First Circuit's recent reversal in U.S. v. Textron and the implications for business taxpayers. The panel will outline steps counsel can take to protect confidentiality of a company's tax work papers, to the extent still possible.
Description
After vacating its U.S. v. Textron ruling earlier this year, the First Circuit has now reversed its prior position. The court concluded that tax accrual workpapers prepared by counsel and tax staff are not protected by the work product doctrine unless prepared in anticipation of litigation.
The court found no privilege attached to work papers prepared to comply with statutory and audit filings under SEC requirements. A strong dissent argues the majority created a more restrictive "in anticipation" of litigation standard that would only protect papers prepared "for use in" litigation.
The decision thus significantly impacts businesses' ability to protect their tax accrual work papers from discovery. Companies and their counsel now face the challenge of protecting work papers under new and potentially ambiguous standards.
Listen as our authoritative panel of tax attorneys examines the First Circuit’s ruling, the implications for businesses, and strategies for maintaining the confidentiality in tax matters.
Outline
- U.S. v. Textron
- District court ruling and First Circuit’s January ruling
- Majority opinion
- Dissent
- Impact of decision
- Application of the “in anticipation” standard
- In IRS summons
- Implications for interpreting Rule 26(b)(3)
- For litigation
- Strategies for protecting work papers
Benefits
The panel will review these and other key questions:
- What are the three competing applications of the "in participation" standard described in the First Circuit's dissent?
- What steps should businesses take to address the standards and protect tax work papers?
- What are the implications of Textron for interpreting Rule 26(b)(3)?
- What steps should tax counsel take to maintain confidentiality of client information in tax matters?
Faculty
Lawrence M. Hill,
Partner
Dewey LeBoeuf, New York
He leads the firm's Tax Controversy and Litigation Group and is a preeminent advisor in tax controversy, procedure and administration. He is lead national litigation counsel to a major international bank in litigation and government investigations involving alleged tax shelters and lead counsel to professional services firms and financial institutions under promoter penalty investigation by the IRS.
Corina M. Trainer,
Managing Director
PricewaterhouseCoopers, Washington, D.C.
She is responsible for a range of issues dealing with the IRS and its Office of Chief Counsel, with principal concentration on procedures and programs of the IRS National Office. She advises and helps clients understand the meaning and impact of the tax shelter disclosure regulations and develop compliance process to comply with their obligation under these regulations.
Edward L. Froelich,
Of Counsel
Morrison & Foerster, Washington, D.C.
He has represented corporations, partnerships, and individuals in the administrative and litigation stages of a federal tax controversy. He devotes substantial time to following developments in privilege and work product issues as they affect tax controversies, and is a frequent speaker on topics such as privilege, work product, FIN 48, and low-income taxpayer litigation issues.
Ordering
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Customer Reviews
It was a very good presentation of complex material, managed in an understandable format. The information will be useful in my practice.
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Withers Bergman LLP
The presenters were knowledgeable and able to intelligently answer questions.
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Mikunda, Cottrell & Co., Inc.
The seminar was given in a very user friendly presentation format.
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Duane Morris LLP
Very good and concise CLE.
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Stevens & Lee
The seminar was very well-organized, managed excellently and informative.
Julia Szadkowski
Equifax Canada Inc.
Tax Law Advisory Board
Tax Partner
Steptoe & Johnson
Of Counsel
Morrison & Foerster
Partner, Federal, State and International Tax Planning
Rogin Nassau
International Tax and Tax Controversies Partner
DLA Piper
Partner and Practice Group Leader - Tax
Waller Lansden Dortch & Davis
Transactional Tax Partner
McKenna Long & Aldridge
Partner, Cross-Border Transactions Tax
Fraser Milner Casgrain
Federal Tax Partner
Nixon Peabody
Partner, Tax-Exempt Organizations
Steptoe & Johnson
Partner, Corporate Tax and Due Diligence
Pepper Hamilton
Tax Controversy Partner
Crowell & Moring
Of Counsel
Skadden Arps
Peter Stathopoulos
Managing Director, State and Local Tax Practice
Bennett Thrasher
Partner & Co-Chair, State & Local Tax Practice
Sutherland Asbill & Brennan
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