January 11, 2022
Congress continues to debate enactment of the Build Back Better Act, which is expected to include major changes to the federal tax law. Meanwhile, other recently enacted tax legislation, including the sweeping tax reform enacted in 2017, continues to generate significant regulatory activity at the Treasury Department and IRS. And recent increases in IRS funding are leading to an uptick in audit activity for the first time in many years, focused in part on partnerships and multi-national businesses.
This panel provides an overview of these legislative, regulatory and enforcement developments.
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Michael Desmond is a partner in the Los Angeles and Washington, DC offices of Gibson, Dunn & Crutcher and a member of the Firm’s Tax Practice Group. His practice covers a broad range of federal tax matters with a focus on tax controversy and litigation. For more than 25 years, he has represented clients before the examination divisions of the Internal Revenue Service (IRS), the IRS Independent Office of Appeals, in the United States Tax Court and in federal district courts, the Court of Federal Claims and various federal courts of appeal. Prior to joining Gibson Dunn, Mr. Desmond served as the 48th Chief Counsel of the IRS, having been nominated by the President and confirmed by the Senate.
Lorna Wilson is a partner in Gibson, Dunn & Crutcher’s Los Angeles office and a member of the firm’s Tax Practice Group. Ms. Wilson’s practice focuses on federal income tax matters, including corporate, limited liability company and partnership tax matters in both the U.S. and international contexts. She has worked on a variety of transactions, including taxable and tax-free mergers, acquisitions, dispositions and reorganizations, joint ventures, investment funds, public and private offerings of stock, debt and derivatives and financing transactions. Ms. Wilson additionally has extensive experience in tax planning for real estate transactions, including advising on investments in real estate by U.S. and non-U.S. investors, including foreign governments, dispositions of real estate, real estate investment trust (REIT) matters and California state and local real estate tax issues, including property and transfer taxes issues.
Brian R. Hamano is Of Counsel in the San Francisco office of Gibson, Dunn & Crutcher and a member of Gibson Dunn’s Tax Practice Group. Mr. Hamano’s practice encompasses a variety of transactions, including domestic and cross-border M&A, private equity, real estate, capital markets and blockchain transactions. Mr. Hamano’s clients include public companies, private equity sponsors and technology and real estate companies. Mr. Hamano has been recognized by The Best Lawyers in America® as “Ones to Watch” in Tax Law for 2021 and 2022.
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